In Brief: Refusing to be Jilted … The Graduates … Bean’s Move Forward … Selling Selfridges …
REFUSING TO BE JILTED: EB Acquisition Ltd. has written to the management of Elder-Beerman Stores Corp. decrying the department store’s decision to negotiate exclusively with a single suitor and urging a “full and fair” auction of the...
REFUSING TO BE JILTED: EB Acquisition Ltd. has written to the management of Elder-Beerman Stores Corp. decrying the department store’s decision to negotiate exclusively with a single suitor and urging a “full and fair” auction of the company. The investor group said it is interested in making an all-cash offer for the company, even at a premium to the current stock price and, if successful in its bid to acquire the retailer, intends to keep the firm’s headquarters in Dayton, Ohio, “maintain its employee base and expand in various areas in the United States.” Elder-Beerman stock closed unchanged at $4.70 in Nasdaq trading Wednesday but is up $1.36, or 40.7 percent, since it revealed last Thursday that it was negotiating with a single party about a sale. The letter from EB Acquisition was signed by Daniel Summers as managing member of the firm.
THE GRADUATES: Anna Wintour, editor in chief of Vogue, will give the commencement address to the class of 2003 at the Fashion Institute of Technology on Friday, while Calvin Klein will receive an honorary degree, the college said. Klein is a 1963 graduate of FIT. About 2,600 students will receive their degrees at the 10 a.m. ceremony at Radio City Music Hall, which will also include an address from Sen. Charles Schumer (D., N.Y.).
BEAN’S MOVE FORWARD: L.L. Bean is said to have taken the next step on its plan to purchase Eddie Bauer by hiring consultants to help it review each of Bauer’s assets. As reported, Bauer’s parent, The Spiegel Group, is operating under Chapter 11 bankruptcy court protection. L.L. Bean is still in the early stages of its potential acquisition of some or all of Bauer’s assets, including the nameplate, customer list and warehouses. Spiegel so far has maintained that Bauer is not for sale, but market sources said two months ago it was quietly shopping the operation.
SELLING SELFRIDGES: The clock is ticking for Iranian property tycoon Robert Tchenguiz to make a rival offer for London-based department store Selfridges. Sources say Tchenguiz, who is working with the consortium Aletheia Partners, is putting together a knockout bid that will value the company at more than $1 billion, and submit it by the end of the week. A spokeswoman for Tchenguiz did not return phone calls, while a Selfridges spokeswoman declined to comment. On Friday, Galen Weston’s bid for Selfridges — which already has been recommended by the store’s board — was mailed to shareholders.
@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)