NEW YORK — Jones Apparel Group held its annual meeting Thursday — and there wasn't even a whisper from executives about a possible sale of Barneys New York.
Peter Boneparth, the $4.74 billion manufacturer's president and chief executive officer, divulged nothing about what sources say is an impending sell-off of the specialty retailer to the Dubai-based investment fund Istithmar, as reported in WWD June 4. Nor did the ceo comment on the possible divestiture of the group's moderate brands during the customarily concise meeting to approximately a dozen shareholders.
"Given the size of the crowd, I'll keep this relatively brief," Boneparth said.
He would say that Jones was "now a bit ahead of schedule" with the restructuring efforts that began in 2005. After extensive layoffs and cost-cutting in the last two years, the ceo said he was "seeing very nice signs of life" in the company's portfolio.
He borrowed a term from competitor Liz Claiborne Inc.'s ceo, William L. McComb, saying he wants to grow Jones' "power brands" — including Anne Klein, Jones New York and Nine West — by investing capital in the group's higher-margin businesses.
After the meeting, Boneparth told WWD that in the company's second-quarter earnings call he will discuss possibly selling or licensing out some of the company's moderate brands.
On the sale of Barneys, Boneparth was more tight-lipped. "It's been a very, very good investment," he said.
A representative from Blackrock petitioned Boneparth to take action on Barneys, arguing the approximately $29 current stock price did not reflect the worth of the high-end retailer. "We encourage you to consider monetizing Barneys and returning the asset to shareholders," she said.
Another shareholder proposed implementing an advisory vote to allow shareholders to weigh in on executive compensation. The proposal was not ratified, "but I understand it was a close vote," said Boneparth.
Later Thursday, Jones appointed Joseph Donnalley as treasurer, in addition to his current role as senior vice president of corporate taxation and risk management. The 12-year Jones veteran succeeds Thimio Sotos, the prior chief financial officer and treasurer who left in March.
In yet another fashion show shuffle, @elleryland is moving its show in sync with the Paris couture calendar — though the brand is still keeping one foot on the city’s ready-to-wear schedule. Their runway show in January will coincide with the launch of a new strategy: designing two main collections each year instead of four, which will then be released in four drops. “As we all know, the system needs to change. We need to show sooner to give time back to artisans and designers to do what they do best — create,” said founder Kym Ellery. #wwdnews #wwdfashion (📷: @kukukuba)
@maxmara’s classic 101801 coat was the cornerstone of its pre-fall 2018 collection. The design team expanded the traditional double-breasted, kimono-sleeved style into a trapeze coat, lean belted styles and a peacoat and presented them in monochromatic looks – like the camel one pictured here. #wwdfashion #prefall18 (📷: George Chinsee)
The @cfda has shifted the dates of #NYFW, with Men’s showing on February 5 through February 7, and Women’s will directly follow, running from February 8 through 14. The preliminary schedule will be released on the CFDA’s web site in the next few days, but Mark Beckham, VP of marketing for the CFDA, revealed that @rafsimons will be back to close the men’s-specific part of the week with a show on February 7 #wwdfashion (📷: Kelly Taub)
@ferragamo is introducing a new space dedicated to the development of women’s and men’s leather good samples. The laboratory, which is created eco-friendly materials and designed to reduce the environmental impact of the manufacturing processes, will allow the company to expand its accessories offering through traditional artisanal approaches. #wwdfashion (📷: @aitorrosasphoto)
How does a “regular, degular, schmegular” girl from the Bronx, N.Y., become a Grammy-nominated artist with a certified platinum record in less than a year? Call it the @iamcardib come up. The 25-year-old has become a musical sensation, and the fashion world is taking note. “If I could describe her style I would say drama. She’s really into the dramatics,” says Cardi B’s stylist @kollincarter. See how Carter styles her bold and out there looks with the link in bio. #wwdfashion
“There is no formula. There is no guideline. I can watch Ted Talks all day, but there is no one who can advise me on exactly what it is I should be doing,” said @ronniefieg, CEO of @kith, in an interview with WWD’s @ariahughes at the brand’s new SoHo office in Manhattan. Head to WWD.com to see how Fieg went from hanging out in shoe stockrooms at 13 to building his own business. #wwdfashion (📷: @weston.wells)
@fearofgod and @maxfieldla have teamed up on a pop-up installation. The store, located in the gallery space across from Maxfield’s Melrose Ave location, is the site of the brand’s House of God pop-up in which Fear of God founder @jerrylorenzo has created a church-inspired installation. A dozen vintage church pews sit in front of an LED screen playing 90s gospel singers in an effort to re-create an environment akin to a Southern Baptist Church, Lorenzo explained. Read more about the pop-up on WWD.com #wwdfashion (📷: Jennifer Johnson)
Known for his sleek, sophisticated American glamour, Norman Norell is the subject of an upcoming exhibition at @fitnyc. “Norell: Dean of American Fashion,” which runs from February 9 through April 14, will feature approximately 100 ensembles and accessories. His best work is exemplified by the designer’s glittering “mermaid” gowns frosted with thousands of hand-sewn sequins – like the one pictured. (📷: William Helburn) #wwdfashion
For pre-fall 2018, @balmain didn’t let go of the glitz. A crystal embroidered baseball jacket priced at around $40,000 hangs in the “couture” section of the brand’s first men’s pre-collection. Sporting the words “Balmain Army” across the back, the item took around two months to make. “When it was completed, it was like Christmas, it was like, ‘It’s done, it’s exactly what I wanted,’” said Balmain’s creative director @olivier_rousteing during a tour of the collection in a Paris showroom on Monday. #wwdfashion