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.
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)
@heriethpaul and @gracebol have a moment on the @victoriassecret fashion show 2017. See every look from the runway on WWD.com. Link in bio. (📷: @giovanni_giannoni_photo) #wwdfashion #victoriassecret #VSFashionShow
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia