MORE BAD NEWS: Troubled retailer Marks and Spencer plc said Wednesday its sales slid 3.1 percent in the 14 weeks to July 9, or the first quarter of the fiscal year. In a statement, the retailer said clothing sales were down 9.2 percent, due chiefly to a drop in opening price points aimed at making the store more competitive. However, M&S added that clothing volume growth had been "substantial." Home sales dropped 22.3 percent, while food sales were up 5 percent. "The trading environment continues to be very tough," said M&S chief executive Stuart Rose. "In general merchandise, the figures reflect the significant change in our trading stance compared to this time last year, when our priority was to clear overstocks. This was achieved through deeper markdowns and extended sale periods. This boosted sales figures, but impacted profitability." He added the M&S summer sale starts with 40 percent less stock than last year.
FAST LANE: Adidas-Salomon said it is teaming with Porsche Design Group to produce a high-tech sports apparel brand targeting men. The deal comes shortly after Porsche inked a long-term agreement with Ferragamo for footwear and accessories. Dubbed Porsche Design, the sportswear label being developed with Adidas will offer men's footwear, apparel and hardware for golf, tennis and running, and may expand to other sports categories. The collection is expected to hit select sporting goods retailers and Porsche Design stores in early 2007.
NEIMAN'S SETS DATE: The Neiman Marcus Group Inc. said that its special shareholder meeting to vote on the proposed $5.1 billion acquisition by TPG Advisors III Inc., TPG Advisors IV Inc., Warburg Pincus & Co., Warburg Pincus LLC and Warburg Pincus Partners LLC is scheduled for August 16 at the Marriott Boston Newton Hotel in Newton, Mass. The luxury goods retailer, which filed a preliminary proxy statement last week, said a definitive proxy will be mailed to shareholders sometime this week. In a statement, the company said it "expects to complete the merger during the last calendar quarter of 2005, subject to the adoption of the merger agreement by the company's stockholders and the satisfaction of other closing conditions."BON-TON COMPLETES SALE: The Bon-Ton Stores Inc. said Monday it had completed the sale of its credit card business to HSBC Retail Services on Friday for $316 million in gross proceeds. The York, Pa.-based retailer said on June 21 that HSBC was acquiring Bon-Ton's portfolio of existing private label credit card accounts and outstanding balances. The retailer said proceeds from the sale will be used to repay the $226 million that represents the net amount sold under Bon-Ton's accounts receivable securitization facility. The balance will be used to reduce debt outstanding under its revolving credit facility and for general corporate purposes.
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
“Stranger Things” is getting a new cast member for season 2. Meet @sadiesink_, the 15-year-old who will be joining the Netflix series for its new season. You may recognize her from “The Glass Castle” with Brie Larson and Woody Harrelson, but the Texas native’s next role goes in an entirely different direction. She describes her character, Max, as “a rough and tumble skater girl [who] becomes friends with the boys at school.” The second season debuts on October 27. (📷: @jgreenery) #wwdeye
Amid the Harvey Weinstein controversy, there’s another sector that’s being put under the spotlight for sexual abuse: the modeling industry. While rumors about abuse and sexual harassment of female and male models — and the photographers, agents and others who perpetrated it — have circulated within the fashion world for years, model @cameronrussell started posting stories from models on Instagram last week about abusive situations they’ve encountered — from sexual harassment and molestation to attempted rape. Over 75 have weighed in so far. Read more on WWD.com. Link in bio. #wwdnews
To celebrate its 16th anniversary, @dylanscandybar tapped designers and celebrities to create mosaics out of candy. The mosaics will be auctioned off to support the philanthropic cause of each participant’s choice. Pictured here is the mural created by @aliceandolivia's Stacey Bendet. For a first look at some of the other artwork being unveiled tonight, go to WWD.com. #wwdeye
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye