FAST TRACK: Tadashi Yanai, chairman and chief executive officer of Fast Retailing Co. Ltd., wants to build his company into a $9.3 billion, or 1 trillion yen, empire. In a message to shareholders released last week, Yanai said Fast Retailing...
FAST TRACK: Tadashi Yanai, chairman and chief executive officer of Fast Retailing Co. Ltd., wants to build his company into a $9.3 billion, or 1 trillion yen, empire. In a message to shareholders released last week, Yanai said Fast Retailing recognizes it has to enhance the appeal of its Uniqlo garments in Japan, where it has struggled, and to continue to expand overseas.
“The lessons we have learned through our expansion into the U.K. and Shanghai, China will prove invaluable for an early push into the U.S. and Asia,” he said. “This time around we are not necessarily looking to go it alone. We are also considering investments into and tie-ups with other firms that can help us expand our reach into several overseas countries more effectively and efficiently.”
It also is making acquisitions. Fast Retailing and Link International Co. Ltd. agreed to jointly acquire an ownership interest in Theory LLC in the U.S., with Link ultimately owning 89 percent of Theory’s stock. Fast Retailing is scheduled to become a 47.1 percent shareholder of Link, said the firm. Fast said the cost for acquiring the ownership interest was $62.6 million, or 6.7 billion yen. Dollar figures were converted at current exchange.
Link is the licensee for the Theory brand in Japan. “By jointly acquiring an ownership interest in Theory — the licenser — our aim is to further enhance the value of the Theory brand in the global market. In the medium term, we are also considering the launch of new brands in collaboration with Link. Looking ahead, Theory’s network and expertise in the U.S. apparel industry will provide a platform for further expansion of the Uniqlo brand,” said the firm.
The company announced drops both in net profits and sales in the fiscal year ended Aug. 31. Nonconsolidated net profits dropped 40.8 percent to $173.8 million (18.6 billion yen), while sales decreased 11.7 percent from the previous fiscal year to $2.8 billion (301.7 billion yen) and operating income dropped 13.9 percent to $433.6 million (46.4 billion yen), although the firm outperformed its initial plans.
In the year ending August 2004, the firm aims to achieve nonconsolidated sales of $3.1 billion (330 billion yen).— Koji Hirano
PAIR OF BEAUTIES: The Frederique Group and the Beautiful Skin CentreGroup — the best-known spas, beauty centers and spa-training facilities in Hong Kong — announced their merger last week. The new company, called Paua Group, will include all of the existing entities, among them the Elemis Day Spa, the Frederique Spa, the Frederique Academy, the beautiful Skin Centre and FrancOrientale.
Rosemary Hamilton, group communications manager for Paua Group, said the merger has been in the works since last April. She declined to estimate projected earnings for the group, but did say that BSC’s training school, the International Health and Beauty Institute, will now be run by the Frederique Academy. The company is hoping to expand the distribution of Elemis products in Hong Kong and will investigate possible new spa and beauty centers. Frederique Deleage, founder of the Frederique Group, is also designing new spas in the region, including a luxury day spa at the Shangri-la hotel in Cebu, The Philippines.
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews