Sep
 06
 2019



Caroline

Hello,

Welcome back to this new edition of The Spin. Today we show that mergers and acquisitions are still very active. The Italian brand, Les Copains is negotiating with a potential new owner and Mansur Gavriel is becoming part of a New York private equity firm. There are also many changes at the C suite. Boden's CEO is about to depart, and Pepe Jeans has a new CEO. Enjoy the read. Best, Caroline.



markets

Family to the rescue. The Italian knitwear brand Les Copains may well have found (paywall) a savior in the form of the neighboring, Zambelli textile family. Les Copains was created in the 50's by Mario Bandiera in Bologna. But the founder died last October and his company BVM went into liquidation in July. The Zambeli family, already at the helm of Bruno, is (in Italian) poised to acquire part of Les Copains. The family would retain 43 of the 75 employees and take over the 16 corners of the brand in America.



Oscar's new friends. The New York-based luxury brand Mansur Gavriel is offloading a majority of its capital to private equity firm GF Capital Management. Financial terms of the deal have not been disclosed, but the founders Rachel Mansur and Floriana Gavriel are staying and retaining a minority stake in the firm. The company, launched in 2012, is renown (paywall) for its handbags, manufactured in Italy. GF Capital's portfolio already oversees Oscar de la Renta, Mark Cross and Jonathan Adler.



Tariffs' impact. G-III apparel has cut (paywall) its full year forecast to adjust to the new tariff reality. Since the beginning of September, the Trump administration has slapped 15% of tariffs on 90% of apparel imported to the US. Morris Goldfarb, chairman of G-III told investors that he was obliged to adopt a more conservative posture. American companies such as G-III, PVH and Urban Outfitters have aggressively diversified their supply chain, but they are still buffeted by the tariffs.





people

Call it quits. Jill Easterbrook, CEO of British catalog retailer Boden, will leave (paywall) the company at the end of the year, although Boden finished its fiscal year with a 10,7% rise in revenue and a successful ready to wear launch at Nordstrom in America. Nevertheless, the Tesco alumni seems tired of her day to day responsibilities. She wants to pursue non-executive roles.



Under the influence. British retail group Arcadia is searching (paywall) for another chairman, after Jamie Drummond Smith relinquished the role. The restructuring specialist has put in place his turnaround plan: 50 Topshop stores will be closed and hundreds of others will get lower rents. So it is time to leave, but he will not be easily replaced. The founder Philip Green keeps a lot of influence and the new chairman will have to work around him. There has been a stream of management losses in recent months at Arcadia.



Calvin Klein alumni. Marcella Wartenbergh, a seasoned PVH executive, will replace Carlos Ortega as CEO of Pepe Jeans. She was just promoted chief merchandising officer at Calvin Klein, 4 months ago, but couldn't resist the offer of the founder, Carlos Ortega. Her mission: grow the sales of the group's three brands, Pepe Jeans London, Hackett and Faconnable. The company, present in Europe, India, Japan and South America, had revenues of €532 million last year.





retail

Faster darling. There is a new stock market darling in the world of ultra fast fashion: Boohoo. After the British online retailer raised (paywall) its annual sales outlook, the stock exchange went wild over the projected revenue rise of 33-38%. Its market value is pushing north of £3.3 billion, leaving far behind rival ASOS, which was hit by 2 profit warnings. Boohoo adds 200 new items to its website each day.





last

Happy feet. Remember the horrible sneakers that working women wore on the train, when they were rushing to the office in the 80's?! Their feet were happy, but the style was quite questionable. Rothy's, a San Francisco shoe start up, has created an attractive alternative with the highest in comfort. Their shoe is an elegant ballet flat with a super soft knitted upper. The fiber, made of recycled plastic bottles, hugs the foot like a sock while keeping the structure in place.







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