Corporate Governance

Indianapolis -- Simon, in concert with joint-venture partner PREIT-Rubin, has broken ground on Gloucester Premium Outlets in Gloucester Township, New Jersey, a multi-million dollar upscale outlet destination that will bring more than 80 retailers to the southern New Jersey market.

New York -- Lululemon Athletica Inc.’s founder, Dennis "Chip" Wilson, reached an agreement to sell half his stake in the women's yoga-wear company to Advent International of Boston for $845 million. The deal will give Advent, which owned shares of Lululemon from 2005 to 2009 and was one of the company's early venture capital backers, 20.1 million shares, or 13.9% of the company (Lululemon went public in 2009). It also gives Advent two seats on the board, including Advent's managing partner David Mussafer, who will become co-chairman of the retailer.

A more cautious consumer led to weaker-than-anticipated traffic at Hibbett in the second quarter, prompting the sporting goods retailer to revise its earnings expectations for the full year.

Net sales for the 13-week period ended August 2 are expected to increase 4.2% to $194 million compared with $186.2 million for the year-ago period. Comparable store sales are expected to increase 0.1% for the quarter.

Seattle – Online specialty jewelry and diamond retailer Blue Nile Inc. reported net income of $2.17 million for the second quarter of fiscal 2014, a 1% drop from $2.2 million in the second quarter of the previous fiscal year. Net sales also decreased 1%, to $1.06.6 million from $108 million.

Blue Nile cited falling diamond prices as having an adverse effect on its financial performance during the quarter.

New York – Kenneth Cole Productions Inc. is launching an omnichannel marketing campaign to support specific charitable projects under three company pillars – Collective Health, Civil Liberties, and Artistic Activism. The advertising campaign will be supported by a national print, outdoor, digital, and social media plan.

Los Angeles – American Apparel has relocated its Aix-en-Provence store in France. Set in a former private hotel, the new location features an open, single floor layout and flower garden.

The shop maintains much of the building's early architecture including stone walls, a fireplace (transformed into a shoe display) and double front doors depicting the city's emblem of two lion faces. With history dating back to the 16th century, it marks the company's oldest interior in Europe.    

Phoenix – Sprouts Farmers Market Inc. reported net income of $30.2 million in the second quarter of fiscal 2014, more than double the $12.5 million profit reported in the same quarter a year earlier. The elimination of pre-tax loss on extinguishment of debt of $8.2 million in the first quarter of fiscal 2013 helped boost Sprouts’ net income.

Redmond, Wash. – Microsoft Corp. is reportedly negotiating to open a new store on Fifth Avenue in Manhattan. According to the New York Daily News, the site is only a few blocks from Apple’s large “glass cube” store in New York.