In Brief: PBR Bonds … Another Rite Aid Plea … Labor Pains …
PPR BONDS: Pinault-Printemps-Redoute announced Thursday its successful launch of a $853.4 million eurobond maturing on Jan. 23, 2009. Dollar figures have been converted from the euro at current exchange rates, as PPR’s bond was...
PPR BONDS: Pinault-Printemps-Redoute announced Thursday its successful launch of a $853.4 million eurobond maturing on Jan. 23, 2009. Dollar figures have been converted from the euro at current exchange rates, as PPR’s bond was priced at 750 million euros. PPR said in a statement that the demand, more than twice the amount set at the offer, allowed the company to increase the initial amount from $569 million, or 500 million euros, while optimizing the terms and conditions of the operation with a coupon, at 5 percent, inferior to the initial estimate. “This strong demand reflects investor confidence in the PPR Group, which reinforces its financial strength by lengthening its debt maturity and by diversifying its financing,” the group said in the statement.
ANOTHER RITE AID PLEA: Philip Markovitz, former vice president of store development at Rite Aid Corp., on Thursday pled guilty to one count of conspiracy to obstruct justice in connection with his admission of lying to Federal Bureau of Investigation agents about when he received a lucrative severance letter from former chief executive Martin Grass. Grass, who pled guilty to conspiracy last month in connection to his role in the accounting fraud scandal at the pharmaceutical chain, has admitted to creating illegal, backdated letters approving severance packages. Markovitz, who faces a maximum of five years imprisonment, was not among the four individuals who were indicted last year. Three of them, including Grass, have entered guilty pleas. The remaining individual, Franklin Brown, who was vice chairman, has until Monday to decide whether to plead guilty or face a trial on 35 criminal charges.
LABOR PAINS: A Democratic move in the House to quash Bush administration plans to overhaul federal rules about who qualifies for overtime pay was narrowly defeated Thursday in the GOP-controlled body. The 213-210 vote was a victory for retailers, who largely support the overtime changes, which the Labor Department estimates would make 1.3 million new workers eligible for overtime and eliminate the extra pay for 644,000 qualified workers. Organized labor estimates 8 million workers will lose overtime under the Bush rules, expected to go into effect early next year.
@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)
@heriethpaul and @gracebol have a moment on the @victoriassecret fashion show 2017. See every look from the runway on WWD.com. Link in bio. (📷: @giovanni_giannoni_photo) #wwdfashion #victoriassecret #VSFashionShow
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia