ASHFORD ASSETS TO DIAMOND: GSI Commerce last week said it would sell certain assets of Ashford.com, including its trademark, to jewelry Web site Diamond.com. Under the deal, expected to be completed Dec. 27, GSI will receive a nonrefundable deposit of...
ASHFORD ASSETS TO DIAMOND: GSI Commerce last week said it would sell certain assets of Ashford.com, including its trademark, to jewelry Web site Diamond.com. Under the deal, expected to be completed Dec. 27, GSI will receive a nonrefundable deposit of $500,000 as well as secured promissory notes, shares and warrants to purchase Diamond.com stock and 10 percent of Diamond.com’s earnings before interest, taxes, depreciation and amortization to a maximum of $2 million for the next five years. GSI, which purchased Ashford.com in late 2001 also said it would sell the firm’s remaining inventory, close its Houston facility, and phase out its corporate gift business. Michael G. Rubin, GSI’s chairman and chief executive officer, said Ashford has "performed below our expectations" and has caused "incremental losses" in 2002. Founded in 1998, Ashford sold upscale accessories and luxury goods, but never managed to achieve profitability.
JEAN SCENE: Levi Strauss plans to reorganize its distribution in Europe. The San Francisco denim giant on Friday said it intends to shutter distribution centers in France, Belgium and the Netherlands, and transfer distribution previously handled by those facilities to a third party that will be in Antwerp, Belgium. Levi’s said no final agreements have been reached, but if the proposal goes forward, about 75 people could lose their jobs.
JUDGE HALTS WAL-MART SALE: A Puerto Rican judge temporarily blocked Wal-Mart’s acquisition of a local supermarket chain there, saying it had antitrust implications. Superior Court Judge Milagros Rivera Guadarrama issued a decision responding to a government motion filed Friday claiming Wal-Mart’s purchase of Supermercados Amigo’s 35 supermarkets with 4,500 employees violated the island’s antitrust laws. "The court has determined that the plaintiff, the state, has demonstrated the Amigo’s acquisition by Wal-Mart could have the affect of substantially reducing competition or could create a monopoly," Guadarrama wrote in her decision, which prohibits Amigo from transferring its holdings to Wal-Mart until the matter is resolved in the courts. In other news, Wal-Mart said it plans to file a $10 billion debt shelf registration before the end of the year. The retailer said in offering the debt, its goal is to keep its debt-to-capitalization ratio at about 40 percent. As of Oct. 31, the end of third quarter, that ratio was 41.3 percent.
CLAIBORNE ELECTION: Liz Claiborne Inc. has elected Oliver R. Sockwell to its board. Sockwell, 59, is an executive-in-residence at Columbia University’s Graduate School of Business. He is the co-founder, retired president and chief executive officer of the Construction Loan Insurance Corp. This addition brings Claiborne’s board to 10. His initial term as director will expire at the 2005 annual meeting of stockholders. Meanwhile, Paul Charron, Claiborne chairman and ceo, will speak about taking a disciplined business approach to the fashion industry tonight at The Learning Annex.
“What he has done at Vuitton is really exceptional,” said @gameofthrones’ actress Gwendoline Christie on @mrkimjones’ final show for @louisvuitton. “He has rebooted luxury in terms of making it commercial, viable and contemporary. And most importantly artistic. He has never compromised his artistic vision for the sake of commodity.” (📷: @zefashioninsider)
After seeing a demand for men’s wear from its customers, British contemporary women’s wear label @ariesarise has added a men’s wear component and will launch a unisex collection with @mrporterlive. The 20-piece collection includes jackets, denim, logo T-shirts and more with deconstructed ‘90s vibes. Set to launch on January 18, you can shop the pieces on Aries’ website and on mrporter.com. #wwdfashion
“And so spending so much time with a character who thinks like that, inevitability you try and analyze yourself and go back and think about your own demons and dark chapters that you had in your life,” says @thedanielbruhl of his role in TNT’s “The Alienist.” The show, set in the Gilded Age of New York, also stars Dakota Fanning and Luke Evans. Head to WWD.com to read about how 39-year-old Brühl prepared for the role and why he thinks the show is so relevant to today #wwdeye ( 📷: @Eriktanner)
Now that Celine Dion’s collection has topped $10 million in sales, the pop superstar, fashion icon and newly-minted industry player is eyeing growth in Asia. Read the full report by @tiffanyap, link in bio. #wwdnews #celinedion
“My personal philosophy to beauty is paying attention to oneself. I love to be outdoors, lots of fresh air, trying to take care of yourself as best you can. I always notice that comes through,” says Felicity Jones, the global face of @shiseido-owned @cledepeaubeauteus, which launches today. Head to WWD.com to read more about the actress’ love for beauty and how she prepared for her new role in “The Basis of Sex,” playing the young Ruth Bader Ginsburg. #wwdbeauty (📷: @dandoperalski)
Among the familiar faces at @off____white’s show was a surprise figure: Japanese artist @takashipom, pictured here on Wednesday morning. Other show-goers included @jerrylorenzo, who spoke about his upcoming project: a @nike collaboration for back to school, with designs inspired by his childhood on the West Coast. Sitting in the front row were Future, Don Crawley, @miguel and more. See the rest of the photos on WWD.com #wwdeye (📷: Stephane Feugere)
According to @laurentsai, former “Terrace House: Aloha State” cast member, she didn’t know she was auditioning for the Japanese version of “Real World.” “I was telling a couple of my friends and someone’s like, ‘That sounds a lot like Terrace House.’ I was like, ’No it can’t be.’” Turns out, it was. But Tsai isn’t just a reality star — she’s an illustrator who has worked with Starbucks Japan and most recently, she’s dipping her toes into the fashion world. Head to WWD.com to read about her time on the show, modeling and her art. #wwdeye (📷: @danieldorsa)
More changes are coming to New York Fashion Week: Beginning with the spring 2019 collection, @alexanderwangny will move his New York show to June from September, adopting a biannual schedule with collections shown in June and December. Additionally, the @cfda is planning for an official summer/winter fashion season taking place as soon as June and December 2018. Read more about the upcoming changes on WWD.com. #wwdnews #wwdfashion (📷: @slovekinpics)