BETTING ON BURBERRY: With Burberry’s principals in the home stretch of their three-week road show, the company’s share price will be fixed on Thursday night with trading set to begin on London’s stock exchange Friday morning. London financial experts expect the price to fall near the bottom end of the $3.45 to $4.35 range, valuing Burberry closer to $1.73 billion than to $2.2 billion. But in the IPO game, it’s not over ‘til it’s over, and no one can say what the price will be until all of the orders are in on Thursday. Burberry chief Rose Marie Bravo will continue making her “Buy Burberry” case this week with stops scheduled in New York, Boston, and Amsterdam as well as in the U.K.
OVER THE HILL?: Toronto-based The Catherine Hill Shop Ltd. filed for bankruptcy Monday after 30 years in business. Doing business as Chez Catherine, the high-end designer boutique first opened in 1972, introducing Giorgio Armani, Valentino and Versace to the Toronto market. The Hazelton Lanes store was best known for the labels it carried exclusively, such as Christian Dior, John Galliano and Emanuel Ungaro. Chez Catherine decided to file for bankruptcy after numerous landlord changes, disruptive nearby construction and the recent expiration of its lease during the poor current retail climate. Perry Krieger & Associates has been appointed receiver manager.
AU REVOIR VANDEVELDE?: Luc Vandevelde, the chairman and chief executive of Marks and Spencer Group PLC responsible for turning around the once-ailing group, is expected to step down as chief executive on Wednesday at the company’s annual shareholders’ meeting. Industry sources said Vandevelde will continue as chairman and work part-time for the company. Roger Holmes, who is currently managing director of M&S’ U.K. retail operations and also instrumental in the turnaround, will replace him as chief executive, the sources said. Reports have been making the rounds since the beginning of this year that Holmes would replace Vandevelde. A company spokeswoman declined to comment.
This story first appeared in the July 9, 2002 issue of WWD. Subscribe Today.