PARIS — French real estate company Unibail-Rodamco has moved closer to closing its $24.7 billion mega mall deal to buy Sydney-based Westfield Corp., overcoming regulatory hurdles on several fronts, the companies said Thursday.Australia’s Foreign Investment Review Board said the deal complies with the country’s law on foreign takeovers, according to a joint statement from Unibail and Westfield.Meanwhile, French and Dutch market authorities have approved filings related to the transaction and the public listing of shares for the combined entity in Paris and Amsterdam, scheduled to take place on June 5.According to the filings, Unibail shareholders will vote on the deal at a meeting on May 17, followed by Westfield shareholders, who meet on May 24.Plans to create a $72.2 billion giant in terms of gross market value were made public in December. Together the companies will have a presence in 27 countries, including the World Trade Center in New York, and shopping centers in San Francisco and London. Westfield has bought stores from J.C. Penney Co. Inc., Sears Holdings Corp. and Lord & Taylor, with plans to revamp space to house other businesses such as home goods and grocery stores, discounters or gymnasiums. Unibail has a strong presence in large European cities.Mergers have become a key form of defense for mall operators struggling to cope with the drop in business as consumers shift their attentions to digital shopping.Earlier this month, French realtor Klépierre made a bid for U.K.-based rival Hammerson plc. The offer was rejected by the British mall company, which has its own deal in the works and is trying to buy Intu Properties.
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