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URW appoints Kathleen Verelst as managing director for investment

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December 9, 2025

Unibail-Rodamco-Westfield (URW) has announced the appointment of Kathleen Verelst as chief investment officer, effective from January 1, 2026. She will also join the Group’s Management Board. This appointment follows the recommendation of the Governance Committee and comes as URW prepares its 2025-2028 strategy.

Portrait of Kathleen Verelst – LinkedIn

URW remains one of Europe’s leading players in the commercial real estate sector. The Group owns 66 shopping centres in 11 countries, including 40 under the Westfield brand, with a total portfolio valued at €49 billion. URW is also pursuing urban and sustainable projects, in line with its ‘Better Places’ plan. Its shares are listed on Euronext Paris.

Kathleen Verelst has over 30 years’ experience in real estate and finance. She has worked at the investment bank Morgan Stanley, as well as at law firms in New York. Between 2021 and 2024, she served as senior adviser to URW. In this role, she helped the Group reduce its debt and dispose of 17 assets in the US for a total of $3.3 billion.

She succeeds Vincent Rouget, who will become chairman of the Management Board in 2026. In her new role, Kathleen Verelst will be responsible for investment policy and capital allocation. She will oversee strategic projects across the Westfield portfolio and develop new growth opportunities, including through capital-light projects and co-investments.

URW’s management emphasises that her international experience and deep knowledge of the Group make her a key asset in delivering the 2025-2028 roadmap. Her expertise in real estate, finance, and complex operations should strengthen the Group’s ability to continue its transformation.

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TPG is said to consider stake sale or IPO for jeweler APM Monaco

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December 11, 2025

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Bloomberg

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December 11, 2025

Private equity firm TPG Inc. is considering options for APM Monaco, including a possible stake sale or an initial public offering of the jeweler, according to people familiar with the matter.

APM Monaco

TPG is working with an adviser and may start a dual-track process early next year, the people said, asking not to be identified discussing private information. The US investment firm is aiming to fetch a valuation of at least $2 billion for the company in a deal, one of the people said.

Deliberations are preliminary and TPG might decide to keep the asset for longer, the people added.

A representative for TPG declined to comment.

A TPG-led consortium acquired a 30% stake in APM Monaco in 2019, and in 2021 documents were submitted for a Hong Kong IPO that never materialized. The following year, the group started sounding out potential interest in its stake, Bloomberg News reported, though TPG said at the time it didn’t plan to sell. 

European private equity firm Trail and China Synergy, an investment firm backed by TPG and China international Capital Corp., were also part of the investor group that bought the stake in APM Monaco six years ago.

TPG had $286 billion in assets under management as of the end of September. The US buyout firm invested in APM Monaco through its Asia-focused private equity platform. 

APM operates about 500 jewelry stores globally, according to its website.



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Caleres sales lift on Stuart Weitzman acquisition

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December 11, 2025

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December 11, 2025

Caleres on Tuesday reported a 6.6% uptick in sales to $790.1 million for the third quarter, on the back double-digit growth in the American footwear firm’s brand portfolio.

Caleres

The St. Louis-based company said brand portfolio segment sales surged 18.8%, thanks to the recently acquired Stuart Weitzman brand.
Without the acquisition, which was announced in February, sales increased just 4.6% on last year.

Elsewhere, Famous Footwear sales decreased 2.2%, with comparable sales down 1.2% for the three months ending November 1.

During the quarter, net earnings fell to $2.4 million, or earnings per diluted share of $0.07, compared to net earnings of $41.4 million or earnings per diluted share of $1.19 in the prior-year period.

“Caleres delivered third quarter sales results that were ahead of our internal expectations, highlighted by organic sales growth in our brand portfolio segment, strong lead brands performance, sequential improvement in trends at Famous Footwear, and accelerated e-commerce momentum in both segments of our business,” said Jay Schmidt, president and chief executive officer at Caleres.

“With the recent addition of Stuart Weitzman, our brand portfolio now drives nearly half our sales and more than half our operating earnings. As we expected, we experienced pressure on our earnings from tariffs and near-term acquisition dilution, however, the fundamentals of our business are improving.”

Caleres acquired footwear brand Stuart Weitzman from luxury heavyweight Tapestry in February for just $105 million. The cash deal was completed this summer.

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Groupe Dynamite lifts 2025 outlook after Q3 revenue surge

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December 11, 2025

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December 11, 2025

Groupe Dynamite on Tuesday posted strong third-quarter results, reporting double-digit sales growth and increasing its full-year guidance.

Groupe Dynamite lifts 2025 outlook after Q3 revenue surge. – Dynamite

Revenue for the quarter rose 40.3% to $363.0 million from $258.8 million a year earlier, driven by a 31.6% increase in comparable store sales and contributions from new locations. Online revenue grew 43.3% to $63.2 million.

The Canadian fashion retailer behind the Dynamite and Garage brands posted net earnings of $41.1 million, up 101.7% from a year earlier, with diluted earnings per share rising to $0.71 from $0.38.

Operating income surged 90.3% to $120.1 million, while adjusted EBITDA rose 67.5% to $146.1 million.

“Our teams once again demonstrated the strength of our values-led culture. What we delivered this quarter across product, stores, and digital reflects the intention, discipline, and agility that continue to set us apart. We’re well into our journey to elevate and premiumize both brands, and the customer response remains strong,” said Stacie Beaver, president and chief operating officer.

“Operationally, our real estate strategy continues to be a core pillar, with 17 gross openings year-to-date positioning us for sustained, high-quality traffic. On digital, we’re encouraged by the 40 basis points increase in e-commerce penetration in Q3 2025, as we enhance our platforms to support richer storytelling and more seamless experiences. With a solid foundation, real momentum, and teams who move fast and stay aligned, we enter Q4 confident in our ability to raise performance, strengthen brand experiences, and deepen our community connections.”

Looking ahead, the company increased its fiscal 2025 outlook and now expects comparable store sales growth of 25.5% to 27.5%, up from 17% to 19%. 

The company said its outlook remains subject to risks, including tariffs, real estate delays, weather disruptions, changes in consumer demand and IT or supply chain issues.

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