Women's Wear Daily

Taubman Sells 50 Percent Stake in Asia Centers

Taubman Centers Inc., reporting strong results for 2018,  has agreed to sell a 50 percent stake in its ownership in three Asia-based shopping centers to The Blackstone Group LP. Taubman said the deal will help reduce debt, increase liquidity, provide a better return on equity, and that the interests being sold are valued at $480 million. The Bloomfield Hills, Mich.-based developer said it would remain the partner responsible for the management of the three shopping centers, Stafield Hanam in South Korea; CityOn.Xi’an in China and CityOn.Zhengzhou in Zhenghou, China. The deal leaves Taubman with a 17.15 percent in the South Korea property; a 25 percent stake in the Xi’an property and a 24.5 percent stake in the Zhengzhou property. The company also said it will continue to pursue projects in Asia, though none are expected to be announced this year. Taubman is developing a project in Anseong, South Korea with Shinsegae. The Blackstone deal is “consistent with Taubman’s history of recycling capital for growth once value is created from development projects,” said Robert S. Taubman, chairman, president and chief executive officer. “We think Blackstone will be a valuable strategic partner that can help us grow our platform in Asia. “We are looking at a number

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Pandora Names Alexander Lacik CEO

PARIS — The search is over at Pandora, the world’s largest jewelry company, which on Thursday named Alexander Lacik as its new chief executive officer. His start date is yet to be confirmed. Lacik, who is from Sweden, succeeds Anders Colding Friis, who parted ways with the embattled company in August, and will be tasked with spearheading its recently launched Programme NOW, a two-year turnaround roadmap geared at driving sustainable growth and reigniting brand heat. Chief operating officer Jeremy Schwartz and chief financial officer Anders Boyer have been jointly manning the ship in the interim period. Lacik joins the Danish charm specialist from Britax Ltd., a world leader in child safety products. Peder Tuborgh, chairman of the board of directors at Pandora, described Lacik as “a brilliant marketer and brand architect.” “Throughout his career [he has] shown himself as a great leader and a highly effective executor. His skills and experience will be key to revitalizing the Pandora brand,” he said. Lacik’s international experience also includes stints as president of North America at Reckitt Benckiser, where he is said to have contributed significantly to the company’s growth turnaround, and positions in sales and marketing with Procter & Gamble. Among other recent appointments at Pandora as it looks to

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