In Brief: Gucci’s Credit Facility…Fashion Council Redux…Levi’s Downgrade…
GUCCI’S CREDIT FACILITY:
Gucci Group NV said it has signed a revolving credit facility for $550.99 million, or 460 million euros at current exchange rates. Citigroup and The Royal Bank of Scotland plc coordinated the facility and...
Gucci Group NV said it has signed a revolving credit facility for $550.99 million, or 460 million euros at current exchange rates. Citigroup and The Royal Bank of Scotland plc coordinated the facility and Unicredito Italiano is acting as the agent for the facility, which was successfully syndicated among 15 institutional banks. Gucci said that it will use this borrowing ability for “general corporate purposes” and for refinancing the group’s indebtedness. A spokesman specified that there are no plans to use the funds for acquisitions. The facility is structured in two tranches of $275.49 million, or 230 million euros, one for three years and one for 364 days, both using revolving facilities.
FASHION COUNCIL REDUX:
After a quiet period of several years, the New York Fashion Council is conducting a membership drive. The group has scheduled a networking meeting and pre-Christmas party for Thursday. It is to be held at Victoria Royal, at 148 West 37th Street. The 27-year-old group’s purpose is to promote New York fashion. It also seeks to help coordinate event dates in the industry. Ed Mandelbaum, owner of the Designers & Agents show and one of the council’s organizers, said that after several “passive” years, “now there is a new influx of membership.”
Fitch Ratings on Tuesday lowered the debt ratings of Levi Strauss & Co. following the firm’s announcement that its chief financial officer, Bill Chiasson, has left the company and was replaced by an interim cfo, Jim Fogarty of Alvarez & Marsal, with restructuring experience. Fitch said that the changes were a “material event that possibly could lead to a debt restructuring in the near-to-intermediate term.” The ratings agency said that a financial restructuring “could be a detriment to the bondholders.” Levi’s $1.7 billion senior unsecured debt was downgraded to “CCC-plus” from “B-minus” and the $650 million asset-based loan was lowered to “B-plus” from “BB-minus.” The $500 million term loan was also lowered to “B” from “B-plus.” The rating outlook, according to Fitch, “remains negative, reflecting the continued challenges Levi faces to improve its financial condition and in stimulating top-line sales growth.”
EPSTEIN OUT AT FILA:
Due to personal reasons, Jon Epstein has exited Sport Brands International, Fila’s parent, as president and chief executive, according to a statement released by the company Tuesday. Epstein, who joined Fila USA as president in 1998, lead the brand’s restructuring, orchestrated SBI’s purchase of Fila in June, and oversaw last month’s sale of Enyce LLC. SBI, which has 20 sports-related companies, is scouting for Epstein’s replacement, a spokeswoman said. Robert Galvin, SBI’s cfo and president of European operations, has added chief operating officer for the global business to his title.
@pantone announced their Color of the Year 2018: Ultra Violet. Nearly 20 months after the musician Prince’s death, fashion is having a purple moment. Varying shades of purple appeared on spring or fall runways, from @christopherkane to @calvinklein. @gucci’s Alessandro Michele bathed his fall runway in ultra violet-colored light at one point. Pantone 18-3838 is meant to “push the boundaries of what inspires us to look upward and outward to the future.” #wwdnews #wwdfashion (📷: @kukukuba)
@badgalriri’s @fentybeauty launch in September was a massive success on social media, powering $72.9 million of earned media value, according to Tribe Dynamics. The brand’s foundation offering sparked conversations about diversity in beauty, launching the growth of emerging influencers and propelling the brand’s support on social media. Today, #fentybeauty won Launch of the Year at the WWD #BeautyIncAwards. (📷: Chema Moya/EPE-EFE)
@marianna_hewitt has become one of the most influential content creators in the beauty space, with almost 800,000 Instagram followers and a newly launched skin care line called @SummerFridays. Today, she was awarded Influencer of the Year at the WWD #BeautyIncAwards. (📸: @sophiachabbott )
As shopping behaviors evolve, the retail experience must follow. Head over to retail experts @colliersinternational’s Knowledge Leader series to read more about the shift in our shopping era. #colliersretail #lovecolliers
@prada opened a pop-up club, called Prada Double Club, in collaboration with German artist Cartsen Höller at @artbasel Miami. Last night, guests – including @youngparis, @ritaora and even Miuccia Prada herself – gathered in a former ice factory where the pop-up is housed for a performance from @wyclefjean. Go to WWD.com for full coverage on all the exhibits, parties and more at #ArtBaselMiami. #wwdeye (📷: @lexieblacklock)
@louboutinworld and @disney are making magic once again, creating a set of shoe designs for the release of “Star Wars: The Last Jedi.” Louboutin designed a pair of shoes for each of the film’s four female leads: Rey (@daisyridrey), Vice Admiral Amilyn Holdo (@lauradern), Captain Phasma (Gwendoline Christie) and Rose Tico (@kellymarietran). The shoes will debut on Saturday at the L.A. premiere of the latest episode. #wwdfashion
Today at the #BeautyIncAwards 2017, WWD will be joined by beauty leaders from around the world as we honor this year's most innovative people, products, brands and places. Follow along here and on Twitter for live coverage from the exclusive event. #wwdsummits (📷: @elizaflorendo)
Exclusive: Beauty superinfluencer @marianna_hewitt is launching her first-ever skin care brand with her business partner @laurengores. Their new line Summer Fridays, which will be sold exclusively at summerfridays.com starting in January, is launching with just one product – a hydrating cream Jet Lag Mask. “We wanted to focus on one product that was amazing,” said Hewitt. Read the full interview on WWD.com. Link in bio. #wwdbeauty #wwdnews
Michelin star-rated chef PJ Calapa marks his first solo endeavor with today’s opening of @scampinyc –– the new Southern Italian restaurant located in Manhattans’ Flatiron District. The upscale yet welcoming environment matches the menu, which includes two types of scampi: traditional Italian langoustines in butter and the Americanized version with shrimp over pasta 🍤 - pictured here. #wwdeye (📷: George Chinsee)