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.
“I grew up in New York but I hadn’t really experienced the city in any type of touristy way…This was probably the first museum I really explored and took the time to see,” said @haileybaldwin of the @whitneymuseum. On Tuesday night, Baldwin was joined by Jemima Kirke and more at the annual Whitney Museum Gala and Studio Party, which honored Lorna Simpson, Joanne Leonhardt Cassullo and Beth Rudin DeWoody. See more photos on WWD.com. #wwdeye (📷: @lexieblacklock)
Displayed starting this week at the @fashiontextilemuseum: An exhibition on designer @orlakiely titled “Orla Kiely: A Life in Pattern,” which spans two decades and contains more than 150 pieces. “I want people to come away loving pattern and print. It’s something that makes you feel so good,” said the designer during a preview of the exhibit. Also on show are mood boards, samples, sketches and more. Head to WWD.com to see more photos. #wwdfashion
Exclusive: @dsquared2 signs fragrance licensing agreement with Euroitalia, with the first effort of the new partnership being unveiled in September. The brand will launch two scents – one for men and one for women – in Italy. Read our interview with designer Dean and Dan Caten on WWD.com. #wwdbeauty #wwdnews (📷: @zefashioninsider)
@louisvuitton has officially renewed Nicolas Ghesquière’s contract as artistic director of women's collections. "I am very pleased to open the next chapter of the story I started with Louis Vuitton almost 5 years ago," said Ghesquière, who first signed on to design the French luxury brand's women's line in 2013. Get all the details on WWD.com. #wwdnews #wwdfashion (📷: @giovanni_giannoni_photo)
“I learned then and there that I had to figure out a way in life to maintain and preserve my sense of pride when I felt good about what I did or what I represented or created,” said @saintrecords on how being bullied for wearing capri pants inspired her to be the artist she is today. Knowles was at the 70th Parsons Benefit last night where she outbid the room for a Dapper Dan customized @gucci experience. #wwdeye (📷: @lexieblacklock)
“There’s this amazing braintrust of people who know the whole universe so well. So we talked to them and they gave us more input,” said actor Alden Ehrenreich on playing the young Han Solo in “Solo: A Star Wars Story.” The cast was at NYC’s SVA Theatre last night for an advanced screening of the film, which hits theaters this week. #wwdeye #starwars #hansolo (📷: @aurorarosedecrosta)
@asaprocky spent nearly two hours in a Plexiglas box Sunday night at @sothebys putting himself through a series of “tests” to demonstrate the process of completing his new album called “Testing.” Get all the details and see all the pictures on WWD.com. #wwdeye
“I’ve struggled my whole life to find a bathing suit that fits me that doesn’t look like a maternity bra. I’m proud of the line because it’s an accurate representation of me rather than me putting on someone else’s clothes,” says @atlantabean of her swimwear collaboration with @piaarrobio, LPA X ATL. The two decided on a swimwear collab and increased the industry standard size for the pieces. Read more about the line — and our interview with de Cadenet Taylor and Arrobio — on WWD.com #wwdfashion (📷: Dan Doperalski)