In Brief: Sears Update … Final Plea … Joining Talent …
SEARS UPDATE: Sears, Roebuck & Co.’s apparel business suffered from inventory shortages, late deliveries and management changes last year, but it’s back on track, chief executive officer Alan Lacy said at the annual meeting Thursday...
SEARS UPDATE: Sears, Roebuck & Co.’s apparel business suffered from inventory shortages, late deliveries and management changes last year, but it’s back on track, chief executive officer Alan Lacy said at the annual meeting Thursday at Sears headquarters in Hoffman Estates, near Chicago. He said Lands’ End sales grew 20 percent last year to $2 billion and the Covington private label had sales of about $500 million. Sears purchased Lands’ End in 2002. Lacy said Sears’ main growth vehicle will be Sears Grand, the off-mall format launched this year in Salt Lake City and Gurnee, Ill. Stores in Las Vegas, Los Angeles and Austin, Tex., are planned but a bigger rollout wasn’t announced.
FINAL PLEA: Former Rite Aid Corp. chief executive officer Martin Grass on Thursday inked a plea agreement with federal prosecutors that would require him to serve up to 10 years in jail for his role in a fraud scheme involving five other former executives. Just last month a federal court judge rejected his original plea on the ground that an 8-year imprisonment term was too lenient. The latest plea deal also requires Grass to plead guilty to conspiracy to defraud and conspiracy to obstruct justice. In addition to jail time, Grass must pay $500,000 in fines and give back $3 million to the government. As reported, the scheme inflated profits at the pharmacy chain, allegedly enriched the former executives and required Rite Aid in July 2000 to restate its financial results.
JOINING TALENT: To help fill the talent gap, two search companies, Project Solvers Inc. and The Market Solution Group, have formed a strategic alliance. Each company is retaining its name, but they share clients and office space, at 30 West 22nd Street. Project Solvers specializes in providing freelance design and product development talent for the apparel industry, while The Market Solution Group specializes in placing full-time executives in the fashion and retail industry.
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)