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. The check-covered label, who dressed Leighton Meester at the Golden Globes, saw sales increase by a whopping 36% in the last quarter, mostly due to rapid expansion in China.
And Richemont, which owns Net-a-Porter, is thanking its lucky stars that it bought the e-commerce giant last year. Sales increased by 23%, greatly in thanks to Ms. Massenet. (Although its other fashion brands, Alfred Dunhill and Chloé, didn't fare so badly either.)
At Escada--the fuddy-duddy label scooped up by billionaire daughter-in-law Megha Mittal in the fall of 2009--the most important business on hand is re-establishing the brand. Mittal's next step is to launch a new fragrance with Bar Refaeli as the face, reports WWD. Her fresh, younger look is certainly a departure for Escada.