BERLIN — Escada officially issued a profit warning for fiscal 2008 late Friday, the fashion firm's second one this year.Escada's warning confirms a WWD report last week that such a statement was imminent.Citing poor performance of its more midmarket Primera division, in particular the Biba retail chain, Escada lowered earnings and sales targets for the fiscal year ending Oct. 31. The troubled German fashion house is projecting earnings before interest, taxes, depreciation and amortization to reach about 37 million euros, or $57.3 million at current exchange, compared with its April EBITDA forecast of 51 million euros, or $78.7 million. Escada originally had expected single-digit growth in both EBITDA and sales. According to Friday's announcement, consolidated sales are expected to decline by a low double-digit percentage and the group is expected to register an aftertax loss. Escada made the announcement after the market closed. The firm's shares had another topsy-turvy day, first gaining 12 percent on mounting speculation that Tchibo co-owner Michael Herz was taking a stake in the fashion company. However, by the end of the day, the shares closed down 6.8 percent at 14.44 euros, or $22.28.Widespread reports say Herz has taken a 12 percent stake in Escada, though neither Herz, nor Escada's largest shareholder, Rustam Aksenenko (who has about a 27 percent stake), nor Escada confirmed the move. The original report, in Friday's edition of the German financial daily Handelsblatt, said Herz had secured the 12 percent via various companies, and added that the stake was dependent on a 10 percent capital increase. The 30 million euros, or $46.2 million, raised is to be devoted to restructuring, the report said.There has been continued speculation over the last few months that Escada would make management changes, with Hugo Boss former chief executive officer Bruno Sälzer replacing Escada ceo Jean Marc Loubier.
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)
"In order for Shudu to wear garments, she needs to be able to put them on, just like you would in the real world. You have to digitize the outfits," said Cameron-James Wilson on dressing 3-D model @shudu.gram for her WWD photoshoot with @itsclo3d. #wwdfashion (📸: @cjw.photo)
“Shudu is a digital supermodel, a very glamour and amazing woman. But she’s 3-D,” says Cameron-James Wilson, a fashion photographer and the creature of @shudu.gram. Here, Shudu wears @cushnieetochs for her debut fashion editorial. #wwdfashion (📷: @cjw.photo)
“It is the fierce female performances that came before me that made be able to clearly identify for myself what it was that I wanted to do, what kind of artist I wanted to be, what kind of films I wanted to make,” said @brielarson at the Women in Film Crystal + Lucy Awards. See more pictures from the event on WWD.com. #wwdeye (📷: Matt Baron)