In Brief: EU Beauty Ban … PPR’s Gucci Stake … S&P Downs Guess … Cargo Bill Takes Off …
EU BEAUTY BAN: The European Parliament voted Wednesday in favor of legislation that, if passed by all European Union member states, will ban EU cosmetic companies from testing all new products on animals and bar imports of all new beauty products...
EU BEAUTY BAN: The European Parliament voted Wednesday in favor of legislation that, if passed by all European Union member states, will ban EU cosmetic companies from testing all new products on animals and bar imports of all new beauty products tested on animals by 2009. The legislation puts to rest years of disputes over how tough new regulations should be, but it could set the stage for a possible trade dispute with the U.S., if companies cannot find alternatives to animal testing in six years. The rules will not affect some 8,000 cosmetic ingredients tested on animals that are already on the market.
PPR’S GUCCI STAKE: Cutting the size of the bill coming due in 2004 and mirroring a similar move last month, Pinault-Printemps-Redoute SA added 1.1 percent to its stake in Gucci Group NV during the past two months. According to a filing with the Securities and Exchange Commission, PPR, through its Scholefield Goodman BV subsidiary in The Netherlands, spent $102.9 million for a total of 1,104,000 common shares of Gucci between Dec. 27 and Jan. 15, boosting its stake in the Dutch luxury powerhouse to 55.2 percent of outstanding shares. Because PPR has pledged to buy all shares of Gucci it doesn’t own in 2004 for $101.50 each, the transactions, at an average price of $93.20 a share, represent a savings of about $9.2 million for the French retailing giant.
S&P DOWNS GUESS: Standard & Poor’s reduced its corporate credit rating on Guess Inc. to "BB-minus" from "BB"and the firm’s subordinated debt rating to "B" from "B-plus." The outlook on Guess’ debt is negative. "BB" is the first step into noninvestment or "junk" territory, but one notch above "B." "The company’s performance in recent years has been hurt by the intensely competitive retail environment, waning consumer confidence, and consumers’ poor response to its product line," said the rating agency in a statement.
CARGO BILL TAKES OFF: A bill designed to tighten scrutiny of air cargo carried on commercial carriers was reintroduced in the Senate on Wednesday, as the audit arm of Congress released a study critical of weak security links in this mode of moving goods. Last fall, the Senate passed the legislation, but time ran out in the congressional calendar for House consideration. Among its criticisms, the General Accounting Office cited lax security by freight forwarders, the middle men who process air cargo received from manufacturers.
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye
"Nowadays when life is not so happy with everything going on in the world, I think people come to me for a little bit of whimsy and color and fun." - Designer Rebecca De Ravenel on her cult-favorite jewelry line. (📸 : @vsteves) #wwd40
“Everyone is talking about how the retail industry is struggling, but I think it’s an incredible time because brands who are doing something different and innovative are setting themselves up for the future,” said @adamgoldston, who founded the luxury athletic brand @apl with his brother @ryangoldsten. The Goldston’s are part of WWD’s 40 under 40: a group of industry notables. See the rest of the list on WWD.com. (📷: @vsteves) #wwd40
@eyeswoon blogger Athena Calderone debuted her first-ever cookbook, “Cook Beautiful,” which is heavily centered on the presentation and visual expression of food. Pictured here are her miso glazed carrots from the book. Get the recipe on WWD.com. (📷: @johnny_miller_) #wwdeye
“It’s passion that helps get anybody to a certain point and it’s what’s propelled me,” said Kith founder @ronniefieg, one of WWD’s 40 under 40: a group of industry notables who are changing the face of retail, fashion and beauty. Fieg, who opened a Manhattan flagship on October 7, began his career at age 13 as a stock boy and salesman for footwear chain David Z. “I think staying true to [my] beliefs, hard work and passion have gotten me to where [Kith] is today.” See the rest of the 40 at WWD.com. (📷: @vsteves) #wwd40
25-year-old @samweaving is about to break out this fall, starring in Netflix’s horror film “The Babysitter,” fittingly out today on Friday the 13th. That’s not the only place you’ll be seeing her, though — Weaving’s got a role Showtime’s “SMILF” and another alongside Frances McDormand and Woody Harrelson in “Three Billboards Outside Ebbing, Missouri.” Though she’s got a full plate at the moment, there’s one role she’s got her eye on: Marilyn Monroe. “I’m a little too young at the moment, but it’s on my bucket list,” the actress told WWD (📷: @dandoperalski) #wwdeye
BFF's Poppy Jamie and Suki Waterhouse celebrated the launch of their bag line Pop x Suki at Nordstrom last night. "The line is really about our friendship, and how we are so different but complement each other," said Waterhouse. 👯 (📷: Katie Jones) #wwdeye
After designing the new @louisvuitton and @bulgariofficial flagships and a @chanelofficial boutique opening in Japan, @petermarinoarchitect has another project on his plate: The Lobster Club. Located in the Seagram Building, it’s the famed architect’s first restaurant project in New York, serving up modern Japanese brasserie-style cuisine. Bronze hues, bespoke material detailing, blush and chartreuse tones and a heavy emphasis on Picasso can be seen throughout. Mark your calendars for Nov. 1 for the much-anticipated opening. (📷: @clint_spaulding) #wwdeye
Did you know: @carlychaikin of "Mr. Robot" has been painting for about a decade? The actress, who plays Darlene on the show, is a self-taught artist who lists Salvador Dalí and Chuck Close as some of her idols. Chaikin told WWD that painting is a form of meditation for her — A much-needed one given the intensity of "Mr. Robot." See a piece Chaikin is working on at WWD.com (📷: @jilliansollazzo) #wwdeye