Pinault to Rid of Plus-Size
Francois-Henri Pinault is getting ready to cut ties with all things of plus-size fashions. The French billionaire jet-setter — whose luxury conglomerate PPR failed to unload its troubled Redcats catalog unit last year — is close to selling the profitable US division of Redcats, according to The Post.
Redcats USA owns a stable of plus-size clothing catalogs and websites called OneStopPlus, which form the bulk of its business, sources told The Post. Likewise, insiders said Pinault has hung a “for sale” sign on Redcats USA’s other key holding, the online catalog Sportsman’s Guide. In addition to selling sporting goods, guns and outdoor gear, Sportsman’s Guide operates the Golf Warehouse catalog.
Sources said OneStopPlus — an umbrella for a half-dozen plus-size retail brands — generates upwards of $75 million in Ebitda, or earnings before interest, taxes, depreciation and amortization and could fetch between $400 million and $500 million as an auction nears a final round of bidding in the coming weeks.
Hermes vs. LVMH
Hermès International announced that it filed a complaint with a Paris court on July 10 against luxury conglomerate LVMH Moët Hennessy Louis Vuitton, which surprised markets two years ago by revealing it had accumulated a large percentage of Hermès stocks.
“This complaint concerns the terms of LVMH’s entry into the capital of Hermès International,” Hermès said in a two-line statement. The complaint accuses LVMH of insider trading and manipulating stock prices, according to sources familiar with the issue, who declined to be named for confidentiality reasons. Officials at LVMH and at the public prosecutor’s office in Paris were not immediately reachable.
LVMH announced in October 2010 that it had amassed a 17.1 percent stake in Hermès via cash-settled equity swaps that allowed it to circumvent the usual market rules requiring firms to declare share purchases. It has since raised its stake to 22.3 percent.
“Swarovski is thrilled to collaborate with such a talented collective of designers this season,” said Nadja Swarovski, a member of the Swarovski Crystal Business executive board. “The creative potential of these gifted individuals will guarantee a sensational season ahead. We are excited to see how each designer will use their artistry to demonstrate the versatility of crystal technology in fashion.”
Tags: Fashion Headlines, Francois-Henri Pinault, Giles, HermÃ¨s, Joseph Altuzarra, LVMH MoÃ«t Hennessy Louis Vuitton, Marios Schwab, Mary Katrantzou, OneStopPlus, Redcats, Rodarte, Sportsmanâ€™s Guide, Swarovski Designer Collective, Wes Gordon