Net-a-Porter founder joins fashion e-commerce site Farfetch
Natalie Massenet, the founder of designer e-commerce website Net-a-Porter, has bagged a new role at online luxury-fashion platform Farfetch.
Ms Massenet will serve as non-executive co-chairman of Farfetch, partnering with that site’s chief executive, founder and executive co-chairman José Neves, the company said in a statement on Tuesday. She will focus on expanding Farfetch’s global brand and building partnerships in the fashion industry, the statement said.
Mr Neves said in a statement that Ms Massenet is “THE undisputed pioneer, paving the way for the rest of us by demonstrating that not only could luxury be sold online but also that the internet would eventually become the primary way consumers engage with brands, globally.
The move has been rumoured to be in the works for several months, as the battle for dominance in the world of luxury online retailing heats up.
Ms Massenet founded Net-a-Porter in 2000 and spent 15 years building it into a dominant force in the luxury digital retail world, expanding its stable of related sites and brands until her surprise departure in 2015, following its merger with Yoox.
She said in a statement that she was looking forward to working with Mr Neves. “What Farfetch has done to rewrite the rulebook on how technology can work alongside bricks and mortar to elevate the customer experience stands out in the industry – when José asked me to come on board it was an opportunity I couldn’t turn down.”
SoftBank plans to merge satellite groups OneWeb and Intelsat
Tie-up involves a capital injection of $1.7bn in cash from Japanese group
SoftBank plans to invest $1.7bn to drive consolidation in the space technology sector with the merger of OneWeb, the US satellite start-up it backs, and Intelsat, the heavily indebted commercial satellite operator.
The Japanese technology group said on Tuesday it expected to acquire a 40 per cent voting stake in the combined entity through a purchase of common and preferred shares, which will help to reduce Intelsat’s debt by $3.6bn. But the deal is conditional on bondholders agreeing to the debt exchange offers over the next 90 days.
Intelsat’s debt maturing in 2023 whipsawed after news of the deal leaked, rising from 43 cents on the dollar to a high of 62 cents before paring some of its advance. The group’s 2024 maturing bonds jumped 14 cents on the dollar to 80 cents.
Its share price in New York gained 25 per cent on Monday, reaching $5.87 and giving the company an equity value of $661m. However, after SoftBank said it plans offer $5 per share in cash for shares it will purchase in the combined group, Intelsat’s shares retreated in pre-market trading.
“We are in the midst of a technological revolution . . . provided we receive the necessary co-operation from Intelsat bondholders,” said Masayoshi Son, the billionaire founder of SoftBank.
Intelsat has laboured under a debt load of more than $15bn after its 2008 leveraged buyout by private equity groups BC Partners and Silver Lake. The company has completed distressed debt exchanges to reduce liquidity strains, moves that rating agency S&P Global has said constitutes default.
The Luxembourg-based company has struggled to increase revenues since its buyout, with sales sliding in each of the past three years. Jacques Kerrest, Intelsat’s chief financial officer, told analysts on a conference call in October that the company’s priority last year was to “raise liquidity” through the debt exchanges.
The move by SoftBank came just two months after OneWeb raised $1.2bn from the Japanese group and other investors.
OneWeb, which competes with Elon Musk’s SpaceX, has said it would use fresh capital from its latest funding round in December to launch a satellite network to provide affordable internet access to remote parts of the world. In addition to SoftBank, the US venture is also backed by US chipmaker Qualcomm, the European aerospace group Airbus, Sir Richard Branson’s Virgin, and Bharti, the Indian conglomerate.
OneWeb already has existing ties with Intelsat, which invested $25m in the venture in 2015.
“As an early equity investor in OneWeb, we recognised a network that was . . . a fit with our long-term strategy,” said Stephen Spengler, Intelsat’s chief executive.
Noting that the two companies’ technologies are complementary, with a shared goal of applying satellites to bridge the digital divide, Jefferies analyst Giles Thorne said: “We’d therefore suggest that SoftBank’s intent is to back an operator with the asset mix to be structurally relevant long-term in the big data verticals of tomorrow, such as the connected car.”
SoftBank’s involvement in the shake-up of the satellite industry comes as Mr Son is also preparing to consolidate the US telecoms industry. Mr Son has recently said he is open to all options for Sprint, the US wireless carrier SoftBank owns, including a merger with rival T-Mobile USA or other companies.
Mr Son’s deal activity has accelerated after SoftBank spent $32bn to acquire UK chip designer Arm last year. Most recently, the company positioned itself in the world of private equity and hedge funds with a $3.3bn acquisition of US alternative asset manager Fortress Investment Group.
More acquisitions are expected as SoftBank emerges as one of the world’s largest investors with the imminent launch of its record-setting $100bn technology fund.
SoftBank said it expects to approach the Vision Fund and may transfer its shares in the OneWeb/Intelsat deal pending regulatory and investor approval.
Gapping down
In reaction to disappointing earnings/guidance:
- FRGI -14.6%, (also provides strategic update), ESND -14.4%
- I -13.6%, (confirms it will merge w/ OneWeb in a share-for-share transaction; also confirms a definitive share purchase agreement pursuant to which SoftBank (SFTBY) will invest $1.7 bln in newly issued common and preferred shares of the combined co)
- TGT -13.2%, CEMP -11.9%
- PRGO -11.4%, (also announces the resignation of CFO Judy Brown effective April 1, 2017; Ron Winowiecki appointed CFO effective immediately; to divest Tysabri royalty stream for up to $2.85 billion )
- THC -11.3%, KONA -9.9%, NVAX -9.8%, OPHT -7.9%, SPNS -7.3%, FTR -7%, AAC -6.5%, KRA -5.9%, WDAY -5.3%, ZTO -4.5%, EXEL -4.3%
- IPWR -4.2%, (enters into a definitive securities purchase agreement with various investors to raise gross proceeds of approx. $15 mln in a private placement of common stock and warrants to purchase common stock)
- CPE -4.2%, VRX -4.2%, KTOS -3%, DS -2.3%, ENDP -2%, LNG -1.9%, GPL -1.6%, OKS -1.5%, KITE -1.5%, APLE -1.2%, AZO -0.9%
Other news:
- NVAX -9.8% (pulling back after closing near highs with notable afternoon move to highs)
- OWCP -9.3% (after closing approx 30% higher on Monday)
- TTNP -7.9% (receives FDA communication on ropinirole implant Investigational New Drug Application; FDA indicated that it will require final release test data)
- PULM -7.2% (continued strength)
- HTGM -7.2% (modestly pulling back following 154% gain yesterday)
- ORA -4.2% (provides response to reports about potential transaction)
- TCAP -3.6% (announces the commencement of a public offering of 7,000,000 shares of common stock ), O -2.5% (upsizes offering by by 2.05 mln shares and prices 10.85 mln shares shares of common stock at $62.00)
- KR -1.8% (in sympathy with TGT results)
- TZOO -1.6% (following PCLN results)
- SQ -1.3% (commences $350 mln offering of convertible senior notes due in 2022)
- WMT -1.2% (in sympathy with TGT results)
- JPM -0.9% (hosts Investor Day, provides Q1 outlook)
Analyst comments:
- CENX -3.8% (downgraded to Sell from Hold at Deutsche Bank)
- FSLR -3.4% (initiated with a Sell at Axiom Capital)
- TRIP -1.4% (downgraded to Underperform from Hold at Needham)
Gapping up
In reaction to strong earnings/guidance:
- NTRI +19.4%, PAH +5.6%, KND +5.1%, BWXT +5%, FRO +4.8%, USCR +4.7%, IONS +4.5%, GOGL +4.4%, TCMD +4.3%
- PCLN +4.2%, NRG +4.2%, AMRN +4.1%, ICD +3.7%, ANTH +3%, ESV +2.8%, DPZ +2.7%, HTZ +2%, WUBA +2%, HSKA +1.9%
- NLNK +1.9%, EOG +1.6%, ALB +1.5%, GAIA +1.2%, SGMO +1%
M&A news:
- SBY +17.9% (Silver Bay Realty Trust agrees to be acquired for $21.50 per share in cash)
Select metals/mining stocks trading higher:
- SBGL +2.1%, GOLD +1.7%, GFI +1.7%, AKS +1.2%, AU +1%, GDX +1%, NEM +0.9%
Other news:
- ROX +45.2% (announces an agreement to supply Goslings Stormy Ginger Beer and Goslings Stormy Diet Ginger Beer to all U.S. Walmart (WMT) stores)
- NSPR +15.4% (continued strength), INUV +13.5% (Inuvo's Vertro and Google entered into a Google Services Agreement)
- LIFE +10.1% (announces that its product candidate Resolaris was granted Orphan Drug Designation by the FDA for the treatment of limb girdle muscular dystrophy patients)
- DRYS +8.6% (to initiate a new dividend policy; will pay a regular fixed quarterly dividend of $2.5 million to the holders of common stock)
- CANF +7.7% (announces new data that 'show its liver disease drug candidate Namodenoson (CF102) prevented liver (hepatic) fibrosis progression in preclinical studies)
- AMD +1.1% (continued strength)
Analyst comments:
- DRRX +2.9% (resumed with a Buy at H.C. Wainwright)
- X +2.8% (upgraded to Outperform from Market Perform at Cowen)
- CSX +1.7% (upgraded to Buy from Hold at Deutsche Bank)
- AYR +1.3% (upgraded to Neutral from Underperform at BofA/Merrill)
Early premarket gappers
Gapping up: NTRI +20.4%, SBY +16.7%, NSPR +15.4%, INUV +13.5%, DRYS +11.2%, AMRN +7%, FRO +5.2%, KND +5.1%, BWXT +5%, TCMD +4.3%, GOGL +4.3%, NRG +4.2%, PCLN +3.8%, ENDP +3.8%, ICD +3.7%, ESV +2.8%, HTZ +2.7%, HTZ +2.7%, X +2.6%, WUBA +2.5%, SBGL +2.4%, EOG +2.4%, IONS +2.3%, GOLD +2.1%, AMD +2%, LXU +1.8%, GFI +1.7%, HMY +1.6%, ALB +1.5%, PAH +1.5%, RRC +1.4%, AU +1.3%, DB +1.2%, GAIA +1.2%, AKS +1.1%, GDX +1.1%, NEM +1%, SGMO +1%
Gapping down: FRGI -15.8%, ESND -14.4%, THC -12.3%, TGT -11.9%, PRGO -11.7%, KONA -9.9%, FTR -9.1%, CEMP -8.3%, NVAX -8%, NVAX -8%, TTNP -7.9%, HTGM -7.2%, OPHT -7.2%, AAC -6.5%, EXEL -5.6%, WDAY -5.1%, WDAY -5.1%, KRA -5%, KTOS -4.9%, ZTO -4.3%, ORA -4.2%, IPWR -4.2%, CPE -4.2%, TCAP -3.8%, VRX -3.1%, PULM -2.8%, FSLR -2.6%, O -2.5%, TRIP -2.3%, GPL -2.1%, STM -2%, SQ -1.8%, BHP -1.8%, ASML -1.8%, TZOO -1.6%, ING -1.5%, KR -1.5%, I -1.4%, APLE -1.2%, WMT -1.1%, JPM -1.1%, HPP -1%, RDS.A -1%, C -0.9%, RIO -0.9%
Intrepid Potash misses by $0.07, beats on revs
- Reports Q4 (Dec) loss of $0.19 per share, excluding non-recurring items, $0.07 worse than the Capital IQ Consensus of ($0.12); revenues fell 1.4% year/year to $42.2 mln vs the $28.54 mln two analyst estimate.
- "As we look into 2017, we expect to see the full benefit of recent potash price increases and the margin benefit of solar potash tons. We have placed Trio tons in strategic locations both domestically and abroad and believe we are well-positioned to capitalize on a strong spring season. Moving forward, we remain focused on selectively selling potash into high-margin opportunities, expanding our global presence for Trio, improving our overall cost profile, and optimizing our asset portfolio.