In Brief: Another Touch Of Class…Magli’s Man…Done Deals
ANOTHER TOUCH OF CLASS: One shareholder class-action lawsuit involving Warnaco may have been settled, but the remaining legal battle needs a new lead plaintiff. The law firm of Lovell Stewart Halebian is seeking candidates to act on...
ANOTHER TOUCH OF CLASS: One shareholder class-action lawsuit involving Warnaco may have been settled, but the remaining legal battle needs a new lead plaintiff. The law firm of Lovell Stewart Halebian is seeking candidates to act on behalf of the other shareholders after the original lead plaintiff dropped out of the litigation. As reported, the lawsuit was filed against Warnaco, former chief executive officer Linda Wachner and former chief financial officer William Finkelstein. Also named as defendants were Deloitte & Touche as auditors and Stanley Silverstein, former general counsel. Silverstein is still with the now reorganized Warnaco, but in a different capacity.
MAGLI’S MAN: Accessories company Bruno Magli has tapped Luca Ramella as its new chief executive officer. Ramella, a professor at Milan’s Bocconi University and a former managing director at Giorgio Armani’s jeans manufacturer, Simint, replaces Eugenio Morselli. Sources said parent company Opera hopes Ramella will accelerate the expansion of the Magli brand. Based in Bologna, Magli expects sales of $83.8 million, or 70 million euros, this year. The company recently signed a joint venture with Itochu Corp. through which it plans to open 15 sales points in Japan.
DONE DEALS: As expected, Jones Apparel Group Inc. Monday completed its acquisition of 100 percent of the common stock of Kasper A.S.L. Ltd., while J.C. Penney Corp. closed the sale of its six-unit department store operation in Mexico and Liz Claiborne Inc. consummated the purchase of all of the equity interest in Enyce Holding LLC. As reported, Jones acquired Kasper — including the brand names Albert Nipon, Anne Klein New York, AK Anne Klein, Kasper and Le Suit — on Aug. 7 during a bankruptcy court auction. The purchase price is $232.5 million, plus the assumption of certain liabilities. As for Penney’s, which sold the division to Grupo Sanborns S.A. de C.V., a Mexico City-based holding company, the transaction is expected to result in a pretax loss of approximately $40 million, but will also contribute positive cash flow of about $25 million. Meanwhile, with the Enyce deal, which cost about $114 million, including the retirement of debt, Claiborne expanded its brand portfolio to 33. Although the acquisition is not expected to affect the firm’s 2003 earnings per share, next year Enyce should be accretive to Claiborne’s earnings by about 5 cents a share.
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews