Barneys Reveals $271M Stalking-Horse Deal
Famed retailer Barneys New York has secured a “stalking horse” agreement for $271.4 million with Authentic Brands Group and lender B. Riley Financial Inc. What’s a stalking horse deal anyways? An initial bid on a bankrupt company’s assets the sets the bar for the low-end bid, essentially it can only go up from here. According to WWD, the Barneys deal possibly closes two ways – another company puts in a higher bid by Tuesday forcing proceedings into a closed auction or the ABG deal stands, setting off liquidations at the retailer’s seven remaining physical stores and uncertainty if the they will remain open. Either way, it marks a monumental moment for the future of retail.
Victoria’s Secret Trims Its Staff…Again
Victoria’s Secret Executive Vice President April Holt is departing after more than 16 years with the company along with layoffs of 15 percent of its core lingerie staff. The changes come after what WWD calls a “turbulent 12 months for the retailer” with former CEO Jan Singer left her post after less than two years following controversial comments from former chief marketing officer Ed Razek and his subsequent departure in August.
Drew Elliott Leaves ‘Paper’ for MAC Cosmetics
Paper Magazine Chief Creative Officer and Editor-in-Chief Drew Elliott is leaving the publication for the beauty world. The mastermind behind Paper’s #BreakTheInternet series, Elliot’s new position as senior vice president and global creative director for MAC Cosmetics will have hime leading all of the brand’s creative process. [WWD]
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I am excited to share the news that I will be joining @maccosmetics as the Global Creative Director. This is a dream come true. Growing up in Indiana, I could go to the M.A.C counters and see artists and images that spoke to me, made me feel I belonged, and ultimately made me fall in love with fashion. Over the last 18 years I have had the amazing opportunity to work @papermagazine and learn about pop culture, internet culture, and work with the most talent artists across the world. I will forever remain connected to my PAPER family. I am extremely excited about my new role and what’s to come. Stay tuned! ?
Prada Heads to Japan for Resort
Prada announced Japan as the destination for its resort 2021 show, slated for May 21. As of yet, the Italian luxury house has not shown a collection in Japan. Ahead of Prada, Chanel is scheduled for May 7th in Capri. [Dazed]
Trump Visits Looey Vootton Factory
Louis Vuitton opened its new leather goods factory in Alvarado, Texas. The occasion was attended by President Trump with LVMH chief Bernard Arnault as they toured the job-creating 100,000-square-foot factory. Naturally, the visit by Trump ended with meme-worthy moments, mainly his mispronunciation of the Louis Vuitton. “Looey Vootton is a name I know very well; it’s cost me a lot of money over the years,” President Trump remarked. [WWD]
Ben Cobb leaves Another Man
After a 10 year run as editor and editor in chief of the British fashion publication Another Man, Ben Cobb announced he will be leaving. Cobbs has yet to reveal his future plans. He told WWD, “I’ve been at Another Man for 10 years this month, and a decade is a milestone. I’ve had an incredible experience at Another Man and I’m immensely proud of what I’ve achieved there creatively and commercially. I’m leaving the magazine in the best shape in its history so it just feels like the right moment.” [WWD]