• TRAUB RESIGNS BOARD POST: Marvin Traub, an investor and consultant and former chairman and chief executive officer of Bloomingdale’s, has resigned as a director of NexCen Brands Inc., the brand management firm said Friday. Traub was elected director of NexCen in May 2007. David Oros, chairman of NexCen, said, “Marvin brought to the company’s board a wealth of experience and insight, especially with respect to the retail and consumer goods sector. We are grateful for his sage counsel throughout his tenure and in connection with the company’s exit from its retail licensing businesses.” NexCen sold its Waverly home brand to Iconix Brand Group Inc. and is shopping the Bill Blass brand.
This story first appeared in the December 8, 2008 issue of WWD. Subscribe Today.
• YSL VINTAGE SALE: Housing Works Thrift Shops plans to sell almost 500 vintage Yves Saint Laurent pieces during a Thursday cocktail party at its 157 East 23rd Street store. Shoppers will be able to buy evening gowns, elegant coats, power suits and other items on a first-come, first-serve basis. Retail prices will range from $45 to $250, and sizes run from 2 to 8. The collection belonged to the late Adeline Tintner, sister of Muriel Maxwell, a former editor and model at Vogue who posed for Horst and Irving Penn.
• SEARS’ NEW FINANCE CHIEF: Sears Holdings Corp. promoted Michael D. Collins to chief financial officer, succeeding J. Miles Reidy, who is leaving the firm. Collins had been senior vice president of finance. In addition, Fred Jasser was named vice president and treasurer of the Hoffman Estates, Ill.-based owner of Sears and Kmart stores. Most recently, he was vice president of Goldman Sachs & Co.’s investment banking division.
• FAST LOOKS TO BANGLADESH: Fast Retailing Co. Ltd., Uniqlo’s parent company, will establish a Singapore-based joint venture with three other companies to manufacture textiles and apparel in Bangladesh. Fast Retailing is investing 10 percent of the new joint-venture company’s $80 million in capital. Fast Retailing is teaming up with two China-based companies, Pacific Textiles Holdings Ltd. and Crystal International Ltd., as well as Ananta Group of Bangladesh. The new company, CPAT Singapore Private Ltd., will start operating next year. Uniqlo manufactures about 90 percent of its products in China, but it is looking to diversify its manufacturing operations. “We will be looking to locate approximately one-third of total production in countries outside of China,” Fast Retailing said in a statement. Fast Retailing said CPAT and China-based Bros Eastern Co. reached a separate agreement to build a spinning plant in Bangladesh.