This story first appeared in the December 14, 2004 issue of WWD. Subscribe Today.
PPR SELLS REXEL: Pinault-Printemps-Redoute, the French retailer that owns Gucci Group, on Monday said it had completed the sale of Rexel, its electrical supplies business, to an investment pool headed by Clayton, Dubilier & Rice; Eurazeo, and Merrill Lynch private equity. The deal, which was announced earlier this month, values Rexel at 3.7 billion euros, or about $4.88 billion at current exchange rates, PPR said.
TIFFANY ON LEFT COAST: Tiffany & Co. plans to expand its Southern California presence with a new store at 64 West Colorado Boulevard in Pasadena. The jeweler expects to open the 5,600-square-foot unit in fall 2005 and offer several collections, including its engagement rings, rare pearls, watches and china. It currently operates four stores in Southern California, in Beverly Hills, Los Angeles, San Diego and Costa Mesa.
ITG HEADS NORTH: Continuing its expansion abroad, International Textile Group said Monday it has agreed to acquire Cleyn & Tinker, a worsted wool manufacturer based in Quebec. The mill will be integrated into Greensboro, N.C.-based ITG’s Burlington Worldwide apparel fabrics operation. This follows a move by ITG to open a chain of Burlington House stores and build a dyeing and finishing plant in China, both in conjunction with China Ting Group, a major textile maker.
MALDEN’S CHIEF OPERATOR: Andrew Vecchione, who specializes in corporate turnarounds, supply chain management and strategic planning, has been named chief operating officer of Malden Mills Industries. Vecchione, 55, was chief operating officer at Remcon Plastics. In his new role, Vecchione carries global responsibility for the manufacturing, research and development, product quality and sourcing of Malden’s Polartec brand. He takes over for Kroll Zolfo Cooper turnaround expert David Orlofsky, who had been acting chief operating officer. Orlofsky remains acting chief financial officer.
BON-TON TAPS ZANT: Bon-Ton Stores Inc. named David Zant chief merchandising officer, effective Jan. 1. He replaces Frank Tworecke, who held the positions of president and chief operating officer and left the firm in May for Warnaco, a Bon-Ton spokeswoman said. Zant, 48, who will also hold the title of vice chairman, will report to Bud Bergren, president and ceo of the York, Pa.-based company. Zant was previously executive vice president and general merchandise manager for women’s apparel at Belk Inc. While at Belk, he also held the positions of general merchandise manager for men’s apparel and home furnishings and president of Belk Central Division. Zant has held positions at Saks Inc. and Mercantile Stores Company Inc. Bon-Ton operates 141 department stores under the Bon-Ton and Elder-Beerman nameplates.