PERRY PROMOTION: Perry Ellis International has promoted Jerry Kaye to creative director for all of its brands. Kaye was executive vice president of design for Perry Ellis sportswear and creative director for Salant, which PEI acquired...
PERRY PROMOTION: Perry Ellis International has promoted Jerry Kaye to creative director for all of its brands. Kaye was executive vice president of design for Perry Ellis sportswear and creative director for Salant, which PEI acquired in June. He reports to Oscar Feldenkreis, chief operating officer and president. Separately, PEI is looking to beef up its top line and increase margins with PerrySolutions, a software system that manages customer inventory. “PerrySolutions helps our customers steer clear of understocks and overstocks,” said Luis Paez, chief information officer of PEI. “Our sales planners manage inventory to the door/[stockkeeping unit] level based on the rate of sale, thereby increasing turns.”
ESTATE SALE: Looking to boost its stock, Hampshire Group Ltd. is considering the sale of its commercial real estate subsidiary. On Monday, the Anderson, S.C.-based sportswear maker said its board has appointed a special committee to explore a divestiture of Hampshire Investments Ltd., a subsidiary with property in the U.S., Russia, Romania and the Czech Republic. The special committee is needed because chief executive officer Ludwig Kuttner and other senior managers may have an interest in purchasing the business, the firm said. For the fiscal year ended 2002, Hampshire Investments reported an operating group loss of $2.5 million, much deeper than its prior-year loss of $450,000. Kuttner said in a statement that the company’s “current market capitalization does not reflect the true value of the apparel business” because the return from the investment business is not keeping pace with the apparel side. In fiscal 2002, Hampshire’s company-wide net income grew 53.9 percent to $17 million on a 12.2 percent improvement in net revenues to $293.3 million.
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