In Brief: Still Struggling … Hats Off At Kellwood … Shareholder Date Set
STILL STRUGGLING: Marks & Spencer Group plc's profits rose 6.3 percent to $1.08 billion, or 587 million pounds, from $934.5 million, or 552.3 million pounds, in the fiscal year ended April 2, due exclusively to exceptional items....
STILL STRUGGLING: Marks & Spencer Group plc's profits rose 6.3 percent to $1.08 billion, or 587 million pounds, from $934.5 million, or 552.3 million pounds, in the fiscal year ended April 2, due exclusively to exceptional items. Excluding those items, profits plummeted 21 percent to $816.2 million, or 442 million pounds, from $951.5 million, or 563 million pounds, due to a drop in sales in every division except for food. The British retailer said in a statement Tuesday that sales fell 4 percent to $14.66 billion, or 7.94 billion pounds, from $14.04 billion, or 8.3 billion pounds. And business won't be getting any easier this year. "The outlook remains challenging, with tough economic and competitive conditions expected to continue," said Stuart Rose, chief executive of M&S. In the statement, the company said clothing sales fell 4.8 percent to $7.09 billion, or 3.84 billion pounds. M&S added that its share of the clothing market declined 0.5 percent to 10.5 percent during the period.
HATS OFF AT KELLWOOD: Kellwood Co. has signed a licensing agreement with Accessory Network Group to produce Sag Harbor career and casual hats. The line, which will bow this fall, will be designed, produced and marketed by ANG. This license is part of Kellwood's plan to expand Sag Harbor into all major categories. Sag Harbor licenses include handbags, eyewear, footwear and slippers. ANG is a privately held accessories company that manufactures private label and branded accessories, including Ghurka, Calvin Klein and So Patricia. It also has licensing deals with entertainment companies, including the Walt Disney Co., Warner Bros. and Nickelodeon.
SHAREHOLDER DATE SET: Federated Department Stores and May Department Stores set July 13 for their shareholder meetings where the companies will seek approval on the planned merger. May shareholders will meet in New York City, at the Pierre-New York hotel, while Federated shareholders will gather at the company headquarters in Cincinnati.
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews