In Brief: Frankfort PayDay…Gaap Gaffe…Raked Over The Kohl’s…Whitehall Probe
Coach chief executive Lew Frankfort received $775,000 in salary and $1.2 million in bonuses during the fiscal year ended June 28, versus $708,000 and $942,000, respectively, during the prior year. Additionally,...
Coach chief executive Lew Frankfort received $775,000 in salary and $1.2 million in bonuses during the fiscal year ended June 28, versus $708,000 and $942,000, respectively, during the prior year. Additionally, according to a proxy statement filed with the Securities and Exchange Commission Wednesday, he realized $42.9 million from the exercising of options during the year, having acquired nearly 1.9 million shares of stock. Coach shares closed up 4.1 percent at $56.83 in New York Stock Exchange trading Wednesday.
As part of a settlement relating to Securities and Exchange Commission charges of improper accounting involving The North Face, retired Deloitte & Touche partner Richard Fiedelman agreed to a three-year ban from practicing as an accountant before the regulatory body, according to published reports. The SEC accused Fiedelman of violations of generally accepted accounting principles (GAAP) and audit standards while advising The North Face from 1997 to 1999. The North Face became a unit of Greensboro, N.C.-based apparel giant VF Corp. in 2000.
RAKED OVER THE KOHL’S:
Beryl Buley, formerly executive vice president for stores at Kohl’s Corp., has joined Sears, Roebuck & Co. as senior vice president and general manager of home stores. He succeeds Dan Laughlin, who has been promoted to senior vice president and general merchandise manager of appliances and electronics. Both report to Mark Cosby, executive vice president of Sears and president of full-line stores for the Hoffman Estates, Ill.-based retail chain. Buley will be responsible for approximately 1,300 off-mall stores, Sears said. Laughlin has been with the firm for 31 years.
Whitehall Jewellers, already one of 14 defendants in a lawsuit brought by Capital Factors, has been informed that it is also the subject of a fraud investigation being conducted by the U.S. Attorney for the eastern district of New York into the same matter. Whitehall earlier said that Cosmopolitan Gem Corp. defrauded Capital and that Whitehall and other defendants “aided and abetted or participated in the alleged fraud.” John Desjardins, executive vice president, has reassumed responsibilities as chief financial officer from Jon Browne on an interim basis.
London’s newly opened @designmuseum will look back on the life and work of Azzedine Alaïa in a show that the designer helped to curate before he died of heart failure last month. The retrospective, which Alaïa had worked on with Mark Wilson, chief curator of the @groningermuseum, will look at the impact of his work worldwide. The show, “Azzedine Alaïa: The Couturier,” will run from May 10 to October 7. Read more about the exhibit on WWD.com #wwdnews #wwdfashion (📷: @zefashioninsider)
@Pharrell and his wife Helen Lasichanh were among the stars that came out to celebrate @rimowa’s first pop-up concept shop. The space, which is located on Rodeo Drive in Beverly Hills, draws inspiration from airport luggage carousels and lounge areas – and features the company’s luggage and accessories. If the pop-up is successful it could pave the way for addition temporary shops throughout the world. #wwdfashion (📷: Owen Kolasinski/BFA)
@carineroitfeld celebrated @crfashionbook’s first calendar last night with a dinner party at Spring Place in Manhattan. Photographed by @stevenkleinstudio, the calendar takes on a fitness theme and features @joansmalls, @gigihadid, @danielle_herrington_ – pictured here – and more. “[Carine Roitfeld] wanted me to feel sexy and she wanted me to be myself and feel it out on my own and do what I felt was right,” said Herrington, aka Miss October. #wwdeye
@saintrecords and @virgilabloh last night at @americanexpress’ “A Night With Success Makers” event. “I always bring it back to community because without that I wouldn’t have the courage,” said Knowles when asked how she has gotten where she is now. Read more highlights from their conversation on WWD.com. #wwdeye (📷: @lizdoupnik)
This Just In: Industry sources have told WWD that Anastasia Soare is rumored to be considering selling her beauty business, @anastasiabeverlyhills. According to those sources, Soare has tapped investment bank Imperial Capital to explore sale options for her eponymous beauty brand –– and with at least $340 million in net sales, this would be a big deal. Put in context of other recent transactions for makeup companies, Soare’s price tag could be in the billions if she were to sell the whole thing. #wwdnews #wwdbeauty (📷: @clint_spaulding)
@assouline’s latest book, “The Spirit of Bentley: Be Extraordinary” captures the adventurous attitudes and opulent lifestyles of @bentleymotors’ most creative owners and enthusiasts throughout the U.K. The 292-page hardcover has a section dedicated to showing its team of skilled artisans and photos of its most colorful owners, from George Bamford to designer @alicetemperley, pictured here by Aline Coquelle. #wwdeye
@google released its report on the most popular search terms this year. For fashion brands, the list was led by @gucci, the luxury brand that stunned the market last October when it pledged to stop using fur. Runner ups were @supremenewyork and @fashionnova, along with more established brands like @louisvuitton, @chanelofficial and @ysl. #wwdfashion (📷: @aitorrosasphoto)
In yet another fashion show shuffle, @elleryland is moving its show in sync with the Paris couture calendar — though the brand is still keeping one foot on the city’s ready-to-wear schedule. Their runway show in January will coincide with the launch of a new strategy: designing two main collections each year instead of four, which will then be released in four drops. “As we all know, the system needs to change. We need to show sooner to give time back to artisans and designers to do what they do best — create,” said founder Kym Ellery. #wwdnews #wwdfashion (📷: @kukukuba)
@maxmara’s classic 101801 coat was the cornerstone of its pre-fall 2018 collection. The design team expanded the traditional double-breasted, kimono-sleeved style into a trapeze coat, lean belted styles and a peacoat and presented them in monochromatic looks – like the camel one pictured here. #wwdfashion #prefall18 (📷: George Chinsee)