In Brief: Brown Found Guilty…Thai FTA On Bush’s Wish List
BROWN FOUND GUILTY:
Rite Aid Corp.’s former vice chairman and chief counsel, Franklin Brown, was found guilty Friday on 10 criminal counts, including conspiracy and obstruction of justice, by a jury in the U.S. District Court in...
Rite Aid Corp.’s former vice chairman and chief counsel, Franklin Brown, was found guilty Friday on 10 criminal counts, including conspiracy and obstruction of justice, by a jury in the U.S. District Court in Harrisburg, Pa. Brown was convicted of conspiracy, conspiracy to obstruct justice, obstruction of grand jury proceedings, obstruction of government agency proceedings, witness tampering and five counts of lying to the Securities and Exchange Commission. He was acquitted of wire fraud. Witness tampering carries a statutory maximum sentence of 10 years, while the other offenses all have maximum jail terms of five years. Prosecutors said Brown was party to various acts of fraud in the late Nineties that led the retail chain to restate $1.6 billion of earnings. Five other Rite Aid executives, including former chief executive officer Martin Grass, have pled guilty.
THAI FTA ON BUSH’S WISH LIST:
Add Thailand to the roster of countries with which the Bush administration aims to negotiate a free trade agreement — one that ships about 3 percent of America’s apparel imports and 3 percent of America’s textile imports. The U.S. has already launched five major FTA negotiations, including ones with Australia and with the Free Trade Area of the Americas, encompassing 34 countries. With so much already on U.S. trade negotiators’ plates, however, it is unclear when talks with Thailand will begin. On deck with Thailand in the Pacific Rim, for FTA talks with the U.S., are Brunei, Indonesia and the Philippines. On another front in his weekend swing through Asia, Bush was said to have made no headway in convincing the Chinese government to float its currency freely. Textile producers, among other U.S. industries, have been agitating in Congress and with Bush administration officials against the increasing influx of low-priced Chinese imports they claim are undervalued because Chinese currency is kept artificially low.
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)