SAG HARBOR’S NEW LEGS: Kellwood Co. has licensed Moretz Inc. to produce a legwear collection for its growing Sag Harbor division. Moretz, based in Newton, N.C., will design, produce and market Sag Harbor trouser, casual, sport and fashion socks. “The legwear collection will be a great complement to our increasing efforts to strengthen our casual business,” said Barbara McGraw, Sag Harbor’s brand manager. The legwear line will be launched at department and specialty stores next spring.
This story first appeared in the June 10, 2002 issue of WWD. Subscribe Today.
HALMODE NAMES MCCOURT: Kevin McCourt has joined Kellwood Co.’s Halmode Apparel division as vice president of finance. McCourt, a 14-year veteran of the apparel industry, most recently served as vice president of financial planning at Liz Claiborne Inc. He will be based in New York and will report to Jay Diamond, president and chief executive officer of Halmode. McCourt succeeds Neil Rothfeld.
YSL SHOWDOWN: Workers from Yves Saint Laurent couture vow to be out in force Tuesday when a Paris court is slated to referee the showdown between them and Francois Pinault. The French retail titan demanded the hearing since the workers’ committee at YSL has stymied his plan to sell the retiring couturier’s atelier to French industrialist Patrice Bouygues. The committee, representing some 150 workers, issued a statement Friday to reiterate its objections. Bouygues said he wants to remake the YSL atelier on Avenue Marceau into a multibrand operation. The transfer is slated to take place July 31. Under French law, a workers’ committee has to give its opinion on a takeover, even if it cannot ultimately block it.
SO LONG, FAREWELL: The cold shoulder Dillard’s Inc. has long given Wall Street lost the retailer the coverage of Prudential Financial last week. Equity analyst Wayne Hood said he would stop following the firm, “preferring to spend more of our time on companies with greater access to management.” A company spokeswoman said Dillard’s does not comment on specific analysts.
SYMS STOCK BUYBACK: Believing its stock to be undervalued, Syms Corp. said Friday that it will repurchase an aggregate of up to 20 percent, or 3.2 million, of its outstanding common shares during the next 24 months until June 7, 2004. The company may buy back the stock at its discretion from time to time in open-market transactions at prevailing prices, or through privately negotiated transactions, depending upon market conditions and other factors. Shares repurchased by the company will be held as treasury stock. Commenting on the repurchase program, chief executive officer Marcy Syms said the buyback “demonstrates [Syms’] commitment to enhancing shareholder value.” As of May 31, the company had approximately 15,782,000 outstanding common shares for a market capitalization of $92.5 million.”