Citing what it called the San Francisco jeansmaker’s deteriorating financial position, credit-ratings agency Moody’s Investors Service on Monday lowered its ratings on Levi Strauss & Co. In a research note, Moody’s said the lowered ratings were due to “the rapid decline in the company’s financial flexibility vis-à-vis its recently executed credit agreement and weaker-than-anticipated year-to-date results, particularly in the areas of sales, working capital needs and cash generation.” Moody’s lowered its rating on Levi’s senior unsecured notes to “Ca” from “B3,” cut its senior implied credit rating to “Caa1” from “B2” and assigned an initial “(P)Caa1” rating to the company’s proposed $500 senior secured credit facility.
CHAPS’ NEW CHAPTER: Warnaco Group said Monday that its license from Polo Ralph Lauren Corp. to produce Chaps men’s sportswear had been extended 10 years, through 2018. In a regulatory filing with the Securities and Exchange Commission, Warnaco reported that the amendment to the existing license also expands the range of products to include a jeanswear collection, activewear and swimwear and adds to “the range of approved accounts.” Warnaco will introduce a new trademark and logo for Chaps as part of the new agreement.
EU SEEKS DUMPING SANCTIONS:
The European Union said Monday it is relaunching its efforts to impose sanctions on the U.S. over its antidumping laws, which the U.S. has failed to repeal after a decision by the World Trade Organization three years ago deeming the laws incompatible with WTO rules. The European Commission has also proposed the adoption of measures to protect the EU companies affected by the application of dumping rules. The EU is seeking to impose import duties, equivalent to three times the amount of the damage suffered by EU companies, on products of U.S. companies found to dump in its member countries. Whether the retaliation list would include textiles and apparel is unclear.
My character, Dinah Madani, is just the coolest, [most] badass woman imaginable," says @amberroserevah. The actress stars in @marvel's newest series on @netflix, @thepunisher. To prepare for her role, Revah sat down with Homeland agents to get a real sense of with Dinah's day-to-day life is really like. Read our full interview on WWD.com. #wwdeye (📷: @jilliansollazzo)
A scene from the 91st annual @macys Thanksgiving Day Parade. The parade, which boasts 50 million TV viewers and 3.5 million on-site spectators, is considered one of the largest and most watched parades in the world. (📷: Jason Szenes/EPA-REX)
The circus came to @bloomingdales 59th Street on Tuesday night and lit up Lexington Avenue with acrobatic dancers, death-defying knife throwing, sword swallowing and aerial acts with no net. The 45 minutes of theatrics built up to unveiling the holiday windows depicting @swarovski crystal-encrusted circus pieces and scenes from “The Greatest Showman” – songs from the soundtrack included. See the rest of the photos on WWD.com #wwdfashion (📷: Joshua Scott)
The psychedelic fashion that pervaded the ’60s is back with an exhibit at the @museumofcityny. “Mode New York: Fashion Takes a Trip” chronicles the changing styles from 1960 through 1973 and features designers such as @ysl, @oscardelarenta and more. The exhibition, which is on display through April 1, is organized into four periods: First Lady Fasion, Youthquake, New Bohemia and New Nonchalance. Pictured here is model Pat Bardonella during the Garvey Day Parade in 1968. (📷: @kwamebphoto) #wwdeye #wwdfashion
“People should be a lot more honest in expressing both the dark and light of themselves. We need to give each other the space to do that because it’s the only way we can grow and evolve,” says @noelwells of her new film “Mr. Roosevelt,” which is largely based on her own struggles. Unexpectedly leaving @nbcsnl in 2014 after just one season, Wells felt set back in her self-esteem and career trajectory. She quickly refocused her energy to more personal projects, which led to the completion of “Mr. Roosevelt.” Read the rest of WWD’s interview with the “Master of None” actress on WWD.com #wwdeye (📷: @jilliansollazzo)
@barbrastreisand is giving fans a chance to see her perform up close in a new concert series, which makes its debut on @Netflix today. From behind-the-scenes takes to her concert performance in Miami last December, the two-hour streaming special captures Streisand in her element. Pictured here is the singer/actress photographed for WWD in 1963. (📷: Palmieri Tony) #wwdeye #wwdarchive
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)