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.
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews