Milly Talking to Would-be Investors

Milly is checking its options.
The contemporary brand is said to be struggling with a cash crunch and slower sales and is in talks with multiple potential investors, according to several sources.
One source familiar with the process said at least one of the buyers was “nontraditional.” That’s in keeping with general trends in the dealmaking market, where many of the usual buyers for fashion brands have been burned by deals in the past and are steering clear of them or being very choosy.
It’s an opportunity that’s brought some new names to the sector, for instance, Mudrick Capital Management, a distressed-debt specialist that last year took a stake in Proenza Schouler.
Milly was founded by creative director Michelle Smith and her husband and brand president Andrew Oshrin in 2001. But the two are now said to be in the midst of a divorce, complicating the picture at the company.
There have been several warning signs from the company this year.
Milly opted not to stage a runway show during New York Fashion Week in February. It was also sued in New York state court last month by public relations and marketing specialist HL Group, which claimed it was owed $ 113,000 in retainer and consulting fees

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Billy Reid on a Growth Spurt as New Investors Come on Board

NEW YORK — It’s a new day at Billy Reid.
The Alabama-based designer recently sold a minority stake in his business and with that financial cushion is working with a new team to grow the brand to what he believes can be its full potential.
In addition to Joel Anderson, an Alabama businessman who has been a partner for close to a decade, the Kemmons Wilson Companies, a Memphis-based investment firm operated by the descendants of the founder of the Holiday Inn chain, recently invested as well. Kemmons Wilson also holds stakes in the Memphis Grizzlies NBA team, the Wiseacre Brewing Co., Central BBQ, Active Implants and businesses in the hospitality and insurance fields. It purchased an undisclosed percentage of the Billy Reid brand last year.
The latest company to provide funding is The Balvenie, Scotland’s premier single malt Scotch whisky. The deal, which is for one year but may be extended, will find Balvenie spirits being featured at Billy Reid’s 12 retail stores. It will sponsor his 11th annual Shindig festival in Alabama in August and host a series of in-store events in several stores.
Like many independent designer labels, Reid has struggled to find the cash to sustain and expand his business. Reid

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Nintendo Reassures Investors That Its 2018 Lineup Hasn’t Been Fully Revealed

Looks like Nintendo has more tricks up its sleeve for 2018.

At its most recent general meeting of shareholders former President Tatsumi Kimishima revealed that Nintendo had unannounced “products” in the pipeline that the company plans to release before the end of this year’s holiday season. As translated by DualShockers, Kimishima said that it’s not yet time to announce the full lineup.

Kimishima offered reassurances to shareholders, who had grown wary after Nintendo’s somewhat lackluster E3 announcements caused the company’s stock to sink.

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Theranos Founder Elizabeth Holmes and Her Ex-No. 2 Charged With Defrauding Investors

Federal prosecutors filed criminal charges against Theranos founder Elizabeth Holmes and Ramesh Balwani, the blood-testing company’s former No. 2 executive, alleging that they defrauded investors out of hundreds of millions of dollars and defrauded doctors and patients.
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Chinese Investors Continue Hot Pursuit of European Brands

CHINA CLUB: The march of the big-ticket Chinese investor continues. Having just announced plans to buy Bally for an undisclosed price, Shandong Ruyi may have another European acquisition it its sights: Arcadia Group.
The Chinese textile giant that controls SMCP and Hong Kong’s Trinity Group is said to be eyeing Arcadia, parent of Topshop and Topman, according to a report in The Sunday Times of London, which a Shandong spokesperson later denied. “This is not the case and needs to be clarified,” the spokesperson told WWD on Monday.
The report said Shandong could buy all or part of Arcadia, which also owns high-street retailers such as Burton, Miss Selfridge and Evans. The sale of the Topshop and Topman properties could prove trickier as Leonard Green & Partners holds a 25 percent stake in those businesses. LGP purchased the stake in 2012 in a deal that valued the retailers at 2 billion pounds.
An Arcadia spokesman could not be reached for comment on Sunday, and industry sources have dismissed the report, which appeared in the paper’s business section. It would not be unusual for the aggressive Shandong to be looking at any number of Western companies, given its recent buying spree.
Earlier this month, it

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