The weakening real estate market took a toll on Westfield Group, which saw revenues and profits fall last year, though the developer said it was planning a number of new projects across the U.S.
Net profits plummeted 38.4 percent to 3.44 billion Australian dollars, or $2.88 billion, as revenues dropped 27.6 percent to 6.66 billion Australian dollars, or $5.59 billion. Dollar figures are at the average exchange rate.
Meanwhile, a 62 percent decline in revenues from "property revaluations" to 1.74 billion Australian dollars, or $1.46 billion, took a big bite out of the top line. Still, the firm is bullish on its market position.
"The fundamental drivers of the business are a well-positioned, high-quality, globally diversified shopping center portfolio combined with a strong financial position and an experienced management team," stated managing directors Peter Lowy and Steven Lowy, adding that Westfield's operating and development earnings showed consistent growth.
"Whilst it is apparent that retail sales growth in Australia is stronger than our other markets, a trend that has been consistent across the portfolio during the year is the strong sales results from those centers that have recently benefited from expansion and redevelopment," Steven Lowy said.
In the U.S., the Australian firm has 55 shopping centers and 8,735 retail outlets. Westfield anticipates kicking off new projects in Florida, California, Maryland and New York over the next few years.
With operations in Australia and the United Kingdom as well as the U.S., Westfield manages assets valued at 63.17 billion Australian dollars, or $52.99 billion.
“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