DOLCE & GABBANA IN JAPAN: Dolce & Gabbana has snagged a Louis Vuitton executive to become the president of its Japanese subsidiary. Dolce & Gabbana tapped Nobuo Nagai as president and chief executive officer of Dolce & Gabbana Japan K.K. He will start his new position July 31, replacing Keizo Okumura, who left the company in the spring. Nagai will be based in Tokyo and will report to Cristiana Ruella, Dolce & Gabbana’s director of general affairs, and Alfonso Dolce, a board member and Domenico Dolce’s brother. Nagai was vice president of Louis Vuitton Japan, a post he held for two years. Previously, he held other positions at Vuitton and Prada.
SARA LEE’S BIG SPIN-OFF: Sara Lee Corp. said Thursday that it planned on borrowing $2.6 billion to spin off its apparel unit, which will be called Hanesbrands Inc. and will operate as a separate company. Sara Lee said in connection to the spin-off, it will be paid $2.4 billion from Hanesbrands Inc. For Sara Lee shareholders, they will get all of the outstanding shares of the Hanesbrands common stock. Sara Lee said the shareholder distribution will be on a “pro rata and tax-free basis” and added that the “distribution ratio [is] to be determined shortly before the spin-off occurs.” The spin-off is expected to be done by early September.