NEW TITLES AT JONES: Jones Apparel Group has promoted three of its key executives. Anita Britt, who had been senior vice president of finance and investor relations, has been named executive vice president of finance. Efthimios P. Sotos, who was...
NEW TITLES AT JONES: Jones Apparel Group has promoted three of its key executives. Anita Britt, who had been senior vice president of finance and investor relations, has been named executive vice president of finance. Efthimios P. Sotos, who was corporate vice president and treasurer, has been appointed to the post of senior vice president and treasurer. Joseph Donnalley, who had been vice president of corporate taxes and risk management, was named senior vice president corporate taxation and risk management.VALENTINO'S TEAM: Valentino on Friday finally became a property of Marzotto, which acquired the house from Holding de Partecipazioni Industriali. Marzotto also announced a new management structure at Valentino: Antonio Favrin, Marzotto's vice president and chief executive officer, was nominated chairman of Valentino; Michele Norsa, general manager of the Marzotto apparel division, will be Valentino's chief executive; Fabio Giombini, already ceo of Valentino under HdP, was nominated general manager of Valentino. Ironically, Giombini was Marzotto's apparel director prior to joining Valentino. As reported, Marzotto purchased Valentino from HdP in March for $210 million, a sum that includes Valentino's net debt of $179.2 million.CITA NOD FOR COMBED CASHMERE: The Committee for the Implementation of Textile Agreements has approved a "short supply" request for use of non-U.S. yarn of combed cashmere, cashmere blends and camel hair under the Caribbean Basin Partnership Act. The bill largely requires U.S. textiles to be used in order for garments to receive duty breaks, but allows garments made of non-U.S. materials to qualify for duty-free status if they are not commercially available in the U.S.THE PENNEY LINE: J.C. Penney Co. Inc. reported Friday its wholly owned subsidiary J.C. Penney Corp. Inc. has completed a new three-year $1.5 billion bank line of credit to be used for general corporate purposes, effective immediately. The company said its collateral for the credit facility is limited to domestic department store and catalog inventories. The deal was arranged by J.P. Morgan and Credit Suisse First Boston with Morgan as the sole bookrunner.J. CREW'S LOSS WIDENS: Hurt by a double-digit decline in same-store sales and a charge related to the elimination of 20 percent of its work force during the quarter, the J. Crew Group reported a $12.1 million net loss for the quarter ended May 4, compared with a loss of $9.3 million a year earlier. Revenues declined to $167.1 million from $167.8 million a year ago.HEARST BUYS VERANDA: Hearst Magazines said Friday it has purchased Veranda, an interior design magazine, from Veranda Publications Inc. of Atlanta. The purchase price was undisclosed. The magazine, which is published six times a year, has a paid circulation of 393,270.
“I see things on the hanger and I’m, like, ‘I never knew that color worked on me.’ It’s things you necessarily wouldn’t choose to wear, but once you put them on, you see why Janie is who Janie is." — Lily Collins on working with former "Mad Men" costume designer, Janie Bryant on creating looks for her role as Celia Brady's in Amazon series, "The Last Tycoon." 📸@jilliansollazzo #wwdeye
EXCLUSIVE: Sarah Rutson has been tapped to Build New American Fashion Group. The parent of Joie, Equipment and Current/Elliott hired the merchant to rev up its brands and expand its portfolio into designer, beauty and lifestyle categories. Read more on WWD.com, link in bio. #wwdfashion
Michael Kors' $1.3B Jimmy Choo deal has the company squaring off with Coach Inc. as both seek to build American powerhouses. Coach bought Stuart Weitzman in 2015 and Kate Spade just two weeks ago, but Michael Kors' acquisition may be putting pressure on its rival in the new push for scale. #wwdnews (📷: George Chinsee)
Meet actress Lucy Boynton, who plays opposite Naomi Watts in the recently released Netflix series "Gypsy." Boynton stopped by WWD to talk about her upcoming projects and her nomadic lifestyle. Get all the details on WWD.com. #wwdeye (📷: @dandoperalski)