MERVYNS STORE SALE: Developers Diversified Realty and Macquarie DDR Trust have formed a joint venture to purchase for $396.2 million the real estate underlying 36 open and operating Mervyns stores, the companies said on Monday. The deal is expected to close in mid-September, after which the joint venture will lease the assets back to Mervyns for 15 years at an annual rent of $30.5 million. Of the 36 sites sold, 25 are in California, followed by five in Arizona, five in Nevada and one site in Texas. Of the California stores, 12 are in Los Angeles, with San Francisco in second place with seven stores sold to the joint venture.
BLUEFLY'S WIDER LOSS: In the three months ended June 30, online off-price retailer Bluefly Inc. posted a net loss of $1.2 million, or 15 cents a share, which compares with a loss of $708,000, or 12 cents, in the second quarter last year, as total sales rose 26.7 percent to $12.03 million from $9.5 million. Even though gross profits rose 22.2 percent to $4.7 million from $3.8 million last year, the gross profit margin as a percent of sales declined to 38.7 percent from 40.1 percent. Separately, Bluefly said Ann Jackson, a partner a Ripplewood Holdings, a private equity fund, joined its board. Jackson was formerly group president of In Style, Real Simple, Parenting and Essence magazines, as well as founding publisher of In Style.
GRAFF TAPS STARK: British fine jewelry company Graff has appointed Linda Stark vice president of wholesale for the U.S. market. Stark began her new role this week, reporting to chief operating officer Colleen Caslin. Stark is responsible for overseeing the daily U.S. wholesale operations of Graff, including maintaining its exclusive department store distribution in Saks Fifth Avenue locations. Stark previously worked as vice president of design, product development and merchandising at Vera Wang Fine Jewelry, a position she held for nearly three years. She also has had management jobs at Harry Winston and Tiffany & Co.
"'Dynasty' is all about gowns, the diamonds and the scandal, so it's a bit like the fashion industry. When we come to Cannes it's all about the red carpet dresses too, so it all fit really well," said designer @philippplein78 on the theme of his high-glamour resort 2019 show at his mansion in Cannes. #wwdfashion #cannes (📷: @zefashioninsider)
"I think Spike is such a brilliant director because he holds up a mirror to society and reflects these issues, yet he doesn't shove it down your throat, he doesn't tell you what to think," says @lauraharrier on her latest film @Blackkklansman. Harrier was at the Cannes Film Festival – for the very first time – with @officialspikelee. #wwdeye #cannes (📷: @zefashioninsider)
“I would think to myself, Are you happy? Yes, I’m wildly happy. I go to this studio every day and, in my inside voices, I’m giggling; I’m singing. Yes, it’s a lot of work, it’s a [huge] volume of material. It wouldn’t be for everybody. But I was very happy,” said soap opera star @therealsusanlucci of checking in throughout the years with her career trajectory. Lucci spoke to WWD about her decades-long career, love for pilates, motherhood and her QVC activewear line. Read Bridget Foley’s full piece on Lucci on WWD.com #wwdfashion (📷: @celestesloman)
@balmain has taken a stand at the #cannes Film Festival, dressing 16 actresses at a press call for the project “Noire N’est Pas Mon Metier,” or “Black Is Not My Profession.” The multimedia project includes a book, photo exhibit and documentary, which aims to expose discrimination in the French and American entertainment industries. “The moment I was asked to participate, I knew it was right for me, and for this brand, to form a part of this moment,” Balmain creative director @olivier_rousteing told WWD. #wwdnews #wwdfashion
"I always feel curious and I feel like there's more to learn. But I think being relevant, feeling relevant, I personally always feel that there's just so much more to know. And maybe that's the key.” — @themarcjacobs #wwdsummits #wwdbeauty (📷: @patrickmacleodphoto )
“The most amazing thing about her is that, regardless of all the things that have happened to her, her spirit is so undaunted by all of it. She is the most cheerful person you will ever meet. She doesn’t see problems, she only sees solutions,” said @ajanaomi_king of activist Ifrah Ahmed, who she plays in a new film “A Girl from Mogadishu.” WWD caught up with King at Cannes — Head to WWD.com to read more about her new role, personal style and how she uses social media for causes like Time’s Up and Black Lives Matter #wwdeye
WWD asked a number designers to share their thoughts on what Meghan Markle’s wedding gown will look like this Saturday. Here, Valentino’s Pierpaolo Piccioli sketches his look. #wwdfashion #royalwedding #meghanmarkle