In a dramatic shakeup at Lord & Taylor, Jane Elfers, president and chief executive officer, is leaving and will be replaced by Brendan Hoffman, president and ceo of Neiman Marcus Direct, according to sources.
More personnel changes at Lord & Taylor, and possibly through other divisions of the parent Hudson's Bay Trading Co., are expected.
A source said that Jeffrey Sherman, ceo of Hudson's Bay Trading Co., is assuming a bigger role to expedite cost savings and centralize across divisions such as back-of-the-house functions as accounts payable and information technology. In addition to The Bay, Zellers, Home Outfitters and Fields divisions in Canada reporting to Sherman, he now has oversight of the New York-based Lord & Taylor division as well. Hoffman will report to Sherman. Hudson¹s Bay Trading also operates Creative Design Studios and Fortunoff.
Officials were not available to comment on the executive changes.
The Hudson's Bay Trading Co. retail group was assembled by NRDC Equity Partners through a series of acquisitions, the most recent being Hudson's Bay in July. Last February, Fortunoff was purchased out of the bankruptcy and Lord & Taylor was purchased in 2006. Richard Baker is ceo of NRDC Equity. He also holds the title of governor of Hudson's Bay Trading. Sherman reports to him.
HBTC's management restructuring appears to have been spurred by the nation's economic turmoil and rising concerns about business. In addition, real estate values are declining. Through its acquisitions, NRDC has added significant property holdings, including the Fifth Avenue flagship for Lord & Taylor, and flagships of The Bay in Toronto and Vancouver, Canada.
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