Europe Watch: Weston’s Shoo-In … Groupe Clarin’s Closing Cost … Slow Growth Summer
WESTON’S SHOO-IN: Galen Weston on Friday cleared an important hurdle in his bid for Selfridges when Aletheia Partners said it was no longer planning a rival bid for the store. “In light of the continuing uncertainty regarding the...
WESTON’S SHOO-IN: Galen Weston on Friday cleared an important hurdle in his bid for Selfridges when Aletheia Partners said it was no longer planning a rival bid for the store. “In light of the continuing uncertainty regarding the general retail trading environment, Aletheia Partners, together with its consortium of equity investors, has decided not to proceed with a bid,” a statement from Aletheia said. As reported, Aletheia had given 4:30 pm on Friday as a deadline to announce its decision whether or not to proceed with a bid. A spokesperson for Weston said, “We are delighted that this has now removed the uncertainty surrounding Selfridges. Our offer remains open until the 10th of July. We look forward to receiving acceptances from shareholders.” Weston currently holds some 49,145,136 Selfridges shares, or about 31.8 percent of the existing issued share capital of the store. His bid will become unconditional when he holds 50 percent or more of Selfridges’ shares. — Samantha Conti
FREQUENT FLIER: Fast fashion is taking to the skies. Inditex’s best-selling brand, Zara, opened its first travel store last month in Barcelona’s El Prat airport. With roughly 4,600 square feet of selling space, the new location carries women’s, mainly the Zara Woman line and coordinated accessories; men’s wear, and a small selection of baby clothes. Could it be the start of something big? Not necessarily, according to a spokeswoman for the La Coruña-based parent company. “No more airport stores are planned, at least not short-term,” she said. Renovated in 1991 by local architect Ricardo Bofill, the Barcelona airport is made up of three terminals, with Zara located where domestic travelers depart. Traffic is estimated at about 16 million passengers a year. — Barbara Barker
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)