PVH opted to sell Bass following its acquisition of The Warnaco Group Inc. in February in order to focus on the Calvin Klein and Tommy Hilfiger brands, which have provided the bulk of its growth since their respective acquisitions in 2003 and 2010.
G-III is a licensee of both designer brands. Both firms are based in New York.
Kristin Burrows, president of Bass, will report to Bill Hutchison, president of Wilsons Leather. Prior to the acquisition, Wilson had about 150 stores, most of them in outlet malls.
Emanuel Chirico, chairman and chief executive officer of PVH, told WWD at the time the deal was struck that Bass “is a heritage brand that is well known, but we have not been investing in the brand from a marketing point of view. That has the ramification of putting sales and gross margin pressure on the business.”
Bass’ 160 outlet stores generated about $250 million in volume, accounting for about 40 percent of the retail sales of PVH’s heritage brands retail business. That heritage retail business suffered a 9 percent drop in same-store sales during the first six months of 2013, with softness at Bass the leading contributor to the decline.
Harbor Footwear Group Ltd. holds the license for Bass footwear and does more than $30 million in men’s, women’s and children’s footwear sales to its wholesale customers.
Morris Goldfarb, president and ceo of G-III, noted the acquisition afforded the firm an opportunity “to acquire a company that has two iconic components to it — Weejuns and Bucs are the heart and soul of American footwear. It was a brand that wasn’t given the appropriate attention at PVH.”
G-III said it expects the acquisition to subtract 10 cents a share from its earnings for the year but be accretive afterward.
PVH will use the proceeds from the sale to pay down debt. The company said it expected to incur a pretax loss of about $20 million in connection with the transaction. The divestiture will dilute fourth-quarter earnings by 5 cents a share on a non-GAAP basis and about 15 cents a share each year beginning in 2014.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast