NEW YORK — Two weeks after being hired as a consultant at Wet Seal Inc., Michael Gold, who owns more than 400 retail stores in the U.S. and Canada, has purchased American Eagle Outfitters’ waning retail line, Bluenotes, for an undisclosed sum, American Eagle said in a statement Tuesday.
Thanks to the expected sale, Jim O’Donnell, chief executive officer of Warrendale, Pa.-based American Eagle, said in the statement that American Eagle is now “well-positioned to focus on the development of our next U.S. retail concept.
“Michael Gold has extensive retail experience in Canada, which we are confident will lead to future success. With the sale of Bluenotes, we can now devote our attention to expanding the AE brand in the U.S., Canada and worldwide,” O’Donnell added.
Gold was recently hired by hurting teen retailer Wet Seal, which failed to see its business turn around this summer, to lead merchandise and operational initiatives. He is the owner of YM Inc., a Toronto-based retailer.
The transaction with American Eagle, whereby a private company controlled by Gold will buy the Bluenotes apparel business, is set to close on Dec. 5 and is subject to regulatory approvals. American Eagle said it will take an 8- to 11-cent-a-share loss in the fourth quarter related to Bluenotes.
Bluenotes is a chain of 109 stores in Canada, offering mainly denim to 12- to 22-year-olds.
In the first nine months of this fiscal year, Bluenotes had sales of $60 million, versus $57.9 million last year, helped, the company said, by the strengthening Canadian dollar. Same-store sales declined 1 percent, excluding foreign currency impacts.
In its latest quarter, American Eagle earnings increased 220 percent to $58 million, while total revenues were up 34.7 percent to $503.4 million.
“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
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast