U.S. ARRIVAL: Sumikin Bussan Corp. of Tokyo has established a subsidiary in New York to market textiles and apparel to American clothing manufacturers and retailers. The company is aiming for sales of $27.3 million at current exchange, or 3...
U.S. ARRIVAL: Sumikin Bussan Corp. of Tokyo has established a subsidiary in New York to market textiles and apparel to American clothing manufacturers and retailers. The company is aiming for sales of $27.3 million at current exchange, or 3 billion yen, by 2006 and $45.5 million, or 5 billion yen, by 2008. The subsidiary, to be known as Sumikin Bussan Textile Corp., is capitalized initially at $1 million, with a branch located in Los Angeles, the company said.
Sumikin is largely a steel trading company but it has been diversifying into textiles and apparel and food businesses in recent years. Its total annual sales are about $7.5 billion, or 820 billion yen.
The new company is taking over the New York branch office of another Sumikin subsidiary, based in Chicago, that has been in operation since 2000. The New York office had been engaged in collecting market information, selling sweaters and fabrics to U.S. apparel factories, promoting sales of bedding to hotels and marketing home fashion goods, Sumikin said.
Sumikin added the new company will take advantage of its capacity to be able to provide integrated textile-to-apparel services in planning, design and manufacturing, with plans to hold exhibitions in the U.S. for potential buyers. — Tsukasa Furukawa
NICE BUY: Yue Yuen, the world’s biggest maker of athletic footwear, announced that it will acquire a 30.9 percent stake in sportswear maker Eagle Nice (International) Holdings. Yue Yuen will pay $40.9 million, or 318.4 million Hong Kong dollars, in cash for the stake, which will bring its total ownership of Eagle Nice to 44 percent.
Yue Yuen has been focusing on its sportswear business in recent months, opening retail outlets in China and preparing for 2005, when trade quotas are lifted in China.
Eagle Nice makes branded clothing for the likes of Nike, Adidas and Reebok, all of which are also Yue Yuen customers. In a joint statement, the companies said their complementary customer bases would not compete with each other. However, Eagle Nice is expected to rev up production and update its facilities to cope with increased demand from customers introduced to it by Yue Yuen. — Constance Haisma-Kwok
Madonna turns 59 today, marking another year of show-stopping, one-of-a-kind bold looks from the singer. To celebrate, we took a look at the superstar's most memorable fashion moments. Here, Madonna sits front row at Versace's spring runway show in 1995. See more exclusive photos from the #wwdarchive on WWD.com. #wwdeye (📷: Cédric Dordevic)
WWD asked a handful of creative directors to evaluate the September covers of leading women's fashion magazines. How do they think the covers this year compare with years gone by, and what do they say about the current status of the publication? Link in bio. (GIF by @hypebreast)
"Stephen King is such a master, but I don't like being scared - there's enough that's really scary. How about the morning's news?" says Holland Taylor in an interview with WWD. See what else the actress said about starring in the TV adaptation of King's thriller "Mr. Mercedes" on WWD.com. #wwdeye (📷: @jgreenery)