In Brief: Gromek’s Green … PacSun Settles … Financing of Note …
GROMEK’S GREEN: Joseph Gromek, appointed president and chief executive officer of Warnaco Group on April 15, will receive a $900,000 a year base salary during his first two years of employment and an opportunity to double that figure if...
GROMEK’S GREEN: Joseph Gromek, appointed president and chief executive officer of Warnaco Group on April 15, will receive a $900,000 a year base salary during his first two years of employment and an opportunity to double that figure if performance targets are met. According to the definitive proxy filed by the firm with the Securities and Exchange Commission Tuesday, Gromek is guaranteed a $450,000 bonus during the current year and can earn as much as $900,000 in bonus pay during both fiscal 2003 and 2004. Under terms of the two-year contract, which renews automatically for additional one-year terms unless notice of termination is given at least 180 days prior to its anniversary, Gromek was granted 150,000 shares of restricted stock and a 10-year option to purchase 600,000 shares of Warnaco stock. In Nasdaq trading Tuesday, Warnaco shares closed at $11.07, down 4 cents, or 0.4 percent.
PACSUN SETTLES: Pacific Sunwear of California Inc. on Tuesday said it had reached an agreement to settle two lawsuits regarding overtime pay for $4 million. The lawsuits, Auden v. Pacific Sunwear of California Inc. filed on Sept. 17, 2001, and Adams v. Pacific Sunwear Inc. of California filed May 3 of last year, claimed PacSun improperly classified certain California-based employees as "exempt" from overtime pay. While the Anaheim-based teen and young adult specialty retailer denied the allegations, PacSun said it agreed to the settlement "to avoid the cost, distraction and uncertainty associated with protracted litigation during the important summer and back-to-school selling seasons." The company said the settlement, which is subject to court approval, will have no material impact on first-quarter results.
FINANCING OF NOTE: Guess Inc. Tuesday issued through a private placement $75 million in 6.75 percent notes due 2012, secured by assets including Guess’ intellectual property and licenses and royalty stream. Proceeds will be used to help repay the firm’s 9.5 percent senior subordinated notes due August 2003. Maurice Marciano, co-chairman and co-chief executive officer, said in a statement, "We are pleased with the completion of this financing transaction which improves our balance sheet by leveraging the strength of the Guess brand."
@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 (📷: Dominique Maître)
@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)