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."
“I design by visualization. I see things, and most of the time they’re not practical to actually make, and what I’ve found here, it’s like anything’s possible. This is the first time that I’ve made a sole unit in two months. That process usually would take six, so here’s a difference,” said @virgilabloh of the first sneaker sample he created for @louisvuitton, pictured here. Abloh spoke to WWD about his debut collection for Louis Vuitton, creating @kendalljenner’s #metgala outfit and redefining the heritage brand. Read the full story on WWD.com. #wwdfashion (📷: @alfredo_piola)
The world’s largest producer of denim @iskodenim is sharing the strategy behind its product development process. Read our full interview with ISKO’s product development manager Baris Ozden on the company’s extensive research practices, upcoming denim trends and the latest material innovations on WWD.com. #iskodenim
“I genuinely fell in love with water, I fell in love with Fiji, I fell in love with the whole life that we lived for those few months,” says @mrsamclaflin of filming for his new movie “Adrift” with @shailenewoodley. The 31-year-old actor spoke with WWD about his upcoming projects, meeting Jamie Dornan and working with co-star Woodley. #wwdeye (📷: @jamstoker)
3 years ago, fans of the late singer Aaliyah started calling for a collaboration with @maccosmetics. With the strength of social media — including mock ups of products — 25,000 people signed a Change.org petition for a limited-edition collection, and MAC couldn’t ignore the buzz. Tomorrow, MAC will unveil MAC x Aaliyah, a tribute to the singer who passed away nearly 17 years ago. Head to our stories to preview the new collection, which was worked on by Aaliyah’s family and inspired directly by her makeup bag. #wwdbeauty
Artistic director @clarewaightkeller will be dedicating @givenchyofficial’s fall 2018 couture show in Paris on July 1 to house founder Hubert de Givenchy, who passed away in March at age 91. Givenchy said the collection would be “an homage to his iconic creations, technique, and personal lexicon” and a “celebration of his timeless elegance and grace.” Head to WWD.com to read more. #wwdfashion (📷: Delphine Achard)
La Double J made a name for itself with its vintage-inspired prints, but for resort, designer JJ Martin has ventured into new territory: enter rich jewel toned solids and decadent embellishment, in the form of appliqués, crystals and sequins. #wwdfashion #resort19 #ladoublej
This Just In: J. Crew Group has named Johanna Uurasjarvi as its chief design officer.
Uurasjarvi succeeds Somsack Sikhounmuong, who left the company last September. Tap the link in bio for the full report. #wwdnews
“She came into my hotel room and she was like, ‘I have Chanel and Christian Dior.’ She was like, ‘Chanel likes you.’ And I was like, ‘I’m going to start crying,’” breakout star Maddie Hasson tells WWD of her styling sessions Molly Dickson. “I really like classic, elegant things. I love the way Anna Wintour dresses.” Read more about Hasson’s role in @impulseseries on wwd.com. (📸: @jgreenery ) #wwdeye
@virgilabloh revealed he's working with Australian stylist and
Vogue Australia fashion director @christinecentenera for his debut @louisvuitton men's collection, which will be presented in Paris on June 21. Centenera met Abloh while both working with Kanye West, where she consulted on his all his runway collections since his debut spring 2012 women's wear show. Read the full story on WWD.com. #wwdfashion #wwdnews (📷: @asussmanphoto)