Rabanne Owner Puig, Shareholders Raise €2.6 Billion in IPO
The listing drew orders for multiple times the number of shares available and is contributing to a broad resurgence of European initial public offerings.
Fashion start-up Le Tote Inc., which also filed for Chapter 11, bought the rights to the company’s stores, brand and e-commerce site from Hudson’s Bay Co. for $71 million last year.
It is one of several options that the retailer and its advisers are exploring, which also include trying to negotiate relief from creditors and finding additional financing, sources said.
The retailer reported a loss of $119 million in fiscal 2018, an indication that Lord & Taylor has lost a great deal of its lustre.
The department store will return to Manhattan this holiday season as a temporary, two-week shop, according to a person familiar with the matter.
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With millennial shoppers keener to buy online or directly from brands, Hudson's Bay has yet to offer something they can’t find somewhere else and risks drifting into irrelevance.
Le Tote, a clothing rental service, has acquired the nearly 200-year-old department store chain, betting physical locations and Lord & Taylor's deep roster of brands will help grow the start-up's customer base.
The deal allows the Canadian retailer to divest operations of the struggling Lord & Taylor chain while holding onto the more valuable asset — the real estate on which the stores are located.
The owner of Saks Fifth Avenue and Lord & Taylor said earlier this week it was evaluating a $1.3 billion go-private cash offer from its executive chairman and other shareholders.
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From the battle for Manhattan to the battle for survival, Neiman Marcus, Saks Fifth Avenue, Nordstrom and others may look radically different by the end of the year.
The department store chain said it would sell up to 10 Lord & Taylor stores after reporting a quarterly loss of $308.5 million.
Walmart is trying to position itself as a destination for fashion, as it attempts to attract more affluent customers and build an e-commerce presence that can compete with Amazon.
The company is launching the Lord & Taylor store on its website, with more than 125 brands, reflecting its effort to broaden its customer base, drive growth and compete with Amazon.
The listing drew orders for multiple times the number of shares available and is contributing to a broad resurgence of European initial public offerings.
The line, Orebella, launches on May 2 with a selection of three perfumes.
E-commerce is seen by the company as its next big potential revenue source as well as a way to keep users spending time and money on its app.
The preliminary injunction hearing on the US Federal Trade Commission’s bid to block Tapestry’s attempted takeover of rival Capri will likely last a week and a half, the judge said.
The online fast fashion retailer is moving into other categories and has given brands and retailers access to its platform in nine European countries so far, having done so in the United States, Brazil, and Mexico last year.
The union delivered the announcement through a video at a bargaining session today, promising “a week of union actions” in the statement.
The transaction, which includes funding from Blackstone and Goldman Sachs, values the company at $6.4 billion.
The Lithuania-based group said growth had been spurred by entering new markets including Denmark and Finland and an expansion into luxury fashion.