BOSTON — Cherokee hangtags will dangle from Target’s racks at least until 2005.
The Minneapolis-based retailer has extended its license with Van Nuys, Calif.-based Cherokee Inc. for an additional two years and has retained renewal rights after 2005.
The brand was exclusively licensed to Target in the U.S. in 1995. Since then, Cherokee goods have generated slightly more than $8 billion in revenues at Target Stores, with merchandise ranging from handbags to men’s bathrobes. For the nine months ended October 31, the brand produced $1.4 billion in sales at Target, adding $17.3 million in royalties to Cherokee’s books. Fourth-quarter results have yet to be released.
Cherokee ceo Robert Margolis pointed out that the Target deal "has nearly tripled Cherokee’s business" since its prelicensing peak of $700 million at retail. The brand, once primarily a women’s resource, is now equally large in men’s, children’s and accessories, according to Margolis.
International licenses add about $1 billion to Cherokee revenues, thanks to deals with Tesco in the U.K., Zellers in Canada and Carrefour in Europe. While Margolis said he considers the brand "mature" in North America, he expects Tesco’s strong results to continue. Encouraged by results from Spain, Carrefour has begun testing the label in France and Italy, he said.
Next up is to find licensing partners in Australia and Asia. For the latter, Margolis may consider inking a deal with a local representative to open Cherokee-branded specialty stores, a practice common in China.
The company recently licensed the Carole Little careerwear brand, purchased from defunct manufacturer CL Fashions, to TJX Cos.
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
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion