WWD ; Former Colette Staffers Open Paris Concept Store

Former Colette Staffers Open Paris Concept Store
Financed by an anonymous European backer, the men’s-oriented store is the brainchild of Sébastien Chapelle and Marvin Dein, and focuses on high-tech and streetwear.

PARIS Fans of high tech, streetwear and street culture in mourning for Colette, rejoice. Two former employees of the recently shuttered store are harnessing their collective 23 years of experience working there for a cutting-edge, men’s-oriented concept store on Paris’ Rue Cambon dubbed Nous, which means “us” in French.

Though many of the items fall under the unisex bracket, women’s clothing and beauty products are not in the cards. Spanning artist skateboards by The Skateroom, 51,000-euro customized Rolexes by Bamford, and sweatshirts by Daily Paper, the relatively pared-back offer reads like Colette sans the kawaii. Opening with a magazine rack and table of books dedicated to street culture, other items on sale include candles by Mizensir, diamond pendants by Eyefunny and an exclusive cannabis-flavored Champagne dubbed Critical by Rozoy & Picot.


Sébastien Chapelle, who helmed Colette’s high-tech and watches pole for 14 years, and Marvin Dein, who was in charge of the store’s streetwear and sneakers pole for nine years, have joined forces as the store’s director and manager, respectively, bringing in a number of members of the Colette team. A deep-pocketed loyal Colette customer is said to have financed the project. The private investor is based in Europe, Dein said.

The store had its soft opening on Monday, synced with the launch of a limited-edition version of the OnePlus 5T phone, with hipsters queuing to get in. The official opening will take place on Jan. 19 during Paris Men’s Fashion Week, with a DJ and events lined up. “The Olympia [concert venue] is just over the road, so I think there’ll be some interaction,” said Dein.

“This is not Colette 2.0,” he insisted. “It’s simply two people who worked there through to the end, because we were happy there, who learned a lot on the job, and who met a lot of people, brands and salespeople who trust us to continue the story that we shared in a new boutique.”

Boasting a minimalist loft-style interior — think concrete walls and black units — the store, formerly occupied by French bathroom brand Bath Bazaar, was designed by Paris-based architecture agency Atelier HA. Measuring around 1,600 square feet, it sits at the top end of the Rue Cambon, giving onto the Boulevard des Capucines.

Brands carried will include Stampd, Born x Raised, Neighborhood and Billionaire Boys Club, as well as the premium ranges of footwear brands like Converse and Vans. The focus will be on exclusive, high level product from both home and away, said Dein, but the duo also plans to extend their support to young brands. Their first clothing collaboration will be with L.A.-based collective Rokit.

Each month, different artists and designers will be invited to reimagine the store’s windows.

>>> Nilfisk shareholders back possible merger, see suitors beyond Tennant

Nilfisk shareholders back possible merger, see suitors beyond Tennant
08 JAN 2018
  • Second tier players could make good alternative targets
  • Management under pressure to act post-demerger

Investors in Nilfisk [CPH:NLFSK] welcome the prospect of a merger, according to three minority shareholders, but management should look beyond a tie-up with US-based rival Tennant [NYSE:TNC], two of them added.
Nilfisk has some US operations, but is not very big in that market, so a merger with Tennant, the biggest player in North America, would be a good fit in terms of geographical expansion, the third shareholder said.
However, it is difficult to see how the deal would be structured, the first shareholder cautioned, adding that Tennant has not been interested in merger overtures in the past. A more lucrative deal in the mid-market could well provide better long-term value, the second shareholder said. It is, however, a positive thing that Nilfisk is looking at a merger, all three shareholders agreed.
Activist fund PrimeStone, which holds a stake of around 5% in both companies, launched a campaign for a merger between Nilfisk and Tennant in December. In response Tennant has said it will "will carefully evaluate PrimeStone's views and look forward to discussing with all our shareholders our core strategy to continue driving earnings growth and shareholder value going forward". Nilfisk said its "strategy continues to be to simplify its business and to grow organically and through M&A".
While the merger makes sense in many ways, the second shareholder questioned PrimeStone’s motives as a cross-shareholder, noting that the fund is likely more interested in short-term gain.
About 18 months ago, Nilfisk broadened its business in the professional cleaning equipment market, which allows it to become a consolidator, according to the second shareholder. In 2015-2016, Nilfisk launched various initiatives to support its "Accelerate" programme, designed to "drive growth and further consolidate its leading position in the industry" according to its 2016 annual report. The programme also aims to increase the company’s "attention to the midmarket, where we see significant growth potential," the report adds.
While the top end of the market is fairly concentrated, the second tier of professional cleaning tools companies is much more fragmented and offers better opportunities for long-term value creation, he said, declining to name any potential targets.
There could well be a better strategic fit out there than Tennant, the first shareholder agreed. Nilfisk’s management team will need to carefully consider its options, he said.
At Nilfisk, shares jumped from just below DKK 300 (EUR 40) to over DKK 350 (EUR 47) after PrimeStone’s proposal. Tennant is trading at just below USD 75 per share, up from USD 63 before the announcement. The elevated stock price shows that the market either does expect the Tennant deal to go through, or it at least expects another merger to be on the cards, the first shareholder noted.
Management needs to be proactive at this stage, the second shareholder said, but added that they have taken significant steps already and should be given breathing space to “get on with it”.
Tennant recalcitrant in the past
Nilfisk demerged from cables business NKT [CPH:NKT] in October 2017. While the management team is diligent, the demerger took longer than many investors would have liked to see, the second shareholder said. Now that it has broken loose from the cables business, management knows the pressure to deliver is on again, he said.
Prior to the demerger, NKT floated the idea of a merger with Tennant, according to press reports. A deal might have been difficult to pull off with the cables business still in the mix, the third shareholder added.
A merger with Tennant is not a new idea, the first and second shareholder said. As far back as 2007, then-NKT Managing Director Thomas Hofman-Bang said a merger with a larger competitor would be on the cards in the future during the capital markets day. He reiterated the sentiment in 2010 and 2012, according to local press reports. The reports named Tennant, German privately owned Kärcher and Hako, all mentioned in PrimeStone’s presentation as competitors in the top-tier cleaning tools market, as potential partners.
Privately owned Kärcher is unlikely to be interested in merging with a listed company, the second shareholder said. Kärcher states on its website that its priority “is to maintain our financial independence and decision-making autonomy” and that “organic growth takes precedence over acquisition”.
Both the first and second shareholder pointed out that Tennant has not seemed keen on a merger in the past. In 2014, Tennant’s CFO Tom Paulson told this news service that the company has considered the possibility of “working” with big cleaning-technology manufacturers, but believes it can provide more value for its shareholders as an independent organisation.
If the terms are right, then a merger with Tennant should not be discounted, the second shareholder said, but added that it is not the only solution out there.
The first shareholder is expecting communication from the company on its plans soon and is happy to wait and see what comes of the proposal.
Nilfisk, PrimeStone and Tennant all declined to comment.

>>> Neogen eyeing potential targets; 'strong candidates on the radar screen'

MergerMarket

Neogen eyeing potential targets; 'strong candidates on the radar screen'
08 JAN 2018
Neogen [NASDAQ:NEOG], the Lansing, Michigan-based manufacturer of food and animal safety products, continues to have an active M&A process, Executive Chairman Jim Herbert said.
In his prepared remarks on the 2Q18 earnings call held 3 January, he outlined the efforts.
"In the area of acquisitions, we don't have any letters of intent on the table today, but we do have some strong candidates that are on the radar screen, located both in the US and outside, and for both food safety and for animal safety," Herbert said.
Later on the call, Janney analyst Paul Knight asked if the company was ready to ramp up its acquisition efforts.
"There are opportunities out there...I believe we've got four on the radar screen now," Herbert replied. "But the whole issue is integration, and we've got a team that's stretched pretty tight."
He added that the company was spending time on due diligence.
"Jason Lilly, our vice president of corporate development, is extraordinarily accomplished in this area," Herbert said.
In his opening remarks, Herbert noted that he retained the title of Executive Chairman when John Adent succeeded him as CEO in July 2017. "John and I are sharing responsibilities as he gets the opportunity to get up to speed," Herbert said.
Neogen’s Food Safety segment consists primarily of diagnostic test kits and complementary products sold to food producers and processors to detect dangerous and/or unintended substances in human food and animal feed. The company's Animal Safety segment makes and markets veterinary instruments, pharmaceuticals, vaccines, topicals, diagnostic products, rodenticides, cleaners, disinfectants, insecticides and genomics testing services.
The most recent quarter marked the first time Neogen exceeded USD 100m in quarterly revenues.
Except for a relatively quiet 2017, the company has been a steady buyer in recent years, with acquisitions typically valued in the single or low double-digit millions. External advisors have included Michigan-based Lowe Law Firm, which is named as Neogen's legal counsel in its most recent annual report.
Neogen has a market capitalization of USD 2.2bn.

WWD : Saint Laurent Joins JD.com’s Luxury Online Channel Toplife

Saint Laurent Joins JD.com’s Luxury Online Channel Toplife
Saint Laurent joins brands including La Perla and Emporio Armani on the platform aimed at reaching China's super wealthy online shoppers.

PARIS — Saint Laurent is expanding its e-commerce reach in Mainland China by joining online sales giant JD.com’s recently launched Toplife platform, the company said on Monday.

The luxury channel aimed at rich Chinese shoppers gives brands control over every aspect of their flagship’s appearance, which in Saint Laurent’s case means featuring not just its latest women’s and men’s collections, but also relevant videos, campaigns and news.

Saint Laurent will benefit from state-of-the-art functionalities that include same-day delivery, round-the-clock customer service, a large range of local payment methods and a special warehouse equipped with dust-free sealed spaces, strict temperature and humidity controls, and robotics.


Clients from major cities including Beijing, Shanghai, Guangzhou and Shenzhen will be able to order Saint Laurent products through Luxury Express, Toplife’s white-glove personal delivery service.

“Thanks to the sophisticated logistics network and the personalized platform provided by our partnership with Toplife, Saint Laurent will be able to implement its omnichannel development in China, securing a top-level luxury journey to our clients,” said Francesca Bellettini, president and chief executive officer of Saint Laurent.

“This partnership will offer an exceptional, coherent experience across different distribution channels, maintaining Saint Laurent’s privileged relationship with customers,” she added.

Saint Laurent last August joined the luxury speed-to-market crowd in China via a deal with the retail platform Farfetch, after JD made a significant investment in the London-based luxury platform. That followed the launch of dedicated Chinese web sites from brands including Bally, Gucci and Louis Vuitton.

Toplife was launched in October as a direct competitor to larger rival Alibaba’s Luxury Pavilion, a section within its B2C Tmall site unveiled in August as part of its New Retail initiative to reach out to the country’s super wealthy online shoppers.

Toplife counts brands including La Perla, Emporio Armani and Rimowa on its roster, while Luxury Pavilion carries labels such as Burberry, Hugo Boss and Guerlain.

“The addition of the beloved Saint Laurent brand is sure to excite our more discerning shoppers and help Toplife become China’s destination of choice for luxury e-commerce,” said Richard Liu, founder and ceo of JD.com.

JD is an e-commerce powerhouse in China, but it also has a big credit business and owns a vast logistics network that can reach 600 million people with one-day shipping. The company’s largest shareholder is Tencent, the owner of social media giant WeChat, making for a powerful data brew that can be used to target customers very specifically.