FRENCH ISSUE: French retailer Pinault-Printemps-Redoute said Tuesday that it was launching a $977.5 million bond issue. The issue could be increased to $1.09 billion if the company exercises its increase option and to $1.25 billion if the...
FRENCH ISSUE: French retailer Pinault-Printemps-Redoute said Tuesday that it was launching a $977.5 million bond issue. The issue could be increased to $1.09 billion if the company exercises its increase option and to $1.25 billion if the overallotment option is exercised. Dollar figures are converted from the euro at current exchange rates. In a statement, PPR chief executive Serge Weinberg said the offer allows PPR “to diversify its source of financing, to reduce the average cost and extend the average maturity of its debt and, potentially, to strengthen shareholders equity.” PPR said the premium range of the bonds was set at 43 percent of its share price at the time final terms of the bonds are determined. The bonds will come to term four years and 255 days from the settlement date, expected to be May 21. PPR, controlled by tycoon François Pinault, has been reshaping its profile this year, shedding its business-to-business activities to concentrate on its higher margin luxury and retail operations. PPR controls Italy’s Gucci Group.
UP FOR GRABS?: It seems less likely that Tchibo will evolve from a minority to a majority shareholder in Beiersdorf, maker of Nivea. According to reports circulating Tuesday, Tchibo Holding AG’s chief executive officer, Reinhard Pollath, said the chances of the firm’s acquiring Allianz’s 43.6 percent stake in Beiersdorf “look narrower.” Tchibo executives could not be reached for comment. It has long been known that German coffee- and retail-concerned Tchibo wanted to add its 30 percent stake in Beiersdorf to that of German financial services company Allianz. If Tchibo — considered the front-runner — doesn’t bid for Allianz’s stake, the field would again be wide open for other takeover bidders. In the past, suitors reportedly included Procter & Gamble and L’Oréal.
SARS SLAMS TORONTO RETAILERS: Revenues in Toronto’s retail sector dropped $43.7 million from the period of March 5 to 30 to the March 31 to April 25 time frame, according to a study on the economic impact of SARS released Friday by Toronto-based Moneris Solutions Corp., a processor of debit and credit card transactions. U.S. dollar figures are converted from Canadian dollars at current exchange rates. The study also concluded that overall retail transactions in Toronto declined by 4.4 percent. During the latter period, the Greater Toronto Area experienced a spike in SARS cases and the World Health Organization recommended travelers avoid nonessential trips to the city. The study was based on the volume of debit and credit card transactions Moneris processed on behalf of approximately 30,000 merchants.
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