Joe’s Jeans Inc. has agreed to pay creative director Joe Dahan $9.2 million in place of earn-out allowances tied to the company’s gross profit.
The sum will be divided into weekly installments stretched over a 33-month period ending in November 2015. It replaces a provision dating back to the 2007 acquisition of Dahan’s company, JD Holdings Inc., by a subsidiary of Joe’s under which Dahan received a percentage of the company’s gross profit over a 10-year period.
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?"