PACSUN CUTS UNIT PRESIDENT: Pacific Sunwear of California said Wednesday in a regulatory filing that it is eliminating the position of president at its D.e.m.o. subsidiary, which the skate- and surf-inspired apparel chain is in the process of shuttering. The Securities and Exchange Commission filing said Lou Ann Bett will leave the company on March 15. The company previously said it will close the remaining 154 D.e.m.o. stores as part of its restructuring process. Last May it closed 74 units of the underperforming urban-inspired division. The closing of the stores is expected to be completed this May. The filing also said Bett will be entitled to receive severance benefits under the company's executive severance plan.
EXPRESS APPOINTMENT: Express has named Lisa Gavales executive vice president and chief marketing officer, succeeding John Wendler, who departed in May. "As an independent business, we have established aggressive growth plans that will require strong marketing and visual leadership to ensure that we are clearly articulating our brand to our customers," Michael Weiss, chief executive officer of Express, said. Gavales was most recently Bloomingdale's senior vice president of marketing and was largely responsible for growing the store's e-commerce. Earlier, she worked at PricewaterhouseCoopers and Habberstad International.
JAFFERJEE TO RAFAELLA: Rafaella Apparel Group Inc. said it appointed Husein Jafferjee as chief operating officer. Jafferjee was previously at Elie Tahari as chief operating officer. Prior to that, Jafferjee served in a variety of roles at Urban Children's Stores, Henri Bendel and Mexx USA, as well as Bankers Trust Co., Cosmair Inc. and Touche Ross & Co.
VALUE CITY DEAL: Retail Ventures Inc. said it sold an 81 percent ownership stake in its Value City Department Stores business to VCHI Acquisition Co., which is described as a newly formed entity owned by VCDS Acquisition Holdings LLC, Emerald Capital Management LLC and Crystal Value LLC. "Retail Ventures Inc. will receive no net cash proceeds from the sale, will pay a fee of $500,000 to the purchaser and anticipates recognizing an aftertax loss on the transaction," the retailer said in a statement. "As part of the transaction, Retail Ventures Inc. issued warrants to VCHI Acquisition Co. to purchase 150,000 shares of common stock of Retail Ventures at an exercise price of $10 per share, and exercisable within 18 months of the date of the closing of the transaction."
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion