JACK’S PAYDAY: Jack Stahl, chief executive officer of Revlon Inc., was paid $1.12 million in salary and a $1.3 million bonus in 2002. He also received restricted stock valued at $3.1 million. In addition, Stahl was given a $1.8 million loan for...
JACK’S PAYDAY: Jack Stahl, chief executive officer of Revlon Inc., was paid $1.12 million in salary and a $1.3 million bonus in 2002. He also received restricted stock valued at $3.1 million.In addition, Stahl was given a $1.8 million loan for taxes related to the secured stock and a $2 million 30-year mortgage for a new primaryhome, according to a filing with the Securities and Exchange Commission. Struggling under heavy debt, Revlon lost $286.5 million last year on sales of $1.12 billion, as reported. Stahl, former chief operating officer of Coca-Cola Co., joined Revlon in February 2002.
CHANGES ARE AFOOT AT SEARS: In a move that will entail more job losses, Sears, Roebuck & Co. is in the process of trimming the costs of its operations amid sliding profits at its credit card division and an ongoing slowdown in sales. According to sources, many of the job cuts are expected at its Hoffman Estates, Ill. headquarters, with a handful elsewhere within the organization. Executives at Sears could not be reached for comment Sunday. Financial sources said the changes in cost structure are necessary and involve all aspects of the retailer’s operations. The plans — including the tally for head count reductions — are expected to be finalized within the next two months.
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