Best Buy to buy back $5 billion of its shares
Minneapolis — Best Buy Co. said Tuesday that it will buy back $5 billion of its common stock and raise its quarterly dividend by 7%.
The retailer said that the buyback replaces a $5.5 billion repurchase program that had about $800 million left as of May 28. The announcement came just ahead of its shareholders meeting in Richfield, Minn.
Versace coming to H&M
STOCKHOLM — H&M announced that it is collaborating with Versace for its autumn 2011 designer collection. Designed by its creative director Donatella Versace, the exclusive collection will look back to the vibrant heritage of the brand, full of leather, print, colour and exuberance in exclusive materials at fantastic H&M prices, according to the company. The collection will include ranges for women, men and selected pieces for the home. It will be available from Nov. 17 in around 300 stores worldwide, as well as on-line. In addition, Donatella Versace has also designed a pre-spring collection for H&M which will be exclusively available in countries with H&M on-line sales from Jan. 19, 2012.
"Versace is one of the most important brands of recent times, and their collection for H&M will be glamorous and flamboyant – everything Versace stands for. Donatella Versace is sharing with us iconic designs from the archives. This is such a celebratory collaboration and it is perfect for the party season, " says Margareta van den Bosch, creative advisor at H&M.
Long-time apparel exec joins Williams-Sonoma board
SAN FRANCISCO — Williams-Sonoma that its board of directors has elected Rose Marie Bravo to the board.
Bravo served as CEO of Burberry Group plc from 1997 to 2006 and then as vice chairman until 2007. Bravo served as President of Saks Fifth Avenue from 1992 to 1997, with responsibility for merchandising, marketing and product development. Prior to Saks, she held a number of positions at R.H. Macy & Co., including chairman and CEO of the I. Magnin specialty division from 1988 to 1992. She currently serves on the boards of directors of The Estée Lauder Companies Inc. and Tiffany & Co. Bravo was named the most powerful woman in fashion by Time Magazine in 2004, and she was included in the Forbes list of “The 100 Most Powerful Women in the World” in 2005.
“Rose Marie Bravo is an icon in the retail world,” said Adrian Bellamy, chairman of the board of directors of Williams-Sonoma Inc. “As Williams-Sonoma continues its global expansion, we are confident that Rose Marie will play a key role in guiding our success.”