This Morning’s Fashion Biz News: J.Crew Almost Settled, Burberry and Richemont Leap Again, and Escada Gets Bar-ed
The financial markets in the US were closed yesterday, which in turn made things in Europe–as well as behind-the-scenes here–much more exciting.
The most critical news: J.Crew is close to settling a lawsuit regarding its takeover. Some public shareholders felt that J.Crew’s Mickey Drexler accepted an offer for the company that was too low–$2.86 billion–and they want to be compensated. Those shareholders will receive $10 million for settling, and J.Crew will entertain other potential offers until February 15. (Although Reuters is reporting that there haven’t been any rival bids, which means the deal is likely to go through next month.)
Over in Britain, the morning’s big stories are Burberry and Net-a-Porter.
