REJECTED, AGAIN: Taubman Centers Inc. said its board unanimously rejected the revised $20 per share cash offer from Simon Property Group in conjunction with a subsidiary of Westfield America Trust, calling Simon’s third offer "inadequate,...
REJECTED, AGAIN: Taubman Centers Inc. said its board unanimously rejected the revised $20 per share cash offer from Simon Property Group in conjunction with a subsidiary of Westfield America Trust, calling Simon’s third offer "inadequate, opportunistic and clearly not in the best interests of Taubman Centers shareholders." Robert S. Taubman, chairman, president and chief executive, said he believes this is not the right time to sell, noting the company has a strong track record and has achieved the sector’s highest funds from operations per share growth rate for the first nine months of 2002. Additionally, he noted, a number of its properties are at early stages in their development cycle and are expected to generate increasing returns over the next few years.
WATCHING BENETTON: Benetton and watchmaker Sector have struck a deal to roll out a new line of United Colors of Benetton timepieces. The line is expected to generate sales of about $191.1 million over the five years of the contract, while advertising expenses for that period should be at least $15.9 million. The line, which bows in the second half of the year, will be available in select watch stores and Benetton sales points. Sector, controlled by Bulgari-led fund Opera, wants to expand its brand portfolio. It recently signed a pact to produce Valentino’s watches.
“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)