News
November 01, 2007
Claiborne Considers Group Sale Of Four Brands
Liz Claiborne Inc. is hoping to sell four of its brands in a package deal, according to reports out Thursday.The fashion group is in talks with two separate buyers to sell Dana Buchman, Ellen Tracy, Sigrid Olsen and Prana, the report says.
It’s still unclear how much Claiborne would charge for the group. Combined the brands have an estimated volume of around $320 million a year.
News of the possible sale comes just two days after the company reported a 65% decline in its third quarter earnings, in part due to weak demand for its partnered brands.
Posted by Blacks on 10:52 AM | Comments (0)
October 30, 2007
Report: Investment Firm Considers Saks Buy
Investment firm Baugur Group is considering a buy of Saks Inc., according to a report out Tuesday. The Icelandic firm is already an investor in the department store chain.
If Baugur pursues the acquisition it may bring in a partner, Dubai-based Landmark Group.
Although Saks previously indicated that it wasn’t interested in a sale, recent reports have pointed to a sea change.
Posted by Blacks on 10:20 AM | Comments (0)
October 15, 2007
Report: Iconix To Snap Up Artful Dodger
Iconix Brand Group is planning to buy streetwear brand Artful Dodger, according to a report in DNR. Iconix is expected to license out the brand but will keep founder Scott Langton onboard.
Artful Dodger is colorful and quirky streetwear brand sold at stores such as Boston’s Karmaloop. Analysts believe that the buy is aimed at helping Iconix reach more young male consumers.
Posted by Blacks on 02:26 PM | Comments (0)
August 09, 2007
Istithmar Wins Barneys Bidding War
Dubai-based private equity group Istithmar won its battle for Barneys New York on Thursday after rival suitor Fast Retailing dropped out of the race.
Istithmar has agreed to pay Barneys’ parent Jones Apparel Group $942.3 million for the upscale retail chain. Istithmar raised its original $825 million offer after Japan’s Fast Retailing made a bid of $900 million.
Further details of the sale have yet to be disclosed.
Posted by Blacks on 09:03 AM | Comments (0)
August 06, 2007
Fast Retailing, Istithmar Raise Bids For Barneys
The bidding war for Barneys New York has heated up, as both of its suitors raised their offers over the weekend. Japan’s Fast Retailing upped its bid for the upscale department store to $950 million from $900 million, and Dubai-based Istithmar made a new offer of $900 million.
Jones Apparel Group, which owns Barneys, accepted Istithmar’s original offer of $825 million in June but the company is now weighing its options. If it backs out of the deal, it will have to pay a termination fee of $22.7 million.
Posted by Blacks on 09:22 AM | Comments (0)
July 26, 2007
Nordstrom To Get $220M For Façonnable
Nordstrom has agreed to sell Façonnable to Beirut-based M1 Group for $210 million. Despite being one of the retailer‘s top brands, Nordstrom decided to sell Façonnable because its core objectives did not align with running a wholesale business.
Nordstrom purchased the brand in 2000 for $169 million. Façonnable’s worldwide sales are now estimated at $220 million.
Posted by Blacks on 09:10 AM | Comments (0)
July 18, 2007
Equity Firm Plans $27B Bid For Macy's
Private equity firm Kohlberg Kravis & Roberts is mulling a $27 billion bid for Macy’s. KKR has teamed with Goldman Sachs on the deal, which could be agreed upon within a matter of days.
The private equity firm is preparing for its IPO later this year and sees Macy’s as a valuable feather in its hat.
If the deal goes through, sources believe that KKR will keep current Macy’s management in place.
Posted by Blacks on 08:10 AM | Comments (0)
July 11, 2007
Valentino Takes Stake In Proenza Schouler
Valentino Fashion Group has taken a 45 percent stake in Proenza Schouler, saying it was excited about the growth potential of the hot, young brand. Valentino paid $3.7 million for a stake in the five-year old company.
Proenza Schouler has already won a number of accolades, including the Council of Fashion Designers of America’s Womenwear Designer of the Year award and the CFDA/Perry Ellis award for emerging talent.
Proenza said that it was excited about the influence Valentino brings to the table in terms of manufacturing, deliveries and distribution.
Posted by Blacks on 09:38 AM | Comments (0)
July 05, 2007
Japanese Company Makes $900M Bid For Barneys
Jones Apparel Group has received a rival bid for Barneys New York that pushes the price point to $900 million. This trumps an existing offer of $825 million from Dubai-based private equity firm Istithmar, which Jones has already accepted.
The new bid comes from the Japanese clothing company Fast Retailing, which has 1,800 specialty stores sprinkled across 12 countries.
If Jones decides to go with the higher bid, it will have to pay Istithmar a breakup fee of $20.6 million to $22.7 million, depending on when the agreement is terminated.
Posted by Blacks on 09:14 AM | Comments (0)
June 25, 2007
Barneys' Buyer Mulls International Expansion
The $825 million sale of Barneys could lead to major international expansion, according to its prospective buyer, Istithmar.
The Dubai-based investment firm is considering expansion into Palm Islands, off the coast of Dubai and Macao. Speculation is also swirling over a possible move to London.
The sale was agreed to last week and has yet to be finalized. Barneys parent Jones Apparel Group has decided to cut the luxury department store loose to concentrate on its various mid-tier brands.
Posted by Blacks on 08:47 AM | Comments (0)
June 22, 2007
Jones Agrees To Sell Barneys for $825 Million
Jones Apparel Group has entered an agreement to sell Barneys New York for $825 million in cash. The buyer is Dubai-based private equity group Istithmar. Further details of the sale have yet to be revealed.
Istithmar’s other retail holding include off-price retailer Loehmann's and Retailcorp, a retail development, marketing and promotion company.
Posted by Blacks on 02:36 PM | Comments (0)
May 16, 2007
Limited Sells Express Stake To Golden Gate
Limited Brands Inc. is cutting Express loose by selling a 67 percent stake to Golden Gate Capital. The decision comes as part of Limited’s focus on lingerie and beauty products, following a long stagnation in the company’s apparel business.
Limited will still retain a 33 percent stake in Express, but its concentration will be on its Victoria’s Secret and Bath & Body Works brands.
The move reflects an overall downturn in the mass market apparel sector, where brands like Gap and Abercrombie & Fitch continue to struggle with competition from fast fashion retailers like H&M and discount chains like Target.
Posted by Blacks on 09:30 AM | Comments (0)
May 14, 2007
Report: Equity Groups Eye Valentino
The luxury apparel sector is abuzz with speculation that the Valentino Fashion Group could be sold to a private equity player. The company has reportedly received multiple offers from financial players, but no formal proposal yet.
A sale could result in designer Valentino Garavani, 75, stepping down. The company has apparently been looking for a replacement for the iconic designer without success.
Posted by Blacks on 09:28 AM | Comments (0)
May 07, 2007
Liz To Buy 50% Stake In Narciso Rodriguez
Liz Claiborne Inc. is buying a 50 percent stake in designer Narciso Rodriguez’s eponymous brand. The deal will bring the formation of a new company aimed at growing the Rodriguez brand worldwide.
The companies are reportedly considering an expansion into new categories and channels, including direct-to-consumer.
Blacks’s Take: Given his strong name recognition, Rodriguez should be able to extend his brand into untapped markets as long as the expansion is focused on a level of quality and specific range of categories.
Posted by Blacks on 10:20 AM | Comments (0)
April 24, 2007
Limited Brands Looks To Unload Apparel Chains
Limited Brands Inc. is preparing to sell two apparel chains, Limited and Express, according to reports. The apparel operations used to account for a bulk of the group’s sales but now only represent around 20 percent.
Victoria’s Secret and Bath & Body Works are the group’s current cash cows, and Limited Brands is looking to shed any potential liabilities.
Possible buyers for the chains include Gordon Brothers Group, Schottenstein Stores Corp. and Limited apparel group president Jay Margolis.
Blacks's Take: Both Limited and Express are well-known brand names that could benefit from an upscale update by new buyers.
Posted by Blacks on 09:15 AM | Comments (0)
April 19, 2007
Report: Apax Considers Bid For Adidas
Adidas could be the next activewear company to be scooped up by a private equity firm. Apax Partners Worldwide - which owns Tommy Hilfiger – is reportedly considering an investment into the German brand.
The takeover rumor follows the announcement last week that PPR is making a $7.2 billion bid for Puma.
Blacks’s Take: Any cash injection into Adidas should first be focused on helping the company integrate its 2005 buy of Reebok.
Posted by Blacks on 09:20 AM | Comments (0)
April 16, 2007
Report: Neiman Could Be Offered In IPO
Neiman Marcus could soon be offered in an IPO, according to sources in the financial community. Neiman was acquired by private equity firms Warburg Pincus and TPG in 2005 for a cool $5.1 billion.
Since then, the luxe department store chain has been performing well and its owners may want to take advantage of its current success before there’s a downturn in the M&A market.
Blacks’s Take: Neiman’s track record makes it a hot property but much depends on management of the IPO.
Posted by Blacks on 08:27 AM | Comments (0)
April 12, 2007
Report: Fund Considering $1B Bid For Barneys
A private equity find is reportedly mulling a $1 billion bid for Barneys New York. The buy – which is being linked to the royal family in Qatar – could be announced within a matter of days.
The bid would be substantially higher than others considered for the Jones New York property.
According to reports, the Qatar government wants to develop a luxury retail sector to drive tourism.
Blacks's Take: Foreign owners may be more interested in keeping current management in place as they make expansion plans.
Posted by Blacks on 09:50 AM | Comments (0)
April 09, 2007
Report: PPR Ponders Puma Buy
French luxury group PPR is reportedly considering a buy of German sports brand Puma. Neither company has commented on the possible deal, which would add another major player to PPR’s portfolio.
The group already counts Gucci, Yves Saint Laurent, Stella McCartney and Balenciaga among its fashion brands.
Blacks’s Take: A deal might allow PPR to offer designer capsule collections from Puma and increase the luxury aspect of the brand.
Posted by Blacks on 09:23 AM | Comments (0)
March 07, 2007
Iconix Scoops Up Rocawear
Popular streetwear brand Rocawear has been snapped up by Iconix Brand Group Inc. for $204 million in cash and $35 million in stock. The brand was co-founded by music mogul Jay-Z, and he will continue to be in charge of product development, marketing and licensing.
Iconix has also scored a long-term licensing agreement for Rocawear’s young men’s apparel. The group expects to reap significant revenue from the deal, given the success of Jay-Z’s clothing empire.
Posted by Blacks on 09:28 AM | Comments (0)
November 14, 2006
Eddie Bauer Snapped Up By Equity Groups
Two equity groups have purchased Eddie Bauer in a deal valued at around $614 million.
Sun Capital Partners and Golden Gate Capital have formed a new company called Eddie B. Holding Corp., which acquired the brand this week.
The deal is expected to give Eddie Bauer an opportunity to execute a turnaround strategy. The company has been reporting sales declines in recent quarters.
Posted by Blacks on 09:51 AM | Comments (0)
November 03, 2006
Neiman's Buys Extra Stake In Kate Spade
Neiman Marcus is buying the remaining 44% stake in Kate Spade, worth around $59 million. Neiman purchased its original 56% stake in 1999, and is now trying to sell the entire accessories firm.
The brand is still run by founders Kate and Andy Spade, but it is unclear whether they will stay with the company once it sells.
Posted by Blacks on 09:56 AM | Comments (0)
August 02, 2006
Belk Buys Parisian From Saks
Saks sold its 38-store Parisian chain to Belk for $285 million in stock as part of continued efforts to shed its non-core businesses.
Saks also sold its Proffitt's and McRae's divisions to Belk last year. The Birmingham-based company will now focus on its Saks Fifth Avenue, Club Libby Lu and Saks Off Fifth stores.
Belk, based in Charlotte, N.C., said it plans to turn the chain into Belk stores over the next 18 months, further strengthening its position in the South.
Posted by Blacks on 09:34 AM | Comments (0)
July 31, 2006
Sigerson Morrison Sells Stake To Marc Fisher
Footwear and handbag firm Sigerson Morrison has sold a majority stake to Connecticut-based Marc Fisher LLC with the hope of growing its brand.
With the sale, Sigerson is looking to expand into eyewear and fragrances as well as extend its retail locations. Marc Fisher’s chief executive and namesake is the son of Jerome Fisher, a co-founder of Nine West.
Sigerson will remain based in New York but has plans to add more stores both domestically and abroad as it strengthens its footwear business. The company already has wholesale deals with big name retailers such as Bergdorf Goodman, Harvey Nichols and Stanley Korshak.
Posted by Blacks on 09:07 AM | Comments (0)
June 23, 2006
Lord & Taylor Fetches $1.2 Billion
NRDC Equity Partners snapped up Lord & Taylor for $1.2 billion this week, with plans to keep most of the 48-store chain intact.
New York-based NRDC invests in well-known retail brands with valuable real estate, and L&T certainly fits the bill.
The chain’s 600,000-square foot Manhattan flagship is considered its most coveted asset. NRDC said it plans to keep the flagship a retail location, although it could scale it down to 300,000 to 400,000 feet.
What isn’t immediately clear is how the group plans to revive the aging image of L&T. The chain will be run by NRDC's Richard Baker, who will assume the role of chairman.
Posted by Blacks on 09:06 AM | Comments (0)
June 22, 2006
Report: Lord & Taylor Finds Buyer
Federated Department Stores is poised to announce that it is selling Lord & Taylor to NRDC Equity Partners, WWD reported Thursday.
NRDC, based in Purchase, New York, invests in companies in the retail, leisure, lodging, and commercial real estate sectors.
Although a purchase price has yet to be released, L&T was valued last month at around $1.2 billion.
Posted by Blacks on 08:54 AM | Comments (0)
May 08, 2006
Price Tag Put On L&T
Federated Department Stores has named its price for Lord & Taylor. The chain has been valued at around $1.2 billion, according to a report out Monday in WWD.
Federated is expected to send out a prospectus on L&T to potential bidders this week. Suitors reportedly include a number of private equity firms as well as some retail rivals.
If the $1.2 billion price tag holds, the buyer could be getting a deal. L&T has annual sales of about $1.6 billion, as well as some coveted real estate in Manhattan.
Posted by Blacks on 07:13 AM | Comments (0)
April 24, 2006
Eddie Bauer Up For Sale
Eddie Bauer is up for sale and the retailer has hired Goldman Sachs to help it find potential suitors. Perspective buyers include private equity firms and bids are due to be submitted by May 1, according to reports.
The Redmond, Washington, company offers casual outdoor clothing and accessories for men and women. In addition to having a strong online presence, the company also has joint venture partnerships in Japan and Germany and licensing agreements in a number of product categories.
Posted by Blacks on 08:39 AM | Comments (0)
