Kenneth Cole Buying Kenneth Cole
Kenneth Cole wants to own his company outright. The designer offered to buy the rest of the shares of Kenneth Cole Productions Inc. for $15 a share. Cole made his offer in a letter to the firm’s board yesterday afternoon, after the stock closed at $13.07. The offer price represents a premium of about 26 percent over the stock’s average closing price for the past 45 trading days. Cole already owns about 47 percent of the company he founded and controls 89 percent of the voting power. His offer values the whole firm at about $280 million.
“Recent market challenges have created a sharply competitive landscape, and I believe it is now more important than ever to embrace a more entrepreneurial perspective where we are all incentivized to grow and develop our company’s products, brand and business with a longer term perspective,” Cole said in his letter, according to a statement from the firm.
Terry Lundgren Selling Macy’s Shares
Terry J. Lundgren, chairman, president and chief executive officer of Macy’s Inc., has a big payday coming his way. The ceo registered with the Securities and Exchange Commission Thursday to sell 500,000 Macy’s shares with a market value of $18.8 million. He acquired the shares, which were initially issued as stock options, in 2002.
Chief financial officer Karen Hoguet filed to sell 92,000 shares, which she acquired in 2003 and 2009, for $3.5 million.
Coty Making CK One Beauty Collection
Coty Prestige aims to develop its 18-year-old CK One brand into a full beauty house with the launch of a 130-stockkeeping-unit color cosmetics line this spring.
The collection will head first into Spain’s El Corte Inglés next month, and in April to the U.S. along with a number of global markets, including Australia, France and Portugal. With price points starting at $13, it is also poised to challenge entry-level department store leaders, such as Clinique and MAC.
“CK One has maintained its status as an iconic global brand since it first launched in 1994,” said Catherine Walsh, senior vice president of American Fragrances for Coty Prestige. “With the introduction of CK One color cosmetics we go beyond fragrance, addressing the consumer’s desire to define their individuality. The new campaign, combined with innovative products, continues the CK One legacy of authenticity and accessibility by connecting consumers with the brand in a modern and vibrant way.”
– Taneisha Jordan
Source & Photo: WWDSee the Top Ten Summer 2016 Trends for Women Over 40