Fifth & Pacific Cos. Inc. eliminated more than 100 jobs in its corporate offices as part of previously disclosed efforts to trim costs.
The layoffs in New York and New Jersey are expected to lead to annualized cost savings of about $15 million, according to a filing with the Securities and Exchange Commission.
“We deeply regret that such action was needed, but, as we have discussed publicly, our company structure and processes must reflect our focus on delivering profitability and strengthening our brands to ensure we are as competitive as possible,” said George Carrara, executive vice president, chief operating officer and chief financial officer, in an e-mail to employees Wednesday.
Fifth & Pacific changed its name from Liz Claiborne Inc. last month after refocusing its business on Kate Spade, Juicy Couture and Lucky Brand.
“We have transformed into a direct-to-consumer company focused on building powerful brands around the world,” Carrara said. “Unfortunately, these changes required a rethink of our corporate infrastructure in order to more cost effectively serve our brand operating divisions. Accordingly, we are now taking steps to realign and reorganize our corporate organizational structure.”
The company made a number of tweaks to its executive lineup.
• Elaine Goodell, vice president, corporate controller and chief accounting officer, was named vice president, finance governance and risk management.
• Michael Rinaldo, vice president, corporate finance and assistant controller, was named vice president, corporate controller and chief accounting officer.
• Thomas Caccamo, senior director, global tax planning, is now vice president, global tax.
• John Moroz, senior vice president, global operations, assumes responsibility for the firm’s new shared services functions.
• Bill Higley, vice president, human resources, adds responsibility for payroll.
• Robert Fagan, vice president, FP&A, corporate finance and Adelington Design Group, becomes chief financial officer of Kate Spade.
• Linda Yanussi has joined the company as vice president of its information technology group.
Additionally, Seth Goldberg, Fifth & Pacific’s vice president, internal audit and chief transformation officer, and Michelle Ennis, vice president of finance at Kate Spade, are leaving the company.
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
“Stranger Things” is getting a new cast member for season 2. Meet @sadiesink_, the 15-year-old who will be joining the Netflix series for its new season. You may recognize her from “The Glass Castle” with Brie Larson and Woody Harrelson, but the Texas native’s next role goes in an entirely different direction. She describes her character, Max, as “a rough and tumble skater girl [who] becomes friends with the boys at school.” The second season debuts on October 27. (📷: @jgreenery) #wwdeye
Amid the Harvey Weinstein controversy, there’s another sector that’s being put under the spotlight for sexual abuse: the modeling industry. While rumors about abuse and sexual harassment of female and male models — and the photographers, agents and others who perpetrated it — have circulated within the fashion world for years, model @cameronrussell started posting stories from models on Instagram last week about abusive situations they’ve encountered — from sexual harassment and molestation to attempted rape. Over 75 have weighed in so far. Read more on WWD.com. Link in bio. #wwdnews
To celebrate its 16th anniversary, @dylanscandybar tapped designers and celebrities to create mosaics out of candy. The mosaics will be auctioned off to support the philanthropic cause of each participant’s choice. Pictured here is the mural created by @aliceandolivia's Stacey Bendet. For a first look at some of the other artwork being unveiled tonight, go to WWD.com. #wwdeye
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye