Retailers Settle with FTC Over Fur Mislabeling
The Federal Trade Commission (FTC) announced today that three clothing retailers have agreed to settle based off of charges that they “misled consumer by marketing that products contained ‘faux fur,’ when in fact, the products contained real fur.”
Retailers named in the case include Nieman Marcus, DrJays.com and Eminent Inc/Revolve Clothing. Neiman Marcus, through their website, misrepresented fur products and failed to disclose the animal name and country of origin for a Burberry Outerwear Jacket, A Stuart Weitzman Ballerina Flat shoe, and an Alice + Olivia Kyah Coat. The shoe was misrepresented in Neiman Marcus’s catalog, online at bergdorfgoodman.com and in advertisements mailed to consumers.
DrJays.com misrepresented fur and failed to disclose animal name for three products including a Snorkle Jacket by Crown Holder, a fur/leather vest by Knowles & Carter and a New York Subway Leather Bomber Jacket by United Face.
Eminent Inc, selling the products at Revolve Clothing, misrepresented fur and did not disclose the fur’s animal origin for four products including an Australia Luxe Collective Nordic Angel Short Boot, a Mark Jacobs Runway Roebling Coat, a Dakota Xan Fur Poncho and an Eryn Brinie Belted Faux Fur Vest.
In the settlement agreement that applies for 20 years, the retailers consented to abide by the Fur Act and not knowingly violate said act and Fur Rules in the future.
Dell to sell cloud-based iPaaS Boomi in US$4bn deal
Global investment firm Francisco Partners and private equity platform TPG Capital have entered into an agreement with Dell Technologies to acquire cloud-based integration platform as a service provider Boomi in a cash deal valued at US$4bn. The deal is expected to complete this year.
“Boomi has flourished as part of Dell Technologies, growing exponentially since we acquired them in 2010. This proposed transaction positions Boomi for its next phase of growth and is the right move for both companies, our shared customers and partners,” said Jeff Clarke, vice chairman and chief operating officer of Dell Technologies.
“For us, we're focused on fuelling growth by continuing to modernise our core infrastructure and PC businesses and expanding in high-priority areas including hybrid and private cloud, edge, telecom and APEX. All designed to help organisations thrive in the do-from-anywhere economy.”
Dell’s Boomi sell-off follows VMware spin-off
This announcement comes just two weeks after Dell said it would spin-off its 81% equity ownership of VMware to form two standalone companies. This would result in an expected US$9.3bn cash dividend payment to Dell, which says it will use those funds to pay down debt.
When Dell acquired Boomi in 2010 for an undisclosed fee, Boomi offered the industry’s only pure SaaS application integration platform, powered by its revolutionary AtomSphere technology. Dell saw Boomi as addressing one of the top barriers to cloud adoption at that time, which was managing and integrating cloud-based applications with existing applications and databases.
Now, Boomi has more than 15,000 customers globally and is still seen as a leader when it comes to organisations connecting applications, processes and people across a range of locations and devices – a process that can take weeks rather than months.
“I am incredibly proud that through innovation, passion and relentless execution, the Boomi team has created a unified platform for the modern-day hybrid IT landscape that thousands of customers worldwide depend on to digitally transform their business,” said Chris McNabb, chief executive officer of Boomi.
“By partnering with two tier-one investment firms like Francisco Partners and TPG, we can accelerate our ability for our customers to use data to drive competitive advantage. In this next phase of growth, Boomi will be in a position of strength to further advance our innovation and market trajectory while delivering even more value to our customers.”
Francisco Partners has invested in more than 300 technology companies since its launch 20 years ago and has more than US$25bn in assets under management.
“The ability to integrate and connect data and workflows across any combination of applications or domains is a critical business capability, and we strongly believe that Boomi is well positioned to help companies of all sizes turn data into their most valuable asset,” said Dipanjan Deb, co-founder and chief executive officer, and Brian Decker, partner, at Francisco Partners
Nehal Raj, partner, and Art Heidrich, principal, at TPG Capital added: “The need for automation and data integration across applications has never been greater. Boomi's cloud-native platform enables enterprises to streamline business processes and is essential for driving digital transformation.”