WASHINGTON -- Donald G. Fisher, chairman and chief executive officer of The Gap, urged the Senate Finance Committee Wednesday to take swift action in approving implementing legislation for the GATT Uruguay Round treaty because it would benefit...
WASHINGTON -- Donald G. Fisher, chairman and chief executive officer of The Gap, urged the Senate Finance Committee Wednesday to take swift action in approving implementing legislation for the GATT Uruguay Round treaty because it would benefit retailers and consumers.In addition to providing low-cost consumer merchandise, the treaty would open markets in developing countries for U.S. retailers and investors, Fisher said. Noting that The Gap already has stores in the U.K., France and Canada, Fisher said he was considering further expansion in Europe and the Far East."In opening stores abroad, U.S. retailers can play an important role in increasing the sale abroad of American-made goods," Fisher said.As for the domestic market, he said, "We know that an open international trading environment remains critical to meeting customers' needs. The availability of lower-cost goods from overseas suppliers helps stretch the budget of the country's low- and middle-income families."Specifically, GATT benefits retailers by ending special protection for the domestic textile and apparel industry, which has added $46 billion yearly in extra costs to consumers, Fisher said.Fisher also struck out at an administration proposal to auction textile quotas to help make up for tariff revenues that would be lost under GATT's free trade regime.Such auctions, he said, would be "bad for the nation's retailers and would be bad for America."The auction would not raise enough money to pay for GATT, could violate U.S. GATT obligations under the Multi-Fiber Arrangement, would create a "double quota on imports," and would create an "inefficient and cumbersome system" that would gradually be phased out in 10 years anyway, Fisher said.If textile quota auctions were conducted to raise money, retailers would "resist implementing legislation that established such a system," he said.Meanwhile, on the other side of Capitol Hill, U.S. Trade Representative Mickey Kantor told a House panel that the administration still intended to pursue GATT passage this year despite some objections in Congress, and was negotiating with Senate members to waive the budget requirement that the full cost of GATT be funded before implementing legislation is approved.Preliminary estimates put the 10-year cost of GATT incurred by lower tariffs at $40 billion.Kantor told the House Subcommittee on Communications, Consumer Protection and Competitiveness that the administration has proposed that the costs for the last half of the tariff phaseout be taken off budget because for every dollar lost to the U.S. Treasury in tariff reduction, $3 would be generated in additional trade income.
“I grew up in New York but I hadn’t really experienced the city in any type of touristy way…This was probably the first museum I really explored and took the time to see,” said @haileybaldwin of the @whitneymuseum. On Tuesday night, Baldwin was joined by Jemima Kirke and more at the annual Whitney Museum Gala and Studio Party, which honored Lorna Simpson, Joanne Leonhardt Cassullo and Beth Rudin DeWoody. See more photos on WWD.com. #wwdeye (📷: @lexieblacklock)
Displayed starting this week at the @fashiontextilemuseum: An exhibition on designer @orlakiely titled “Orla Kiely: A Life in Pattern,” which spans two decades and contains more than 150 pieces. “I want people to come away loving pattern and print. It’s something that makes you feel so good,” said the designer during a preview of the exhibit. Also on show are mood boards, samples, sketches and more. Head to WWD.com to see more photos. #wwdfashion
Exclusive: @dsquared2 signs fragrance licensing agreement with Euroitalia, with the first effort of the new partnership being unveiled in September. The brand will launch two scents – one for men and one for women – in Italy. Read our interview with designer Dean and Dan Caten on WWD.com. #wwdbeauty #wwdnews (📷: @zefashioninsider)
@louisvuitton has officially renewed Nicolas Ghesquière’s contract as artistic director of women's collections. "I am very pleased to open the next chapter of the story I started with Louis Vuitton almost 5 years ago," said Ghesquière, who first signed on to design the French luxury brand's women's line in 2013. Get all the details on WWD.com. #wwdnews #wwdfashion (📷: @giovanni_giannoni_photo)
“I learned then and there that I had to figure out a way in life to maintain and preserve my sense of pride when I felt good about what I did or what I represented or created,” said @saintrecords on how being bullied for wearing capri pants inspired her to be the artist she is today. Knowles was at the 70th Parsons Benefit last night where she outbid the room for a Dapper Dan customized @gucci experience. #wwdeye (📷: @lexieblacklock)
“There’s this amazing braintrust of people who know the whole universe so well. So we talked to them and they gave us more input,” said actor Alden Ehrenreich on playing the young Han Solo in “Solo: A Star Wars Story.” The cast was at NYC’s SVA Theatre last night for an advanced screening of the film, which hits theaters this week. #wwdeye #starwars #hansolo (📷: @aurorarosedecrosta)
@asaprocky spent nearly two hours in a Plexiglas box Sunday night at @sothebys putting himself through a series of “tests” to demonstrate the process of completing his new album called “Testing.” Get all the details and see all the pictures on WWD.com. #wwdeye
“I’ve struggled my whole life to find a bathing suit that fits me that doesn’t look like a maternity bra. I’m proud of the line because it’s an accurate representation of me rather than me putting on someone else’s clothes,” says @atlantabean of her swimwear collaboration with @piaarrobio, LPA X ATL. The two decided on a swimwear collab and increased the industry standard size for the pieces. Read more about the line — and our interview with de Cadenet Taylor and Arrobio — on WWD.com #wwdfashion (📷: Dan Doperalski)