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.
@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)