NEW YORK — Tosio Negami has been namedchairman and chief executive officer of Shiseido Cosmetics (America) Ltd., succeeding Hiroshi Maruyama who has been appointed to a post in Tokyo.
Maruyamawill assume the position of deputy general manager of the salon business planning department, professional business operations division of Shiseido Co., Ltd., at the home office.
Meanwhile in New York, Negami will direct the Shiseido business in the U.S., with a particular focus on building a strong American presence and continuing to push the Shiseido-owned prestige brand, Clé de Peau Beauté, to the next level.
In a statement, Negami said he intends to fortify Shiseido’s position “while focusing on the future of the brand.” Heidi Manheimer, president of U.S. operations, Shiseido Cosmetics America, will report directly to Negami.
Negami has been with Shiseido for22 years. His most recent position wasdeputy general manager of the corporate planning department of Shiseido Co., Ltd. in Tokyo. Negami was responsible for strategic and financial planning for the company and its subsidiaries, developing new business opportunities, and executing strategic corporate projects.
Estée Lauder Upgraded
NEW YORK — Estée Lauder Cos. got a gift from Banc of America in honor of its strong performance. Analyst William Steele upgraded the beauty giant to “buy” from “neutral” and raised his price target on Lauder shares to $39 from $33.
Steele said in a research note that he upgraded Lauder based on solid business prospects and a compelling valuation, noting it has consistently been delivering earnings per share targets and achieving top-line trends that are among the strongest in the sector.
Concurrent with its Lauder upgrade, Steele raised his view of the cosmetics, household and personal care products sector to “overweight” from “marketweight.”
“[Lauder] boasts core brands such as Estée Lauder, Clinique and MAC Cosmetics, which maintain dominant market shares in attractive, fast-growing categories,” he wrote. For example, Steele said in 2002, those three brands dominated a combined 51 percent share of the prestige makeup category, while Clinique and Lauder were the top two names in skin care, with shares of 26.1 percent and 19.8 percent, respectively.In addition, he said the product pipeline for 2004 looks strong, with its recent introduction of Beyond Paradise, which industry sources project could generate $60 million within its first year, and Aramis Life, which will roll out in the fourth quarter.
The analyst forecast the company to grow sales by 7 percent in 2004, driven by investment behind the brands, new product introductions and continued strength in balance sheet trends.
Lauder shares closed up 21 cents, or 0.6 percent, to finish at $33.95 in Wednesday’s New York Stock Exchange session.
— Jennifer Weitzman
Meanwhile, Lauder chairman Leonard Lauder made more than $824,000, before taxes and fees, by exercising stock options Monday and Tuesday. According to a filing released by the Securities and Exchange Commission Wednesday, Lauder purchased 40,000 options, at a strike price of $13, for a total of $520,000, and then sold them in a series of transactions at an average of $33.61, totalling more than $1.3 million. The options, granted in 1999, were set to expire in 2005. After exercising the options, Lauder directly held 5,369,169 shares of Class A common stock.
“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
“Stranger Things” is getting a new cast member for season 2. Meet @sadiesink_, the 15-year-old who will be joining the Netflix series for its new season. You may recognize her from “The Glass Castle” with Brie Larson and Woody Harrelson, but the Texas native’s next role goes in an entirely different direction. She describes her character, Max, as “a rough and tumble skater girl [who] becomes friends with the boys at school.” The second season debuts on October 27. (📷: @jgreenery) #wwdeye
Amid the Harvey Weinstein controversy, there’s another sector that’s being put under the spotlight for sexual abuse: the modeling industry. While rumors about abuse and sexual harassment of female and male models — and the photographers, agents and others who perpetrated it — have circulated within the fashion world for years, model @cameronrussell started posting stories from models on Instagram last week about abusive situations they’ve encountered — from sexual harassment and molestation to attempted rape. Over 75 have weighed in so far. Read more on WWD.com. Link in bio. #wwdnews
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The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye
"Nowadays when life is not so happy with everything going on in the world, I think people come to me for a little bit of whimsy and color and fun." - Designer Rebecca De Ravenel on her cult-favorite jewelry line. (📸 : @vsteves) #wwd40
“Everyone is talking about how the retail industry is struggling, but I think it’s an incredible time because brands who are doing something different and innovative are setting themselves up for the future,” said @adamgoldston, who founded the luxury athletic brand @apl with his brother @ryangoldsten. The Goldston’s are part of WWD’s 40 under 40: a group of industry notables. See the rest of the list on WWD.com. (📷: @vsteves) #wwd40
@eyeswoon blogger Athena Calderone debuted her first-ever cookbook, “Cook Beautiful,” which is heavily centered on the presentation and visual expression of food. Pictured here are her miso glazed carrots from the book. Get the recipe on WWD.com. (📷: @johnny_miller_) #wwdeye