SECOND TIME AROUND: Dickson Poon has put the finishing touches on his second, alternative bid for Harvey Nichols and sent it to shareholders for a vote, a spokesman for the store said Thursday. As reported Tuesday, his first bid of $3.85 a share for...
SECOND TIME AROUND: Dickson Poon has put the finishing touches on his second, alternative bid for Harvey Nichols and sent it to shareholders for a vote, a spokesman for the store said Thursday. As reported Tuesday, his first bid of $3.85 a share for 100 percent of the firm failed at a shareholders meeting, due chiefly to the resistance of Deutsche Bank, the store’s largest institutional shareholder. Under the new bid, Poon is still offering $3.85 a share, but this time he only needs approval from shareholders representing 50 percent — rather than 75 percent — of the stock held by the public. Shareholders have to respond by mail by 3 p.m. Dec. 4. Poon currently owns 50.1 percent of Harvey Nichols and wants to buy as much of the remaining 49.9 percent as he can so he can delist the company. Deutsche Bank wants to hold on to its shares and ensure the company remains listed on the stock exchange.
VOYAGE OF VALUE: The Boston satellite office of Value City Department Stores Inc.’s merchandising group is being closed. James McGrady, VC’s chief financial officer, said the Boston office’s functions will be relocated to New York, where the firm is "pretty close" to choosing a site. The move doesn’t affect VC’s existing Boston-based Filene’s Basement merchandising team, but will affect about 20 employees. VC’s merchandising group has offices in Columbus, Ohio, where the discounter has its headquarters, and Los Angeles.
“I see things on the hanger and I’m, like, ‘I never knew that color worked on me.’ It’s things you necessarily wouldn’t choose to wear, but once you put them on, you see why Janie is who Janie is." — Lily Collins on working with former "Mad Men" costume designer, Janie Bryant on creating looks for her role as Celia Brady's in Amazon series, "The Last Tycoon." 📸@jilliansollazzo #wwdeye
EXCLUSIVE: Sarah Rutson has been tapped to Build New American Fashion Group. The parent of Joie, Equipment and Current/Elliott hired the merchant to rev up its brands and expand its portfolio into designer, beauty and lifestyle categories. Read more on WWD.com, link in bio. #wwdfashion
Michael Kors' $1.3B Jimmy Choo deal has the company squaring off with Coach Inc. as both seek to build American powerhouses. Coach bought Stuart Weitzman in 2015 and Kate Spade just two weeks ago, but Michael Kors' acquisition may be putting pressure on its rival in the new push for scale. #wwdnews (📷: George Chinsee)
Meet actress Lucy Boynton, who plays opposite Naomi Watts in the recently released Netflix series "Gypsy." Boynton stopped by WWD to talk about her upcoming projects and her nomadic lifestyle. Get all the details on WWD.com. #wwdeye (📷: @dandoperalski)