21. Pete Nordstrom and David Witman For Nordstrom, 2007 marked the end of the affair with Façonnable. In a reported effort to focus on its own store rollouts and strengthen its private label business, Nordstrom offloaded the French luxury label to a Lebanese private equity firm for $210 million. (The company bought the brand and its direct retail operations in 2000 for $169 million.) Given the Seattle-based retailer’s inability to groom Façonnable into an international it-brand, the fling wasn’t meant to last, analysts and insiders said.
But forget failed relationships. Last year Nordstrom saw its fifth consecutive year of same-store sales increases. Revenue jumped to $8.56 billion, a 9.7 percent rise over the previous year and a 30 percent gain since 2003. With plans to add 26 stores over the next five years, Nordstrom’s current number of doors (101) is quickly catching up with its years of operation (106), with Cherry Creek Shopping Center in Denver and Twelve Oaks in suburban Detroit the latest additions.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"