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.
GREENWICH, United States — Starwood Capital Group LLC hired Eastdil Secured LLC to broker the sale of US malls valued at about $1.2 billion, according to two people with knowledge of the matter.
Starwood is selling malls it had acquired from Westfield Corp. including assets in Chicago, San Francisco and Cleveland, the people said, asking not to be identified as the sales process is private. Starwood and Eastdil declined to comment.
Bleak earnings forecasts from department stores, Internet shopping and bankruptcy filings by firms including Sports Authority Inc. and teen-clothing chain Aeropostale Inc. have damped demand for malls among investors. Poorer quality malls face a “very tough environment”, Blackstone Group LP’s global head of real estate Jon Gray said June 6.
A Bloomberg index of regional mall landlords has gained 4.4 percent this year.
By Ed Hammond and Jack Sidders; editors Neil Callanan, Elizabeth Fournier and Amy Thomson.
In 2020, like many companies, the $50 billion yoga apparel brand created a new department to improve internal diversity and inclusion, and to create a more equitable playing field for minorities. In interviews with BoF, 14 current and former employees said things only got worse.
For fashion’s private market investors, deal-making may provide less-than-ideal returns and raise questions about the long-term value creation opportunities across parts of the fashion industry, reports The State of Fashion 2024.
A blockbuster public listing should clear the way for other brands to try their luck. That, plus LVMH results and what else to watch for in the coming week.
L Catterton, the private-equity firm with close ties to LVMH and Bernard Arnault that’s preparing to take Birkenstock public, has become an investment giant in the consumer-goods space, with stakes in companies selling everything from fashion to pet food to tacos.