NEW YORK--Laurence A. Tisch, CBS chairman and renegade member of the R.H. Macy & Co. board, who for months pushed for the merger with Federated Department Stores, is expected to join Federated's board. That will put him back in the ring with Myron E. Ullman, Macy's chairman, who, under last week's merger agreement, will also join the board at Federated. During the seven-month battle to merge with Macy's, Allen I. Questrom, Federated's chairman and chief executive officer, was in frequent communication with Tisch, according to sources. Tisch, a Macy bondholder, reportedly expressed more confidence in Federated's management team than Macy's, and was often at odds with Ullman, who fought to preserve Macy's independence. Sources said two other Macy directors, Gertrude G. Michelson and Paul W. Van Orden, are also expected to take seats on Federated's board. Federated and Macy's had no comment Friday. On Thursday, when the Federated/Macy merger agreement was announced, the companies said that Ullman, Macy chairman and chief executive officer, would join the Federated board and become deputy chairman of the merged company. Federated said that three other Macy directors would also take seats on its board, but did not identify them. Federated also formed an office of the chairman that includes Questrom and James Zimmerman, Federated president and chief operating officer, and Ullman. Michelson was a Macy's senior vice president of human resources and, later, supervised external affairs. She serves on several boards including General Electric Corp., Chubb Corp. and Goodyear Tire and Rubber Co. Van Orden retired as executive vice president of General Electric Corp. in January 1991. He is on the faculty of the Columbia University Graduate School of Business. G.E. Capital, a unit of G.E., runs Macy's credit-card business. Gary Wendt, G.E. Capital's chairman, also has a seat on Macy's board, but sources did not list him among those joining Federated's board. Federated has reportedly agreed to honor Macy's contract with G.E., which extends through 1996. Meanwhile, Macy's annual Thanksgiving Day parade and July 4 fireworks display, two of the company's most elaborate and widely recognized special events, will continue after the merger, a Federated spokeswoman said Sunday. A Macy's spokesman noted that when Ullman addressed Macy's employees via the company's internal television network on Thursday following the merger announcement, he said Federated sees great value in the Macy's name, employees and special events, which include the parade and fireworks. In another development, Standard & Poor's Corp., which six months ago put $300 million of Federated Department Stores Inc. debt on "credit watch" with negative implications, reported Friday that it expects to resolve the ratings issue by Jan. 31. The Federated-Macy merger will create a $13.5 billion department store company, the nation's largest. The companies hope to finalize the deal by Jan. 31. S&P said it will keep that issue of Federated's debt on credit watch until it can "fully assess the extent of any added business and financial risk" resulting from the merger. One of the key financial concerns is that Federated's cash flow may be weakened, since Macy is still losing money. The $300 million in convertible secured notes due in 2004 is the only publicly held issue.
@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)