READY, SET, BURBERRY: Burberry begins trading on the London Stock Exchange today under the ticker symbol BRBY.L after fixing its price at $3.45 a share on Thursday. The share price, as expected, is at the bottom end of the range that Burberry...
READY, SET, BURBERRY: Burberry begins trading on the London Stock Exchange today under the ticker symbol BRBY.L after fixing its price at $3.45 a share on Thursday. The share price, as expected, is at the bottom end of the range that Burberry announced last month due to unfavorable market conditions and gives the firm an initial market capitalization of $1.73 million. "We are pleased with the response to the partial flotation of Burberry in such challenging market conditions," said Rose Marie Bravo, chief executive of Burberry. "We look forward to creating further value for both our new and existing shareholders." Parent GUS will float 22.5 percent of Burberry’s share capital and retain a 77.5 percent stake in the company.
CONGRESSIONAL REPORT:The House Commerce Committee and its oversight and investigations subcommittee have asked bankrupt Kmart to provide records showing how its board oversaw company management as far back as the early Nineties. Kmart has to respond to the request by July 17. Kmart, Tyco International, Rite Aid, Enron, WorldCom and Sunbeat are among 13 companies being scrutinized by the lawmakers. As reported, Kmart is already cooperating in ongoing investigations by the Securities and Exchange Commission and the FBI. In a separate matter, the Securities and Exchange Commission said it is requesting an extension of time in which to file a claim against Kmart’s estate. The original deadline was July 31.
FERRE NAMES SEROY: Sandra Seroy has been appointed vice president of sales at Gianfranco Ferré USA Inc. This new role was created to bolster Ferré in the American market, which is becoming increasingly important for the Milan-based fashion house. Before joining Ferré, Seroy headed her own consulting firm, which gave marketing and business support to European designers making inroads in America. Upon taking the Ferré post, Seroy closed her company.
REEBOK’S BID TO BOOST SHARE: Reebok International is teaming with e-commerce services provider GSI Commerce in a play to launch an e-tail Web site by Sept. 30. The new online store, at reebok.com, will feature a broad selection of the athletic marketer’s top-tier product, including NFL, NBA, Classic and Rbk merchandise. The Reebok.com venture reflects the Canton, Mass.-based company’s goal of gaining market share, in this case by offering its leading items and marketing initiatives in one place.
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)