Europe’s largest non-food retailer, Pinault Printemps Redoute, announced yesterday that it had sold its 73.5% stake in Rexel electrical equipment. The group made the move in order to focus completely on the luxury goods market. The sale of Rexel sees PPR’s net debt decline by approximately GBP3.5 billion, making this the largest European private equity…
Arcadia Group to increase pensions contributions for staff
Philip Green, the retailing billionaire, found himself on a collision course with Britain’s trade unions last week, after announcing plans to force hundreds of his employees to either work longer and increase their pension contributions, or take cuts in their retirement benefits. The move comes just months after the tycoon paid himself a £1.1bn dividend…
Supermodel overcomes bankruptcy
How did the famous 90s model Maggie Rizer become overweight and bankrupt, earning an estimated $30,000 a day model, amassing a $7 million fortune? The supermodel, who graced the covers of Vogue, Prada and Calvin Klein ad campaigns, saw her fortune being gambled away by her stepfather, John Breen, who managed her accounts. Breen, who…
House of Dereon adds accessories
Superdiva Beyonce and her mother Tina Knowles are continuing the expansion of their empire with a new addition to their fashion brand, House of Dereon. The two have signed a licensing agreement with the New York-based Accessory Exchange to add handbags and small leather goods to its existing collection. In a statement Beyonce, co-creative director…
Secret Sample Sale
The opportunity to revel in designer duds is just around the corner and not to be missed. The British firm Secret Sample Sale has organised a sample sale at the Old Truman Brewery in Brick Lane, London which starts today and closes on Sunday 10 July. With an entrance fee of a mere £1, shoppers…
These shoes are made for bowling
A peculiar trend is afflicting the bowling allies of America. Teens and college students have been stealing rental-bowling shoes to wear as a fashion statement. Perhaps this is in response to an increased interest in bowling fashions, but bowling alley owners are baffled by the phenomenon. “It’s like they walk off by themselves,” Louise Davis…
Hugo Boss opens first Orange store
German fashion house Hugo Boss opened its first Orange concept store in Mitte in Berlin last week, seven months after the opening of a Hugo Boss outlet around the corner. “We could have opened the first Orange concept store in LA, London , Tokyo or New York , but it just made sense to us…
JCrew enters children’s market
US retailer J Crew is expanding its horizons by introducing a children’s wear collection this spring. The company first got its feet wet in this market in the 90s, but the venture did not last long. However, customer demand has led the company to recommit to the venture. The Crewcuts summer collection will hit a…
Goodbye to a fashion icon
Iconic designer Oleg Cassini died last week at the age of 92. Cassini was famous for dressing Jackie Kennedy and numerous Hollywood beauties. He was born in Paris in 1913 and grew up in Italy. He led a fashion house in Rome before moving to the US in 1936. “He arrived with a tennis racket,…
Federated in large-scale swap
US-based Federated Department Stores Inc has announced a deal with the Australian-based real estate conglomerate Westfield Group, in which it will sell 15 stores in return for 12 stores that it has been leasing from Westfield. The Australian group is the world’s largest retail property company. Federated will sell six Macy’s stores, one Hecht’s store…