NEW YORK--Calvin Klein has finally firmed up a buyer for the CK jeans line. Klein signed a deal Wednesday with Rio Sportswear and Charter house Group International Inc., an investment firm here, to sell the designer company's CK Calvin Klein jeanswear business. The deal is valued at around $50 million, exclusive of ongoing royalties and such variables as inventory to be determined before closing, said Barry Schwartz, chairman of Calvin Klein. Calvin Klein's women's and men's jeanswear business is estimated to have sales around $100 million. Signing a deal for the jeanswear business is in line with company's stated intent to focus on licensing and build image with its women's collection. Klein's key licenses include fragrance, men's wear, underwear, footwear and eyewear. Schwartz said the company will continue to run the design, advertising, promotion and shipping of the jeanswear out of the New York headquarters. To manage the acquisition, Arnold Simon, chief executive officer of Rio, and Charterhouse have formed a new company, Calvin Klein Jeanswear Co., which holds the license for the women's and men's jeans and jeanswear collections, and will be responsible for sourcing and manufacturing. Simon will hold the ceo post. Danny Gladstone, who has been president of the jeanswear division of Calvin Klein, will keep that post and will bean executive in the new company. Under the agreement, the new company will have the rights to manufacture, market and sell the women's and men's jeans and jeanswear collections in the U.S. and other territories. It will also acquire Calvin Klein Inc.'s domestic jeanswear production facilities, including a factory and laundry in Nesquehoning, Pa., and a factory in Abbeville, S.C. Klein and the new company also plan to develop and launch a children's jeans business. The agreement ends a second round of negotiations for Rio and Klein, and months of deal-making and breaking. Klein and Rio's first go-round, in February, fell apart after Simon was unable to come up with adequate finances for the acquisition. Klein then went into talks with Fruit of the Loom, but that deal ended because FTL wanted to create a broader sportswear line, with knit and woven pieces, while Klein wanted to keep to a narrowly focused denim line. Charterhouse, based here, manages over $550 million in equity funds in the middle market. The deal is expected to be completed by the end of this month, pending federal approval, Schwartz said.
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)