Supreme New York is looking for some extra financial know-how to help take the hip skate brand to the next level.Multiple sources said the company is pounding the pavement to find an experienced chief financial officer in the wake of private equity giant Carlyle’s $500 million investment in July, which valued the firm at $1 billion.Carlyle and Goode Partners, which sold at least a part of its stake to Carlyle, are said to be driving the process. Handling it is said to be executive search firm The Corrigan Group, which is looking for a cfo who knows their way around a public company’s books.Supreme founder James Jebbia is known for hiring from within a close-knit skate community, which gave the brand its start and now lends it the credibility link with the luxury world. But to continue to develop the company it would help to have a strong hand on the financial controls.The famously tight-lipped Supreme as well as and Corrigan did not respond to WWD queries on Wednesday and Carlyle declined to comment, but the addition of some financial muscle often follows a big investment.As outsider as Supreme’s image is — for years, the brand has courted cool with scarcity and never seems to make enough product to come anywhere near to satisfying rabid demand — observers believe the company will have to ultimately change as it continues to grow.And that typically means bringing more traditional oversight and financial controls to a business that has grown rapidly and organically. For Carlyle to make its exit, it's likely the company would have to be sold to a strategic or financial player or that it would be sold on the open market through an initial public offering.“Undoubtedly in connection with the investment, Carlyle more than kicked the tires and did both a legal and financial audit,” said attorney Douglas Hand of Hand Baldachin Amburgey. “So if there are any skeletons in the closet, so to speak, or lingering liabilities that would be problematic in the context of an IPO, they’ll clean those up.”While tightening up the financial structure could require expertise from beyond the company's skate core, more buttoned-up types can work culturally for even the hippest of companies.“With lots of brands, what they care about the most internally is that people are themselves,” Hand said. “I don’t know if the cfo of Supreme has to be able to skate a half-pipe to be effective, they just have to be comfortable in their own skin.”Cfos and a robust financial reporting system can also be helpful for investors wanting to protect their investment.“For private equity, the hiring of the cfo to watch their money is very important,” said Les Berglass, ceo and founder of Berglass + Associates.There are, however, plenty of eyes already on the investment at Supreme.One source said Keith Miller, a partner at Goode, remains on the company's board.Miller has gotten kudos from his investment peers for helping guide Supreme — and for making a rich return on the investment.The source said the game plan includes geographic expansion as well as more collaborations (The Louis Vuitton collaboration this summer is said to have produced 100 million euros in business and helped position the company for its sale).
Luxury handbag resale company @rebagofficial is planning to sell a rare collectible for $70,000: the @hermes White Crocodile Himalayan Birkin. The exclusive Birkin sold for about $100,000 in 2008, when @davidbeckham bought one for his wife @victoriabeckham to add to her collection. Read more about the rare Birkin on WWD.com #wwdaccessories
With her costume pearl necklace and what-you-see-is-what-you-get style, Barbara Bush, who died Tuesday at age 92, was a straight-shooter from start to finish.
Born Barbara Pierce in New York City, Bush served as the 37th first lady, as well as the country’s second lady from 1981 to 1989. In addition to being part of the longest presidential marriage — 73 years — Bush also had the unlikely distinction of having one son, George W., become the 43rd president and another son, Jeb, run unsuccessfully in 2016. Having served as second lady during the Reagan administration’s two terms and lived all over the world during her own husband’s ascending political career, Barbara Bush made it clear that literacy — not fashion — was her priority. Read more from Rosemary Feitelberg’s obituary on the late First Lady in WWD.com, link in bio. #barbarabush #wwdnews
Western and ’90s trends have influenced denim for fall 2018. Think raw, dark and coated jeans mixed with bold prints and tough leather. #trendtuesdays #wwdfashion (Styled by @thealexbadia;📷: @ryanplett)
@denimdaysfestival, which initially launched in Amsterdam in 2014 and has since expanded to New York, is heading to Nashville for the very first time. The two-day festival, which will take place in November, will feature brand activations, hands-on workshops by artisans and denim mills, a vintage market, live entertainment, and local food and drinks. Get all the details on WWD.com. #wwdnews #wwdfashion
Later this month, the popular “Diana: Her Fashion Story” exhibit will be reopening. @historicroyalpalaces, the charity that manages @kensingtonroyal, has been working towards adding new, never-before-seen garments to the exhibit, including this dress created by Gianni Versace for a fund-raising dinner at the Museum of Natural History in Chicago. The exhibit will reopen on April 26 at Kensington Palace @wwdfashion
“Our family has always been engaged and interested in the world around us. [My brothers and I] were always encouraged to have our own opinion at a young age, which is not always something a child is asked — especially to have an opinion with reasoning behind it,” said @yarashahidi on becoming an activist. We caught up with the 18 year old last week, where she talked about her road to acting, how “Black-ish” led her to start conversations about identity and more. Head to WWD.com to read what she had to say #wwdeye (📷: @chelsealaurenla)