In Brief: Jones Apparel Update On Earnings… New Fashion Week
Jones Apparel Group Inc. said Monday it expected fourth-quarter 2006 results to include a pretax, noncash charge of approximately $491.4 million for the impairment of goodwill and trademarks primarily in the company's wholesale moderate apparel segment.
JONES APPAREL UPDATE ON EARNINGS: Jones Apparel Group Inc. said Monday it expected fourth-quarter 2006 results to include a pretax, noncash charge of approximately $491.4 million for the impairment of goodwill and trademarks primarily in the company's wholesale moderate apparel segment. The company completed its review per accounting requirements for goodwill and other intangible assets. The pretax impairment charge of $441.2 million of the noncash component is in connection with the company's 2001 acquisition of McNaughton Apparel Group Inc. and its 2002 acquisition of RSV Sport Inc., known as the l.e.i. business. The balance of the pretax, noncash charge of $50.2 million relates to the impairment of trademarks, primarily attributable to the Norton McNaughton brand. Peter Boneparth, chief executive officer, said in a statement that "declining revenues and profitability with respect to Norton McNaughton, l.e.i. and certain of our other moderate price-point brands, along with changes in business strategy with respect to the Norton McNaughton brand, necessitate the recognition of a goodwill and trademark impairment." Jones expects to report a net loss for the 2006 fourth quarter and full year of $2.48 per share and $1.27 per share, respectively. The company will post financial results for the fourth quarter and full year on Feb. 14.
NEW FASHION WEEK: IMG is bringing Mercedes-Benz Fashion Week to Berlin, starting July 12 to 15 for the spring 2008 season. In Berlin, IMG expects to stage 12 to 15 runway shows of German designers as well as selected international designers. An advisory committee will help judge the participants. The City of Berlin has set aside a budget of 500,000 euros, or about $645,000, to help support the runway presentations of young designers. The venue will be Berlin's famous Brandenburg Gate, with the runway extending through the historical landmark. Mercedes has signed on for five years, according to Olaf Göttgens, vice president brand communications for Mercedes-Benz.
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews
“Stranger Things” is getting a new cast member for season 2. Meet @sadiesink_, the 15-year-old who will be joining the Netflix series for its new season. You may recognize her from “The Glass Castle” with Brie Larson and Woody Harrelson, but the Texas native’s next role goes in an entirely different direction. She describes her character, Max, as “a rough and tumble skater girl [who] becomes friends with the boys at school.” The second season debuts on October 27. (📷: @jgreenery) #wwdeye
Amid the Harvey Weinstein controversy, there’s another sector that’s being put under the spotlight for sexual abuse: the modeling industry. While rumors about abuse and sexual harassment of female and male models — and the photographers, agents and others who perpetrated it — have circulated within the fashion world for years, model @cameronrussell started posting stories from models on Instagram last week about abusive situations they’ve encountered — from sexual harassment and molestation to attempted rape. Over 75 have weighed in so far. Read more on WWD.com. Link in bio. #wwdnews
To celebrate its 16th anniversary, @dylanscandybar tapped designers and celebrities to create mosaics out of candy. The mosaics will be auctioned off to support the philanthropic cause of each participant’s choice. Pictured here is the mural created by @aliceandolivia's Stacey Bendet. For a first look at some of the other artwork being unveiled tonight, go to WWD.com. #wwdeye
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye
"Nowadays when life is not so happy with everything going on in the world, I think people come to me for a little bit of whimsy and color and fun." - Designer Rebecca De Ravenel on her cult-favorite jewelry line. (📸 : @vsteves) #wwd40
“Everyone is talking about how the retail industry is struggling, but I think it’s an incredible time because brands who are doing something different and innovative are setting themselves up for the future,” said @adamgoldston, who founded the luxury athletic brand @apl with his brother @ryangoldsten. The Goldston’s are part of WWD’s 40 under 40: a group of industry notables. See the rest of the list on WWD.com. (📷: @vsteves) #wwd40
@eyeswoon blogger Athena Calderone debuted her first-ever cookbook, “Cook Beautiful,” which is heavily centered on the presentation and visual expression of food. Pictured here are her miso glazed carrots from the book. Get the recipe on WWD.com. (📷: @johnny_miller_) #wwdeye