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.
Taking the final spot on the mens’ portion of New York Fashion Week calendar next month will be none other than @tomford. Though he’s shown his men’s wear in New York in the past, this will mark the first time the designer has shown his men’s collection alone during New York Fashion Week: Men’s. His runway show will debut on February 6 at the Park Avenue Armory. #wwdfashion
London-based couture house @ralphandrusso has certainly been in the spotlight, having its dresses worn by @beyonce, Angelina Jolie, Meghan Markle in her engagement photos and more. For couture, Tamara Ralph focused on ornamentation — think: feathers with chain mail, jet embroidery and clusters of pearls and crystals. See the rest of the collection on WWD.com #wwdfashion #couture (📷: @giovanni_giannoni_photo)
Minnie Mouse celebrated her 90th birthday by getting her own star on the Hollywood Walk of Fame. For her celebratory luncheon, @coach’s creative director @stuartvevers dressed her in a custom made prairie dress, complete with Vever’s take on the polka dot – black sequined versions – under a cropped motorcycle jacket. The designer also put his own mark on Minnie’s classic red shoes, infusing the color with sparkles and adding some Coach crystals. “We chose colors that were very Minnie and also represented quintessential Coach elements,” said Vevers. #wwdfashion #nationalpolkadotday (📷: George Chinsee)
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@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)