HONORING CLASS OF ’02: Donna Karan will host a cocktail reception honoring the Council of Fashion Designers of America’s 23 new 2002 inductees. Stephen Burrows, Henry Duarte, Mossimo Giannulli, Lars Nilsson of Bill Blass, Charles Nolan of Anne Klein and William Reid are among the latest American designers to be admitted into the organization. The event, the second of what is expected to be an annual tradition, is to be held the evening of Oct. 22 at the Manhattan studio once used by Karan’s late husband, Stephan Weiss.GUILFORD TO EMERGE: Guilford Mills Corp. said it expects to emerge from Chapter 11 protection today, following a New York bankruptcy court’s approval of its reorganization plan last month. Guilford said in a statement that, upon its exit from bankruptcy, the firm’s 18.6 million outstanding shares will be canceled. Holders of those shares will receive one new share in the company for approximately every 35 shares of the stock they held. Guilford’s creditors will own 90 percent of the company upon its emergence, according to the plan of reorganization. Guilford said its old shares will be delisted from over-the-counter trading, but it expects its new shares to gain an over-the-counter listing.OAKLEY’S NEW OFFICE: Oakley Inc. has formed an office of the chairman, made up of Oakley founder, chairman and chief executive officer Jim Jannard; chief operating officer Link Newcomb; president Colin Baden and executive vice president Tommy Rios. The office was created to entrust the executives to lead the company through "challenges of today’s difficult retail environment," according to Jannard, and to recognize their "vital" contribution to Oakley’s success. The Foothill Ranch, Calif.-based manufacturer produces sunglasses, footwear, apparel and accessories under the Oakley brand. As of June 30, 2002, trailing 12-month revenues were $459 million. Net income rose 10 percent in the same period to $45.5 million.SANCTIONS AVERTED: The European Union formally decided Monday to put on hold plans to slap more than $300 million of trade sanctions on U.S. imports, including several apparel products. European foreign ministers in Brussels accepted a recommendation by the European Commission to not retaliate, at least for the time being, against the U.S. for imposing punitive tariffs on imported steel. The ministers cited the U.S. continuing to exempt several steel products from these tariffs as cause for backing off from what is one of several trade dustups the EU is having with the U.S.

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