BEST SALE: Fin.part SpA announced Thursday the sale of Best Co. to the label's distributor, Cisalfa, for $2.7 million (converted from the euro at current exchange rates). In a statement, Fin.part said the sale was in line with its strategy to shed...
BEST SALE: Fin.part SpA announced Thursday the sale of Best Co. to the label's distributor, Cisalfa, for $2.7 million (converted from the euro at current exchange rates). In a statement, Fin.part said the sale was in line with its strategy to shed real estate and non-strategic investments, like its sportswear division, which, in addition to Best Co., includes the labels Marina Yachting, Henry Cottons and Moncler. As reported, Fin.part is focused on building its Cerruti brand, and the sale of its sportswear block will help offset the company's $402.2 million in net debt. Fin.part expects to eventually garner about $187.5 million from the sale of its sportswear unit. The firm also owns Frette SpA and Maska.FAB-U-LESS: Fab Industries' stockholders will receive $10 a share in cash on June 24 as the manufacturer of warp and circular knit fabrics reduces its cash position to $50 million from $90 million and commences a corporate liquidation and sale of remaining assets. "It will be a series of distributions," said Steven Myers, president and chief operating officer. "We don't need the size of cash we're sitting with to run a smaller business. The best thing to do now is deal from a position of financial strength." Unlike most U.S. textile mills, Fab was in a healthy state of business, though Myers said he wasn't sure how long the company could sustain growth due to the economic climate and current state of the U.S. textile industry. Fab reported revenue of $14.3 million for its first quarter ended March 2, down from year-ago revenue of $20 million.
“I see things on the hanger and I’m, like, ‘I never knew that color worked on me.’ It’s things you necessarily wouldn’t choose to wear, but once you put them on, you see why Janie is who Janie is." — Lily Collins on working with former "Mad Men" costume designer, Janie Bryant on creating looks for her role as Celia Brady's in Amazon series, "The Last Tycoon." 📸@jilliansollazzo #wwdeye
EXCLUSIVE: Sarah Rutson has been tapped to Build New American Fashion Group. The parent of Joie, Equipment and Current/Elliott hired the merchant to rev up its brands and expand its portfolio into designer, beauty and lifestyle categories. Read more on WWD.com, link in bio. #wwdfashion
Michael Kors' $1.3B Jimmy Choo deal has the company squaring off with Coach Inc. as both seek to build American powerhouses. Coach bought Stuart Weitzman in 2015 and Kate Spade just two weeks ago, but Michael Kors' acquisition may be putting pressure on its rival in the new push for scale. #wwdnews (📷: George Chinsee)
Meet actress Lucy Boynton, who plays opposite Naomi Watts in the recently released Netflix series "Gypsy." Boynton stopped by WWD to talk about her upcoming projects and her nomadic lifestyle. Get all the details on WWD.com. #wwdeye (📷: @dandoperalski)