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."
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast