Fashion TLDR Daily Briefing #216
From Macy's $5.8 billion takeover offer to KCD's new Global CEO appointment.
Macy's Receives $5.8 Billion Takeover Offer
Macy's, the iconic American department store, has reportedly received a buyout proposal valued at $5.8 billion or $21 per share. Real estate firm Arkhouse Management and Brigade Capital Management are said to be behind the offer. They believe Macy's is undervalued in public markets, despite its recent sales slump and 7% sales drop in the first quarter. Macy's board is currently deliberating on the offer.
KCD Appoints Rachna Shah as New Global CEO
Fashion PR agency KCD has appointed Rachna Shah Global CEO, succeeding Julie Mannion, who becomes Chairman of the Board. This change marks a new era for KCD, a firm known for its significant presence in the fashion industry, handling major brands like Louis Vuitton and Miu Miu. Shah, a KCD veteran, aims to further integrate the agency's global operations across various disciplines, building on its expansion beyond fashion into beauty and lifestyle.
Zero10 Introduces Online AR Try-On Widget and Generative AI Tools
Tech company Zero10 has unveiled a new online widget that enables users to experience augmented reality (AR) try-ons directly through a web browser, enhancing accessibility. This tool allows brands to seamlessly incorporate virtual try-on capabilities into their websites or apps. Users can upload their photos to virtually try on digital garments, helping them make informed purchase decisions. Additionally, Zero10 has developed Generative AI virtual try-ons, which can create virtual fittings with just a few product photos, bypassing the need for 3D model production. This advancement offers significant scalability for e-commerce, especially for brands with large product catalogues.
LVMH Divests Majority Share of Cruise Retail Business
LVMH has announced the sale of its majority stake in Cruise Line Holdings Co, the parent company of Starboard & Onboard Cruise Services, to Jim Gissy of Westgate Resorts and a consortium of private investors. Despite the sale, LVMH will retain a minority share. CEO Lisa Bauer remains at the helm, tasked with propelling post-pandemic business growth and exploring new retail opportunities in cruise and holiday sectors. The deal aligns with LVMH's strategy of forming strategic partnerships to foster innovation and growth in the vacation retail space. The transaction is set to finalize shortly, marking a new chapter in LVMH's selective retailing ventures.
Robyn Lynch Showcases 'Greetings From Ireland' at Now Gallery
Irish menswear designer Robyn Lynch's debut exhibition, 'Greetings From Ireland,' is now open at London's Now Gallery until February 25, 2024. Awarded the 2023 Fashion Commission, Lynch's exhibition delves into her creative process and Irish heritage with a humorous flair. The display includes a unique alien-like bouncy castle, videos, and toiles with notes, offering an immersive look into the design evolution of her eponymous brand.
Kelso Pressures THG for Business Break-Up
Kelso, an activist shareholder of THG, is intensifying its campaign for the company's potential break-up. Kelso has urged THG's board to consider de-merging its three divisions: beauty, nutrition, and the e-commerce platform Ingenuity. In a letter to the board, Kelso argued that separating these businesses could address the gap between THG's share price and its actual value. This action follows THG CEO Matthew Moulding acquiring a significant stake in Kelso Group. Kelso began pressuring THG in April due to operational challenges and a decline in profit outlooks, advocating for actions to better reflect THG's intrinsic value to shareholders.
Tag Heuer and Thélios Join Forces for Eyewear Relaunch
Tag Heuer is teaming up with LVMH's eyewear division, Thélios, to relaunch its eyewear line in 2024. Tag Heuer, known for its luxury watches, previously produced eyewear from 2002 to 2016. The collaboration aims to elevate Tag Heuer's eyewear offerings, reestablishing the brand as a significant player in the eyewear industry. The new collection, showcasing innovative designs and materials, will be unveiled at LVMH Watch Week and officially launched in Milan. This partnership marks Tag Heuer's ambitious move to be recognized not just for watches but as an eyewear brand as well.
Harrods Launches New Womenswear Rooms for Occasionwear and Swimwear
Harrods, London's iconic luxury department store, has introduced two new womenswear rooms focusing on occasionwear and swimwear. Part of its Knightsbridge store's redevelopment, these spaces cover nearly 10,000 square feet. The occasion room features 38 partywear brands, including exclusive pieces, and offers luxurious VIP fitting rooms. The swim space, open year-round, includes permanent shops from brands like Missoni and Zimmerman, ensuring a deluxe shopping experience for customers.