RITE AID INDICTMENTS: Three former executives of Rite Aid Corp. were indicted Friday for allegedly inflating the firm's profits by $1.6 billion in the late Nineties, according to reports. Martin Grass, Franklin Brown and Franklyn Bergonzi -- all...
RITE AID INDICTMENTS: Three former executives of Rite Aid Corp. were indicted Friday for allegedly inflating the firm's profits by $1.6 billion in the late Nineties, according to reports. Martin Grass, Franklin Brown and Franklyn Bergonzi--all former senior executives--were among those charged under the 37-count federal indictment. Eric Sorkin, executive vice president of pharmacy services, was charged with conspiracy to obstruct justice and making false statements to a grand jury. Additionally, Rite Aid reported on Friday that it entered into a cease and desist order with the Securities and Exchange Commission, completing an investigation into its financial reporting and accounting practices under former management. The firm will pay no fine under the settlement, in which it neither admitted to nor denied any of the SEC's findings.PINAULT'S PLAN: French tycoon Francois Pinault, who controls Italy's Gucci Group through retailer Pinault-Printemps-Redoute, drew a will last year that splits control of his Financiere Pinault holding company equally between his three children--Laurence, Francois-Henri and Dominique--according to a report in the French financial daily Les Echos. Financiere Pinault is the holding company through which Pinault, 66, controls all of his business interests and investments. The paper also reported that Pinault paid about $427.5 million in taxes for 2000 and 2001.CHAIRING FILENE'S: William K. Gingerich will become chairman of Filene's, the Boston-based department store division of The May Department Stores Co., on Sept. 1. Gingerich succeeds J. Kent McHose, who is retiring Aug. 30 after a 29-year career with May Co. As reported, May Co., based in St. Louis, is merging its Pittsburgh-based Kaufmann's division into Filene's. Tom Kingsbury is Filene's president and chief executive. Gingerich, 52, joined May Co. in 1984 as controller for Kaufmann's, where he was steadily promoted. Among his jobs, he was senior vice president of finance, senior vice president and assistant to the president, and finally, chairman in 1999.McHose, 64, joined May Co. in 1973 as vice president of corporate accounting.FERRE CHIEF: Enrico Mambelli has been named chief executive officer at Gianfranco Ferre SpA. Mambelli, whowas nominated general manager at Ferre last month, succeeds Roland Bohler. Mambelli was previously general manager at Cerruti Group.A PEOPLES PRESIDENT: Eyewear firm Oliver Peoples has named William Barton as its new president. He takes over the position from Robert Fiddler, the company's chief operating officer and chief financial officer, who has also served as president for the last three years. Barton will oversee the wholesale division of Oliver Peoples, which includes operations at its store on Madison Avenue in New York. Prior to joining Oliver Peoples, Barton spent 17 years at Optical Shop of Aspen, a retail and wholesale eyewear firm.VAL'S NEW DEAL: Valentino revealed Saturday it has plans to launch a beach wear and innerwear collection for spring/summer 2003, produced by Albisetti. "We expect sales of about $30 million from this line in the next three years," projected Michele Norsa, Valentino's chief executive officer. At the same time, the house announced it has terminated a license with Hemmond for the production and distribution of Valentino jeans."
@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
@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)