In Brief: Tarrant’s Change … Mossimo Hire … J. Crew Takes Loan …
TARRANT’S CHANGE: Tarrant Apparel Group has amended its contract for the sale of its Mexican factories announced last August. The purchase price for the equipment and facilities of the affiliates of company shareholder Kamel Nacif will...
TARRANT’S CHANGE: Tarrant Apparel Group has amended its contract for the sale of its Mexican factories announced last August. The purchase price for the equipment and facilities of the affiliates of company shareholder Kamel Nacif will include $105,400 in cash and the delivery of $3.91 million in unsecured promissory notes bearing annual interest at 5.5 percent in lieu of 4.72 million shares of Tarrant common stock. As part of the amendment, Tarrant chairman and principal shareholder Gerard Guez will purchase 4.6 million shares of company stock from the buyers at a price of $0.85 per share worth $3.91 million. In addition, Tarrant’s chief financial officer Corazon Reyes agreed to purchase 124,000 shares from the buyers at the same price.
MOSSIMO HIRE: Clothing designer Mossimo Inc. said Tuesday Vicken Festekjian has been named chief financial officer. Festekjian joins Mossimo from the accounting firm of Moss Adams LLP, where he served as manager and spent three years on the Mossimo account. Mossimo’s former cfo, Mali Shrinivas, resigned in August after concern arose over this background and experience. Co-chief executive officer Edwin Lewis had stepped in as the interim cfo. For the third quarter ended Sept. 30, the company posted a quarterly loss of $125,000, or 1 cent a share, down from a profit of $630,000, or 4 cents a share, last year. Revenue for the period rose to $4.9 million from $4.2 million, but the increase was offset by selling, general and administrative costs that grew to $4.5 million from $3.1 million.
J. CREW TAKES LOAN: J. Crew Operating Corp., a subsidiary of the New York-based retailer J. Crew Group Inc., entered into a $275 million senior subordinated loan agreement with Black Canyon Capital LLC and Canyon Capital Advisors LLC on Nov. 21, according to a Securities and Exchange Commission filing. The loan is expected to take effect on Dec. 23 and will be due in 2014. The proceeds of the loan will be used to redeem in full J. Crew Operating Corp.’s outstanding senior subordinated notes due 2007 and redeem in part J. Crew Intermediate LLC’s discount contingent principal notes due 2008.
EXCLUSIVE: @tomford is opening its first-ever beauty store. The boutique, which opens November 20 in London’s Covent Gardens, was designed with the over-the-top glam Ford is known for. Read the full story on WWD.com, link in bio. #wwdbeauty #wwdnews (📷: Simon Wagner) #TomFordBeauty
New York-based DJ @harleyvnewton threw a party to celebrate the holiday collection of her dress and pajama line @hvn at the Ladurée Beverly Hills. It Girls @katebosworth, @rashidajones and more joined in on the fun, which included cocktails, croque monsieur sandwiches and a photo booth. #wwdfashion (📷: Owen Kolasinski/BFA.com)
For the holidays, @Burberry partnered with 20-year-old artist @blondeymccoy on a series of three outdoor murals in downtown Manhattan. The murals are McCoy’s interpretation of a Christmas eve party, the idea of charity and the spirit of family. His third mural, pictured here, is the most personal. The image depicts McCoy’s grandparents and father in London’s Trafalgar Square in the Seventies. “My work often features lots of sentimental objects.” #wwdeye
For spring 2018, designers applied bold colors and cartoonish motifs on everything from sneakers and belts to key chains. See all the top men’s accessories trends on WWD.com. #wwdtrends (📷: George Chinsee; Prop Styling by @rnasti; Market Editor: @luiscampuzano)
The @dior-sponsored @guggenheim international gala pre-party has a history of drawing cool-girl musical acts to serenade the crowd –– and last night was no exception. @haimtheband performed songs both new and old, and lured a star-studded audience with the likes of Rebecca Hall, Kate Mara, Mamoudou Athie and more. #wwdeye (📷: @lexieblacklock)
In a partnership between the @metopera and the @englishnationalopera, “Marnie” was born. The opera, with costumes sponsored by @mrporterlive, is an adaptation of the 1961 thriller by Winston Graham. Arianne Phillips, who created the costumes, is no rookie: She’s styled Madonna for her tours and created costumes for a myriad of films in the past. Read WWD’s interview with Phillips, where she talks about her inspiration for the opera’s costumes on WWD.com #wwdfashion
@barneysnyc took a different approach to their holiday windows this year. Instead of Christmas decor, Barneys tapped @thehaasbrothers to tell a story of positivity, gratitude and inclusivity via heartwarming silliness and humor. “It’s about kids and it’s about coming together and being family and loving each other,” said Simon Haas. #wwdfashion (📷: @joshuascottphoto)
Beauty influencer @kandeejohnson makes her foray into hair care with a collaboration with @ogx_beauty — making it the first time that OGX has teamed up for a product creation. The collab includes shampoos and conditioners in three scents. At 39 and a mom, Johnson is a different profile than the emerging social media stars, but is considered one of the pioneers of the digital beauty influencer world. Read WWD’s interview with her on wwd.com, including the strangest beauty product she’s ever tried #wwdbeauty