PRADA’S PROPOSAL: If Prada goes ahead with an initial public offering this summer, June 17th would be the earliest date the fashion house would kick off its road show, a source familiar with the matter told WWD on Monday. Stops on the road show...
PRADA’S PROPOSAL: If Prada goes ahead with an initial public offering this summer, June 17th would be the earliest date the fashion house would kick off its road show, a source familiar with the matter told WWD on Monday. Stops on the road show would include Milan, London, Edinburgh, Frankfurt, Paris, Zurich, New York, and possibly Boston. The source speculated that Prada will probably float no more than 40 percent of its shares.MOODY’S GAP MOOD: Moody’s Investors Service shifted gears on Gap Inc. and changed its outlook on the firm’s debt to negative from stable. The shift was attributed to ongoing weakness in same-store sales, concerns that the firm will miss profit expectations for the year and the possibility that whoever replaces president and chief executive Millard?Drexler “could make changes that require currently unanticipated expenditures, changes or revisions in operations.” The rating agency confirmed Gap’s senior implied rating of Ba2, the second step into speculative or “junk” territory. Moody’s noted, though, “operating cash flow has been bolstered by more disciplined inventory control, expense reductions and the cessation of share repurchases.” Gap also is planning a “relatively low” uptick in square footage for 2002.ART SALE AT BARNEYS: As if selling fabulous frocks weren’t enough, Barneys New York is now turning its eye to art. For the next week and a half, Barneys New York is showcasing the artwork of 13 disabled artists from the Creative Growth Arts Center. The 26 pieces of art are for sale with proceeds going toward the CGAC and the participating artists.KMART’S CASE: Kmart employees were instructed to record transactions in violation of generally accepted accounting standards, according to an Associated Press report citing the anonymous Jan. 9 letter that recently triggered a federal investigation of the bankrupt retail giant. Kmart officials could not be reached on the Memorial Day holiday Monday for comment. The wire service reported that the January letter, from individuals purporting to be Kmart employees, said, “We are now closing our books for the full fiscal year making even more improper entries. We have been clearly told that questioning any accounting practices will be viewed as unacceptable team behavior.”SCAMMING SEPHORA: An employee of Sephora U.S. has been arrested and charged in connection with a scheme to embezzle $519,000 from the beauty retailer, according to detective Valerie St. Rose, a New York City Police Department spokeswoman. Judith Roberts, 33, who worked at the retailer’s East 58th Street headquarters, was arrested Friday after being located in Mobile, Ala., according to St. Rose. Roberts allegedly submitted false invoices and records, enabling her to embezzle the funds from September 2000 to July 2001, the detective said. Roberts was charged with second-degree grand larceny, criminal possession of stolen property and forgery, according to police. Sephora executives could not be reached for comment Monday.
“My personal philosophy to beauty is paying attention to oneself. I love to be outdoors, lots of fresh air, trying to take care of yourself as best you can. I always notice that comes through,” says Felicity Jones, the global face of @shiseido-owned @cledepeaubeauteus, which launches today. Head to WWD.com to read more about the actress’ love for beauty and how she prepared for her new role in “The Basis of Sex,” playing the young Ruth Bader Ginsburg. #wwdbeauty (📷: @dandoperalski)
For men’s fall 2018, @giuseppezanotti drew on elements from streetwear, sport, biker, combat and rock ‘n’ roll. Pictured here are a pair of shoes from the collection, featuring zippers, rhinestones, and silver hardware. Head to WWD.com to see a roundup of the accessories from Milan’s men’s fall 2018 shows. #wwdfashion (📷: Andrea Delb)
To celebrate the 25th anniversary of @ralphlauren’s snowboarding collection, the brand is mining its archives. The iconic brand is reintroducing vintage styles and dropping new designs for a color capsule that will be available in Ralph Lauren stores and @openingceremony on January 25. The capsule will consist of 10 pieces, including the Snow Beach Pullover, pictured here, which is a collector’s item that rapper Raekwon wore in Wu-Tang Clan’s “Can It Be All So Simple” video. #wwdfashion (📷: Tom Gould)
For @rochasofficial’s pre-fall 2018 collection, creative director Alessandro Dell’Acqua channeled the sophisticated and intriguing Catherine Denevue in the film “Belle de Jour.” Polished collarless coats, midi skirts, suits and ’60s graphic motifs were all featured in the collection, adding a sense of discreet luxury. See the rest of the photos on WWD.com #wwdfashion
“We tried to produce clothing of that couture quality, but the most daunting part was that we only had a matter of days [to do it],” said costume designer Lou Eyrich, who recreated Gianni Versace’s iconic looks for @americancrimestoryfx. Eyrich searched online retailers and vintage shops for original pieces from the design house and for @penelopecruzoficial, who plays Donatella Versace. Head to WWD.com to read how she created the Versace world. #wwdfashion
Only three months after her stellar debut catwalk season, @kaiagerber has inked her first big design collaboration –– with @karllagerfeld. The collection blends Lagerfeld’s Parisian chic aesthetic and the model’s signature West Coast casual style via RTW, accessories, footwear and more. The #KarlLagerfeldxKaia collection will launch in September with a series of events. Get all the details on WWD.com. #wwdnews #wwdfashion
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews