FRESH DEBT: Wal-Mart Stores Inc. filed for the option to offer up to $10 billion in debt securities as the company’s needs warrant. In a shelf registration statement released by the Securities and Exchange Commission Friday, the Bentonville,...
FRESH DEBT: Wal-Mart Stores Inc. filed for the option to offer up to $10 billion in debt securities as the company’s needs warrant. In a shelf registration statement released by the Securities and Exchange Commission Friday, the Bentonville, Ark.-based retailer is seeking to issue new debt from time to time in order to repay long- and short-term borrowings, finance acquisitions, make capital expenditures and for general corporate purposes. Included in the new offer is $500 million in unsold debt securities from an earlier SEC registration. With a shelf registration statement, Wal-Mart can sell securities in one or more separate offerings with the terms of the debt to be set at the time of sale. Bank One Securities is the trustee for the debt securities.
BIG PAYOUTS: Who has Italy’s biggest paycheck? It’s not Giorgio Armani, although the designer did secure the number-two slot on a list published by the Italian weekly newsmagazine Panorama. According to the article, which looked at 2001 tax declarations based on 2000 earnings, Armani’s 2000 income was $170.8 million. (All figures are converted from euros at current exchange rates.) An Armani spokesman said that number was based on one-time gains from a dividend payout from Giorgio Armani SpA, in which the designer is the sole shareholder. Beating out Armani for the top spot was Marco Tronchetti Provera of tire giant Pirelli. The Italian industrialist took home just over $273 million. Donatella Versace landed in the eighth spot with $26.2 million. Others on the list included Luxottica chairman Leonardo Del Vecchio in fifth with $35.7 million and Paolo and Nicola Bulgari, snagging spots 37 and 40, respectively, with a combined income of more than $14 million. Even Leonardo DiCaprio made the list, coming in at 47 with $6.2 million. It appears the actor couldn’t get out of paying taxes while living in Rome to shoot Martin Scorsese’s "Gangs of New York."
JEWEL HOIST: Tiffany & Co. will spend 25 percent more than originally forecast on capital expenditures this year and a total of $95 million on its New York store, $10 million more than originally forecast. In a filing released Friday by the Securities and Exchange Commission, the New York-based retailer said it now expects capital expenditures of $250 million for the year ending Jan. 31, 2003. The company had previously estimated capex of $200 million. While Tiffany did not specify reasons for the increase, it did reaffirm the spending will be used for the opening, renovation and expansion of its stores; growth of its distribution and manufacturing facilities and continuing investments in new systems.
SWEET GIORGIO: Giorgio Armani is celebrating Christmas by getting in touch with his inner chef. Fashion’s Renaissance man has turned to baking. For the past couple of weeks, Armani has been selling limited-edition panettone, a sweet holiday cake, at his Via Manzoni flagship store. Armani won’t release the recipe, saying only that the cakes are prepared according to "Milanese tradition." The panettone sell for about $23 apiece.
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)
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