In Brief: Happy Holidays … Dropping Wet Seal … Homeward Bound
HAPPY HOLIDAYS: Wal-Mart Stores Inc. chief executive officer Lee Scott told analysts during a conference at the retailer’s headquarters in Bentonville, Ark., that he was optimistic about the upcoming holiday shopping season despite higher...
HAPPY HOLIDAYS: Wal-Mart Stores Inc. chief executive officer Lee Scott told analysts during a conference at the retailer’s headquarters in Bentonville, Ark., that he was optimistic about the upcoming holiday shopping season despite higher energy prices impacting the retailer’s core customers. The ceo also said he sees strength in the economy and expects the company to finish the year on a high note. For the third quarter, earnings per share are pegged to come in at the low end of the retailer’s forecast of between 52 cents and 54 cents. EPS for the year are expected to be between $2.36 and $2.40.
DROPPING WET SEAL: Wachovia Securities dropped coverage of The Wet Seal Inc. on Tuesday. Analyst Joseph Teklits said the retailer “is either headed for Chapter 11, which is why we have maintained our ‘underperform’ rating, or will be acquired by a strategic or financial investor for a value that exceeds what is justified by the company’s valuation on a stand-alone basis.” He said in his research note that Wet Seal has “deteriorated significantly” under new leadership, and that the new merchandising changes for fall “failed badly.” Teklits noted there are private equity groups and competitors who are likely trying to gauge whether there is sufficient value in the Arden B. division to offset the risks of running the Wet Seal store operation. Unless a buyer sees values for the chain, he wrote, shares of Wet Seal could be “worthless over the next 12 months.”
HOMEWARD BOUND: Gottschalks Inc. named Donald Engelman as vice president and general merchandise manager of the company’s home store division. Engelman will oversee the unit and its mix of housewares, tabletop, textiles and furniture. A 25-year veteran of the retail industry, Engelman was formerly the vice president and divisional merchandise manager of tabletop and gifts at the May Department Stores Co. Fresno, Calif.-based Gottschalks operates 73 units and is celebrating its 100th anniversary this year. Engelman will report to Gary Gladding, executive vice president of merchandising.
“What he has done at Vuitton is really exceptional,” said @gameofthrones’ actress Gwendoline Christie on @mrkimjones’ final show for @louisvuitton. “He has rebooted luxury in terms of making it commercial, viable and contemporary. And most importantly artistic. He has never compromised his artistic vision for the sake of commodity.” (📷: @zefashioninsider)
After seeing a demand for men’s wear from its customers, British contemporary women’s wear label @ariesarise has added a men’s wear component and will launch a unisex collection with @mrporterlive. The 20-piece collection includes jackets, denim, logo T-shirts and more with deconstructed ‘90s vibes. Set to launch on January 18, you can shop the pieces on Aries’ website and on mrporter.com. #wwdfashion
“And so spending so much time with a character who thinks like that, inevitability you try and analyze yourself and go back and think about your own demons and dark chapters that you had in your life,” says @thedanielbruhl of his role in TNT’s “The Alienist.” The show, set in the Gilded Age of New York, also stars Dakota Fanning and Luke Evans. Head to WWD.com to read about how 39-year-old Brühl prepared for the role and why he thinks the show is so relevant to today #wwdeye ( 📷: @Eriktanner)
Now that Celine Dion’s collection has topped $10 million in sales, the pop superstar, fashion icon and newly-minted industry player is eyeing growth in Asia. Read the full report by @tiffanyap, link in bio. #wwdnews #celinedion
“My personal philosophy to beauty is paying attention to oneself. I love to be outdoors, lots of fresh air, trying to take care of yourself as best you can. I always notice that comes through,” says Felicity Jones, the global face of @shiseido-owned @cledepeaubeauteus, which launches today. Head to WWD.com to read more about the actress’ love for beauty and how she prepared for her new role in “The Basis of Sex,” playing the young Ruth Bader Ginsburg. #wwdbeauty (📷: @dandoperalski)
Among the familiar faces at @off____white’s show was a surprise figure: Japanese artist @takashipom, pictured here on Wednesday morning. Other show-goers included @jerrylorenzo, who spoke about his upcoming project: a @nike collaboration for back to school, with designs inspired by his childhood on the West Coast. Sitting in the front row were Future, Don Crawley, @miguel and more. See the rest of the photos on WWD.com #wwdeye (📷: Stephane Feugere)
According to @laurentsai, former “Terrace House: Aloha State” cast member, she didn’t know she was auditioning for the Japanese version of “Real World.” “I was telling a couple of my friends and someone’s like, ‘That sounds a lot like Terrace House.’ I was like, ’No it can’t be.’” Turns out, it was. But Tsai isn’t just a reality star — she’s an illustrator who has worked with Starbucks Japan and most recently, she’s dipping her toes into the fashion world. Head to WWD.com to read about her time on the show, modeling and her art. #wwdeye (📷: @danieldorsa)
More changes are coming to New York Fashion Week: Beginning with the spring 2019 collection, @alexanderwangny will move his New York show to June from September, adopting a biannual schedule with collections shown in June and December. Additionally, the @cfda is planning for an official summer/winter fashion season taking place as soon as June and December 2018. Read more about the upcoming changes on WWD.com. #wwdnews #wwdfashion (📷: @slovekinpics)