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.
@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