WILSONS TO CUT STORES, JOBS: Wilsons The Leather Experts Inc. said it plans to close 160 stores and cut over 1,000 jobs in an effort to reduce costs. The company will remodel its 100 remaining stores to a new "Studio" concept, which will be a brand-driven store for women focusing on fashion accessories. The new accessories concept started testing last fall in four different regions, and the company said it was pleased with the initial results. Wilsons expects to complete the remodels by August. The company expects to launch an inventory liquidation and resolve lease terminations over the next 90 to 120 days. The store closures will result in the elimination of 938 store-related positions, and 64 cuts elsewhere.
DEL VECCHIO IN TAX PROBE: Luxottica Group SpA chairman Leonardo Del Vecchio has been ordered to pay 20.4 million euros, or $30 million, in missed tax payments and fines, Italian authorities told WWD on Monday. The charges relate to share transactions made in 1997 and 1998 via a holding company in Germany, which authorities claim Del Vecchio illegally used to avoid paying higher corporate taxes in Italy. Del Vecchio has denied the charges and is appealing the decision. If he does have to cough up the $30 million in payments and fines, Del Vecchio will be dipping in to a net worth estimated at $11.5 billion by Forbes magazine, putting him in 52nd place in last year's billionaires list. Authorities said the German holding company in question, Leofin, did not have any employees or other overheads, which justified it being incorporated in Germany. The case is not related to eyewear manufacturer Luxottica.
Breaking: @cushnieetochs’ co-founders @carlycushnie and @ochsmichelle are parting ways. After a 10-year run, Ochs is leaving the brand. Get the full story on WWD.com – link in bio. #wwdnews #wwdfashion
@maybelline’s Kanako Takase had snow bunnies in mind when creating the beauty look for @philipppleininternational. Playing off of the bedazzled snowboards in the collection, Takase mixed two highlighters together for a luminous sheen. #wwdbeauty #nyfw (📷: @jilliansollazzo)
“There’s a huge gap between the old way of doing things and today. It takes the youth to help evolve that. You have to count on the kids today to help lead you into the future. A lot of these retailers are stuck in the past. Communication is the biggest thing,” said @ronniefieg of @kith on the youth’s role in retail. On Monday night, Jeff Staple moderated a keynote session with Fieg and @syresmith at Assembly - a series of workshops, talks and keynotes addressing topics or issues in the apparel industry. Head to WWD.com to read more advice from Fieg and what Smith thinks of his dad @willsmith’s Instagram account and sustainability (📷: @weston.wells)
@joansmalls closed the @michaelkors fall 2018 show in black sequined pants and a varsity T printed with 19 on the front and 81 on the back. 1981 – the year Kors went into business. #wwdfashion #nfyw (📷: @giovanni_giannoni_photo)
“You think your life is going to be a certain way, and nothing you thought would happen ends up happening. Never in my wildest dreams did I think I’d be designing clothes and working with Mickey Drexler, and building something I’m deeply proud of,” said Jenna Lyons. Nine months after leaving @jcrew, Lyons is exploring the meaning of happiness. Read the interview, where Lyons talks about reinvention and more on WWD.com – link in bio. #wwdfashion (📷: Farrell) #jennalyons #jcrew