In Brief: No Bonus For Drexler … Guess Goes Hollywood … To A New Sector
NO BONUS FOR DREXLER: J. Crew Group Inc. said in an April 12 filing with the Securities and Exchange Commission that chief executive officer Millard Drexler did not receive a cash bonus based on the company’s fiscal year 2004...
NO BONUS FOR DREXLER: J. Crew Group Inc. said in an April 12 filing with the Securities and Exchange Commission that chief executive officer Millard Drexler did not receive a cash bonus based on the company’s fiscal year 2004 financial results when operating profits rose to $20 million from $1 million in the prior year. However, the following executives did receive annual bonuses: Jeffrey Pfeifle, president, $500,000; Tracy Gardner, executive vice president, merchandising, planning and production, $300,000; Roxane Al-Fayez, executive vice president of e-commerce and catalog, $250,000, and Scott Hyatt, senior vice president of production, $160,000. J. Crew’s compensation committee also approved base salary increases for each of those executives, including Drexler, for fiscal year 2005, which range up to 12.5 percent, the filing said. It is unclear from the filing why Drexler did not receive a bonus in 2004. The company could not be reached for comment.
GUESS GOES HOLLYWOOD: One week after completion of the sale of Metro-Goldwyn Mayer Inc., Guess nominated the former chief executive officer of the movie studio to its board. Alex Yemenidjian, who was also MGM’s board chairman, left the company that billionaire Kirk Kerkorian sold to a consortium led by Japan’s Sony Corp. for about $4.9 billion. Yemenidjian, 49, is a director of casino operator MGM Mirage, a position he has held since 1989. His election will be at Guess’ annual shareholder meeting on May 10.
TO A NEW SECTOR: Italian fashion and sport watch company Sector Group has named Gianni Pieraccioni as global chief executive officer, replacing Lucio Quinzio Leonelli, who will remain president. Based in Milan, Pieraccioni was managing director of Johnson & Johnson’s personal and health care division for seven years. He also held positions at Pepsico and Procter & Gamble. In the U.S., Sebastiano Di Bari has been promoted to the new post of managing director of New York-based Sector Group USA. Di Bari will lead U.S. operations and report to Pieraccioni. Di Bari joined the company in 2004 as executive vice president of finance and operations. Sector licenses include Roberto Cavalli, Just Cavalli, Moschino, Valentino, United Colors of Benetton and Sisley.
In yet another fashion show shuffle, @elleryland is moving its show in sync with the Paris couture calendar — though the brand is still keeping one foot on the city’s ready-to-wear schedule. Their runway show in January will coincide with the launch of a new strategy: designing two main collections each year instead of four, which will then be released in four drops. “As we all know, the system needs to change. We need to show sooner to give time back to artisans and designers to do what they do best — create,” said founder Kym Ellery. #wwdnews #wwdfashion (📷: @kukukuba)
@maxmara’s classic 101801 coat was the cornerstone of its pre-fall 2018 collection. The design team expanded the traditional double-breasted, kimono-sleeved style into a trapeze coat, lean belted styles and a peacoat and presented them in monochromatic looks – like the camel one pictured here. #wwdfashion #prefall18 (📷: George Chinsee)
The @cfda has shifted the dates of #NYFW, with Men’s showing on February 5 through February 7, and Women’s will directly follow, running from February 8 through 14. The preliminary schedule will be released on the CFDA’s web site in the next few days, but Mark Beckham, VP of marketing for the CFDA, revealed that @rafsimons will be back to close the men’s-specific part of the week with a show on February 7 #wwdfashion (📷: Kelly Taub)
@ferragamo is introducing a new space dedicated to the development of women’s and men’s leather good samples. The laboratory, which is created eco-friendly materials and designed to reduce the environmental impact of the manufacturing processes, will allow the company to expand its accessories offering through traditional artisanal approaches. #wwdfashion (📷: @aitorrosasphoto)
How does a “regular, degular, schmegular” girl from the Bronx, N.Y., become a Grammy-nominated artist with a certified platinum record in less than a year? Call it the @iamcardib come up. The 25-year-old has become a musical sensation, and the fashion world is taking note. “If I could describe her style I would say drama. She’s really into the dramatics,” says Cardi B’s stylist @kollincarter. See how Carter styles her bold and out there looks with the link in bio. #wwdfashion
“There is no formula. There is no guideline. I can watch Ted Talks all day, but there is no one who can advise me on exactly what it is I should be doing,” said @ronniefieg, CEO of @kith, in an interview with WWD’s @ariahughes at the brand’s new SoHo office in Manhattan. Head to WWD.com to see how Fieg went from hanging out in shoe stockrooms at 13 to building his own business. #wwdfashion (📷: @weston.wells)
@fearofgod and @maxfieldla have teamed up on a pop-up installation. The store, located in the gallery space across from Maxfield’s Melrose Ave location, is the site of the brand’s House of God pop-up in which Fear of God founder @jerrylorenzo has created a church-inspired installation. A dozen vintage church pews sit in front of an LED screen playing 90s gospel singers in an effort to re-create an environment akin to a Southern Baptist Church, Lorenzo explained. Read more about the pop-up on WWD.com #wwdfashion (📷: Jennifer Johnson)
Known for his sleek, sophisticated American glamour, Norman Norell is the subject of an upcoming exhibition at @fitnyc. “Norell: Dean of American Fashion,” which runs from February 9 through April 14, will feature approximately 100 ensembles and accessories. His best work is exemplified by the designer’s glittering “mermaid” gowns frosted with thousands of hand-sewn sequins – like the one pictured. (📷: William Helburn) #wwdfashion
For pre-fall 2018, @balmain didn’t let go of the glitz. A crystal embroidered baseball jacket priced at around $40,000 hangs in the “couture” section of the brand’s first men’s pre-collection. Sporting the words “Balmain Army” across the back, the item took around two months to make. “When it was completed, it was like Christmas, it was like, ‘It’s done, it’s exactly what I wanted,’” said Balmain’s creative director @olivier_rousteing during a tour of the collection in a Paris showroom on Monday. #wwdfashion