Eminence Capital LLC has nominated industry heavyweights Bruce Klatsky and Norman Matthews for election to Jos. A. Bank Clothiers Inc.’s board in the ongoing battle between Bank and The Men’s Wearhouse Inc.Eminence reiterated that it intended to back Men’s Wearhouse’s nominees, Arthur Reiner and John Bowlin, for election to the Bank board. Ricky Sandler, chief executive officer of Eminence, which owns 9.9 percent of Men’s Wearhouse and 4.9 percent of Bank, said Eminence would withdraw its nominees “if those proposed by Men’s Wearhouse are still in the running at the time of the Jos. A. Bank annual meeting” later this year.Standing for reelection at this year’s annual meeting will be Robert Wildrick, chairman of Bank, and Neal Black, president and ceo. Although no date has been set for this year’s meeting, last year’s was held at the company’s offices in Hampstead, Md., on June 21.Shares of Jos. A. Bank Tuesday closed at $55.80, down 1.2 percent, while MW’s closed at $49.65, down 1.6 percent.Bank on Friday rejected Men’s Wearhouse’s second offer to acquire the company for $57.50 a share, or $1.61 billion, and moved to have Eminence’s suit against the company, filed in the Court of Chancery in Delaware, dismissed. That suit, among other particulars, seeks to prevent Bank from making “an ill-advised acquisition” that could lessen the likelihood of an acquisition of Bank.Klatsky retired in 2007 as chairman and ceo of PVH Corp., then known as Phillips-Van Heusen Corp., after expanding the company and orchestrating its acquisition of Calvin Klein. Matthews is the former president of Federated Department Stores, among the predecessor companies of Macy’s Inc., and served as chairman of its now defunct Gold Circle discount division. Klatsky is lead independent director of Gazal Corp., a large retail and apparel concern in Australia, and a former director of Charming Shoppes, which was acquired in 2012 by Ascena Retail Group Inc. Matthew is chairman of The Children’s Place Retail Stores Inc. and a former director of Federated, Toys ‘R’ Us and Sunoco.“We are very pleased that these two highly experienced retail executives have agreed to stand for election as independent directors at the 2014 meeting of Jos. A. Bank shareholders,” Sandler said. “Their knowledge and success in the retail industry as well as their commitment to maximizing shareholder value have been clearly evident throughout their long and distinguished careers.”MW said on Friday that it remained committed to its tender offer. In rejecting the offer, Bank said that Eminence had increased its stake in Men’s Wearhouse prior to the disclosure that Bank had made an offer to acquire Men’s Wearhouse.Unless extended, the offer to acquire Bank’s shares expires at 5 p.m. EST on March 28. The back-and-forth between the two men’s wear giants dates back to October, when Bank offered $2.4 billion for Men’s Wearhouse. MW reversed the pursuit in a “Pac-Man defense” maneuver in November, when it offered $55 a share, or about $1.54 billion, for Bank. MW made its hostile takeover offer on Jan. 6. The months-long battle pits the larger Men’s Wearhouse, with annual sales of $2.5 billion, against the smaller Bank, which last year generated $1 billion in revenues. While MW’s business is larger and more diversified, including a tuxedo rental business, Bank has generally enjoyed higher gross and operating margins and, in recent years, faster growth in profits and sales.Eminence was founded in 1998 and manages about $4.9 billion on behalf of institutions and individuals.
Exclusive: @longchamp is planning to stage its first official runway show at New York Fashion Week this fall. The French leather goods firm has expanded into ready-to-wear as part of its repositioning as a lifestyle brand. The show, scheduled for September 8, will also cap the brand’s 70th anniversary celebration. Get all the details on WWD.com. #wwdnews #wwdfashion (📷: @dominiquemaitre)
The Duke and Duchess of Sussex undertook their first overseas engagement as a married couple in Dublin. The trip included multiple events and outfits changes, including this black dress by @emiliawickstead that Meghan Markle wore for a party at the British Ambassador’s home. #wwdfashion #royals
At 20 years old – and with an estimated net worth of $900 million - @kyliejenner is the youngest person to ever make @forbes’ annual list of America’s Richest #SelfMadeWomen. “It’s incredible to be recognized for something I’m so passionate about, and I’m really grateful for that. I’ve always loved makeup and worked really hard to bring the first lip kit to the market,” said Jenner on founding @kyliecosmetics. See who else is on the list on WWD.com. #wwdnews #wwdbeauty (📷: @rainerhosch)
“The collection is inspired by Tulum and the Mayan Riviera – its laid-back luxury, life of cabanas, untouched coastline, natural habitats, exotic cocktails and jungle parties with renowned DJs,” said Matteo Maniatty, creative director and cofounder of @descendantofthieves, on the brand’s inspiration for its latest collection. See more designer sketches and inspirations on WWD.com. #wwdfashion #nyfwmens #nyfw
@riccardotisci17 is releasing a limited-edition capsule collection as part of his anticipated runway debut for @burberry in September. Delivered in a series of instant drops, this is the second Burberry capsule collection announced since Friday, when Tisci broke the news on his collaboration with @viviennewestwood. Get all the details on WWD.com. #wwdfashion #wwdnews
“It’s like a Cinderella story. You get a little fake, you get a little real, you put it together and voilà,” said legendary rapper Slick Rick, who helped pioneer the merge of luxury and streetwear. WWD’s @ariahughes spoke to @therulernyc about his jewelry collection, his collaboration with @bally and how the industry has evolved – link in bio. (📷: @kristaschlueter)
@ragandbone and @eminem are teaming up on a special capsule collection of streetwear pieces. Sold at a one-day pop-up in London’s Soho on Friday, the collection features three different T-shirt designs and a hoodie. The capsule is set to kick off the rest of Eminem’s shows in his European Revival Tour, which ends on Sunday. Get all the details on WWD.com. #wwdfashion