In Brief: One Out, One In … The Narrowing Gap … Eddie’s Falling Comps …
ONE OUT, ONE IN: Robert S. Singer, who has served as chief financial officer of Gucci Group since 1995, was named president and chief operating officer of Abercrombie & Fitch succeeding Seth R. Johnson, a 12-year Abercrombie & Fitch veteran,...
ONE OUT, ONE IN: Robert S. Singer, who has served as chief financial officer of Gucci Group since 1995, was named president and chief operating officer of Abercrombie & Fitch succeeding Seth R. Johnson, a 12-year Abercrombie & Fitch veteran, who will be retiring from his position as executive vice president and coo on June 18. Johnson, 50, joined the company as its cfo in 1992, overseeing the company’s 1996 initial public offering and the 1998 spin-off from Limited Brands before being promoted to chief operating officer in February 2000.
THE NARROWING GAP: Gap Inc. took another step toward fiscal fitness Tuesday when Moody’s Investors Service raised its outlook to “positive” from “stable” and upgraded several categories of debt ratings a notch closer to investment grade. In moves that could lower financing expenses for the San Francisco-based specialty store operator, the senior implied credit rating was raised to “Ba1,” one notch below investment grade, from “Ba2” and the senior unsecured debt was elevated to “Ba2” from “Ba3” after a three-month review.
EDDIE’S FALLING COMPS: For the three months ended March 29, retail sales at Eddie Bauer fell by 21 percent due mostly to the closure of 100 Bauer stores, while comparable store sales fell 2.3 percent. The dip in comps, according to bankrupt parent Spiegel Inc.’s quarterly report with the Securities and Exchange Commission, was due mostly to weak customer response to men’s apparel and home product merchandise. However, the weak demand was partially offset by “strong customer demand for the women’s apparel offering.” Overall, Spiegel narrowed its loss in the quarter to $100.5 million, or 76 cents a share, from $114.2 million, or 87 cents, in the year-ago quarter. Sales fell by 25.9 percent to $264.4 million from $356.7 million. Including other sources of income, such as royalties in connection with the Bauer name and amounts billed to customers for shipping and handling on catalogue and online orders, total revenues declined by 26.2 percent to $289.4 million from $391.9 million.
NAUTICA SETS SAIL: Nautica International has signed on as the official apparel supplier of U.S. Sailing, the national governing body of the sport. Under the terms of the agreement, Nautica will outfit the 130 members of the U.S. sailing team, the U.S. disabled sailing team and the U.S. youth world team with apparel for men and women. “Sailing has always been one of my favorite things,” said David Chu, Nautica’s founder, designer and chief executive officer on Tuesday at the New York Yacht Club, where he was joined by members of the U.S. sailing team who are headed to Athens for the Summer Games. “And the designs of Nautica have always been inspired by the sea.”
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