Joe’s Jeans Inc.’s acquisition of fellow premium denim brand Hudson Jeans for $97.6 million has been consummated.Completion of the final details stretched hours after the Monday deadline, sources told WWD, culminating in the signing of the final purchase agreement Tuesday afternoon, and were essentially identical to those reported by WWD last week. Confirmation of the purchase is expected to be released by Joe’s today.Joe’s acquired all the assets of Hudson Clothing Holdings Inc. for a combination of cash and $24.1 million in convertible notes from Peter Kim and Fireman Capital Partners. Kim will continue with Hudson as its chief executive officer and join the board of Joe’s. In addition to cash, the selling parties will receive notes that will bear interest at 10 percent a year, in Kim’s case, and 6.5 percent a year, in Fireman’s, and can be converted to up to 19.1 million shares of Joe’s stock beginning two years after the deal is concluded.Marc Crossman, ceo of Joe’s, declined to comment on reports of the deal’s completion. Both firms are based in City of Industry, Calif.When disclosed in July, the approximately $80 million in loan financing needed for the deal was expected to be provided by CIT Group and Goldman Sachs. However, Goldman dropped out during negotiations to structure the arrangement, with the second leg of financing ultimately provided by Garrison Loan Agency Services LLC.Hudson was founded by Kim in 2002 and carved out a niche for premium denim with a British accent. Reebok International founder and former ceo Paul Fireman formed Fireman Capital in 2008 and, with Webster Capital, acquired a controlling interest in Hudson the following year. It had reportedly sought an exit strategy for its investment since 2011, although Kim’s continued involvement with the brand had been expected in virtually all reports that circulated about a possible sale. Webster’s stake had been rolled into Fireman’s prior to the deal.The acquisition was disclosed by Joe’s on July 15 and was originally expected to close by Sept. 1. After failing to meet the Sept. 15 deadline established by the parties, a Sept. 30 deadline was set.
@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)
Breaking News: @hedislimane joins @celine as its new artistic, creative and image director. One of fashion’s preeminent image-makers and trendsetters, Slimane is to join the LVMH brand on Feb. 1 and unveil his first fashion proposition for men and women next September during Paris Fashion Week. It marks a major homecoming for Slimane, who cemented his reputation – and influenced men’s tailoring for more than a decade – as the designer of Dior Homme between 2000 and 2007. He went on to reinvent and ignite the house of Yves Saint Laurent, which he rechristened Saint Laurent, between 2012 and 2016 – all the while maintaining a close relationship with the Arnault family, which controls LVMH and Dior. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
“Personally I believe the Eighties have been the richest and more vivacious period for international fashion,” Giorgio Armani said when asked what his favorite decade of fashion is. It was a moment of disruption and experimentation and only thinking back to the first years of that decade is always an emotion for me, for what they have meant to me and my work.” The influence is clear in @giorgioarmani spring 2018 collection, pictured here, which was full of bright colors and unexpected prints. Read more about which decades designers loved most on WWD.com #wwdfashion #wwddecades (📷: @aitorrosasphoto)
For Lady Gaga’s only Italian show on her “Joanne World Tour,” the singer wore a range of @versace_official outfits. The standout piece: this custom-made bodysuit inspired by the brand’s spring 2018 collection. #wwdfashion (RG: @ladygaga)
@_camillaruth_ is expanding on the wellness-craze concept with @westbourne – a new NYC restaurant that’s both a healthy-minded café as well as a business that gives back to the community. Marcus works with the Robin Hood foundation to give back to The Door, a non-profit providing youth development services, and also hires employees through The Door. Read our full interview with Marcus on giving back through food on WWD.com. #wwdeye (📷: @lexieblacklock)