RECEIVABLES SOLD: Federated Department Stores Inc. reported Tuesday that it has signed a definitive purchase agreement to sell about $1.2 billion of Fingerhut receivables to CompuCredit Corp., an Atlanta-based credit card company. The transaction,...
RECEIVABLES SOLD: Federated Department Stores Inc. reported Tuesday that it has signed a definitive purchase agreement to sell about $1.2 billion of Fingerhut receivables to CompuCredit Corp., an Atlanta-based credit card company. The transaction, which could save up to 800 jobs, also includes the assumption of $450 million in receivables-backed debt issued by Fingerhut Master Trust. CompuCredit intends to retain Fingerhut employees currently servicing the receivables portfolios at its St. Cloud and Monticello, Minn., facilities. Federated has been informed by the Federal Trade Commission that the standard 30-day Hart-Scott-Rodino Act waiting period has been waived. The company also said it expects the disposition and monetization of Fingerhut’s assets to generate approximately $1.1 billion to $1.3 billion of aftertax cash proceeds, net of one-time costs.
TOM’S HONOR: On the agenda for the Gucci shareholders meeting July 15 in Amsterdam is the approval of Group creative director Tom Ford as vice chairman of the company’s management board, giving him a key role in Gucci’s strategic as well as creative decision making. Domenico De Sole is chairman of the management board. Gucci also has a supervisory board comprising eight non-executive directors.
LEVI’S ON REVIEW: Moody’s Investors Service on Tuesday placed Levi Strauss & Co.’s $1.7 billion in debt on review for a possible downgrade. The agency cited the San Francisco-based jeans maker’s five-year sales slump and its low current level of cash generation as concerns, noting that $1.1 billion of its notes are coming to term next year. Levi’s current senior implied debt rating is "B1." Its senior unsecured rating is "B2."
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