PVH UPS GUIDANCE: Because of the company's strong third-quarter performance, Phillips-Van Heusen Corp. updated its revenue estimates and raised earnings guidance for the fourth quarter and fiscal year 2005. Fourth-quarter revenues are expected in the $470 million to $475 million range, an increase of 14 to 15 percent over last year's fourth quarter. Diluted net income per share for the quarter is estimated to be 35 cents to 37 cents, an increase of 25 to 32 percent compared with the prior year, excluding restructuring and other items, and a 7 to 9 cent increase over prior guidance. For fiscal year 2005, PVH is currently estimating revenues in the range of $1.92 billion to $1.93 billion, an increase of 17 percent over the prior year. Diluted net income per share for the year is now expected to be $1.97 to $1.99, excluding the costs associated with PVH's secondary offering in July 2005. The revised earnings per share for the year represents an increase of 7 to 9 cents over PVH's prior EPS guidance of $1.90.
TRADE APPOINTMENT: Everett Eissenstat was named Assistant U.S. Trade Representative for the Americas, with responsibility for developing and implementing trade policy in the region. Eissenstat, who will take on his new role Tuesday, had been chief international trade counsel to the chairman of the Senate finance committee, Sen. Chuck Grassley (R., Iowa). He was previously legislative director for Rep. Jim Kolbe (R., Ariz.) as well as a special assistant in the office of the Western Hemisphere within the USTR's office.
COAT BUY: Herman Kay Bromley Inc., which specializes in wool and casual outerwear, has acquired Avanti Leather Group, a designer, manufacturer and distributor of women's leather outerwear, for an undisclosed sum. Some of Avanti's licenses are Jones New York and XOXO. The transaction is effective immediately, for fall merchandise. Avanti's former owners, Stephen Bass, Russel Windler and Larry Windler, will stay on in management roles. The 65-year-old, privately held Herman Kay Bromley Inc. produces outerwear for the Anne Klein New York, Anne Klein, AK Anne Klein, Michael Kors, Michael Michael Kors, JLo, Albert Nipon and Rockport brands.
“I see things on the hanger and I’m, like, ‘I never knew that color worked on me.’ It’s things you necessarily wouldn’t choose to wear, but once you put them on, you see why Janie is who Janie is." — Lily Collins on working with former "Mad Men" costume designer, Janie Bryant on creating looks for her role as Celia Brady's in Amazon series, "The Last Tycoon." 📸@jilliansollazzo #wwdeye
EXCLUSIVE: Sarah Rutson has been tapped to Build New American Fashion Group. The parent of Joie, Equipment and Current/Elliott hired the merchant to rev up its brands and expand its portfolio into designer, beauty and lifestyle categories. Read more on WWD.com, link in bio. #wwdfashion
Michael Kors' $1.3B Jimmy Choo deal has the company squaring off with Coach Inc. as both seek to build American powerhouses. Coach bought Stuart Weitzman in 2015 and Kate Spade just two weeks ago, but Michael Kors' acquisition may be putting pressure on its rival in the new push for scale. #wwdnews (📷: George Chinsee)
Meet actress Lucy Boynton, who plays opposite Naomi Watts in the recently released Netflix series "Gypsy." Boynton stopped by WWD to talk about her upcoming projects and her nomadic lifestyle. Get all the details on WWD.com. #wwdeye (📷: @dandoperalski)