J. CREWCUTS: J. Crew Group on Friday in a Securities and Exchange Commission filing revised its fourth-quarter and fiscal 2002 results, increasing its net loss by $9 million to $20.7 million for the quarter, and to $40.6 million for the year. The...
J. CREWCUTS: J. Crew Group on Friday in a Securities and Exchange Commission filing revised its fourth-quarter and fiscal 2002 results, increasing its net loss by $9 million to $20.7 million for the quarter, and to $40.6 million for the year. The revision, the filing said, was attributable to the company’s decision to dispose of its inventory at the end of each selling season instead of carrying over excess prior-season merchandise for sale in subsequent seasons. The disposition of excess inventories will be through factory stores, Internet promotions and warehouse sales. The company said its decision was made subsequent to its earnings release issued on March 20, but prior to the filing of its annual report with the SEC. The company booked an additional $9 million as inventory reserves as of Feb. 1 of this year because of the expected decrease in the amount it will ultimately receive for the excess inventories.
BRIDAL AT BARNEYS: Barneys New York announced plans to carry Vera Wang Luxe, the designer’s exclusive line of bridal gowns, in its Madison Avenue bridal atelier this fall. This marks the first time Wang’s Luxe line will be carried in New York outside of her Madison Avenue boutique. Barneys is also buying into Wang’s fragrance and eveningwear pieces, which the retailer characterized as "less formal with a modern slant," and include beaded pants and fur shrugs. Wang’s lines are carried at Barneys’ Chicago and Beverly Hills stores.
JOIN THE CLUB: The former Yugoslav Republic of Macedonia became the 146th member of the World Trade Organization on Friday, following Armenia, which became a member in February. There are currently 26 countries negotiating to become members of the WTO, including Vietnam, Cambodia, Russia and Saudi Arabia. Macedonia is a small supplier of apparel and textiles to the U.S. For the year ended Jan. 31, imports of apparel and textiles were 12.7 million square meters equivalent. Macedonia’s largest apparel export category to the U.S. is cotton nightwear and pajamas, which totaled 4.3 million SME for the year.
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
“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
To celebrate its 16th anniversary, @dylanscandybar tapped designers and celebrities to create mosaics out of candy. The mosaics will be auctioned off to support the philanthropic cause of each participant’s choice. Pictured here is the mural created by @aliceandolivia's Stacey Bendet. For a first look at some of the other artwork being unveiled tonight, go to WWD.com. #wwdeye
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