In Brief: Limited, May Co. Suit … Targeting Dividends … Saks’ Holiday Tune … Chelsea’s Crossings …
LIMITED, MAY CO. SUIT: A battle between Limited Brands and May Department Stores Co. over hiring a top executive has entered the courts. The Limited has filed suit against May Co., which is seeking to block Limited’s efforts to...
LIMITED, MAY CO. SUIT: A battle between Limited Brands and May Department Stores Co. over hiring a top executive has entered the courts. The Limited has filed suit against May Co., which is seeking to block Limited’s efforts to recruit Mark Weikel, former chairman of May’s Houston-based Foley’s division. Weikel, as reported, has been offered a senior-level position at Victoria’s Secret, reporting to the chain’s chief executive, Grace Nichols. In the suit, Limited reportedly contends that Foley’s is not a competitor to Victoria’s Secret and therefore hiring Weikel does not constitute a violation of noncompete restrictions written into Weikel’s contract at Foley’s. May Co. is likely to seek a restraining order at least temporarily blocking Weikel’s job move, until the issue is resolved in courts. A few days ago, Weikel resigned from Foley’s to join Victoria’s Secret. May has a reputation for being tough on executives who seek to jump ship to other retailers, but compensating those who stay on well. It’s the first time that Limited and May Co. have been in a legal battle involving executive recruitment. Mayconfirmed Thursday that Limited filed a suit, but had no details. It was reportedly filed in St. Louis, where May Co. is based. Officials at Limited, based in Columbus, Ohio, could not be reached. At Foley’s, Andrew T. Hall stepped in as chairman on Tuesday. Andrew P. Pickman continues as president and ceo of Foley’s has 67 stores in five states. Sales last year were about $2 billion.
Target Corp. raised its quarterly dividend to 7 cents a common share, a 1 cent, or 16.7 percent, rise over the 6 cent payout made on Tuesday. Given the 910.3 million basic shares outstanding as of May 3, the increase will cost Target $9.1 million, raising the total quarterly dividend payout to about $63.7 million. The dividend is payable Sept. 10 to shareholders of record on Aug. 20.
SAKS’ HOLIDAY TUNE:
Saks Fifth Avenue wants to raise $1 million during the holiday 2003 season to support the VH1 Save The Music Foundation, and is recruiting designers and vendors to the cause. They’re being asked to create exclusive products to be sold in “Gifts that Give Back” shops that will be in all 62 Saks stores from mid-October through Christmas. Part of each sale will be donated to the foundation, a nonprofit group dedicated to restoring music programs in schools and raising awareness about the importance of music participation. “Musical education is essential for children’sgrowth and development,” said Christina Johnson, chairman and chief executive of Saks Fifth Avenue.
Chelsea Property Group Inc. on Thursday said it completed the acquisition of The Crossings Factory Stores in Tannersville, Pa., from Outletter Associates for $111.3 million, including closing costs and the assumption of a $61 million, 5.85 percent mortgage due in 2013. An additional $5 million will be payable upon completion of a 21,000-square-foot expansion, expected in mid-2004. The center boasts a 98 percent occupancy rate with tenants such as Polo Ralph Lauren, Gap, Coach, Nautica, Timberland and Tommy Hilfiger. Last year, average tenant sales were $385 a square foot.
Editor’s note: Due to a technical problem, the WWD Stock Market Index doesn’t appear in today’s edition.
@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)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)