A lot has been going on in fashion and I’ve listed the best news stories and editorials in this week’s Good Reads.
Coach Buys Kate Spade for $2.4 Billion
Coach was all over fashion news when it announced that it will acquire Kate Spade for $2.4 Billion. The deal comes a few months after rumors began circulating that the brand and Michael Kors were both interested in acquiring Kate Spade. Kate Spade shareholders will $18.50 per share in cash. The brand’s offer is 27.5% more than what Kate Spade’s shares were before rumors began circulating that the company was going to sell itself. The offer is also 9% more than its last closing price. The $2.4 billion purchase prices is expected to be funded in half cash and half in debt. The deal is not subject to any financial conditions. The deal is expected to close in the third quarter fiscal 2017 and increase adjusted earnings in fiscal 2018.
Read the full article here on The Fashion Law.
LVMH Confirms Launch of Multi-Brand Fashion Site
LVMH Moët Hennessy Louis Vuitton has announced that it will launch a multi-brand e-commerce site in June. The site will be part of Le Bon Marché, a French department store acquired by LVMH in 1984. The website is called 24Sevres.com, named after the address of the French luxury department store. The e-commerce site will ship to over 70 countries and will offer fashion, cosmetics, and luggage items from more than 150 luxury brands. The website will also offer mostly womenswear and 68 brands will offer exclusive products for the launch, according to an article on Bloomberg. LVMH had been reported to be launching a new e-commerce site in March. It was said that the company would launch the website in May and offer all of its 70 brands on the site. It was also said that the website may offer products from brands not owned by LVMH. The company will, however, only offer products from 20 of its brands including Louis Vuitton, Dior and Fendi.
Read the full article here on The Business of Fashion.
The 15 Best Bag Deals for the Weekend of May 12
PurseBlog has, as usual, listed the best handbag deals for the weekend. The handbags in this list include bags from brands like Dolce & Gabbana, Fendi, Gucci, and more. This list includes mostly satchels but there are a couple of totes and crossbody bags as well. Some bags only have a discount of $200 – $600 but others have discounts for as much as half off.
Read the full article here on PurseBlog.
Abercrombie & Fitch in Talks to Sell Itself
Abercrombie & Fitch was all over fashion news when it announced that the brand is in talks to sell itself. The brand said it was in talks with a couple of companies after the companies said they were interested. The brand also said the talks may not result in an agreement to sell. The announcement came just after the news that the brand would sell itself. In March, the brand reported a 7% decline in sales for the fourth quarter fiscal 2016. Sales and profits have been declining at department stores and for brands like Abercrombie & Fitch, Gap, and Old Navy as customers shop more online.
Read the full article here on The New York Times.
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