Tag: reuters

Nicolas Ghesquire and Balenciaga will part ways at the end of November (Image: Giovanni Giannoni, WWD / Cond Nast / Corbis)

The Latest Appointments at Tom Ford, Walpole, Alberta Ferretti, Richemont, Orient-Express & Vertu, with exits at Balenciaga, Gilt Groupe, Azzaro & Cacharel

After 15 years with PPR, Nicolas Ghesquire and Balenciaga have reached a “joint decision to end their working relationship,” effective Nov. 30. CEO Isabelle Guichot told WWD a successor would be named “as soon as we’re ready,” and that the brand already has a short list of candidates. Over the weekend Christopher Kane was rumoured to take the top spot, something he has since denied to WWD.

Over at Azzaro, creative director Mathilde Castello Branco has stepped down from her role after just over a year. “The House of Azzaro and Mathilde Castello Branco are moving forward in different directions,” explained a statement from the brand. “Azzaro will shortly be announcing her successor.”

At Cacharel, CEO Pascal d’Halluin has confirmed his exit, also after less than one year in the role. According to WWD, the executive is leaving by mutual agreement with the French label’s founder and president Jean Bousquet following his trial period.

Luca Cordero di Montezemolo, chairman of Ferrari, has resigned his position as chairman of Nuovo Trasporto Viaggiatori, Europe’s first private operator of high-speed trains. “My growing professional commitments force me to step back now that the company is fully operational,” Montezemolo explained to Reuters. “I will continue to contribute to the success of this company, as shareholder and board member.”

Finally Gilt Group’s board and co-founder Kevin Ryan have “agreed about two months ago that Ryan should step aside in favour of a new CEO with strong operations and e-commerce skills.” The to-be-named replacement will be the company’s third CEO in two years, and is expected to steer the eventual launch of an IPO.

Marc Spiegler, Director, Art Basel

Marc Spiegler has been appointed to oversee Art Basel events in Basel, Switzerland; Miami Beach, Florida & Hong Kong, as the organisation re-arranges its leadership team. Mr. Spiegler will chair a four-member executive committee including a director of new initiatives, director Asia, and a director of resources and finance who will be named in the near future.

Source: Gallerist

Kamel Ouadi, Managing Director, Christie’s

Kamel Ouadi has joined famed auction house Christie’s as international managing director. Mr. Ouadi most recently served at Louis Vuitton as chief digital officer/chief creative officer, where he was responsible for the conception and launch of NOWNESS.com

Source: LinkedIn

Jean -Guillaume Prats, CEO, Estates & Wines

Jean-Guillaume Prats will join LVMH-owned Estates & Wines effective February 2013. Mr. Prats will be based in Paris, and will be a board member of the LVMH Comit Oprationnel. Since 2011, Prats has been chairman of the board of Domaines Reybier and Chteau Cos d’Estournel.

Source: Decanter

Eddy Cue, Board, Ferrari

Eddy Cue, Apple’s SVP Internet software and services has joined the board of Ferrari. Mr. Cue currently oversees the iTunes Store, the App Store and the iBookstore, as well as Siri, Maps, iAd and Apple’s iCloud services.

Source: New Car Net

Christophe de Pous, CEO, Gucci North America

Effective January 1, Christophe de Pous will assume responsibility for Gucci North America. Mr. De Pous has served as president and CEO of Gucci Japan since September 2009, and replaces Lauren Lendrum, who left the position in April.

Source: Styleite

Cristina Egal, Managing Director, Lorenz Bumer

Cristina Egal has been named the first managing director of Lorenz Bumer, reporting to Bumer, the president, founder and creative force behind the brand. Most recently, Ms. Egal operated an eponymous communications agency and boasted such clients as BNP Paribas, Sodexo, Servair and Fondation Claude Pompidou.

Source: Fashion Snoops

John Scott, CEO, Orient-Express

John Scott will become president and CEO of Orient-Express hotels, after serving as CEO of Rosewood Hotels & Resorts for over eight years. He replaces Paul White, the former president and CEO of Orient-Express Hotels, who resigned from the company and from the Board last year.

Source: Travel Mole

Natalie Ratabesi, Creative Director, Philosophy di Alberta Ferretti

Alberta Ferretti will hand over the creative direction of the Philosophy di Alberta Ferretti collection to Natalie Ratabesi, who most recently served as senior creative director at Ralph Lauren. The British designer and graduate from Central Saint Martins College will make her debut for the brand with the autumn/winter 2013 collection.

Source: Fashion United

Bernard Fornas, Richard Lepeu, Co-CEOs, Richemont

Richemont has appointed two longstanding employees as joint chief executives, in a bid to help founder and controlling shareholder Johann Rupert steer the luxury goods group through a period of slowing sales growth in its important Asian markets. Cartier chief Bernard Fornas and deputy chief executive Richard Lepeu will take over from Rupert as CEO in April 2013.

Source: Reuters

Eva Taub, CEO, Robert Clergerie

Robert Clergerie has appointed Eva Taub as CEO, following tenure as head of Christian Dior Couture’s leather division at LVMH. The Stanford and Harvard Business School alum previously launched Isotoner in Europe, prior to which she served as a Merrill Lynch financial advisor in New York and Hong Kong.

Source: Fashion Week Daily

Jerome Cheung, CEO Asia Pacific, Tom Ford

Former Gucci Group executive Jerome Cheung, has been named to succeed Regina Lam as chief executive officer at Tom Ford, for the Asia-Pacific area. The position is based in Hong Kong and Cheung will be reporting to Tom Mendenhall, vice president and chief operating officer (COO) of the company since 2006.

Source: Fashion Mag

Anssi Vanjoki, Chairman, Vertu

Luxury phone maker Vertu has selected long-time Nokia executive Anssi Vanjoki as its non-executive chairman following an ownership change. Vanjoki, who spent 20 years at Nokia in various executive positions, left the Finnish cell phone maker in 2010 after the board appointed Stephen Elop as the next chief executive.

Source: Reuters

Michael Ward, Jonathan Heilbron, Board, Walpole

UK luxury brand trade body, Walpole, has announced the appointment of Michael Ward, managing director of Harrods, and Jonathan Heilbron, CEO of Thomas Pink, to its board of directors. Prior to joining the board, both Ward and Heilbron have been long-time supporters of Walpole, as Walpole Brands of Tomorrow mentors and regular speakers.

Source: Fashion United

For more in the series of The Latest Appointments, please see our most recent editions as follows:

- The Latest Appointments: PPR, Cadillac & Baccarat
- The Latest Appointments: Mulberry, DVF & Ralph Lauren
- The Latest Appointments: Burberry, Coty & Cond Nast

Orient Express turns down a $1.8 billion takeover bid from Indian Hotels Group, as mining company Gemfields seeks to acquire fine jeweller Faberg for $142 million

Acquired: Faberg, Gemfields

Gemfields, pending minority investor approval, is to buy luxury jeweler Faberge from one of the colored gem miner’s own shareholders, in a deal valuing the fine jeweller at $142 million. The all-share deal will create an integrated company that mines colored stones and uses the Faberge brand to promote their use in jewelery.

Source: Reuters

Speculation: Sale, Aston Martin

Investment Dar Co., owner of Aston Martin, is said to be in “advanced” talks to sell new shares to investors to boost funding for future development. The Kuwaiti based investment group has received competing bids from Investindustrial and Mahindra & Mahindra Ltd. (MM) for 50% of voting rights and a 40% equity stake.

Source: Bloomberg

Rejected: Takeover Bid, Orient-Express

Orient-Express has rejected an unsolicited $1.2 billion takeover offer from Tata Group’s Indian Hotels Co Ltd and a fund controlled by Italy’s Montezemolo & Partners. The unsolicited bid was 43% higher than Orient-Express’s 20-day average price, a record premium for the industry, and valued the company at the highest earnings multiple in six years for a hotel takeover.

Source: Reuters, WSJ

Acquired: Investcorp, Georg Jensen

Bahrain-based alternative asset manager, Investcorp, has purchased Danish luxury retailer Georg Jensen for $140 million. Hazem Ben-Gacem, Investcorp’s European private equity head, will co-chair Georg Jensen, as saying Investcorp planned to expand the Danish brand in Asia, particularly China.

Source: Reuters

Speculation: PPR, Christopher Kane

PPR, helmed by Francois-Henri Pinault, is said to be in discussions with Christopher Kane, to invest in his eponymous brand. The company is believed to have held discussions with Christopher Kane in which financial backing has been offered. Nothing has yet been confirmed and representatives for PPR and Kane were unavailable for comment.

Source: Vogue UK

Acquired: Vionnet, Goga Ashkenazi

Kazakh oil billionaire Goga Ashkenazi has acquired all outstanding shares in Vionnet to become its sole owner. Ms. Ashkenazi bought into Vionnet in May 2012, but has since purchased all remaining shares from past owners Matteo Marzotto and Marni CEO Gianni Castiglioni.

Source: Elle UK

Boughtback: Derek Lam, Labelux

In a bid to refocus on luxury leather goods and shoes, Labelux has sold Derek Lam back to its founders, Lam and CEO Jan-Hendrik Schlottmann. “We have taken a strategic decision to refocus our activity on luxury leather goods and shoes,” explained CEO Reinhard Mieck said. “We wish Derek and Jan well as we return the leadership into their capable hands.”

Source: Fashionista

Invested: Damiani, India

Damiani is the first foreign investor to get the government approval to invest in the jewellery monobrand retail in India, after working with the Indian government to acquire 51% of Damiani India Pvt Ltd, the company managing the Damiani store in New Delhi at the Oberoi Hotel. Damiani will then agree to establish a joint venture with Indian partners.

Source: Damiani

Confirmed: Karl Lagerfeld, Inter Parfums

Karl Lagerfeld has signed a 20 year worldwide license agreement with Inter Parfums, to create and distribute perfumes under the German fashion designer’s namesake brand. Karl Lagerfeld has since ended its deal with fragrance and cosmetics company Coty BV.

Source: Reuters

Sold: Plaza Hotel, Subrata Roy

Indian billionaire Subrata Roy has purchased a 75% stake in New York’s iconic Plaza Hotel for $575m from US-Israeli retailer El Ad. The remaining 25% of the hotel is being retained by its current owner, Prince Alwaleed bin Talal of Saudi Arabia, via his Kingdom Holding group.

Source: BBC

Rejected: Four Seasons Hotel NYC, Asian Buyer

Four Seasons Hotel New York owner H. Ty Warner has decided not to sell the Manhattan property after receiving an unsolicited bid of about $900 million. “Due to the continued strength in the New York real estate market and impending fiscal cliff, he does not feel that this is an advantageous time to sell this iconic property,” explained Donna Snopek, chief financial officer of Ty Warner Hotels and Resorts LLC.

Source: Bloomberg

Invested: DiamondCorp, Laurelton Diamonds

Laurelton Diamonds Inc., a wholly owned subsidiary of Tiffany & Co., has issued a $6 million term loan to DiamondCorp plc, a South African diamond development and exploration company listed on London’s AIM stock exchange. As part of the loan agreement, Laurelton Diamonds will have the right to purchase production from DiamondCorp’s Lace Mine in South Africa.

Source: WWD

Stake: Luxottica, Salmoiraghi & Vigan

Salmoiraghi & Vigan, a leading Italian company in the eyewear retail sector, has received approximately €45 million from eyewear manufacturer Luxottica. Luxottica will subscribe for newly issued shares of Salmoiraghi & Vigan resulting in a 36% equity stake in the Italian optical retailer, which will retain control of company operations.

Source: 4Traders

Acquired: Four Seasons Toronto, Saudi Prince Walid

Billionaire Saudi Prince Walid bin Talal’s Kingdom Holding investment group has purchased the luxury hotel Four Seasons Toronto, Canada for $200 million. “The transaction was funded by a $130 million mortgage loan while $70 million came from (the company’s) own resources,” Hazem al-Dosari, a Kingdom Holding Company (KHC) spokesman, told AFP.

Source: Al Arabiya

Sold: Ekati Diamond Mine, BHP

Diamond company Harry Winston agreed to purchase BHP Billiton’s Ekati mine in Canada and its marketing operations for the precious stones for $500 million. The deal is expected to close in the first quarter of next year, according to BHP.

Source: The Israeli Diamond Industry

Invested: Aeffe, Emanuel Ungaro

Aeffe has signed an exclusive partnership agreement with Emanuel Ungaro for the production and worldwide distribution of women’s clothing and accessories, as well as the option to acquire a significant minority share of Ungaro’s capital stock on achieving shared goals. The license will be active for a period of 7 years, with the option to renew.

Source: Aeffe

For more in the series of The Latest Investments, please see our most recent editions as follows:

- The Latest Investments: Chanel, Marcolin & Orient Express
- The Latest Investments: Anya Hindmarch, Berluti & Harry Winston
- The Latest Investments: Coty, Porsche & Valentino

Swatch Group purchase Harry Winston for $750 million, Renzo Rosso takes a controlling stake in Marni & Labelux sells Solange Azagury-Partridge back to its founder

Bought: Harry Winston, Swatch Group

The Swatch Group has acquired 100% of the shares of the US company HW Holdings, owner of fine jewellery brand Harry Winston, in a deal worth $750 million plus the assumption of up to $250 million of pro forma net debt. The Swatch Group Ltd. now controls the brand and all activities related to jewellery and watches, including the 535 employees worldwide and the production company in Geneva.

Source: Fondation de la Haute Horlogerie

Speculation: Investindustrial, Aston Martin

Private equity fund Investindustrial is said to be near agreement to buy a stake in British sports-car manufacturer Aston Martin. Investindustrial, based in London, is said to have trumped Indian automaker Mahindra & Mahindra Ltd. (MM) to invest in the Gaydon, England-based automaker, but as yet a final agreement has not been signed.

Source: Bloomberg

Bought Back: Solange Azagury-Partridge, Labelux

In a continued bid to focus on luxury leather goods and footwear, Labelux have sold jewellery brand Solange Azagury-Partridge back to its founder. This follows the sale of Derek Lam back to its founders in November 2012, and allows the conglomerate to focus on its current portfolio that includes Bally, Jimmy Choo, Belstaff and Zagliani.

Source: FashionMag

Stake: Marni, Only the Brave

Diesel jeans brand founder Renzo Rosso has bought a majority stake in Marni, with plans to re-launch the Italian fashion house on foreign markets. The value of the deal has not yet been disclosed, but the acquisition was made through the businessman’s holding company, Only the Brave Srl.

Source: WWD

Acquired: Alain Mykli, Luxottica

Italy’s Luxottica, the world’s biggest premium eyewear maker, said on Friday it had signed a deal to buy French luxury eyewear maker Alain Mikli for around $117 million. The deal strengthens Luxottica’s luxury brands portfolio, the company added in a statement.

Source: Reuters

Acquired: AR New York, Publicis

Publicis Groupe has acquired AR New York, an agency specialised in working for marketers in fashion, beauty and luxury goods. Founded in 1996, AR works for, or has worked for, brands that include Asprey, Brioni, Dolce & Gabbana, Neiman Marcus, the St. Regis Hotels and Resorts, Valentino and Versace. The financial terms of the acquisition were not disclosed.

Source: NYTimes

Bought Back: Aman Resorts, Adrian Zecha

DLF, India’s biggest real estate company, has sold luxury hotel chain Amanresorts back to its founder, Adrian Zecha, for $300 million. The parties have signed a definitive agreement for a management buyout, and the deal is expected to close by February 2013.

Source: Financial Times

Speculation: Printemps, Galeries Lafayette

French department store Galeries Lafayette is said to be considering a buyout of rival retailer Printemps. The two fashion giants both have huge flagship stores – side by side – in Paris. Galeries Lafayette has already made public that it has significant international expansion plans, with ambitions to open between five and seven new overseas stores before 2015.

Source: Vogue UK

Stake: Sri Lim Kok Thay, Wider

Malaysian billionaire Sri Lim Kok Thay, whose luxury empire spans casinos and cruise liners, is to buy half of yacht maker Wider to expand into a fast-growing market in Asia, the founder of the Italian has revealed. Following a capital increase, the Malaysian billionaire will become the single biggest shareholder in Wider with a 50 percent stake owned by his vehicle EXA Ltd.

Source: Reuters

Bought: Investcorp, U.S. Real Estate

Bahrain-based alternative asset manager Investcorp has acquired five real estate assets in the United States for around $100 million. The investment firm most recently bought Danish luxury retailer Georg Jensen, from private equity firm Axcel Capital Partners for $140 million, following the sale of truck and trailer parts distributor FleetPride to TPG for over $1 billion.

Source: Reuters

Capital: Rocket Internet, PPR

PPR has invested $13 million into Rocket Internets’s holding company Bigfoot, which includes ‘amazon fashion clones’ in Russia (Lamoda), South America (Dafiti) and the Middle East (Namshi). PPR invested a similar amount in 2012 into fast growing social commerce start-up the Fancy.

Source: The Rude Baguette

Bought: KaDeWe, Signa

Austrian real estate firm Signa has acquired German department store KaDeWe, in addition to 16 further Karstadt locations. The real estate giant paid a reported $1.45 billion for the KaDeWe “Kaufhaus” building itself and the acquisition of Oberpolling in Munich and another Karstadt property.

Source: FashInvest

For more in the series of The Latest Investments, please see our most recent editions as follows:

- The Latest Investments: Aston Martin, Faberg & Christopher Kane
- The Latest Investments: Chanel, Marcolin & Orient Express
- The Latest Investments: Anya Hindmarch, Berluti & Harry Winston