In Brief: VF Buys Reef … Fendi’s New Hire … Calvin Hire …
VF BUYS REEF: VF Corp. said Monday it was acquiring — for an undisclosed amount — Reef Holdings Corp., which does some $75 million in sales of surfer clothes and shoes, and is based in San Diego. VF said the acquisition...
VF BUYS REEF: VF Corp. said Monday it was acquiring — for an undisclosed amount — Reef Holdings Corp., which does some $75 million in sales of surfer clothes and shoes, and is based in San Diego. VF said the acquisition will contribute about $45 million to its top line while being “neutral to earnings per share in 2005 and accretive in 2006.” The supplier is acquiring all of the outstanding shares of Reef from a group of investors led my Swander Pace Capital, the majority stakeholder. VF said the deal “will be funded with existing cash balances and is expected to be completed by the end of April.” The company said Reef will be folded into VF’s outdoor coalition division.
FENDI’S NEW HIRE: Paige Pedersen has joined Fendi North America as vice president of communications, a new post. Pedersen will oversee marketing, advertising and public relations for the LVMH Moët Hennessy Louis Vuitton division. For the past three years, Pedersen worked with Isabella Rossellini, helping launch her fragrance and cosmetics line. Before that, she was vice president of public relations for Louis Vuitton North America. Pedersen will report to Gianluca Flore, Fendi North America’s president.
CALVIN HIRE: Calvin Klein tapped Silvia Negri Firman to be vice president of public relations for Europe, replacing Noona Smith-Peterson, who left in September to join the Tod’s Group as global director of corporate p.r. worldwide for all its brands. Negri Firman will handle Calvin Klein’s p.r. in Europe, which has been a growth market for the company. Next month, CK plans to open a flagship for its black label designer line at Corso Matteotti, 5 in Milan. Negri Firman had been Calvin Klein’s European p.r. director from 1999 to 2001. She returns to the company after serving as Costume National’s worldwide communications director.
PENNEY BUYBACK: As part of its ongoing capital restructuring efforts, J.C. Penney Co. will repurchase $1 billion of stock and debt. The retailer will buy roughly $750 million in common stock and $250 million of open-market debt, and take $30 million, or 8 cents a share, in pretax charges. It expects to complete this new program, funded by $600 million in free cash flow and $400 million previously allocated to early debt retirement, by yearend. As of March 17, J.C. Penney had repurchased $2 billion of common stock as part of its 2004 repurchase program. It expects to complete the 2004 program by May.
@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