In Brief: Goody’s Decline … Human Factor … Safeguard Stay
GOODY’S DECLINE: Shares of Goody’s Family Clothing Inc. fell 17.3 percent in Nasdaq trading Tuesday after the company said first-quarter earnings would be “significantly lower” than the 24 cents a share in last...
GOODY’S DECLINE: Shares of Goody’s Family Clothing Inc. fell 17.3 percent in Nasdaq trading Tuesday after the company said first-quarter earnings would be “significantly lower” than the 24 cents a share in last year’s comparable period. Robert Goodfriend, chairman and chief executive officer, said a variety of ills, including cold, wet weather and soaring gas prices, combined with an early Easter forced the firm “to be more promotional in an effort to stimulate sluggish sales.” The announcement, made late Monday, touched off selling Tuesday that reduced the price of a share of Goody’s by $1.89 to $9.05. Goody’s first quarter concludes at the end of April.
HUMAN FACTOR: François-Henri Pinault, a day after taking over as chief executive officer of PPR from Serge Weinberg, on Tuesday named Alain Luchez senior vice president of human resources of the French luxury and retail conglomerate. Luchez, who will also become a member of PPR’s executive committee, succeeds François Potier, who is leaving. Luchez, 52, was previously senior vice president of human resources at PPR’s Redcat’s mail-order division.
SAFEGUARD STAY: The U.S. Court of Appeals for the Federal Circuit has deferred until May consideration of the U.S. government’s motion to stay a preliminary injunction that has suspended its review of China safeguard petitions for more than two months. The court is to hear oral arguments in the case at that time. The deferral was the latest development in a legal battle between importers opposed to safeguard quotas and challenging federal authority to impose them and the federal government. It is another disappointment for a coalition of domestic textile and fiber producers and organized labor that had hoped the appeals court would overturn the injunction and allow 12 threat-based petitions targeting $1.9 billion in Chinese apparel and textile exports to move forward.
“I see things on the hanger and I’m, like, ‘I never knew that color worked on me.’ It’s things you necessarily wouldn’t choose to wear, but once you put them on, you see why Janie is who Janie is." — Lily Collins on working with former "Mad Men" costume designer, Janie Bryant on creating looks for her role as Celia Brady's in Amazon series, "The Last Tycoon." 📸@jilliansollazzo #wwdeye
EXCLUSIVE: Sarah Rutson has been tapped to Build New American Fashion Group. The parent of Joie, Equipment and Current/Elliott hired the merchant to rev up its brands and expand its portfolio into designer, beauty and lifestyle categories. Read more on WWD.com, link in bio. #wwdfashion
Michael Kors' $1.3B Jimmy Choo deal has the company squaring off with Coach Inc. as both seek to build American powerhouses. Coach bought Stuart Weitzman in 2015 and Kate Spade just two weeks ago, but Michael Kors' acquisition may be putting pressure on its rival in the new push for scale. #wwdnews (📷: George Chinsee)
Meet actress Lucy Boynton, who plays opposite Naomi Watts in the recently released Netflix series "Gypsy." Boynton stopped by WWD to talk about her upcoming projects and her nomadic lifestyle. Get all the details on WWD.com. #wwdeye (📷: @dandoperalski)