Thrifty consumers and the loss of several department store leases contributed to a 20 percent sales decrease for Finlay Enterprises Inc. in the fourth quarter.
Sales for the three months ended Jan. 31 were $306.7 million, down from $383.1 million in the same 2007 quarter. Specialty nameplates Carlyle, Congress and Bailey Banks & Biddle, which Finlay acquired in November 2007 from Zale Corp., contributed sales of $99.1 million in the quarter. Finlay said comparable-store sales fell 19.6 percent. Comparable results exclude the Macy’s Inc. and Lord & Taylor LLC in-store shops that were scheduled to close on Jan. 31.
The 93 licensed departments in Macy’s North and Northwest divisions generated $120 million in 2007 revenue. The firm will continue to operate 216 counters for Macy’s Central, as well as areas in 34 stores in the Bloomingdale’s division of Macy’s. The Bloomingdale’s license expired at the end of fiscal 2009 and the Macy’s Central license one year later. Licensed departments in Macy’s stores accounted for 52 percent of Finlay sales, or $438.6 million, in 2007.
At Lord & Taylor, which is owned by NRDC Equity Partners, the original plan was to close 47 sites because NRDC had planned to replace Finlay with its own Fortunoff fine jewelry departments. When NRDC was reported to be seeking buyers for Fortunoff last month, negotiations began to continue the Finlay sites as licensed departments. Fortunoff filed for Chapter 11 bankruptcy protection last week.
The Lord & Taylor locations generated $44 million in sales in 2007, according to a regulatory filing with the Securities and Exchange Commission.
On a continuing operations basis, sales in 2008 rose 3.2 percent to $862.6 million from $835.9 million in 2007.
While Finlay has been fighting credit battles of its own, it’s also listed as one of the creditors of bankrupt Gottschalks Inc., with claims totaling $1.1 million.
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews