KUNZ CASH: Gap Inc. will pay former chief financial officer Heidi Kunz a severance payment consisting of $606,300 in bonus and a year’s salary, according to a Form 8-K filed Tuesday with the Securities and Exchange Commission. Kunz announced her...
KUNZ CASH: Gap Inc. will pay former chief financial officer Heidi Kunz a severance payment consisting of $606,300 in bonus and a year’s salary, according to a Form 8-K filed Tuesday with the Securities and Exchange Commission. Kunz announced her resignation Jan. 18. Gap paid Kunz an annual base salary of $550,000. Gap also said Kunz must repay the interest-free $2 million loan she received in January 2000 from Gap by Feb. 1, 2005, or immediately if she sells the property pledged to secure the loan or breaches any provision of her severance agreement. Kunz also agreed to immediately pay to Gap any proceeds, against the outstanding loan balance, from the sale of any Gap stock options or stock.
VC’S NEW GC: Julia Davis has joined Value City Department Stores Inc. in the new post of executive vice president and general counsel, reporting to John Rossler, president and chief executive officer. Davis had worked closely with Value City for 10 years while a partner at the law firm of Vorys, Sater, Seymour and Pease.
FOOD CHAIN: Groupe Galeries Lafayette said Monday that it had reached an agreement with France’s Casino supermarket chain extending their joint ownership in Monoprix until 2006. Their previous agreement was set to expire in June. In 2006, Galeries Lafayette will hold an option to sell its 50 percent stake in the French supermarket chain to Casino. "In this uncertain, environment, this agreement provides Galeries Lafayette with necessary financial resources and decision-making flexibility," said co-chairmen Philippe Houze and Philippe Lemonie in a statement. The agreement also stipulates that Casino can increase its Monoprix stake another 10 percent after April 1, 2009. Galeries Lafayette sold half of Monoprix to Casino in May 2000.
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion