Thomas Rabe speaks five languages, holds a doctorate in economics, and cycles, runs or rows more than 60 miles a week. In his 20s, he managed hundreds of millions of deutsche marks in East German assets after the Berlin Wall fell. In his 30s he oversaw the finances of Europe’s largest TV broadcaster. As he approaches age 50, Rabe works in an office next to his boss and lives in a house next to his boss’s mother.
With its classic trench coats and traditional totes, Burberry Group Plc isn’t often credited with setting fashion trends. Yet as the British luxury brand pushes into fragrances and cosmetics, it’s doing something few have done before: going it alone.
Houghton Mifflin Harcourt Co., the educational book publisher backed by hedge-fund manager John Paulson, raised $219 million in its U.S. initial public offering, pricing its shares below the marketed range.