MILAN — Gianfranco Ferré SpA has a new ceo, Mohamad Iyad Jalab, who succeeds Ahmed Sankari. According to a statement issued on Tuesday, the executive is a veteran of the Dubai-based Paris Group, which is owned by Abdulkader Sankari and his son Ahmed and which controls the storied Italian label.
The statement said Sankari left his role in April to focus on Paris Group’s “acquisition of new fashion brands” and “the international opening of new Ferré stores.” A new Milan boutique will open by the end of the year, replacing the brand’s venue on Via Sant’Andrea, whose lease was not renewed by the building’s owners, according to the company. RELATED STORY: Gianfranco Ferré Legal Battle Rages On >>
A legal battle is taking place over the Ferré brand, as the state-appointed commissioners, who oversaw the company’s sale in February 2011 after two years of state-controlled bankruptcy protection, have turned to a Milan court. They are seeking to confiscate the brand to avoid further deterioration of its assets as they believe the label has not been developed by its new owners.
According to sources here, the administrators deem Paris Group may finally reduce the brand to a licensed operation in the Middle East. In May, a court in Isernia, Italy, rejected a request to sequester the brand put forward by the label’s administrators in October, saying it did not have jurisdiction to make a decision in the case. However, a legal source explained that the judge merely deemed Isernia was not the appropriate court to decide on the issue.
According to Ferré’s lawyer, Giuseppe Strano of Milan-based legal studio DCS & Partner, and contrary to media reports, the brand’s owners have invested more than 30 million euros, or $36.8 million at current exchange, in a year, and paid off 97 percent of its debt, as certified by Deloitte & Touche Paris. The debt amounted to 11.6 million euros, or $14.2 million.
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