NEW YORK — With the bulk of its costly restructuring campaign now largely behind it, the beneficial effects of Escada’s reorganization were finally felt in the company’s first-quarter results.
For the three months ended Jan. 31, the Aschheim, Germany-based women’s fashion house swung to recording profits of 3.1 million euros. That compares with a year-ago loss of 2.2 million euros. For comparative purposes, this year’s profits were $3.8 million at current exchange, versus last year’s loss of roughly $2.5 million, calculated at average exchange for that time period.
Sales for the quarter fell 5.4 percent to 148.1 million euros from 156.5 million euros a year ago. For comparative purposes, sales were $183.3 million at current exchange this year versus about $176.8 million at average exchange a year ago.
“We’re off to a good start for the new fiscal year,” said chief executive officer Wolfgang Ley in a statement. “Our concept for restructuring the group and setting it on a new platform for profitable growth is paying off, and our innovative products and collections are enjoying success in the market.”
Escada said it intends to reduce costs by another 40 million euros, or $49.5 million at current exchange, this year, with total savings of 60 million euros, or $74.2 million, to be realized next fiscal year.
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