RESTATEMENT BLUES: Warnaco Group’s Designer Holdings Ltd. subsidiary was the source of some of the accounting errors that necessitated a $43 million charge announced in August 2001, along with the restatement of financial results for three years...
RESTATEMENT BLUES: Warnaco Group’s Designer Holdings Ltd. subsidiary was the source of some of the accounting errors that necessitated a $43 million charge announced in August 2001, along with the restatement of financial results for three years beginning with fiscal 1999. The unit, which held the Calvin Klein jeanswear license, was acquired by Warnaco in September 1997. According to Warnaco’s annual report, filed with the Securities and Exchange Commission on Wednesday, the errors involved the recording of intercompany pricing arrangements, the recording of accounts payable primarily related to the purchase of inventory from suppliers and the accrual of certain liabilities. The filing attributed certain of the company’s European subsidiaries as other sources in connection with those errors. Warnaco has been in Chapter 11 since June 2001.
Y NOT!: Yohji Yamamoto has opted to show his Y’s secondary line on the evening of Oct. 2, one day prior to this fall’s official Paris Fashion Week kickoff. Martin Margiela will show that night as well. The Y’s fashion show will take place at 7 p.m. at the Musée du Cinema on Paris’ Right Bank, followed by Margiela at 8 p.m. at a still-to-be-decided location. The house decided to show off-schedule rather than on Oct. 9, when the Chambre Syndicale de la Haute Couture offered it a time slot. A Yamamoto spokeswoman said that date fell too late in Paris Fashion Week, which ends on Oct. 12. She added that Oct. 2 is more convenient for buyers and editors. Yamamoto in the past has shown on Oct. 3, but this year decided to show his ready-to-wear line during the couture season in July. As reported, the debate over which date to show Y’s stemmed from the Chambre’s rule barring shows of secondary lines. Yamamoto contends Y’s is his main line, while his rtw is more in line with couture. Oct. 2 had previously been designated as a travel day after Milan Fashion Week, which winds up the night of Oct. 1. But many designers are keen to show in Paris as early as possible, fearing that most major buyers and editors will skip town on Oct. 9.
THE PRICE OF MOTHERHOOD: Mothers Work Inc. priced the public offering of 1.1 million shares of its common stock at $27 each. The Philadelphia-based retailer is offering 1 million of the shares while stockholders will sell the remainder. The deal’s underwriters were also granted the option to purchase up to 165,000 additional shares to cover over-allotments. Credit Suisse First Boston is the lead manager on the offering with Legg Mason Wood Walker, Investec and Commerce Capital Markets acting as co-managers. Additionally, Mothers Work on Wednesday sold $125 million in bonds carrying an 11.25 percent coupon and maturing in 2010, according to published reports.
Supermodel @helenachristensen teamed up with longtime friend and designer @camillastaerk on a joint @paredeyewear collaboration. The lineup features three styles and 11 offerings, all of which embody a vintage feel. Get all the details on how they celebrated the collab on WWD.com. #wwdaccessories #wwdeye (📷: @slovekinpics)
“It’s a hard industry to keep motivated, as well, so finding different subjects and people is what makes it worth it – when you’re like, oh, I’ve met great people, I feel like I’ve done something good, and I feel proud of having done this,” said French actress Stacy Martin on being grateful for the variety of roles she’s take on. Read @ktauer’s full interview with Martin on her her latest film “Godard Mon Amour.” #wwdeye (📷: @danieldorsa)
After showing in front of the Eiffel Tower for his last two women’s ready-to-wear collection, it looks like @anthonyvaccarello may be heading to the Big Apple. Sources say the designer will stage his next @ysl show in NYC on June 6. Get all the details on WWD.com. #wwdnews #wwdfashion (📷: @aitorrosasphoto)
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