Apparel maker Cherokee Inc. reported fourth-quarter earnings plummeted 86.4 percent, because of a onetime payment that boosted last year’s results.For the three months ended Feb. 2, earnings fell to $2.8 million, or 31 cents a diluted share, from $20.7 million, or $2.33, in the year-ago period. Last year’s results were helped by a $33 million payment in connection with a so-called finders agreement. In that transaction, Iconix Brand Group Inc. agreed to pay the $33 million to Cherokee in exchange for Cherokee dropping its offer to purchase Mossimo. That paved the way for Iconix to later acquire Mossimo. Total revenues, which predominantly come from royalties, fell 79 percent to $8.7 million from $42.2 million. International royalties in the quarter grew 25 percent to $5.5 million from a year ago. The company expects international royalties to continue to increase, as its new global licensees begin to sell Cherokee branded products over the next two years. For the full-year period, earnings sank 52.8 percent to $16.4 million, or $1.84 a diluted share, from $34.8 million, or $3.93, last year. Total revenues dropped 45.7 percent to $41.6 million from $76.6 million.“We plan to build our brand representation business internationally utilizing the retail partnerships and relationships we have cultivated over the past several years,” said Robert Margolis, chairman and chief executive officer. “We believe that this will be a meaningful way for many brand owners to profitably build their presence outside the U.S.” Cherokee is also anticipating the launch of Norma Kamali at Wal-Mart Stores Inc. During the quarter, the company extended its licensing agreement with Target Corp. through Jan. 31, 2012, despite sales for the year falling 10.2 percent at the discounter. Separately, the company approved the extension of its share repurchase plan to Jan. 31, 2010, for up to 800,000 shares.
A first look at @virgilabloh’s sneakers for @louisvuitton. Abloh spoke to WWD about his debut collection for Louis Vuitton, creating @kendalljenner’s #metgala outfit and redefining the heritage brand. Read the full story on WWD.com. #wwdfashion 📷: @alfredo_piola)
The world’s largest producer of denim @iskodenim is sharing the strategy behind its product development process. Read our full interview with ISKO’s product development manager Baris Ozden on the company’s extensive research practices, upcoming denim trends and the latest material innovations on WWD.com. #iskodenim
“I genuinely fell in love with water, I fell in love with Fiji, I fell in love with the whole life that we lived for those few months,” says @mrsamclaflin of filming for his new movie “Adrift” with @shailenewoodley. The 31-year-old actor spoke with WWD about his upcoming projects, meeting Jamie Dornan and working with co-star Woodley. #wwdeye (📷: @jamstoker)
3 years ago, fans of the late singer Aaliyah started calling for a collaboration with @maccosmetics. With the strength of social media — including mock ups of products — 25,000 people signed a Change.org petition for a limited-edition collection, and MAC couldn’t ignore the buzz. Tomorrow, MAC will unveil MAC x Aaliyah, a tribute to the singer who passed away nearly 17 years ago. Head to our stories to preview the new collection, which was worked on by Aaliyah’s family and inspired directly by her makeup bag. #wwdbeauty
Artistic director @clarewaightkeller will be dedicating @givenchyofficial’s fall 2018 couture show in Paris on July 1 to house founder Hubert de Givenchy, who passed away in March at age 91. Givenchy said the collection would be “an homage to his iconic creations, technique, and personal lexicon” and a “celebration of his timeless elegance and grace.” Head to WWD.com to read more. #wwdfashion (📷: Delphine Achard)
La Double J made a name for itself with its vintage-inspired prints, but for resort, designer JJ Martin has ventured into new territory: enter rich jewel toned solids and decadent embellishment, in the form of appliqués, crystals and sequins. #wwdfashion #resort19 #ladoublej
This Just In: J. Crew Group has named Johanna Uurasjarvi as its chief design officer.
Uurasjarvi succeeds Somsack Sikhounmuong, who left the company last September. Tap the link in bio for the full report. #wwdnews
“She came into my hotel room and she was like, ‘I have Chanel and Christian Dior.’ She was like, ‘Chanel likes you.’ And I was like, ‘I’m going to start crying,’” breakout star Maddie Hasson tells WWD of her styling sessions Molly Dickson. “I really like classic, elegant things. I love the way Anna Wintour dresses.” Read more about Hasson’s role in @impulseseries on wwd.com. (📸: @jgreenery ) #wwdeye
@virgilabloh revealed he's working with Australian stylist and
Vogue Australia fashion director @christinecentenera for his debut @louisvuitton men's collection, which will be presented in Paris on June 21. Centenera met Abloh while both working with Kanye West, where she consulted on his all his runway collections since his debut spring 2012 women's wear show. Read the full story on WWD.com. #wwdfashion #wwdnews (📷: @asussmanphoto)