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."
Breaking News: @louisvuitton's men's artistic director @mrkimjones is leaving the French fashion house after nearly 7 years. Jones joined Louis Vuitton in 2011, following a three year tenure as creative director of British luxury goods brand Alfred Dunhill. Jones is to exit Louis Vuitton after showing his fall 2018 collection for the brand in Paris on Thursday. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
For men’s fall 2018, @giuseppezanotti drew on elements from streetwear, sport, biker, combat and rock ‘n’ roll. Pictured here are a pair of shoes from the collection, featuring zippers, rhinestones, and silver hardware. Head to WWD.com to see a roundup of the accessories from Milan’s men’s fall 2018 shows. #wwdfashion (📷: Andrea Delb)
To celebrate the 25th anniversary of @ralphlauren’s snowboarding collection, the brand is mining its archives. The iconic brand is reintroducing vintage styles and dropping new designs for a color capsule that will be available in Ralph Lauren stores and @openingceremony on January 25. The capsule will consist of 10 pieces, including the Snow Beach Pullover, pictured here, which is a collector’s item that rapper Raekwon wore in Wu-Tang Clan’s “Can It Be All So Simple” video. #wwdfashion (📷: Tom Gould)
For @rochasofficial’s pre-fall 2018 collection, creative director Alessandro Dell’Acqua channeled the sophisticated and intriguing Catherine Denevue in the film “Belle de Jour.” Polished collarless coats, midi skirts, suits and ’60s graphic motifs were all featured in the collection, adding a sense of discreet luxury. See the rest of the photos on WWD.com #wwdfashion
“We tried to produce clothing of that couture quality, but the most daunting part was that we only had a matter of days [to do it],” said costume designer Lou Eyrich, who recreated Gianni Versace’s iconic looks for @americancrimestoryfx. Eyrich searched online retailers and vintage shops for original pieces from the design house and for @penelopecruzoficial, who plays Donatella Versace. Head to WWD.com to read how she created the Versace world. #wwdfashion
Only three months after her stellar debut catwalk season, @kaiagerber has inked her first big design collaboration –– with @karllagerfeld. The collection blends Lagerfeld’s Parisian chic aesthetic and the model’s signature West Coast casual style via RTW, accessories, footwear and more. The #KarlLagerfeldxKaia collection will launch in September with a series of events. Get all the details on WWD.com. #wwdnews #wwdfashion
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews