July 24th, 2012

...now browsing by day

 

Issa London hires Bulgari UK boss as chief executive

Tuesday, July 24th, 2012

Luxury womenswear designer Issa London has announced the appointment of a new CEO, Angelina Ypma, who will replace current chief executive officer Anil Tanna on August 1. Ypma was previously the managing director of Bulgari UK and Ireland and has held other roles in the luxury fashion market, focusing her expertise on “brand development”.

“I am delighted to be joining Issa at this important and exciting time in the development of the business,” Ypma said today. “I see many parallels between Issa and the brands that I have previously helped to build, but most importantly huge potential. During my career to date, I have focused on translating the potential of brands into larger businesses via various distribution channels, most notably across the Far East for Bulgari, Chanel, Cartier and Lanvin. I relish the challenge of fully realising the potential of Issa into an international brand to match and surpass those that I have worked on in the past.”

The label is a favourite of the Duchess of Cambridge, who famously appeared to announce her engagement to Prince William wearing a blue Issa dress.

“I have greatly enjoyed the varied challenges of the last twelve months and am very proud of the progress achieved by the team at Issa in such a short space of time,” outgoing CEO Tanna added in a statement. “As some of you are already aware, I have been planning to retire for some time and I believe that now is an appropriate time to step down. I have always held a strong belief in the potential and quality of the brand and believe that we have now placed Issa on a strong footing for its continued development and growth as a business.”

Ypma joins the label’s creative director and founder, Daniella Helayel, and chairwoman Camilla Al Fayed - who bought a majority stake in the label last July – in taking the brand forward.

Posted in Apparel, Brand, Labor, News, Operations, Retail, ladies | No Responses »

TPG in renewed Billabong bid

Tuesday, July 24th, 2012

TPG Capital has made a fresh approach to acquire surfwear brand Billabong International. The private equity backer has submitted a second offer at a much lower price than previously offered for the beleaguered Australian brand, just five months after a higher offer was knocked back.

The Board of Billabong today (24 July) announced that it received an indicative, non-binding and conditional proposal from TPG International LLC ( TPG) to acquire all of the shares in the company for AU$1.45 per share bid, down significantly on the AU$3.30 per share offered by the private equity firm earlier this year.

The offer is valued at AU$694m ($712m), and Billabong said that TPG’s offer is based solely on publicly available information, but may be refined with the benefit of due diligence .

TPG’s offer is based on 479 million shares on issue, representing total Billabong shares post the entitlement offer (previously 258 million), as well as reflecting Billabong’s trading update and estimated net debt position announced on 21 June 2012 of approximately $100 million post receipt of the final entitlement offer proceeds ($325 million pre receipt of the final entitlement offer proceeds).

At the end of June, Billabong announced another profit warning and that it would raise some AU$225m by selling shares at a discounted price. It said the proceeds of the offer would be used to pay off debt and reduce overall leverage.

The surfwear company cut its full-year earnings forecast to a range of $130-135m, down from an earlier guidance of $157m.

The news sent the retailer’s shares surging as much as 24 percent, just shy of the offer price, as investors hoped the offer would provide an exit from the ailing chain, closing 21 cents higher today.

Founded in 1992, TPG specializes in deep investment. Its investments span a range of industries including financial services, travel and entertainment, technology, industrials, retail, consumer products, media and communications, and healthcare.

Goldman Sachs and Allens are advising Billabong on its defence.

Posted in Activewear, Apparel, Brand, Finance, Men, News, Operations, Retail, ladies | No Responses »

Marks and Spencer enters Kazakhstan through franchise

Tuesday, July 24th, 2012

Marks and Spencer has entered Kazakhstan through an agreement with franchise partner Al Hokair. The company said its Tsum store will be the first of several new M&S stores in the region that it is planning to open over the next few years.

M&S international director Jan Heere said: ”We’ve had a fantastic opening day and great feedback from our customers in Kazakhstan, with our Limited Collection and Autograph ranges already proving to be popular favourites… With over 40 stores in Russia and Ukraine, our new Kazakh store builds on our established presence in the region which we will continue to grow over the next few years.”

The company said that throughout the region, it operates 31 stores in Russia and 12 in Ukraine with its franchise partner FIBA Group who also run 47 stores in Turkey.

Posted in Apparel, Brand, Collaborations, Finance, Men, News, Operations, Retail, accessories, ladies | No Responses »

Vivienne Westwood back in the black

Tuesday, July 24th, 2012

Vivienne Westwood has returned to profit after reporting a loss last year as a result of settling a tax bill.

Profit for 2011 was £435,292 after a loss of £610,275 the year before. Turnover for the period rose 7.1% to £25.5m while gross profit rocketed 39% to £10.3m from £7.4m the previous year.

Dame Vivienne, famed for her punk designs, high heels, bustles and bustiers, had to settle a tax bill in 2010 after it was found her UK business had been selling her clothing around the world without permission.

Her fashion faux pas led to a bill of £348,463 plus interest of £144,112.

Posted in Apparel, Brand, Finance, News, Operations, Retail | No Responses »

Wet Seal Says Engaged In Series Of Talks With Clinton Group

Tuesday, July 24th, 2012

Wet Seal, Inc. has issued statement from its Board of Directors in response to a letter received on July 23, 2012 from Clinton Group, Inc. The company said it has engaged in a series of discussions with the Clinton Group following their initial letter on June 15, 2012, and continues to review their recommendation regarding use of the company’s capital.

“The Wet Seal Board of Directors appreciates input from all of its stockholders and is committed to maximizing stockholder value….Wet Seal is committed to maintaining an active dialogue with its shareholders and, as always, will continue to consider ways to maximize value for all stockholders.”

Posted in Brand, News, Operations | No Responses »