NEW YORK — Calvin Klein outlets will soon be replacing some Geoffrey Beene ones.
Phillips-Van Heusen Corp. said Wednesday that it would end its license to operate Geoffrey Beene outlets and close its Geoffrey Beene outlet retail division by the end of fiscal 2008. As a result, it will shutter 75 of the existing 100 stores and convert the remaining 25 into Calvin Klein outlets.
Meanwhile, PVH renewed its Geoffrey Beene licenses for dress shirts and men's sportswear until Dec. 31, 2013.
"The closing of our Geoffrey Beene retail division in no way bears on our commitment to our Geoffrey Beene wholesale dress shirt and sportswear businesses," Emanuel Chirico, PVH's chairman and chief executive officer, said, adding the brand "is an important component of our stable of brands."
PVH is working to place Geoffrey Beene associates elsewhere within its divisions.
The company anticipates after-tax charges of approximately $15 million, or 29 cents a share, citing asset impairments, severance, inventory markdowns and lease exit costs.
Calvin Klein Inc. has begun growing its retail network, opening several Calvin Klein-branded megastores featuring apparel and accessories under the Calvin Klein white label. Recently, company executives have also hinted at a renewed push to open freestanding Calvin Klein Collection stores.
"By converting a portion of the Geoffrey Beene store portfolio to Calvin Klein outlet retail stores, we will accelerate the growth of our most productive and profitable outlet retail division, and more quickly reach our desired number of Calvin Klein outlet retail stores," Chirico said.
The conversion of 25 units into Calvin Klein outlets, he added, "should result in significantly higher sales per square foot and higher operating margins in these stores, which should have a positive impact on fiscal 2009 operating results."
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