WWD : Pierre Bergé Unveils YSL Museums in Paris and Marrakech

Pierre Bergé Unveils YSL Museums in Paris and Marrakech
The designer's longtime companion and business partner attended a press conference in Paris despite a recent stint in hospital.



PARIS — Even illness couldn’t keep Pierre Bergé away from the press conference on Thursday unveiling the future Yves Saint Laurent museums in Paris and Marrakech, slated to open this fall.

A labor of love if ever there was one, the project grew out of the Fondation Pierre Bergé-Yves Saint Laurent, which since 2004 has been staging exhibitions to showcase items from its archive of 5,000 items of clothing, 15,000 accessories and tens of thousands of sketches by the late couturier.

“In 2002, when Yves Saint Laurent decided to retire, I decided to transform memories into projects. Others may try, but they have no memories, so they can always keep trying,” said the 86-year-old Bergé, feisty as ever despite being confined to a wheelchair after a stint in hospital for an undisclosed ailment.

“He came home about a week ago,” said his husband, American landscape gardener Madison Cox, who is vice president of both the Fondation Pierre Bergé-Yves Saint Laurent and the Fondation Jardin Majorelle in Morocco, which is adjacent to the new museum.

“He was absolutely insistent that he be there, because this is really the pinnacle of his [work], I think, for him: the idea of not just one, but two, museums in the two key places of their lives,” Cox told WWD.

In brief remarks, Bergé — Saint Laurent’s longtime companion and business partner — described their first visit to Marrakech in 1966 as “an exceptional case of love at first sight.”

The couple bought the Majorelle garden in 1980 to prevent it from falling into the hands of a promoter and turned it into an attraction that now draws 800,000 visitors per year. The new museum is the brainchild of architecture firm Studio KO, which has designed stores for brands including Balmain, Ami and Aesop.

Images of the institution were revealed for the first time at Thursday’s event, which was held before a packed audience in the Yves Saint Laurent lecture hall at the French Institute of Fashion, the higher education institution founded by Bergé in 1986.

Flanking the executive and philanthropist were Cox; Olivier Flaviano, director of the Yves Saint Laurent Museum in Paris; Björn Dahlström, director of the Yves Saint Laurent Museum in Marrakech, and Aurélie Samuel, director of collections at the Fondation Pierre Bergé–Yves Saint Laurent.

Guests included Francesca Bellettini, chief executive officer of Saint Laurent, which now belongs to French conglomerate Kering. Bergé thanked Kering chairman and ceo François-Henri Pinault and Bellettini for their help in building the museums.

The institutions open at a time when French fashion houses are moving to preserve their archives with state-of-the-art conservation facilities, and the French government is stepping up efforts to protect what it considers a key element of the country’s cultural heritage.

The country’s culture ministry in April unveiled a series of measures to safeguard the country’s fashion assets, including the creation of a permanent collection to be housed at the National Center for Visual Arts, which will purchase five designer pieces every season.

Cox noted that before Bergé and Saint Laurent, couture houses and their customers were in the habit of discarding designs from previous seasons.

“They were the first to really understand the importance of what they were doing and what he was creating,” he said. “No other fashion house ever had that policy, that dynamic or that philosophy to keep that. Today, they’re realizing that’s part of the house’s cultural heritage, or the nation’s cultural heritage.”

Cox last month attended the opening of the “Yves Saint Laurent: The Perfection of Style” exhibition at the Virginia Museum of Fine Arts in the United States.

“The attendance is breaking records for that museum for an exhibition, but they’re all new, younger-generation people discovering his work,” he said, noting that visitors included fashion and architecture students, among others.

“African-American visitors were saying, ‘Oh my god, I didn’t know he was the first designer to have a black model go down the runway in Paris.’ For them, it was something extraordinary. So it’s on all these different levels that people can discover or rediscover his work,” Cox explained.

The museum in Marrakech, set to open to the public on Oct. 19, will stretch over 43,000 square feet, including a permanent exhibition space showcasing Saint Laurent’s work, a temporary exhibition area, a research library, a store, a café with an outdoor terrace and a 150-seat auditorium that can host talks, concerts and film screenings.

“It’s obviously an Yves Saint Laurent Museum, but more than that, it’s a cultural center,” said Dahlström. “We want it to be a lively place and we have set up facilities that will allow us to host a dynamic program of events.”

The museum will kick off its cycle of temporary exhibitions with “The Morocco of Jacques Majorelle,” set to run from Oct. 19 to Feb. 6, 2018, featuring some 30 works by the painter. It will also present images shot by photographer André Rau in Marrakech in 1992 to mark the 30th anniversary of the couture house.

The building is designed to blend into its surroundings, with textured bricks that recall both fabric structures and the colors of the city. Though Studio KO has designed trendy venues like Chiltern Firehouse in London, designer Karl Fournier said he and his partner Olivier Marty were surprised to be chosen for the project.

“I’m going to interrupt Karl right away because naturally, I had dreamed of big international architects. I said to myself, why the hell should I bother with that?” interjected Bergé, prompting laughter from the audience.

Among the members of the museum’s honorary committee are Princess Lalla Salma, the wife of Morocco’s King Mohammed VI; Marella Agnelli; Marisa Berenson; Betty Catroux; Catherine Deneuve; Diane von Furstenberg; David Hockney; Bianca Jagger; Paloma Picasso; Jacqueline de Ribes, and Hedi Slimane.

The Paris museum is located at 5 Avenue Marceau, formerly home to Saint Laurent’s couture house and now the headquarters of the Fondation Pierre Bergé-Yves Saint Laurent. Visitors will be able to visit the former couture salons and Saint Laurent’s design studio for the first time.

The renovation is headed by stage designer Nathalie Crinière and interior designer Jacques Grange, who have worked on a number of the foundation’s art exhibitions since it opened in 2004. The exhibition space will be doubled in size and refurbished in the style of Saint Laurent’s original couture house.

Samuel said one room would be dedicated to showing the full development of a single collection, starting with Saint Laurent’s debut season under his own label in 1962 and changing every 12 months. “Every year, in rotation, people will come to see the new Yves Saint Laurent collection,” she said.

The museum’s opening on Oct. 3, during Paris Fashion Week, will coincide with the publication of several books and the screening of a documentary by Loïc Prigent on Franco-German network Arte on Oct. 1. The venue will host thematic exhibitions once a year, starting in October 2018 with “Asia Imagined by Yves Saint Laurent.”

Flaviano said the house had staged around 20 shows worldwide since 1983, when Saint Laurent became the first living designer to be honored with a retrospective at the Metropolitan Museum of Art. It is in talks with institutions in Japan, Australia and South Korea to organize exhibitions between 2019 and 2021, he added.

In closing, Bergé paid homage to Hector Pascual, the Argentine set and costume designer who was Saint Laurent’s assistant for a decade before being made custodian of the house’s archives from 1981 until the designer’s death in 2008.

“Hector Pascual kept what he could in a cellar,” said Bergé. “I remember in 1983, poor Diana Vreeland was sitting on a trunk, and that was how she did that exhibition at the Met. I imagine his joy if he were here today.”

>>> Akzo Nobel's special chemicals division eyed by several suitors; bidding pro

Akzo Nobel's special chemicals division eyed by several suitors; bidding process to start in September – report (translated)
09 JUN 2017
The special chemicals division of the Dutch paints and chemicals company Akzo Nobel [AKZA:EN Amsterdam], is drawing interest from several parties, the Dutch daily De Financiële Telegraaf reported, citing an interview published Thursday (8 June), in a newswire.
Thierry Vanlancker, the head of Akzo's chemicals division, in his interview with news agency Bloomberg, said that the bidding process for the division will start in September. At the same time, Akzo Nobel is also exploring the possibilities of an IPO for the division. It should be clear by early November whether the company decides to sell the chemicals division or bring the division to the stock market, the report said.
Earlier this year, the US based company PPG Industries [NYSE:PPG] made a takeover offer to acquire the entire company of Akzo Nobel. Akzo Nobel was opposed to this bid and responded with its decision to offer its chemicals division for sale. By selling this division and factually splitting Akzo Nobel up into two companies, the shareholders will receive more value for their money, Akzo Nobel announced. PPG finally withdrew its bid.
Akzo Nobel has hired Lazard, HSBC and JPMorgan to guide the split up of the company. It is expected this process will be finished by the first half of 2018, the report said.

>>> What to look at today - 9th of June 2017

Asia indices are mixed and volatility has finally settled after a near-24-hour spate of high-profile event risk. In the US, Pres Trump can find solace that he was not the target of FBI investigation. However the charged testimony by former FBI director Comey also paints him in a callous light, subsequent reports that AG Sessions may have had more undisclosed meetings with Russian diplomats, and indication that Democratic leadership is still prepared to pursue obstruction charges leaves the White House - along with its promise of tax reform and infrastructure spending - in peril. UK elections backfired on PM May, resulting in a hung Parliament rather than her initial intention of bolstering her Parliamentary majority going into Brexit negotiations. Tories' austerity-laden agenda was a tough sell, just as PM May's haphazard communication of policy commitment left her exposed to criticism of being unreliable in negotiations with EU. GBP plunged over 2 big figures to 1.27 after the initial exit polls suggested a strong showing for Labour, hit session lows near 1.2680 after Betfair briefly swung in favor of Labour's Corbyn becoming next PM, and then settled in mid 1.27 range once expectations were distilled to Conservatives ending the day with most votes but shy of the 326 seats needed to form a govt and likely relying on a coalition. PM May will likely pay the ultimate price in the Tory defeat, losing her post.

Nikkei +0.52% Hang Seng -0.45% CSI +0.30% Shanghai +0.13%

Eur$ 1.1197 CNH 6.7859 CNY 6.7974 JPY 110.30 GBP 1.2689 CHF 0.9688 RUB 56.99 WTI$ 45.53 -0.24%

S&P +0.09% EuroStoxx +0.11% FTSE +0.47% Dax -0.04% SMI -0.01%

Macro :
- U.K. Banks May Fall as Political Uncertainty Mounts After Vote
- French Legislative Election to See Record Abstention, Poll Says
- China May Consumer Prices +1.5% Y/y; Matching Estimate
- Dodd-Frank Rollback Needed Swipe Fee Cap Repeal: ABA’s Nichols
- Schaeuble: ECB on Path of Gradual Exit From Loose Mon. Policy

Keep an eye on :
- AF FP : Air France-KLM May Passengers Increased 5.9% to 8.8m
- AIR FP : Airbus Sees Demand for 35,000 Jets Worth $5.3 Trln Over 20 Years
- AMZN US : Dish Network, Amazon Said to Consider Possible Merger: Benzinga
- ARAMCO IPO : Saudi Aramco Said Not to Join FTSE 100 If It Lists in U.K.: FT
- MT NA : MT US +2.74% closed at 19.07 Euros vs 18.80 in europe
- CNA LN : Centrica Agrees to Sell Canadian E&P Ops; Buy Price of C$722m
- CSGN VX : Credit Suisse May Cut 1,500 London Jobs by End of 2018: Reuters
- DBK GY : Deutsche Bank Says Can’t Share Information on Trump Relationship
- EDF FP : French Regulated Gas Prices May Fall More Than 1%: Echos
- EDF FP : Edison SpA Confirms Talks for LNG Terminale Adriatico Stake Sale
- ENGI FP : French Regulated Gas Prices May Fall More Than 1%: Echos
- ENGI FP : Engie Sells 10% Stake in India’s Petronet LNG
- FRO NO : Seadrill, Frontline Leave OBX Index; Golden Ocean, NANO Enter
- GOGL NO : Seadrill, Frontline Leave OBX Index; Golden Ocean, NANO Enter
- GOOGL NO : SoftBank to Acquire Alphabet’s Boston Dynamics; No Terms
- DEC FP : JCDecaux Wins 5-Yr Advertising Contract for Hong Kong Tramways
- KNIN VX : Kuehne + Nagel Raised to Buy at Kepler Cheuvreux, PT CHF176
- 1999 HK : Man Wah Jumps 26% After Denying Muddy Waters Allegations
- MHG NO : Marine Harvest Signs EUR1.206b 5Y Revolving Credit Facility Pact
- NANO NO : Seadrill, Frontline Leave OBX Index; Golden Ocean, NANO Enter
- OR FP : enters into exclusive discussions with Natura regarding The Body Shop"
- RIO LN : Rio Tinto Urged to Forget M&A by Citigroup on Deal Premium Risks
- SAN SM : Santander May Cut About 3,000 Jobs in Popular Merger: Expansion
- SDRL NO : Seadrill, Frontline Leave OBX Index; Golden Ocean, NANO Enter
- STL NO : Statoil to Explore Great Australian Bight After Deal With BP
- STL NO : Statoil, Aker BP Mull Joint Krafla, North of Alvheim: Upstream
- SYNN VX : Syngenta Sells Sugar Beet Seeds Business to DLF Seeds
- VIFOR VX : Vifor, Fresenius Medical Grant Kissei Rights to Market Avacopan
- ZC FP : Zodiac Says Family Holders With More Than 18% to Tender Shares

>>> Europe : Brokers Upgrades & DOwngrades - 9th of June 2017

>>> Up
*Gem Diamonds Raised to Sector Perform at RBC, PT 100p
*HeidelbergCement Raised to Hold at Kepler Cheuvreux, PT EU86
*HeidelbergCement Raised to Outperform at MainFirst, PT EU105
*RWE Raised to Add at AlphaValue
*Uniqa Raised to Overweight at JPMorgan, PT EU10

>>> Down
*Eurotunnel Cut to Equal-weight at Barclays
*IMCD Cut to Hold at ING

>>> Initiation
*Kimberly-Clark New Hold at Berenberg
*Ontex New Buy at Berenberg
*Petrofac New Buy at Kepler Cheuvreux, PT 700p
*SCA New Sell at Berenberg

WWD : Nordstrom Looking to Go Private

Nordstrom Looking to Go Private
Members of the family run department store chain have formed a group to exploring buying the business.

Nordstrom Inc. is considering going private.
The Nordstrom family has formed a group to explore the possibility of pursuing a “going private transaction” involving the acquisition by the group of 100 percent of the outstanding shares of common stock of the company. The group has not yet made a proposal to the company regarding any such transaction.
The board of directors has formed a special committee comprised of the independent directors to explore the possibility of going private.
Centerview Partners LLC has been retained to serve as its financial adviser and Sidley Austin LLP will serve as legal counsel.
The family members involved include copresidents Blake W. Nordstrom, Peter E. Nordstrom, and Erik B. Nordstrom, and president of stores James F. Nordstrom, as well as chairman emeritus Bruce A. Nordstrom, and Anne E. Gittinger.

>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance
:
  • DTEA -8.9%, GEF -8.8%, CMTL -6.7%, MTN -4.1%, DVMT -4%
Other news:
  • NLNK -28.9% (Roche (RHHBY) to return rights to IDO inhibitor GDC-0919)
  • URBN -13.3% ( discloses that 'thus far during the second quarter of fiscal 2018, comparable Retail segment net sales are high single-digit negative' in 10Q)
  • USDP -10.9% (prices 3 mln Common Units at $11.60 per Common Unit )
  • CGG -10.8% (reports final data from Encontrado project over Perdido fold belt )
  • MZOR -9.3% (announces that in May, the Israeli Securities Authority conducted a search at the offices of Mazor and also questioned certain officers in connection with an investigation)
  • CORT -5% (being attributed to block trade pricing)
  • MSL -3.5% (announces public offering of $50 mln of common stock; to reduce the Company's quarterly cash dividend)
  • RGSE -3.4% (filed for 6,127,404 shares of Class A common stock upon exercise of existing warrants)
  • BKCC -1.6% (commences offering of $125 mln of senior unsecured convertible notes due 2022)
  • CAA -1% (announces offering of 42.8 mln shares of the Co's common stock, including 10 mln shares being offered by MP CA Homes ), .
Analyst comments:
  • LGCY -5.3% (downgraded to Sell at Stifel)
  • JUNO -5% (downgraded to Sell from Neutral at BTIG Research)
  • DECK -1.3% (downgraded to Neutral from Buy at Buckingham Research)
  • HA -0.9% (downgraded to Hold from Buy at Deutsche Bank)

>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance
:
  • MIND +21.7%, (light volume), BABA +12.8%, (guidance at Investor Day) OKTA +7.1%, AGX +4.1%, ONVO +3.9%, SJM +3.1%, NEPT +2.7%, VRNT +2%, FCEL +1.9%, ABM +1.7%, (also SVP/President of ABM Technical Solutions Scott Giacobbe elected EVP and will succeed James McClure as EVP/COO effective November 1 2017)
M&A news:
  • SCLN +8.4% (Buyer Consortium will acquire all the outstanding shares of SciClone for $11.18/share in cash)
  • VRX +2.7% (to sell its iNova Pharmaceuticals business to a company jointly owned by funds advised and managed by Pacific Equity Partners and The Carlyle Group (CG) for $930 mln in cash)
  • FOR +0.9% (determines that DHI's proposal to acquire the co for $16.25 'could reasonably be expected to lead to a Superior Proposal)
  • P +0.2% (Sirius XM Radio (SIRI) in talks to make an investment in Pandora after outright acquisition talks are said to have ended without a deal, according to Reuters)
Select China/BABA peers and related names showing strength following BABA's guidance at Investor Day:
  • BZUN +10.8%, YHOO +9.7%, JD +4.8%, MOMO +3.1%, BIDU +2.4%, WB +2.1%, SINA +1.7%
Other news:
  • INSG +37.8% (Inseego terminates TCL transaction to sell MiFi business, plans to restructure, changes leadership, details improved profitability outlook; will call at 8:30am ET on June 8 )
  • NXTD +17.5% (announces its Token Service Provider solution has been successfully integrated with the Visa Token Service and is now qualified as a Visa TR-TSP partner through the Visa Ready Program)
  • DRWI +17.1% (seeing continued strength; also Nasdaq Hearings Panel granted the Company's request for continued listing)
  • VSTM +14.6% (will present long-term follow-up data from the DYNAMO study at the ICML)
  • COOL +11.7% (announces pre-clinical results demonstrating that its lead product, SkinTE)
  • ONCS +7.5% (granted orphan designation by the FDA for DNA Plasmid Vector encoding IL-12)
  • MOSY +5.4% (continued strength following 125% move y'day)
  • CASC +5% (confirms the FDA granted orphan designation to tucatinib for the treatment of breast cancer patients with brain metastases)
  • AMD +3.8% (continued strength)
  • CVNA +2.7% (extending earnings related move higher)
  • INO +2.7% (commences its phase 3 clinical program to evaluate the efficacy of VGX-3100 to treat cervical dysplasia caused by HPV after FDA removes clinical hold)
  • SSTI +1.8% (IPO seeing continued strength)
  • RGNX +1.3% (AveXis and REGENXBIO announce an exclusive worldwide license agreement for AveXis)
  • TPX +1.2% (10% owner H Partners disclosed the purchase of 100K shares)
Analyst comments:
  • NVDA +3.4% (target raised to $180 from $145 at Citigroup)
  • KITE +2.3% (upgraded to Buy from Neutral at BTIG Research)
  • BHP +0.8% (upgraded to Buy from Neutral at UBS)
  • EBAY +0.6% (target raised to $41 from $36 at Citigroup)

>>> Alibaba Investor Day Notes

Alibaba Investor Day Notes (125.64)
  • Most important thing is to build an infrastructure, to make all transactions easier.
  • The Alibaba economy is driven by big data.
  • Over 500 million monthly active users.
  • 75% of top 100 consumers brands are in the Tmall.
  • Wants to help merchants become a digital operation by digitizing 5 retail components: customers, product inventory, orders, payment, and loyalty.
    • Customers, digitize customer footprints.
    • Get product listing to be digitized, so inventories can be shared both online and offline w/merchants.
    • Orders, digitize orders to be electronic.
    • Payment, Ali Pay helps merchants digitize payments.
    • Loyalty, if able to get all 4, will drive loyalty to merchants.
  • Seeing demand from merchants to help them do marketing more efficiently.
    • Can help retail customers manage platform across the Alibaba economy.
    • All data can be collected and managed, which allows merchants to manage their customer footprints across platforms.
  • Alibaba Cloud is evolving from infrastructure service.
  • Digital Media Entertainment Platform Expansion
    • People will need more and more digital content on top of physical products to give people more selection in their consumption.
    • Trying to build a content generation ecosystem system to generate content in different formats: video, news feed, live, events, movies.
    • Will continue to invest in content to enhance content.
    • Working to improve monetization in digital media.
    • Wants to cross entire customer life cycle when they are in different apps.
  • Reached $547 billion in GMV in FY17.
    • Ahead of Walmart (WMT).
    • 79% of GMV revenue from mobile.
    • Represents 11% of China retail sales.
    • Aims to achieve $1 trillion in GMV by FY2020.
    • Only giving annual GMV metrics moving forward.
  • The advantage to mobile is that there is more data.
  • Metric changes
    • "Annual Active Buyer" will change to "Annual Active Consumer".
    • "Online Management Revenue" will change to "Customer Management Revenue".
  • Financial Guidance
    • Expecting 45-49% revenue growth in FY18. 10% points higher than the consensus number.
    • With growing base, can continue to accelerate revenue growth.
    • Not talking about next quarters margins.
    • Willing to invest money into the expansion of the consumer base.
Shares of Alibaba are trading up 12.7% in pre-market trading at $141.60/share.