DreamWorks & Forever 21’s Graffiti Artist Collab
Graffiti artist and muralist “Alec Monopoly” has signed a deal with DreamWorks Classics and Forever 21. The elusive artist is designing a limited-edition line of women’s and men’s apparel and accessories for Forever 21. The pieces feature his interpretations of “Richie Rich,” “Casper the Friendly Ghost” and other iconic characters. The collection will be unveiled later this week and includes hoodies, sweatshirts, tees, tote bags, nail art, note pads, iPhone cases and bandanas.
Sycamore Buys Belk for $3 Billion
New York-based private equity firm Sycamore Partners will acquire 100 percent of department store retailer Belk, Inc. for $3 billion. The terms of the deal include all Belk stockholders receiving $68 a share in cash for each share owned. Tim Belk will continue his role as chairman and CEO and the company will still be headquartered in Charlotte, NC. The deal was unanimously approved by Belk’s board of directors. “We have great respect for Belk’s management team and associates, its deeply rooted brand, its footprint of stores and its growing online presence. Belk is exactly the kind of investment we look for: an outstanding brand with a proven success formula and the potential for further growth,” said Stefan Kaluzny, managing director of Sycamore Partners.
Farfetch is Entering Australia
Farfetch is continuing its global expansion and is all set to enter Australia. The country is one of the industry’s fastest-growing markets from a revenue perspective. Starting today, items will now be sold from Australian boutiques and a new Australian-based hire has been made for business development. “Our business model also means that we open these retailers up to a new global audience of shoppers who may never set foot in their physical stores,” said Farfetch CEO José Neves in a statement about the expansion. He also added that four new boutiques in Japan have been signed on.
– Claire Mykrantz