NO SWITCHING: J. Crew on Wednesday denied an accusation from a former employee that it was pumping up its catalog division by covering its costs with its stores’ division. Aside from saying the charge wasn’t true, J. Crew added there would...
NO SWITCHING: J. Crew on Wednesday denied an accusation from a former employee that it was pumping up its catalog division by covering its costs with its stores’ division. Aside from saying the charge wasn’t true, J. Crew added there would be no point in shifting the costs since the company does not break out profitability by division. "The charges made against J. Crew by a former employee are irrelevant and baseless," the company said in its statement. "As anyone who understands our business knows, we do not report profitability by division. Equally important, no cost shifting has occurred, and there would be no advantage to the company in doing so for the reason stated above." It also said, "Perhaps not surprisingly, the company has not received any notice from the SEC about any potential claim or investigation." Press reports Tuesday said a former J. Crew order consultant, Charles Sayler, wrote a letter to the Securities and Exchange Commission that said J. Crew was paying catalog expenses from retail accounts.
BURBERRY BUZZ: Burberry said total sales rose 12 percent in the first quarter ended June 30 and, eliminating the effects of currency fluctuation and recent acquisitions, were up 5 percent for the period. The company said in a statement that total retail sales rose by 20 percent due to new store openings and sales growth at existing stores. Licensing revenue increased by 13 percent — pushed by the strong growth in Japanese royalties — while wholesale sales rose 4 percent. As reported, Burberry is expecting wholesale sales for the fall 2002 season to be flat against last year. Burberry shares fell 12 cents, or 3.6 percent, Wednesday to close at $3.26 on the London Stock Exchange as the FTSE 100 dropped 0.8 percent. Burberry and its majority owner, GUS PLC, will release profits and sales data for the first half of the year in November.
OVER AND DONE: Federated Department Stores said Wednesday that it has completed the sale of Fingerhut assets to FAC Acquisitions, which is owned by former Fingerhut chief executive officer Theodore Deikel and wholesale distributor Thomas J. Petters. Terms of the transaction were not disclosed. Included in the deal, however, are certain facilities in St. Cloud, Minn.; Fingerhut’s corporate headquarters in Minnetonka, Minn.; the Fingerhut name, customer lists, Web site and existing inventory, and other properties in Plymouth, Minn. and in Piney Flats, Tenn. Fingerhut receivables were sold to CompuCredit Corp.
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)