HARRODS EXIT: William Najdecki, Harrods’ group finance director, has become the latest executive to jump ship over the past year. The company said the resignation was by "mutual consent" and that Najdecki, who had been with Harrods since 1998,...
HARRODS EXIT: William Najdecki, Harrods’ group finance director, has become the latest executive to jump ship over the past year. The company said the resignation was by "mutual consent" and that Najdecki, who had been with Harrods since 1998, would return to the U.S. No successor has been named. Najdecki joins about 10 executives who have left the firm over the past 18 months, including John Whitacre, who left Harrods as managing director last December, and Adelle Kelley, who left as head of women’s apparel in February. A Harrods spokesman said the company has 5,000 employees, and this happens to be "one of those moments" when turnover is prevalent. Meanwhile, Mohammed Al-Fayed, Harrods’ chairman and owner, recently said that Harrods would post flat sales and operating profits for the fiscal year that ended in January 2002. Operating profits will be about $45 million, and sales will be $912 million. Fayed, however, said he expected a rebound in sales and profits this year and that taking Harrods public in the U.S. is still a "possibility."
ONE MORE MONTH: Bankrupt Warnaco Group last week received Manhattan bankruptcy court approval to extend its exclusive right to file a plan of reorganization for another month until Aug. 30. Warnaco was supposed to have filed its plan by July 31. The company has said in recent weeks that it expects to exit bankruptcy proceedings as a stand-alone operation. Separately, the court said that all documents produced in the matter of the $25.1 million severance claim by former Warnaco chief executive Linda Wachner are to be considered confidential and are not to be disclosed publicly.
GUCCI BUYBACK: Gucci Group has authorized the buyback of 3.5 million shares of its stock to be used for employee stock options. The company will buy the shares at market prices over an unspecified period of time. Based on Tuesday’s closing share price of $88 in New York Stock Exchange trading, Gucci would spend $308 million if it were to purchase the full complement of 3.5 million shares. "We believe that a buyback of Gucci shares at current valuation levels represents an excellent investment for the company," chief executive officer Domenico De Sole said in a statement. The repurchased shares, which will be held by the company’s treasury until employees exercise their stock options, will not be subject to Dutch withholding tax. Gucci said it is using available cash for the transaction.
@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)