• COMPARATIVELY BETTER: Federated Department Stores Inc. said its second-quarter comparable-store sales could come in better than the 2 to 3 percent drop expected if trends continue to exceed expectations, the firm reported in a filing with the Securities and Exchange Commission. In May, the retailer’s 0.8 percent comp drop was better than anticipated. However, Federated is still looking for earnings of 50 to 55 cents a share in the second quarter, including store closing costs.

  • GUIDING VERSACE: Luxottica chairman Leonardo Del Vecchio will probably join the board of Versace, according to a well-placed source. Versace and Luxottica executives could not be reached for comment. Such a move would mark the strengthening of ties between Versace and Luxottica. In January, Luxottica bought IC Optics, the company that formerly made Versace eyewear, and inked a 10-year deal to produce Versace, Versus and Versace Sport brand eyewear. Versace has not publicly disclosed the structure of its board, but it is believed the body consists entirely of Versace family members or people representing them.

  • LONDON FOG CUTS: Less than two weeks after announcing plans to split itself into three business units, London Fog Industries said Tuesday it has trimmed its workforce by 7 percent and additional cuts may follow. The outerwear giant said its three primary divisions — Pacific Trail, London Fog Trade and London Fog Factory Outlet Stores — would be set up as independently managed operations. As part of that restructuring, LFI eliminated 36 posts from its Seattle corporate headquarters, reducing the staff there to 122 people. LFI still employs 500 people in the U.S. and overseas.

To Read the Full Article

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus