NEW YORK -- The Limited Inc. has invested $5 million in one of its private label jeans suppliers to form a new company, Rocky Apparel LP, and is exploring additional links with manufacturers. "Clearly, we're looking to build relationships with...
NEW YORK -- The Limited Inc. has invested $5 million in one of its private label jeans suppliers to form a new company, Rocky Apparel LP, and is exploring additional links with manufacturers. "Clearly, we're looking to build relationships with uniquely skilled manufacturers," Leslie H. Wexner, chairman and chief executive officer of The Limited, said in a statement Wednesday.
In other news, Michael Weiss, The Limited's vice chairman in charge of the women's divisions, reportedly informed Wall Street analysts this week that the company is seeking designers to serve as consultants.
At The Express and Limited Stores divisions, business has been slumping. Company officials have acknowledged that part of the reason is that the fashion has not appealed to customers. It could not be learned which designers will be tapped as consultants, but one source said Weiss is after "some well-known names."
Weiss reportedly also told analysts that due to recent procedural and management changes over the last 60 to 70 days, some fall deliveries at Limited Stores could be a couple of weeks late, arriving in August instead of July. Management changes include last week's announcement that Cheryl Nido Turpin, who turned around the Lane Bryant division, was named president of Limited Stores. Weiss reportedly said there has been a renewed focus on higher quality fabrics and workmanship, and more sophisticated looks, including coordinates and career wear at Limited Stores.
Meanwhile, Wexner described the Rocky Apparel investment as part of an "ongoing strategy of building a long-term, high-quality apparel manufacturing base to support the growth of the company." He added that such investments "are helping us also become true financial partners with some of our suppliers." Wexner was not been available to comment further on potential investments. The Limited has already had financial links with manufacturers through its Mast Industries apparel sourcing division. The latest purchase gives The Limited a 49 percent stake in Rocky Apparel. For The Limited, it's a potential new profit source and an opportunity to build a company that could play a more significant role in its operation. Sales at Rocky Apparel were $32 million in 1993. The Limited, predominantly Express, accounted for just over half of that.
Another key Rocky Apparel account is Merry-Go-Round.Gabriel Zeitouni, president of Rocky Apparel, said last year the company's net profits were "above industry norms," which he placed at 3 to 4 percent of sales, but he declined to be specific.
The $7 billion Limited bought out Zeitouni's partner, Jacob Mendelson, and the new company purchased the assets of Gabriel Manufacturing Co., in Ruleville, Miss., and its New York selling arm, Rocky Apparel Inc.
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion