BUFFETT’S ABOUT-FACE: Berkshire Hathaway chief executive Warren Buffett has reduced his stake in Jones Apparel Group to 1.9 percent, according to a Schedule 13G filed with the Securities and Exchange Commission. According to the filing, Buffett...
BUFFETT’S ABOUT-FACE: Berkshire Hathaway chief executive Warren Buffett has reduced his stake in Jones Apparel Group to 1.9 percent, according to a Schedule 13G filed with the Securities and Exchange Commission. According to the filing, Buffett owned 2.5 million shares of Jones as of Oct. 31. He held a 6.9 percent stake in December 2001 but since then has increased his apparel portfolio with investments in Fruit of the Loom and Garan Inc. No details or reasons were given in the filing, as none are required in the case of passive investments covered by 13G forms.
KMART FALLOUT: Kimco Realty Corp. in July suspended debt service payments on $60.8 million in mortgage loans for seven properties rejected by bankrupt Kmart, according to Kimco’s quarterly report filed Tuesday with the Securities and Exchange Commission. Kimco, which continues to maintain the properties, said it is negotiating with the lenders of the loans. Annual interest expense on the loans is about $5.6 million. The properties are part of the 27 leases Kmart rejected shortly after it filed for bankruptcy in January. Kmart still rents 42 locations from Kimco.
WAL-MART’S GERMAN PRICE PINCH: Germany’s highest court ruled that Wal-Mart Stores Inc.’s efforts to sell staple items such as milk and butter below wholesale prices were damaging to competition, according to published reports. The case goes back to September 2000, when the Federal Cartel Office ordered a cease-fire in a grocery price war. Wal-Mart appealed and won, but the case was then appealed to the country’s supreme court.
OCTOBER UPS AND DOWNS:Apparel and accessories ad pages declined 15.5 percent in October to 2,200.6 from 2,604.1, according to Publishers Information Bureau. But toiletries and cosmetic ad pages gained 2.8 percent to 1,742 from 1,702.2 a year ago. From January through October, apparel and accessories ad pages dropped 13.6 percent to 17,949.6 from 20,766.7, while toiletries and cosmetics ad pages dipped 1.9 percent to 13,387.1 from 13,650.2, PIB said.In October, total ad pages for the 12-tracked PIB categories totaled 22,386.9, down 0.2 percent from a year ago, while year-to-date ad pages are down 5.9 percent to 182,072.79.
COACH JAPAN FLAGSHIP: Coach Inc. said Tuesday that it will open its second flagship in Japan next spring. The 7,300- square-foot, two-floor store will be on Inokashira-dori in the Shibuya section of Tokyo. Coach opened its first flagship in Japan in May in Tokyo’s Ginza section, and that store is on track to reach sales of about $15 million in its first year, making it the largest-volume Coach store worldwide, the company said.
@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