In Brief: Levi’s Claims Clean Books…Warnaco’s New CFO…Kasper’s Plan B
LEVI’S CLAIMS CLEAN BOOKS: Levi Strauss & Co. said Monday that its audit committee had completed a review of its tax and accounting procedures and found them to be appropriate. As reported, in April two former employees sued the...
LEVI’S CLAIMS CLEAN BOOKS: Levi Strauss & Co. said Monday that its audit committee had completed a review of its tax and accounting procedures and found them to be appropriate. As reported, in April two former employees sued the San Francisco-based jeansmaker claiming they were wrongfully terminated because they refused to go along with improper accounting procedures. Levi’s had previously denied any wrongdoing, but performed an investigation as a safekeeping measure.
WARNACO’S NEW CFO: The Warnaco Group Inc. has named Lawrence Rutkowski as senior vice president and chief financial officer, confirming a report in WWD Monday. Rutkowski’s past positions include stints at NBC/General Electric, Walt Disney Studios and, most recently, Primedia Inc. The new cfo, who takes his post on Wednesday, succeeds Jim Fogarty, who will return to turnaround firm Alvarez & Marsal Inc. Rutkowski said he and Fogarty will work together during a transition period that could last several weeks.
KASPER’S PLAN B: Kasper A.S.L. Ltd., the bankrupt suit and sportswear maker being acquired by Jones Apparel Group for about $215.5 million, filed an amended plan of reorganization that offered no assurance of any distribution of funds to Kasper’s equity holders. The new plan, which has the support of Kasper’s creditors’ committee, noted the distribution of funds is contingent upon a number of factors, including ongoing negotiations with the Internal Revenue Service and determination of the bankruptcy court of the interest on senior notes. The IRS action could result in a reduction of a tax loss carryforward of $39 million by $34.1 million, and the court could add to the interest payment on the senior notes, which potentially could increase claims on them by $43 million to $179 million. The new plan requires approval from the creditors’ committee and the bankruptcy court and calls for consummation of the acquisition by Jones by the end of the year.
EXCLUSIVE: @tomford is opening its first-ever beauty store. The boutique, which opens November 20 in London’s Covent Gardens, was designed with the over-the-top glam Ford is known for. Read the full story on WWD.com, link in bio. #wwdbeauty #wwdnews (📷: Simon Wagner) #TomFordBeauty
New York-based DJ @harleyvnewton threw a party to celebrate the holiday collection of her dress and pajama line @hvn at the Ladurée Beverly Hills. It Girls @katebosworth, @rashidajones and more joined in on the fun, which included cocktails, croque monsieur sandwiches and a photo booth. #wwdfashion (📷: Owen Kolasinski/BFA.com)
For the holidays, @Burberry partnered with 20-year-old artist @blondeymccoy on a series of three outdoor murals in downtown Manhattan. The murals are McCoy’s interpretation of a Christmas eve party, the idea of charity and the spirit of family. His third mural, pictured here, is the most personal. The image depicts McCoy’s grandparents and father in London’s Trafalgar Square in the Seventies. “My work often features lots of sentimental objects.” #wwdeye
For spring 2018, designers applied bold colors and cartoonish motifs on everything from sneakers and belts to key chains. See all the top men’s accessories trends on WWD.com. #wwdtrends (📷: George Chinsee; Prop Styling by @rnasti; Market Editor: @luiscampuzano)
The @dior-sponsored @guggenheim international gala pre-party has a history of drawing cool-girl musical acts to serenade the crowd –– and last night was no exception. @haimtheband performed songs both new and old, and lured a star-studded audience with the likes of Rebecca Hall, Kate Mara, Mamoudou Athie and more. #wwdeye (📷: @lexieblacklock)
In a partnership between the @metopera and the @englishnationalopera, “Marnie” was born. The opera, with costumes sponsored by @mrporterlive, is an adaptation of the 1961 thriller by Winston Graham. Arianne Phillips, who created the costumes, is no rookie: She’s styled Madonna for her tours and created costumes for a myriad of films in the past. Read WWD’s interview with Phillips, where she talks about her inspiration for the opera’s costumes on WWD.com #wwdfashion
@barneysnyc took a different approach to their holiday windows this year. Instead of Christmas decor, Barneys tapped @thehaasbrothers to tell a story of positivity, gratitude and inclusivity via heartwarming silliness and humor. “It’s about kids and it’s about coming together and being family and loving each other,” said Simon Haas. #wwdfashion (📷: @joshuascottphoto)
Beauty influencer @kandeejohnson makes her foray into hair care with a collaboration with @ogx_beauty — making it the first time that OGX has teamed up for a product creation. The collab includes shampoos and conditioners in three scents. At 39 and a mom, Johnson is a different profile than the emerging social media stars, but is considered one of the pioneers of the digital beauty influencer world. Read WWD’s interview with her on wwd.com, including the strangest beauty product she’s ever tried #wwdbeauty