NEW YORK — “Companies like GE can survive as we want to be the best,” said General Electric chairman and chief executive officer Jeffrey Immelt, who delivered the keynote address Wednesday at the Israel Dealmakers Summit.
Immelt told attendees that GE wants the best of everything, from the best people to the entrepreneurs of the firms it acquires to the best ideas, whether GE later buys the firm or becomes an equity partner.
He spoke on “The Strategic Importance of Global Innovation” here at the New York Marriott Marquis and said that GE’s strategy for innovation globally is to take a “big infrastructure idea and try to scale it.” To do that, GE breaks its core areas into “investment themes we can invest in” and looks at businesses that it considers “best in breed.”
Immelt also made the point that “all of us are in technology.” An example he gave was using sensors to monitor fuel in engines and how in analyzing the data, “now GE is an analytics business,” not just Google.
And while he thinks that analytics is a big part of the future, he also spoke about how to be a good partner to start-up companies. Some want all the benefits of a big company but don’t want to be part of one.
He described the mind-set of many Israeli firms that GE works with. Because of the military background of its citizens, there’s a self-confidence that one has coupled with an “I can do this on my own” mind-set. That means that sometimes when GE acquires a firm, entrepreneurs who have great ideas leave at some point because “they’d rather be king of [their] idea even if in a small [firm] than be part of the mother ship.” For Immelt, when considering an acquisition, sometimes it’s better “we should take an equity stake and leave [the entrepreneurs] alone.”
Breaking News: @louisvuitton's men's artistic director @mrkimjones is leaving the French fashion house after nearly 7 years. Jones joined Louis Vuitton in 2011, following a three year tenure as creative director of British luxury goods brand Alfred Dunhill. Jones is to exit Louis Vuitton after showing his fall 2018 collection for the brand in Paris on Thursday. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
For men’s fall 2018, @giuseppezanotti drew on elements from streetwear, sport, biker, combat and rock ‘n’ roll. Pictured here are a pair of shoes from the collection, featuring zippers, rhinestones, and silver hardware. Head to WWD.com to see a roundup of the accessories from Milan’s men’s fall 2018 shows. #wwdfashion (📷: Andrea Delb)
To celebrate the 25th anniversary of @ralphlauren’s snowboarding collection, the brand is mining its archives. The iconic brand is reintroducing vintage styles and dropping new designs for a color capsule that will be available in Ralph Lauren stores and @openingceremony on January 25. The capsule will consist of 10 pieces, including the Snow Beach Pullover, pictured here, which is a collector’s item that rapper Raekwon wore in Wu-Tang Clan’s “Can It Be All So Simple” video. #wwdfashion (📷: Tom Gould)
For @rochasofficial’s pre-fall 2018 collection, creative director Alessandro Dell’Acqua channeled the sophisticated and intriguing Catherine Denevue in the film “Belle de Jour.” Polished collarless coats, midi skirts, suits and ’60s graphic motifs were all featured in the collection, adding a sense of discreet luxury. See the rest of the photos on WWD.com #wwdfashion
“We tried to produce clothing of that couture quality, but the most daunting part was that we only had a matter of days [to do it],” said costume designer Lou Eyrich, who recreated Gianni Versace’s iconic looks for @americancrimestoryfx. Eyrich searched online retailers and vintage shops for original pieces from the design house and for @penelopecruzoficial, who plays Donatella Versace. Head to WWD.com to read how she created the Versace world. #wwdfashion
Only three months after her stellar debut catwalk season, @kaiagerber has inked her first big design collaboration –– with @karllagerfeld. The collection blends Lagerfeld’s Parisian chic aesthetic and the model’s signature West Coast casual style via RTW, accessories, footwear and more. The #KarlLagerfeldxKaia collection will launch in September with a series of events. Get all the details on WWD.com. #wwdnews #wwdfashion
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews