LUXE LOVELIES: Comite Colbert, an association of 51 French luxury houses, last week presented plans to exhibit one-of-a-kind pieces created by its members in an exhibit this fall in China. Creations from Chanel, Givenchy and Louis Vuitton, among others, were shown to the press at the French ministry of foreign affairs in Paris. The exhibit is designed to promote French know-how in a market where luxury potential is growing rapidly. Among the noteworthy creations were an elaborate crystal candelabra by Saint-Louis, a Hermes saddle in the shape of a bird, and a coral, diamond-encrusted brooch by Dior jewelry designer Victoire de Castellane. The exhibit, to be arranged by Christian Ghion, is slated to run Oct. 25-Nov. 7 at Plaza 66 in Shanghai.
TARGET INKS NEW CREDIT DEAL: Target Corp. said in a Securities and Exchange Commission filing on Monday that it entered into a financial agreement with Bank of America N.A. on June 9 for a $1.6 billion unsecured revolving credit facility. The new five-year credit agreement replaces the retailer’s existing $800 million, 364-day credit agreement as well as an $800 million, five-year credit agreement. The new facility expires in June 2010.
IN THE MONEY: Benetton said a pool of 10 banks has granted the clothing company a revolving line of credit for 500 million euros, or $610.8 million at current rates. Benetton will have to pay back the loan in 2010. The company has to maintain certain profit/debt ratios to respect the terms of the deal and there are restrictions preventing it from selling large revenue-generating assets.
SERENA JOINS ABS JEANS: ABS Jeans has tapped Monique Serena as president. ABS Jeans, the young contemporary denim collection produced by AJS Group, is a joint venture between Parigi Group Ltd. and Check Group LLC, both based in New York. Serena, who oversees sales, design and production, reports to Lawrence Jamel, president of Check Group, and Marco Srour, president of Parigi. Serena was previously the executive vice president at Nesi Apparel, where she oversaw sales, design and production for Rocawear Juniors. Before that, she was vice president of sales at Sweetface Fashions, producer of the JLo line. Serena has also worked at Gloria Vanderbilt, Guess, and Tommy Hilfiger.
This story first appeared in the June 14, 2005 issue of WWD. Subscribe Today.