CARTIER’S NEW CEO: Compagnie Financiere Richemont AG has named Bernard Fornas as chief executive officer of its Cartier unit, replacing Guy Leymarie who stepped down this week, as reported. Fornas, who joined Richemont nine years ago, was ceo of...
CARTIER’S NEW CEO: Compagnie Financiere Richemont AG has named Bernard Fornas as chief executive officer of its Cartier unit, replacing Guy Leymarie who stepped down this week, as reported. Fornas, who joined Richemont nine years ago, was ceo of Baume & Mercier, which is also controlled by the Zug, Switzerland-based luxury goods conglomerate. Prior to joining Baume & Mercier in 2001, he was marketing director of Cartier. Fornas will be replaced by Michel Nieto, marketing and communications director at Baume & Mercier. In addition to Cartier and Baume & Mercier, Richemont owns Van Cleef & Arpels, Dunhill, Montblanc, Lancel, Jaeger-LeCoultre, Piaget, IWC, Vacheron Constantin, A. Lange & Söhne and Officine Panerai.
GALERIES NUMBERS: French retail group Galeries Lafayette said third-quarter consolidated sales before taxes increased 8.5 percent to $1.26 billion from $1.16 billion a year ago. Most of the gains came from its credit activities and its Europa Quartz, Croisette, Telemarket and Promosta stores. Department store sales for the nine months inched up 0.8 percent to $1.72 billion. Dollar figures are converted from the euro at current exchange rates.
PPR CREDIT UPDATE: Pinault-Printemps-Redoute, the retail giant with a majority stake in Gucci Group, confirmed Wednesday that it is in "exclusive discussions" with Credit Agricole to sell its financial services arm, Finaref, in a transaction that would be valued at more than $2.46 billion. The divestiture would be completed in two stages, with 61 percent to be sold in January 2003 and 29 percent in January 2004. PPR plans to retain a 10 percent stake in the operation. PPR is also in exclusive negotiations to sell Facet, the consumer credit division tied to its Conforama furniture chain, to French bank BNP Paribas for about $843 million. PPR is seeking to divest its credit and financial services activities to reduce its $6 billion debt and soothe investor jitters over its commitment in 2004 to pay $4.8 billion for the 47 percent stake in Gucci it does not already own.
NO DICE: A spokesman for Versace SpA dismissed as "unfounded" rumors in Milan that Santo and Donatella Versace are planning to shuffle shares to "create a more stable and stronger structure" for their company. Chief executive Santo Versace owns 30 percent of the company’s shares, his sister Donatella owns a 20 percent stake, and her 16-year-old daughter, Allegra Beck, owns a 50 percent stake.
EXCLUSIVE: Two and half months after John Targon, cofounder and codesigner of Baja East, was hired as creative director of the contemporary division at Marc Jacobs, he has left the company, WWD has learned. Marc Jacobs International, which is owned by LVMH Moët Hennessy Louis Vuitton, confirmed Targon’s departure in a statement: “John Targon is a talented designer and we appreciate the work he has done here. Ultimately working together did not make sense for the brand and we wish him the best.” Read the story by @jessiredale, link in bio. #wwdnews
@theluxurycollection is officially launching a collection, tapping Sofia Sanchez de Betak for the capsule. Over 30 styles will be featured in the Chufy x The Luxury Collection, debuting next month at Bergdorf Goodman, The Webster, FiveStory and more. De Betak, known as “@chufy,” drew inspiration for the collection from her trips to Japan in the past year #wwdfashion
@lhd, founder and CEO of @thewebster, has teamed up with @lebonmarcherivegauche for the European launch of her ready-to-wear line, LHD. The launch will come with an exclusive pop-up opening today that’s set to run through May 20. Located on the second floor, it carries her debut Miami-themed resort collection, launched in November as see-now-buy-now. #wwdfashion
@longchamp, which marks its 70th anniversary this year, just opened its biggest U.S. store on Manhattan’s Fifth Avenue. On the lower level there’s a floor-to-ceiling display of the brand’s iconic Le Pliage bag – in all of its different colors, shapes and sizes. Customers can also have their product personalized in-store by imprinting names, initials or emblems. #wwdfashion (📷: @ericmtownsend)
“Whenever I’m in that place of sound and music, I don’t have fear or nervousness…This album has a lot of themes of courage and boldness and I want to be the soundtrack for people’s lives. I’ll be so happy if [my songs] evoke strength in people, which I know music has done for me,” says @kimbramusic of her newest album “Primal Heart.” The New Zealand-born singer sat down with WWD to talk about her music, newest tour and connecting with hear fans — read more on WWD.com #wwdeye (📷: @jilliansollazzo)
Luxury handbag resale company @rebagofficial is planning to sell a rare collectible for $70,000: the @hermes White Crocodile Himalayan Birkin. The exclusive Birkin sold for about $100,000 in 2008, when @davidbeckham bought one for his wife @victoriabeckham to add to her collection. Read more about the rare Birkin on WWD.com #wwdaccessories
With her costume pearl necklace and what-you-see-is-what-you-get style, Barbara Bush, who died Tuesday at age 92, was a straight-shooter from start to finish.
Born Barbara Pierce in New York City, Bush served as the 37th first lady, as well as the country’s second lady from 1981 to 1989. In addition to being part of the longest presidential marriage — 73 years — Bush also had the unlikely distinction of having one son, George W., become the 43rd president and another son, Jeb, run unsuccessfully in 2016. Having served as second lady during the Reagan administration’s two terms and lived all over the world during her own husband’s ascending political career, Barbara Bush made it clear that literacy — not fashion — was her priority. Read more from Rosemary Feitelberg’s obituary on the late First Lady in WWD.com, link in bio. #barbarabush #wwdnews
Western and ’90s trends have influenced denim for fall 2018. Think raw, dark and coated jeans mixed with bold prints and tough leather. #trendtuesdays #wwdfashion (Styled by @thealexbadia;📷: @ryanplett)