Target Corp. may have a new chief executive officer, but Wall Street’s reaction shows the amount of work ahead.
Target’sshares fell 2.9 percent Thursday to close at $59.59 on the New YorkStock Exchange even as the retailer removed a major uncertainty bytapping Brian Cornell, former ceo of PepsiCo Americas Foods, as chairmanand ceo, effective Aug. 12. While Cornell has solid retail experiencewith stints at Sam’s Club and Michael’s, and has fast-moving consumergoods covered through the PepsiCo job, retail experts said he might lackthe digital experience needed to create Target 2.0. Nonetheless, theretailer said Cornell’s top priorities will be accelerating thecompany’s performance and advancing Target’s omnichannel evolution.Target’s profit has fallen for six consecutive quarters.
“I see things on the hanger and I’m, like, ‘I never knew that color worked on me.’ It’s things you necessarily wouldn’t choose to wear, but once you put them on, you see why Janie is who Janie is." — Lily Collins on working with former "Mad Men" costume designer, Janie Bryant on creating looks for her role as Celia Brady's in Amazon series, "The Last Tycoon." 📸@jilliansollazzo #wwdeye
EXCLUSIVE: Sarah Rutson has been tapped to Build New American Fashion Group. The parent of Joie, Equipment and Current/Elliott hired the merchant to rev up its brands and expand its portfolio into designer, beauty and lifestyle categories. Read more on WWD.com, link in bio. #wwdfashion
Michael Kors' $1.3B Jimmy Choo deal has the company squaring off with Coach Inc. as both seek to build American powerhouses. Coach bought Stuart Weitzman in 2015 and Kate Spade just two weeks ago, but Michael Kors' acquisition may be putting pressure on its rival in the new push for scale. #wwdnews (📷: George Chinsee)
Meet actress Lucy Boynton, who plays opposite Naomi Watts in the recently released Netflix series "Gypsy." Boynton stopped by WWD to talk about her upcoming projects and her nomadic lifestyle. Get all the details on WWD.com. #wwdeye (📷: @dandoperalski)