MILAN--Just when it seemed that Fiat's investment firm Gemina SpA had driven off all rivals and captured GFT, CVC Capital Partners has raised its bid for Italy's designer label giant. The improved bid by CVC, a venture capital firm associated with the Citicorp banking group, is valued at roughly $350 million (560 billion lire), up from its previous offer of $307 million (480 billion lire). The new bid was made over the weekend, a CVC spokesman said Monday. Gemina's bid, as reported, was valued at nearly $384 million (588 billion lire) in a complex arrangement of capital injection and debt restructuring. According to the CVC spokesman, CVC has improved the structure of its bid, offering to pay off the entire $57 million (94 billion lire) in warrants that GFT's creditor banks converted from debt earlier this year. In addition, CVC would buy the full amount of GFT debt currently held by the banks, which is $278 million (434 billion lire), as well as pay off the accumulated interest on that debt. "At this point, CVC is giving the banks the possibility to get out of this situation without losing a dime," the CVC spokesman said. "This is totally different than the other offer," he added, referring to the Gemina bid, which would provide a capital injection of $52 million (81 billion lire), restructure the GFT debt, and leave the banks a 40 percent stake in the company. Observers here said Gemina's offer still appears to be the favored proposal because it was developed at the request of Mediobanca, the Milan merchant bank masterminding GFT's financial restructuring. But CVC is now flanked by allies and potential minority shareholders--a line-up some observers think is starting to look overloaded. CVC still claims to have an alliance with Giorgio Armani (which the designer has distanced himself from), and also has struck an accord with former GFT managing director Clemente Signoroni, who would come back as chief executive officer and a minority shareholder of GFT. In addition, the CVC spokesman said CVC has offered another minority stake to rejected GFT suitor Plaid Clothing Group PLC in exchange for the diligence Plaid has already performed on GFT. Finally, rumors of agreements with other potential minority shareholders--including Gruppo BVM/FBP, the Bologna-based producer of Les Copain, and with textile manufacturer Trabaldo Togna--have been circulating here. The CVC spokesman declined to confirm the participation of these two companies in the bid, but did acknowledge that CVC has lined up a group of minority Italian shareholders. Officials at Les Copain weren't reachable for comment Monday, while Trabaldo Togna's administrative director, Gianfranco Broglia, said he didn't know anything about the GFT bid. "The situation is extremely complex," said a Milan-based consultant who has been involved in some aspects of the effort to sell GFT. He noted that despite the pressure to accept the Gemina bid, the banks are divided because not all of them want to wind up as shareholders in GFT and because of Gemina's lack of an industrial plan for the designer label maker, which produces such top names as Giorgio Armani, Calvin Klein, Emanuel Ungaro, Claude Montana and Valentino. "They think Gemina's move is a temporary situation rather than a long-term strategic plan," the consultant said. "It is pretty clear that Gemina's is a short-term solution until they can find a final owner."
@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
@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)