The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
SEATTLE, United States — Nordstrom Inc. shares surged the most in nearly a year following a Wall Street Journal report that members of the founding family are in talks to increase their stake in the retail chain.
Nordstrom family members are in the early stages of talks, the Journal reported, citing people familiar with the matter. One possibility would be for the family to buy back shares at a premium, the Journal said, attributing the information to one of the people.
The shares rose as much as 11 percent to $33.92 — the biggest intraday gain since last August. The stock has lost almost a third of its value this year, making it more attractive to the family.
A family-led buyout offer of $50 a share was spurned last year, with independent directors saying the price was too low. The family has sought to take the company private in order to orchestrate turnaround plans outside the glare of public markets, which haven’t been kind to brick-and-mortar retailers in recent years.
ADVERTISEMENT
A Nordstrom spokeswoman declined to comment.
By Jonathan Roeder, with assistance from Jordyn Holman; editor: Anne Riley Moffat.
Designer brands including Gucci and Anya Hindmarch have been left millions of pounds out of pocket and some customers will not get refunds after the online fashion site collapsed owing more than £210m last month.
Antitrust enforcers said Tapestry’s acquisition of Capri would raise prices on handbags and accessories in the affordable luxury sector, harming consumers.
As a push to maximise sales of its popular Samba model starts to weigh on its desirability, the German sportswear giant is betting on other retro sneaker styles to tap surging demand for the 1980s ‘Terrace’ look. But fashion cycles come and go, cautions Andrea Felsted.
The rental platform saw its stock soar last week after predicting it would hit a key profitability metric this year. A new marketing push and more robust inventory are the key to unlocking elusive growth, CEO Jenn Hyman tells BoF.