In Brief: Settled … Unifi to Close Irish Plant … Burani Sales Gain
SETTLED: Movado Group Inc. said Wednesday it reached a settlement in the lawsuit against Swiss Army Brands along with two former employees, Susanne Rechner and Todd Cozzolino. The suit was filed in November 2001 and alleged that Swiss Army...
SETTLED: Movado Group Inc. said Wednesday it reached a settlement in the lawsuit against Swiss Army Brands along with two former employees, Susanne Rechner and Todd Cozzolino. The suit was filed in November 2001 and alleged that Swiss Army Brands interfered with Movado’s business by soliciting sales employees. It was also discovered that some former employees went to work for Swiss Army Brands, spokesmen for Movado Group said. In an April 8 trial, the jury ruled in favor of Movado, awarding $3.4 million for monetary damages. Swiss Army Brands appealed, but before the scheduled hearing, both groups agreed to settle out of court. As a result of the settlement, Movado will earn a pretax gain of $1.9 million in its second quarter ending July 31. After accounting for fees and taxes associated with the settlement, the company’s second-quarter income will see a gain of approximately $835,000, or about 3 cents per diluted share.
UNIFI TO CLOSE IRISH PLANT: Fiber and yarn maker Unifi Inc. said Wednesday it plans to close its textured yarn plant in Letterkenny, Ireland, at the cost of 300 jobs. The closing will result in a restructuring charge of $20 million to $24 million. The firm said it will continue to ship U.S. and Asian yarns to the European market. Greensboro, N.C.-based Unifi said in a statement that the factory had been “unprofitable for a few years now.”
BURANI SALES GAIN: Mariella Burani Fashion Group’s sales growth slowed in the second quarter from the first three months of the year, but the company still saw a high double-digit jump in first-half sales. Burani said preliminary sales for the six months ended June 30 rose 16 percent to about 199 million euros, or $244.3 million at the average exchange rate, driven in part by strong sales in areas such as Russia, Eastern Europe and the Far East. Sales growth in the first quarter was 17.9 percent. Meanwhile, Burani said it will open 20 stores in the second half of this year, including its second Mariella Burani Details concept store dedicated to the group’s leather goods brands, Braccialini, Baldinini and Francesco Biasia.
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