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.
EXCLUSIVE: @tomford is opening its first-ever beauty store. The boutique, which opens November 20 in London’s Covent Gardens, was designed with the over the top glam Ford is known for. Read the full story on WWD.com, link in bio. #wwdbeauty #wwdnews (📷: Simon Wagner) #TomFordBeauty
New York-based DJ @harleyvnewton threw a party to celebrate the holiday collection of her dress and pajama line @hvn at the Ladurée Beverly Hills. It Girls @katebosworth, @rashidajones and more joined in on the fun, which included cocktails, croque monsieur sandwiches and a photo booth. #wwdfashion (📷: Owen Kolasinski/BFA.com)
For the holidays, @Burberry partnered with 20-year-old artist @blondeymccoy on a series of three outdoor murals in downtown Manhattan. The murals are McCoy’s interpretation of a Christmas eve party, the idea of charity and the spirit of family. His third mural, pictured here, is the most personal. The image depicts McCoy’s grandparents and father in London’s Trafalgar Square in the Seventies. “My work often features lots of sentimental objects.” #wwdeye
For spring 2018, designers applied bold colors and cartoonish motifs on everything from sneakers and belts to key chains. See all the top men’s accessories trends on WWD.com. #wwdtrends (📷: George Chinsee; Prop Styling by @rnasti; Market Editor: @luiscampuzano)
The @dior-sponsored @guggenheim international gala pre-party has a history of drawing cool-girl musical acts to serenade the crowd –– and last night was no exception. @haimtheband performed songs both new and old, and lured a star-studded audience with the likes of Rebecca Hall, Kate Mara, Mamoudou Athie and more. #wwdeye (📷: @lexieblacklock)
In a partnership between the @metopera and the @englishnationalopera, “Marnie” was born. The opera, with costumes sponsored by @mrporterlive, is an adaptation of the 1961 thriller by Winston Graham. Arianne Phillips, who created the costumes, is no rookie: She’s styled Madonna for her tours and created costumes for a myriad of films in the past. Read WWD’s interview with Phillips, where she talks about her inspiration for the opera’s costumes on WWD.com #wwdfashion
@barneysnyc took a different approach to their holiday windows this year. Instead of Christmas decor, Barneys tapped @thehaasbrothers to tell a story of positivity, gratitude and inclusivity via heartwarming silliness and humor. “It’s about kids and it’s about coming together and being family and loving each other,” said Simon Haas. #wwdfashion (📷: @joshuascottphoto)
Beauty influencer @kandeejohnson makes her foray into hair care with a collaboration with @ogx_beauty — making it the first time that OGX has teamed up for a product creation. The collab includes shampoos and conditioners in three scents. At 39 and a mom, Johnson is a different profile than the emerging social media stars, but is considered one of the pioneers of the digital beauty influencer world. Read WWD’s interview with her on wwd.com, including the strangest beauty product she’s ever tried #wwdbeauty