SEARS SUPPORT: Sears, Roebuck & Co. said its wholly owned finance subsidiary, Sears Roebuck Acceptance Corp., completed a new $3.5 billion syndicated bank facility. The committed 364-day revolving credit facility, which closed Monday, will replace...
SEARS SUPPORT: Sears, Roebuck & Co. said its wholly owned finance subsidiary, Sears Roebuck Acceptance Corp., completed a new $3.5 billion syndicated bank facility. The committed 364-day revolving credit facility, which closed Monday, will replace SRAC’s current standby bank facility. The new one will be used to support its commercial paper program. The facility includes an option to extend the repayment of borrowings, if any, to February 2005. SRAC raises funds through the issuance of unsecured commercial paper and long-term debt.
TEAM SEVEN: Los Angeles-based denim resource Seven for all Mankind has hired two new designers from Levi Strauss and Gap. Stefano Aldighieri, former Levi’s design director for fabrics and finishes, is now Seven’s creative director. Also on board is Tim Kaeding, who was Gap’s head design director for the past four years, overseeing the women’s line. The new hires will work with Rebecca Danenberg, who joined Seven’s design staff in September 2001. Aldighieri and Kaeding fill in the void left when former Seven partner and designer Jerome Dahan left the company along with partner Michael Glasser in December, and filed a lawsuit against the third Seven partner, Peter Koral, for fraud, breach of fiduciary duty and breach of oral contract. The suit is still pending.
EU-VIETNAM TRADE ACCORD: The European Union has reached a three-year agreement with Vietnam to increase quotas on apparel and textiles in exchange for a reduction in tariffs on EU apparel and textile exports to Vietnam. The agreement, which must still be approved by the European Commission, would give Vietnam an increase in apparel and textile quotas worth $216.3 million a year and increase quotas by 50 percent on sensitive categories such as trousers or shirts, and up to 70 percent, on brassieres. In return, Vietnam has agreed to reduce its customs duties on EU apparel and textile imports progressively over the three years, beginning retroactively this year. Duties on apparel would be reduced to 20 percent by 2005, while duties on fabrics would be lowered to 12 percent, duties on yarns would be reduced to 7 percent and duties on fibers would be reduced to 5 percent. Those rates are less than half the duties Vietnam presently applies.
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye
"Nowadays when life is not so happy with everything going on in the world, I think people come to me for a little bit of whimsy and color and fun." - Designer Rebecca De Ravenel on her cult-favorite jewelry line. (📸 : @vsteves) #wwd40
“Everyone is talking about how the retail industry is struggling, but I think it’s an incredible time because brands who are doing something different and innovative are setting themselves up for the future,” said @adamgoldston, who founded the luxury athletic brand @apl with his brother @ryangoldsten. The Goldston’s are part of WWD’s 40 under 40: a group of industry notables. See the rest of the list on WWD.com. (📷: @vsteves) #wwd40
@eyeswoon blogger Athena Calderone debuted her first-ever cookbook, “Cook Beautiful,” which is heavily centered on the presentation and visual expression of food. Pictured here are her miso glazed carrots from the book. Get the recipe on WWD.com. (📷: @johnny_miller_) #wwdeye
“It’s passion that helps get anybody to a certain point and it’s what’s propelled me,” said Kith founder @ronniefieg, one of WWD’s 40 under 40: a group of industry notables who are changing the face of retail, fashion and beauty. Fieg, who opened a Manhattan flagship on October 7, began his career at age 13 as a stock boy and salesman for footwear chain David Z. “I think staying true to [my] beliefs, hard work and passion have gotten me to where [Kith] is today.” See the rest of the 40 at WWD.com. (📷: @vsteves) #wwd40
25-year-old @samweaving is about to break out this fall, starring in Netflix’s horror film “The Babysitter,” fittingly out today on Friday the 13th. That’s not the only place you’ll be seeing her, though — Weaving’s got a role Showtime’s “SMILF” and another alongside Frances McDormand and Woody Harrelson in “Three Billboards Outside Ebbing, Missouri.” Though she’s got a full plate at the moment, there’s one role she’s got her eye on: Marilyn Monroe. “I’m a little too young at the moment, but it’s on my bucket list,” the actress told WWD (📷: @dandoperalski) #wwdeye
BFF's Poppy Jamie and Suki Waterhouse celebrated the launch of their bag line Pop x Suki at Nordstrom last night. "The line is really about our friendship, and how we are so different but complement each other," said Waterhouse. 👯 (📷: Katie Jones) #wwdeye
After designing the new @louisvuitton and @bulgariofficial flagships and a @chanelofficial boutique opening in Japan, @petermarinoarchitect has another project on his plate: The Lobster Club. Located in the Seagram Building, it’s the famed architect’s first restaurant project in New York, serving up modern Japanese brasserie-style cuisine. Bronze hues, bespoke material detailing, blush and chartreuse tones and a heavy emphasis on Picasso can be seen throughout. Mark your calendars for Nov. 1 for the much-anticipated opening. (📷: @clint_spaulding) #wwdeye