MILAN — Gianni Versace SpA said Friday that it isn’t preparing to issue a convertible bond, denying a press report. The move would be similar to a tack taken by Prada Group before it set itscourse for an initial public offering. The denial comes as industry watchers continue to ponder how the Italian fashion house will drum up fresh funds to expand its empire.In May, Donatella Versace said going public isn’t a priority but the company is leaving all its doors open as it pursues its growth strategy.Meanwhile, the house sees its 2002 revenue rising 5 percent on 2001 sales of $515.54 million, a spokesman told WWD. (Dollar figures have been converted from the euro at current exchange.)In the six months ended June 30, Versace saw its U.S. retail sales advance 24 percent while retail sales in Europe rose 9.8 percent, the spokesman said. He declined to specify sales figures but he attributed the hike to improved assortments and freshly renovated stores.On the financing front, recurring speculation has Versace trying to sell a minority stake to private equity companies like Texas Pacific Group. TPG declined to comment on whether it is eyeing a Versace stake, but a source close to the situation said it is "unlikely" the U.S. company will invest in the Italian fashion group.Armando Branchini, vice president of consultancy firm InterCorporate, said issuing debt could be a logical step for the company but so could selling a minority stake to a financial investor."It depends on what creates the most value [for the company]," he said. "What makes sense for the seller and what makes sense for the buyer."No matter what path Versace chooses, it’s clear the company has its work cut out for it. Santo and Donatella Versace are busy implementing a broad restructuring plan they started 1 1/2 years ago. This plan calls for a tighter control over the house’s image through such measures as taking licensing deals in-house and buying back franchised stores.As part of its cost saving, the Versace spokesman said the company was scaling back its fourth-quarter advertising. "In a difficult luxury marketplace, the company continues to operate from a position of strength, and we have chosen this expense control to help ensure continued profitability."He would not elaborate on the amount of the cuts, but industry sources estimated the slice at about 50 percent of the buy for the quarter.Most recently, Versace bought back direct control over its South Beach, Miami,store for an undisclosed price. The store, which is being refurbished, will reopen at the end of the month. That move marks the ninth store Versace has bought back in the U.S. since last August.
La Double J made a name for itself with its vintage-inspired prints, but for resort, designer JJ Martin has ventured into new territory: enter rich jewel toned solids and decadent embellishment, in the form of appliqués, crystals and sequins. #wwdfashion #resort19 #ladoublej
This Just In: J. Crew Group has named Johanna Uurasjarvi as its chief design officer.
Uurasjarvi succeeds Somsack Sikhounmuong, who left the company last September. Tap the link in bio for the full report. #wwdnews
“She came into my hotel room and she was like, ‘I have Chanel and Christian Dior.’ She was like, ‘Chanel likes you.’ And I was like, ‘I’m going to start crying,’” breakout star Maddie Hasson tells WWD of her styling sessions Molly Dickson. “I really like classic, elegant things. I love the way Anna Wintour dresses.” Read more about Hasson’s role in @impulseseries on wwd.com. (📸: @jgreenery ) #wwdeye
@virgilabloh revealed he's working with Australian stylist and
Vogue Australia fashion director @christinecentenera for his debut @louisvuitton men's collection, which will be presented in Paris on June 21. Centenera met Abloh while both working with Kanye West, where she consulted on his all his runway collections since his debut spring 2012 women's wear show. Read the full story on WWD.com. #wwdfashion #wwdnews (📷: @asussmanphoto)
"In order for Shudu to wear garments, she needs to be able to put them on, just like you would in the real world. You have to digitize the outfits," said Cameron-James Wilson on dressing 3-D model @shudu.gram for her WWD photoshoot with @itsclo3d. #wwdfashion (📸: @cjw.photo)
“Shudu is a digital supermodel, a very glamour and amazing woman. But she’s 3-D,” says Cameron-James Wilson, a fashion photographer and the creature of @shudu.gram. Here, Shudu wears @cushnieetochs for her debut fashion editorial. #wwdfashion (📷: @cjw.photo)
“It is the fierce female performances that came before me that made be able to clearly identify for myself what it was that I wanted to do, what kind of artist I wanted to be, what kind of films I wanted to make,” said @brielarson at the Women in Film Crystal + Lucy Awards. See more pictures from the event on WWD.com. #wwdeye (📷: Matt Baron)