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.
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews
“Stranger Things” is getting a new cast member for season 2. Meet @sadiesink_, the 15-year-old who will be joining the Netflix series for its new season. You may recognize her from “The Glass Castle” with Brie Larson and Woody Harrelson, but the Texas native’s next role goes in an entirely different direction. She describes her character, Max, as “a rough and tumble skater girl [who] becomes friends with the boys at school.” The second season debuts on October 27. (📷: @jgreenery) #wwdeye
Amid the Harvey Weinstein controversy, there’s another sector that’s being put under the spotlight for sexual abuse: the modeling industry. While rumors about abuse and sexual harassment of female and male models — and the photographers, agents and others who perpetrated it — have circulated within the fashion world for years, model @cameronrussell started posting stories from models on Instagram last week about abusive situations they’ve encountered — from sexual harassment and molestation to attempted rape. Over 75 have weighed in so far. Read more on WWD.com. Link in bio. #wwdnews
To celebrate its 16th anniversary, @dylanscandybar tapped designers and celebrities to create mosaics out of candy. The mosaics will be auctioned off to support the philanthropic cause of each participant’s choice. Pictured here is the mural created by @aliceandolivia's Stacey Bendet. For a first look at some of the other artwork being unveiled tonight, go to WWD.com. #wwdeye
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