WOLFORD RESULTS UP: Restructuring initiatives paid off for Wolford AG as the company swung back to reporting full-year profits.
For the fiscal year ended April 30, the Bregenz, Austria-based hosiery maker reported net income of $2.8 million, or 58 cents a diluted share. That compares with last year’s loss of $5.2 million, or $1.09. Sales fell 6.4 percent to $144.6 million from $154.5 million a year ago.
Dollars have been converted from euros at current exchange. The company reported net income of 2.5 million euros versus a loss of 4.6 million euros on sales of 128.8 million euros, down from 137.6 million euros last year.
Wolford said nearly one-third of the sales decline was caused by exchange rate fluctuations, as the U.S dollar, in which 14.2 percent of the company’s revenues are billed, fell 23.6 percent against the euro. The British pound and the Swiss franc also declined, Wolford said, by 12.8 percent and 3.4 percent, respectively.
Looking ahead, with its restructuring now complete and greater efficiencies in place, the company said it will take only moderate sales growth to achieve large profit gains, but improvements in macroeconomic conditions and consumer confidence are still critical to the firm’s success.
IN THE RUNNING: New Balance Athletic Shoe has signed a license agreement with Newton, N.C.-based Moretz Sports to manufacture, market and distribute performance socks under its label.
The collection comprises approximately 50 styles, including no-shows, low-cut and crew socks, using such trademark performance fibers as Coolmax and Duraspun. The New Balance sock collection specifically targets such activities as running, hiking, walking, cross-training, tennis and basketball.
There is also a specific women’s line, which offers functional socks with color accents in stripes; heel and toe treatments, and embroidered logos. The collection also will include an infant and youth program.
“In youth girls, we have duplicated some of the women’s collection so that the daughter can have socks just like her mom,” said Paul Del Monico, Moretz’s president of brand development.
Retail prices are exected to range from $4 to $10 for single pairs. Del Monico declined to give sales projections for the line. Starting in January, the socks will be distributed to sporting goods stores, family shoe chains and department stores.
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
“Stranger Things” is getting a new cast member for season 2. Meet @sadiesink_, the 15-year-old who will be joining the Netflix series for its new season. You may recognize her from “The Glass Castle” with Brie Larson and Woody Harrelson, but the Texas native’s next role goes in an entirely different direction. She describes her character, Max, as “a rough and tumble skater girl [who] becomes friends with the boys at school.” The second season debuts on October 27. (📷: @jgreenery) #wwdeye
Amid the Harvey Weinstein controversy, there’s another sector that’s being put under the spotlight for sexual abuse: the modeling industry. While rumors about abuse and sexual harassment of female and male models — and the photographers, agents and others who perpetrated it — have circulated within the fashion world for years, model @cameronrussell started posting stories from models on Instagram last week about abusive situations they’ve encountered — from sexual harassment and molestation to attempted rape. Over 75 have weighed in so far. Read more on WWD.com. Link in bio. #wwdnews
To celebrate its 16th anniversary, @dylanscandybar tapped designers and celebrities to create mosaics out of candy. The mosaics will be auctioned off to support the philanthropic cause of each participant’s choice. Pictured here is the mural created by @aliceandolivia's Stacey Bendet. For a first look at some of the other artwork being unveiled tonight, go to WWD.com. #wwdeye
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye