In Brief: Jones Downgrade … Peek to Fit … Ho Ho Ho …
JONES DOWNGRADE: Citing risks associated with the planned acquisition of Barneys New York, Moody’s Investors Service on Friday revised its outlook of Jones Apparel Group Inc. to negative from stable. The revision is an indication that...
JONES DOWNGRADE: Citing risks associated with the planned acquisition of Barneys New York, Moody’s Investors Service on Friday revised its outlook of Jones Apparel Group Inc. to negative from stable. The revision is an indication that there’s a chance Jones’ ratings might be cut again over an 18-month period. Jones’ senior unsecured rating was affirmed by Moody’s at “Baa2.”
PEEK TO FIT: Elizabeth T. Peek, an investment analyst, journalist and philanthropist, has been named to the 10-member board of trustees at the Fashion Institute of Technology. Peek spent nearly 20 years on Wall Street, becoming in 1983 the first female partner of Wertheim Schroder, the investment house that is now part of Citigroup. She currently contributes financial columns to The New York Sun, and serves as chairwoman of The Couture Council, the newly formed fund-raising organization for The Museum of FIT. She also serves on the board and is an executive committee member of the School of American Ballet.
HO HO HO: Saks has teamed up with Philips Electronics, which will allow the retailer’s wishes for a white Christmas to come true in its holiday windows. Next Tuesday, Saks and Philips will unveil their Snowflake Spectacle, a dazzling light show that combines holiday tradition and advanced technology. Philips will provide 72,000 programmable LED lights to adorn 50 distinct snowflakes, that when illuminated will give the effect of snowflakes falling and dancing across the facade of the Fifth Avenue flagship every half hour during the holiday season. The technology will be featured not only on the exterior of the flagship, but also in the 28 windows that surround the building.
EVERLAST LOSS: Everlast Worldwide Inc. reported a third-quarter loss on Monday of $249,599, or 8 cents a share, against a profit of $104,208, or 3 cents, in the same period a year ago. Total revenues for the three months ended Sept. 30 were down 10.5 percent to $15.8 million, which included a 55.4 percent gain in licensing revenues to $2.5 million and a 17.1 percent drop in sales to $13.3 million. George Q. Horowitz, chief executive officer of New York-based Everlast, said in a statement that sales were “unfavorably impacted by regional truck shortages” and that West Coast port problems limited the firm’s ability to ship outstanding orders within its backlog. For the nine months, the company had net income of $17,415, or 1 cent, representing a 95.3 percent drop from $368,152, or 7 cents, a year ago, while net revenues inched up 0.6 percent to $46.5 million from $46.2 million.
“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)
For men’s fall 2018, @giuseppezanotti drew on elements from streetwear, sport, biker, combat and rock ‘n’ roll. Pictured here are a pair of shoes from the collection, featuring zippers, rhinestones, and silver hardware. Head to WWD.com to see a roundup of the accessories from Milan’s men’s fall 2018 shows. #wwdfashion (📷: Andrea Delb)
To celebrate the 25th anniversary of @ralphlauren’s snowboarding collection, the brand is mining its archives. The iconic brand is reintroducing vintage styles and dropping new designs for a color capsule that will be available in Ralph Lauren stores and @openingceremony on January 25. The capsule will consist of 10 pieces, including the Snow Beach Pullover, pictured here, which is a collector’s item that rapper Raekwon wore in Wu-Tang Clan’s “Can It Be All So Simple” video. #wwdfashion (📷: Tom Gould)
For @rochasofficial’s pre-fall 2018 collection, creative director Alessandro Dell’Acqua channeled the sophisticated and intriguing Catherine Denevue in the film “Belle de Jour.” Polished collarless coats, midi skirts, suits and ’60s graphic motifs were all featured in the collection, adding a sense of discreet luxury. See the rest of the photos on WWD.com #wwdfashion
“We tried to produce clothing of that couture quality, but the most daunting part was that we only had a matter of days [to do it],” said costume designer Lou Eyrich, who recreated Gianni Versace’s iconic looks for @americancrimestoryfx. Eyrich searched online retailers and vintage shops for original pieces from the design house and for @penelopecruzoficial, who plays Donatella Versace. Head to WWD.com to read how she created the Versace world. #wwdfashion
Only three months after her stellar debut catwalk season, @kaiagerber has inked her first big design collaboration –– with @karllagerfeld. The collection blends Lagerfeld’s Parisian chic aesthetic and the model’s signature West Coast casual style via RTW, accessories, footwear and more. The #KarlLagerfeldxKaia collection will launch in September with a series of events. Get all the details on WWD.com. #wwdnews #wwdfashion
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