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.
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion