NEW YORK — Richard Dickson, president and chief executive officer of the former Jones Group’s branded businesses, is quietly stepping down — but not entirely out.
A spokesman for Sycamore Partners, which bought Jones in a $2.2 billion deal this month and broke the company down into its constituent parts, said Dickson would be “stepping down” because of the decentralized nature of the new business format.
“He will be open to exploring other opportunities, but in the meantime will assist Sycamore with some of its portfolio companies,” the spokesman said. The private equity firm controls Hot Topic, Talbots and MGF Sourcing, in addition to the former Jones businesses, including Stuart Weitzman, Kurt Geiger, Nine West Group, a jeanswear business, Jones New York and Kasper.
Dickson received $2.2 million for his Jones stock and $9.2 million for the restricted shares he held when the deal closed. He also stood to receive a change-in-control that could have reached as high as $6.9 million if his employment was technically terminated by Sycamore. The spokesman declined to comment on that issue.
Dickson joined Jones in 2010 with a résumé that included stops at Estée Lauder and Mattel, where he was credited for turning around the Barbie brand.
He was responsible for Jones’ global wholesale and retail businesses and was seen internally as the lead candidate to take over for group ceo Wesley Card.
But the hoped-for reinvention never really took off.
The company acquired a string of buzzy brands — Stuart Weitzman, Brian Atwood and Kurt Geiger — but the namesake Jones label continued to struggle, moving in a more fashionable direction and then backing off. The company posted total net profits of just more than $100 million in 2010 and 2011, but logged losses for the next two years.
Sycamore said Tuesday that Card, who had been ceo of Jones since 2007, left the company. In the buyout, Card was set to receive $5 million for his Jones stock, $11.9 million for his restricted shares and a golden parachute payment of $10 million — a total of $26.8 million.
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)
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