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."
Exclusive: @britneyspears is continuing to expand her brand. The pop icon, who appears in @kenzo ’s latest campaign, is partnering with Epic Rights to launch a line of branded merchandise. Read @hernameislex ‘s story, link in bio. #wwdnews #britneyspears
The Duchess of Cambridge channeled Princess Diana’s look upon giving birth to Prince Harry, when she and the Duke of Cambridge departed the hospital with the new baby Prince this afternoon in London. #wwdeye #princeofcambridge
The new Prince of Cambridge has arrived! The Duke and Duchess of Cambridge posed with the 8-pound newborn. She wore a look from one of her go-to designers, @jennypackham. Tap link in bio for more. #wwdeye #princeofcambridge
Jewelry label @alisonlou has made a name for itself with fine jewelry that speaks to the Millennial market. Now @twallz21 reports that the label is bringing those playful ideas to a new affordable line of lucite hoops with the launch of Loucite by Alison Lou. Here’s a look from the line modeled by @emrata. #wwdaccessories
@sarahjessicaparker and @gilt are teaming up on a bridal ready-to-wear line. Tomorrow, Parker will launch SJP by Sarah Jessica Parker Bridal — and as part of the launch, Gilt will offer 15 exclusive styles from the SJP by Sarah Jessica Parker footwear collection that were designed to complement the new line. Made out of 10 styles, the line is designed for a variety of occasions, from bridal showers to receptions. Get more details on WWD.com #wwdfashion
A grooming moment between @tanfrance and @antoni last night at the The LGBT Community Center Trailblazer Awards honoring Anna Wintour, Ricky Martin and more. See more photos at WWD.com #wwdeye (📷: @lexieblacklock)
“It was a very surreal feeling. It wasn’t like we were in the studio together coming up with it — it’s more like he discovered it and loved it. I didn’t let myself get my hopes up, but then it happened it was very exciting,” said singer-songwriter @nombe on discovering that @pharrell would be using his song, “Cant Catch Me” on his HBO documentary series “Outpost.” The German-born singer — named Noah MacBeth — talked to WWD about feminism, using art as a platform for political expression and personal style. Read more on WWD.com #wwdeye (📷: @jilliansollazzo)
This season, denim is going west – in influence. Brands like @fathersdaughterla (pictured here), @tommyhilfiger Jeans, @levis and more are opting for raw, top-stitching styles. (Styled by @thealexbadia; 📷: @ryanplett)