3.1 Phillip Lim Lands in London
Phillip Lim has brought his cool, insouciant brand of ready-to-wear to London’s South Kensington. Earlier this month the 3.1 Phillip Lim label unveiled a 3,200-square-foot store at 91 Pelham Street, which the designer has opened in partnership with Club 21 U.K.“London has always been so welcoming to us,” said Wen Zhou, chief executive officer and cofounder of 3.1 Phillip Lim, noting that the label has taken a cautious approach to expanding into the U.K. Meanwhile, the designer himself was in Beijing this week to host a splashy party marking the opening of his first store in China.
Europe’s Luxury Rents on the Rise
According to research from global real estate advisor Cushman & Wakefield, while retail rents in prime luxury areas across Europe rose a healthy 5.7 percent in the year to June 2013, a number of streets notched up major gains. Paris’ Avenue des Champs-Élysées saw rents rocket 38.5 percent to $1,601 a square foot annually, making it the most expensive retail location on the continent. rental levels on Paris’ Rue du Faubourg Saint-Honoré and Avenue Montaigne surged 25 percent to $889 a square foot, while levels on London’s New Bond Street gained 15.6 percent to $1,047 a square foot.
Northern Expansion Along Madison Avenue
There’s been an evolution occurring along Manhattan’s Madison Avenue for the last couple of years. Along with an influx of contemporary retailers priced lower than the street’s traditional designer fare, fashion brands are pushing the limits of Madison Avenue upwards, beyond 72nd Street. Now, international brands in need of recognition are flocking to locations in the heart of the prime area, Madison Avenue between 60th and 64th Streets. Paule Ka, a French brand with 475 points of sale, including 58 freestanding stores, is opening its first U.S. unit at 723 Madison Avenue between 63rd and 64th Streets.Of course, these prime locations command premium rents of $1,700 to $2,000 a square foot.
The Men’s Wearhouse Offers to Buy Jos. A. Bank
Flipping a script that many thought might have concluded earlier this month, The Men’s Wearhouse Inc. has offered to acquire its archrival and recent suitor Jos. A. Bank Clothiers Inc. for $55 a share in cash, or about $1.54 billion.The offer represents a premium of 32 percent to Bank’s stock price as of Oct. 8 and implies an enterprise value of about $1.2 billion. It comes less than two weeks after the expiration of Jos. A. Bank’s offer to acquire Men’s Wearhouse.
– Mehar Singh
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