PRADA’S PROPOSAL: If Prada goes ahead with an initial public offering this summer, June 17th would be the earliest date the fashion house would kick off its road show, a source familiar with the matter told WWD on Monday. Stops on the road show...
PRADA’S PROPOSAL: If Prada goes ahead with an initial public offering this summer, June 17th would be the earliest date the fashion house would kick off its road show, a source familiar with the matter told WWD on Monday. Stops on the road show would include Milan, London, Edinburgh, Frankfurt, Paris, Zurich, New York, and possibly Boston. The source speculated that Prada will probably float no more than 40 percent of its shares.MOODY’S GAP MOOD: Moody’s Investors Service shifted gears on Gap Inc. and changed its outlook on the firm’s debt to negative from stable. The shift was attributed to ongoing weakness in same-store sales, concerns that the firm will miss profit expectations for the year and the possibility that whoever replaces president and chief executive Millard?Drexler “could make changes that require currently unanticipated expenditures, changes or revisions in operations.” The rating agency confirmed Gap’s senior implied rating of Ba2, the second step into speculative or “junk” territory. Moody’s noted, though, “operating cash flow has been bolstered by more disciplined inventory control, expense reductions and the cessation of share repurchases.” Gap also is planning a “relatively low” uptick in square footage for 2002.ART SALE AT BARNEYS: As if selling fabulous frocks weren’t enough, Barneys New York is now turning its eye to art. For the next week and a half, Barneys New York is showcasing the artwork of 13 disabled artists from the Creative Growth Arts Center. The 26 pieces of art are for sale with proceeds going toward the CGAC and the participating artists.KMART’S CASE: Kmart employees were instructed to record transactions in violation of generally accepted accounting standards, according to an Associated Press report citing the anonymous Jan. 9 letter that recently triggered a federal investigation of the bankrupt retail giant. Kmart officials could not be reached on the Memorial Day holiday Monday for comment. The wire service reported that the January letter, from individuals purporting to be Kmart employees, said, “We are now closing our books for the full fiscal year making even more improper entries. We have been clearly told that questioning any accounting practices will be viewed as unacceptable team behavior.”SCAMMING SEPHORA: An employee of Sephora U.S. has been arrested and charged in connection with a scheme to embezzle $519,000 from the beauty retailer, according to detective Valerie St. Rose, a New York City Police Department spokeswoman. Judith Roberts, 33, who worked at the retailer’s East 58th Street headquarters, was arrested Friday after being located in Mobile, Ala., according to St. Rose. Roberts allegedly submitted false invoices and records, enabling her to embezzle the funds from September 2000 to July 2001, the detective said. Roberts was charged with second-degree grand larceny, criminal possession of stolen property and forgery, according to police. Sephora executives could not be reached for comment Monday.
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
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion