Week In Review
Authentic Brands Group, a brand developer that owns labels including Juicy Couture, Volcom and the license for Marilyn Monroe, was named as a stalking-horse bidder for the assets of Barneys New York, which declared Chapter 11 bankruptcy on Aug. 6. The stalking-horse purchase deal was estimated to be $271.4 million, according to an Oct. 16 court filing in the U.S. Bankruptcy Court in Poughkeepsie, N.Y., according to media reports. The stalking-horse bid serves as the starting offer for an auction for the company. If no other bids are received by the deadline of Oct. 22, Barneys will go ahead with the deal with Authentic Brands.
LVMH opened a Texas leather workshop called the Louis Vuitton Rochambeau Ranch, located about 39 miles outside Dallas. President Trump and Bernard Arnault, LVMH’s chief executive officer, participated in a ribbon cutting at the ranch on Oct. 17. The workshop has been forecasted to create 1,000 jobs over the next five years, according to an LVMH statement. LVMH’s Louis Vuitton is one of the companies that signed the Pledge to America’s Workers, which asked companies to expand programs to educate and train American workers. In July 2018, President Trump signed an executive order to establish the National Council for the American Worker.
Interbrand, a New York–headquartered brand consultancy, released its Best Global Brands 2019 report on Oct. 17. Luxury and retail comprise the report’s fastest growing sector. According to the report, nine luxury brands made Interbrand’s top 100 ranked companies. Louis Vuitton was ranked 17th in the report, Chanel placed at 22, and Gucci occupied the 33rd spot. “The most successful brands in the luxury space are those that have adapted to rapid changes in the global marketplace,” a report statement said. The report’s top five brands, ranking from first to fifth, were Apple, Google, Amazon, Microsoft and Samsung.
Goodman Capital Finance is the new company name for Goodman Factors, it was announced on Oct. 14. Headquartered in Dallas, Goodman Capital Finance started business in 1972 factoring to the apparel business. Since then, it has diversified into oil-field services, a staffing agency, transportation firms and government contractors among other businesses. The new name will better reflect the company’s product offerings, said Bret Schuch, executive vice president and co-division manager. “Through the years, our capitalization and knowledge have allowed us to offer alternative funding solutions and make quick decisions at very competitive rates,” Schuch said in a statement.
Under Armour unveiled spacesuits that are scheduled to be used in Virgin Galactic’s highly anticipated space-tourism program, which is currently under development. The UA spacesuits look nothing like Apollo 11 suits or even those that appeared in “Star Trek.” Rather, the blue suits feature pops of gold, which are inspired by the sun, according to a UA statement. The spacesuits are made out of a proprietary material that conforms to the shape of a space traveler’s body. NASA also unveiled new spacesuits around Oct. 16. The new suits were designed for possible upcoming flights to the moon.