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.
Supermodel @helenachristensen teamed up with longtime friend and designer @camillastaerk on a joint @paredeyewear collaboration. The lineup features three styles and 11 offerings, all of which embody a vintage feel. Get all the details on how they celebrated the collab on WWD.com. #wwdaccessories #wwdeye (📷: @slovekinpics)
“It’s a hard industry to keep motivated, as well, so finding different subjects and people is what makes it worth it – when you’re like, oh, I’ve met great people, I feel like I’ve done something good, and I feel proud of having done this,” said French actress Stacy Martin on being grateful for the variety of roles she’s take on. Read @ktauer’s full interview with Martin on her her latest film “Godard Mon Amour.” #wwdeye (📷: @danieldorsa)
After showing in front of the Eiffel Tower for his last two women’s ready-to-wear collection, it looks like @anthonyvaccarello may be heading to the Big Apple. Sources say the designer will stage his next @ysl show in NYC on June 6. Get all the details on WWD.com. #wwdnews #wwdfashion (📷: @aitorrosasphoto)
EXCLUSIVE: Two and half months after John Targon, cofounder and codesigner of Baja East, was hired as creative director of the contemporary division at Marc Jacobs, he has left the company, WWD has learned. Marc Jacobs International, which is owned by LVMH Moët Hennessy Louis Vuitton, confirmed Targon’s departure in a statement: “John Targon is a talented designer and we appreciate the work he has done here. Ultimately working together did not make sense for the brand and we wish him the best.” Read the story by @jessiredale, link in bio. #wwdnews
@theluxurycollection is officially launching a collection, tapping Sofia Sanchez de Betak for the capsule. Over 30 styles will be featured in the Chufy x The Luxury Collection, debuting next month at Bergdorf Goodman, The Webster, FiveStory and more. De Betak, known as “@chufy,” drew inspiration for the collection from her trips to Japan in the past year #wwdfashion
@lhd, founder and CEO of @thewebster, has teamed up with @lebonmarcherivegauche for the European launch of her ready-to-wear line, LHD. The launch will come with an exclusive pop-up opening today that’s set to run through May 20. Located on the second floor, it carries her debut Miami-themed resort collection, launched in November as see-now-buy-now. #wwdfashion