SOUTHERN CROSS: The economic turmoil in Argentina has proved too much for De Rigo. The Italian eyewear maker is exiting its money-losing distribution joint-venture in the South American county by selling 51 percent of Ranieri Argentina SA to the...
SOUTHERN CROSS: The economic turmoil in Argentina has proved too much for De Rigo. The Italian eyewear maker is exiting its money-losing distribution joint-venture in the South American county by selling 51 percent of Ranieri Argentina SA to the Ranieri family, which will now control 100 percent of the company. The transaction price was not disclosed but De Rigo said the sale won’t materially affect its financial situation or results. The joint-venture has never generated a profit since its creation in 1998, registering a 2001 loss of $2.4 million on sales of $4.4 million, De Rigo said. (Dollar figures have been converted from the euro at current exchange rates.) De Rigo, which makes eyewear for such brands as Prada, Fendi, Givenchy, Loewe and Céline, said it plans to keep selling its brands in Argentina through independent retailers.
STILL TALKING: Contract negotiations continue between the International Longshore and Warehouse Union and the Pacific Maritime Association. Top ranking officials from both groups spent Monday and Tuesday touring the port of Los Angeles to discuss shipping technology. Union delegates representing all West Coast ports will gather the week of July 22, a meeting that would allow them to decide whether to pass a PMA contract proposal along to the general membership for a vote. But ILWU spokesman Steve Stallone denied speculation Wednesday that there’s a proposal ready for review.
DEUTSCHLAND DISCOUNT DRAG: Wal-Mart Stores Inc. reported Wednesday it will shutter two stores in Germany — its first retreat since entering the eurozone’s largest economy in 1997 — because of limited growth potential. One store will be closed in Ingolstadt while two stores will be merged into one in Welhelmshaven. At the same time, the discounter will open two new stores this summer in Gross Gerau and Berkamen, and a third in Berlin next year. Wal-Mart has struggled to become a dominant player in Germany due to customer loyalty to homegrown rivals and the depressed German retail market. Last year, Wal-Mart canceled plans to open 50 new stores in Germany by 2003.
WARNING TO KMART: Bankrupt Kmart Corp. said Wednesdayit has been notified by the New York Stock Exchange that its common stock could be subject to trading suspension and delisting within six months. The average share price of Kmart’s common stock for the past 30 days has been below $1, which is below the minimum requirement for continued listing on the exchange over a 30-day period. Shares Wednesday closed at 79 cents, down 2 cents. Kmart said that if its shares are delisted from the NYSE, it believes that an alternative trading venue will be available. Delisted companies often find a home in over-the-counter trading.
EXCLUSIVE: @tomford is opening its first-ever beauty store. The boutique, which opens November 20 in London’s Covent Gardens, was designed with the over-the-top glam Ford is known for. Read the full story on WWD.com, link in bio. #wwdbeauty #wwdnews (📷: Simon Wagner) #TomFordBeauty
New York-based DJ @harleyvnewton threw a party to celebrate the holiday collection of her dress and pajama line @hvn at the Ladurée Beverly Hills. It Girls @katebosworth, @rashidajones and more joined in on the fun, which included cocktails, croque monsieur sandwiches and a photo booth. #wwdfashion (📷: Owen Kolasinski/BFA.com)
For the holidays, @Burberry partnered with 20-year-old artist @blondeymccoy on a series of three outdoor murals in downtown Manhattan. The murals are McCoy’s interpretation of a Christmas eve party, the idea of charity and the spirit of family. His third mural, pictured here, is the most personal. The image depicts McCoy’s grandparents and father in London’s Trafalgar Square in the Seventies. “My work often features lots of sentimental objects.” #wwdeye
For spring 2018, designers applied bold colors and cartoonish motifs on everything from sneakers and belts to key chains. See all the top men’s accessories trends on WWD.com. #wwdtrends (📷: George Chinsee; Prop Styling by @rnasti; Market Editor: @luiscampuzano)
The @dior-sponsored @guggenheim international gala pre-party has a history of drawing cool-girl musical acts to serenade the crowd –– and last night was no exception. @haimtheband performed songs both new and old, and lured a star-studded audience with the likes of Rebecca Hall, Kate Mara, Mamoudou Athie and more. #wwdeye (📷: @lexieblacklock)
In a partnership between the @metopera and the @englishnationalopera, “Marnie” was born. The opera, with costumes sponsored by @mrporterlive, is an adaptation of the 1961 thriller by Winston Graham. Arianne Phillips, who created the costumes, is no rookie: She’s styled Madonna for her tours and created costumes for a myriad of films in the past. Read WWD’s interview with Phillips, where she talks about her inspiration for the opera’s costumes on WWD.com #wwdfashion
@barneysnyc took a different approach to their holiday windows this year. Instead of Christmas decor, Barneys tapped @thehaasbrothers to tell a story of positivity, gratitude and inclusivity via heartwarming silliness and humor. “It’s about kids and it’s about coming together and being family and loving each other,” said Simon Haas. #wwdfashion (📷: @joshuascottphoto)
Beauty influencer @kandeejohnson makes her foray into hair care with a collaboration with @ogx_beauty — making it the first time that OGX has teamed up for a product creation. The collab includes shampoos and conditioners in three scents. At 39 and a mom, Johnson is a different profile than the emerging social media stars, but is considered one of the pioneers of the digital beauty influencer world. Read WWD’s interview with her on wwd.com, including the strangest beauty product she’s ever tried #wwdbeauty