Limited’s Tough 1st Qtr.: Earnings Fall 76 Percent As Express Unit Falters

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Overview

First-quarter earnings at Limited Brands dropped 76 percent, as merchandise shortcomings at Express dragged down results.

From This Issue

Central America's close proximity to the U.S. is an advantage for trade

Textiles

CAFTA Debate Heats Up on the Hill

“By passing CAFTA, we would open up a market of 44 million consumers who already import more of our goods and services than Australia or Brazil.” –President Bush

clock May 17, 2005Kristi Ellis

President Bush in the Rose Garden with presidents of the CAFTA countries. From left: Elias Antonio Saca of El Salvador, Abel Pacheco of Costa Rica, Enrique Bolanos of Nicaragua, Ricardo Maduro of Honduras, Oscar Berger of Guatemala and Leonel...

Textiles

A Presidential Bid for Trade Pact

WASHINGTON — The stakes of the Central American Free Trade Agreement are higher than just textiles and sugar — the two big U.S. constituencies that have opposed the agreement.

Hanging in the balance are social structures and nascent…

clock May 17, 2005Evan Clark

Textiles

U.S. Firms Face Export Barriers

WASHINGTON — The fight to break through trade barriers into new markets around the world is a decades-old story and one that still bewitches U.S. companies looking to pry open the door to untapped consumer markets.

Trade barriers are a…

clock May 17, 2005Kristi Ellis

WWD Image

Textiles

Canadian Firms Feel China’s Long Reach

MONTREAL — When Canadian Buttons Ltd. here recently announced it was ending production of polyester buttons after 121 years in business, it blamed the China syndrome of cheaper clothing flooding the domestic market.

Since most of the…

clock May 17, 2005Brian Dunn

Textiles

African Nations Need Export Plan

GENEVA — Poor African apparel exporting nations need to diversify their product mix away from commodity-type items, exploit their duty-free advantages and expand their supply chains if they are to survive in the highly competitive post-quota era,…

clock May 17, 2005John Zarocostas

Fashion Features

Post-Quota Winners and Losers

WASHINGTON — After unleashing global trade from the restraint of quotas on Jan. 1, the dust is far from settled, but China has lived up to…

clock May 17, 2005Evan Clark

Textiles

Sourcing Digest: Creora Taps Former Dupont Execs … U.N. Report Urges Asian Alliances … Global Commerce To Slow …

CREORA TAPS FORMER DUPONT EXECS: Creora spandex has enlisted two DuPont marketing alums to spearhead its expansion in North America and Europe.

Creora, a subsidiary of South Korean conglomerate Hyosung Corp., has appointed Ria…

clock May 17, 2005WWD Staff

Textiles

Egypt Finds a Place in Post-Quota World

GENEVA — Egypt is counting on investment to improve productivity and a recently completed free-trade agreement with the U.S. to help it keep its competitive position in the post-quota era.

Egyptian Minister of Investment Mahmoud Mohieldin…

clock May 17, 2005John Zarocostas

Financial

U.S. Still Tops in Global Competitiveness

GENEVA — The U.S. retained its top ranking as the world’s most competitive economy in 2005, spurred by the vitality of savvy business talent, abundance of technology, a mobile workforce and a large capital market, according to a global business…

clock May 17, 2005John Zarocostas

Textiles

Banging the Drum on China

NEW YORK — The chorus of voices complaining about China’s trade practices has grown in recent months to include a diverse range of labor activists,…

clock May 17, 2005Scott Malone and John Zarocostas

Textiles

Chinese Firms Focus on Product

BEIJING — Five months into a year they had hoped would present a huge opportunity to grow their businesses, Chinese textile manufacturers instead find themselves a pawn in a high-stakes trade showdown.

While importers and manufacturers in…

clock May 17, 2005Betsy Lowther

Auggie Tantillo, AMTAC.

Financial

Figuring Out the Safeguard Shelf Life

WASHINGTON — While the current controversy over imposing fresh restrictions on China’s apparel and textile exports to the U.S. plays out, figuring out what will happen after 2008 presents an even greater conundrum.

The Committee for the…

clock May 17, 2005Evan Clark

Fashion Features

WWD SOURCING HORIZONS

WWD SOURCING HORIZONS: The new global textile marketplace

Three times a year, WWD editors deliver an in-depth look at the ongoing challenges posed to the apparel and textile industries by the changing dynamics of the global…

clock May 17, 2005WWD Staff

Victoria's Secret saw operating income increase by $6.2 million.

Financial

Limited’s Tough 1st Qtr.: Earnings Fall 76 Percent As Express Unit Falters

First-quarter earnings at Limited Brands dropped 76 percent, as merchandise shortcomings at Express dragged down results.

clock May 17, 2005David Moin and Meredith Derby

Eric Wiseman

Fashion Features

VF Corp Revamps Upper Management

A reorganization of management at VF Corp. will see a new head of global brands and the creation of a global supply organization.

clock May 17, 2005Ross Tucker

Financial

Benetton Net Declines 16.9%

MILAN — Benetton saw flat sales in the first quarter of the year as higher costs bit into profits.

Net profit for the three months ended March 31 fell 16.9 percent to 23 million euros, or $30.1 million, from 28 million euros, or $35…

clock May 17, 2005Amanda Kaiser

Fashion Features

Saks Taps Exec VP of Finance

NEW YORK — Saks Inc. has promoted Kevin Wills to executive vice president of finance and chief accounting officer, reporting to R. Brad Martin, chairman and chief executive officer, and the audit committee of the board of directors.

It’s…

clock May 17, 2005David Moin

Fashion Features

In Brief: Docker’s President … Scarpa Honored … A-OK

DOCKERS’ PRESIDENT: Levi Strauss & Co. has tapped John Goodman to be president of the company’s U.S. Dockers business. Goodman, 49, comes to Dockers from Kmart Holding Corp., where he had been senior vice president and chief…

clock May 17, 2005WWD Staff

The Diors' home in Granville.

Fashion Features

Honoring Christian Dior on Centenary

For the incredibly superstitious Dior, who was known to consult his tarot card reader before every collection, the breaking sun would have been just the auspicious turn required after a violent morning downpour on this small Normandy seaside town…

clock May 17, 2005Robert Murphy

Media

Memo Pad: Hommes Sweet Hommes … Locked and Loaded … Under Cover …

HOMMES SWEET HOMMES: Taking over a magazine is never easy, but it’s a little less daunting when you can hit someone such as Graydon Carter up for an assist. That’s what Bruno Danto, the new editor in…

clock May 17, 2005WWD Staff

Michelle Monaghan

People

Screen Siren

Michelle Monaghan goes back to her roots in “Kiss, Kiss, Bang, Bang”.

clock May 17, 2005Miles Socha

La Brisa Day Roche

People

Song Bird

PARIS — Take a pinch of PJ Harvey, an ounce of Bjork, the pipes of Billie Holiday and the gap-toothed smile of a young Jane Birkin and you get La Brisa Day Roche, a 31-year-old Californian in Paris who’s just been signed by the French arm of the…

clock May 17, 2005Katya Foreman

Princess Ira von Furstenberg

People

Social Work

NEW YORK — While many of New York’s social ladies have only recently embarked on their own businesses, Princess Ira von Furstenberg has been creating small objets d’art for the last 11 years. That this is not a new endeavor for von Furstenberg…

clock May 17, 2005Marshall Heyman

People

Chic of the Week

Like a maid of honor upstaging the bride, Kristin Scott Thomas stole the show as she glided into the premiere of Juliette Binoche’s new film, “Cache,” at the Cannes Film Festival last Saturday. Dressed in a peacock blue, custom-made silk, cashmere and…

clock May 17, 2005WWD Staff

A look from Palais des Forrures.

Fashion Features

High Spirits at Montreal Fair

MONTREAL — Retailers shopping the 23rd annual North American Fur and Fashion Exhibition here May 8-11 at Place Bonaventure said they were enthusiastic about the upcoming season.

The 200,000-square-foot exhibition hall was sold out, as 200…

clock May 17, 2005Brian Dunn

Fashion Features

A Fur Thing

Fur is a sure thing for fall, as evidenced by Dennis Basso’s boffo show, Michael Kors’ sleek styles and handbags in mink and rabbit.

clock May 17, 2005WWD Staff

A shearling jacket from Hilary Radley.

Fashion Features

Ringing In 60 Years At Utex Fashion

Outerwear specialist Utex, based in Montreal and founded by two brothers in a bicycle shop, is celebrating its 60th anniversary this year.

clock May 17, 2005Brian Dunn

Donna Karan and Li Edelkoort

Fashion Features

Donna Karan’s Dutch Treat

NEW YORK — Unlike the Dutch Village theme park in Holland, Mich., where visitors can linger at the wooden shoe factory or Pieter & the Dike, the Dutch Village that Donna Karan welcomed into her late husband’s work studio Friday night was…

clock May 17, 2005Rosemary Feitelberg

Fashion Features

Scott Bowman Heads to Polo

NEW YORK — Polo Ralph Lauren Corp. tapped Scott Bowman as president of international business development, a new post.

Before joining Polo, Bowman was president of Scott Bowman Associates, a consultancy firm he founded in 2003, which…

clock May 17, 2005WWD Staff

WWD Image

Fashion Features

Gucci Project to Boost Leather

Born from a creative challenge, La Pelle Guccissima is intended to boost Guccis leather segment and pump its accessories business.

clock May 17, 2005Alessandra Ilari

Retail

Ullman’s People Plan

NEW YORK — While chapter one in the J.C. Penney turnaround story was about getting the merchandising, operations and numbers right, chapter two is going to be all about the people.

To that end, J.C. Penney chief executive officer Myron E….

clock May 17, 2005Vicki M. Young

Retail

Ruehl Finds to West Village Home

NEW YORK — Ruehl, the new Abercrombie & Fitch brand intended for 22- to 35-year-olds, encompasses a range of merchandise, including men’s and women’s casual sportswear, jeans, outerwear, fragrance and accessories sold in stores that usually…

clock May 17, 2005Sharon Edelson

Textiles

Senators Make $11.5B Stand on Bush Highway Budget

The Senate has added billions of dollars to a highway bill aimed at upgrading the decrepit U.S. transportation system.

clock May 17, 2005Kristi Ellis

Textiles

Shippers Get Modest Rate Hikes

NEW YORK — Ocean carriers shipping goods from Asia are getting most but not all of the rate increases they had proposed heading into negotiations with importers.

A spokesman for the 13 carriers that participate in the Transpacific…

clock May 17, 2005Ross Tucker

Financial

Maersk to Acquire Nedlloyd

NEW YORK — A.P. Moeller-Maersk is beefing up its position as the world’s largest shipping company.

The firm said last week it reached an agreement to acquire Royal P&O Nedlloyd NV for 57 euros per share, bringing the total purchase…

clock May 17, 2005Ross Tucker

Financial

Simmons Deposition Not Fazing Kellwood

NEW YORK — Kellwood Co. is standing behind Russell Simmons.

According to a published report Monday, Simmons was quoted in a civil deposition that he falsely stated his company’s volume “to mislead the public” as a way to develop an image…

clock May 17, 2005Lauren DeCarlo

Beauty Features

Beauty Beat: Inter Parfums Bolstering Prestige Lineup … Beiersdorf Brands Up in Qtr.

Inter Parfums Bolstering Prestige Lineup
NEW YORK — An aggressive new product pipeline for Inter Parfums Inc. in 2006 includes new women’s fragrance launches for Lanvin and Christian Lacroix, and men’s launches for S.T….

clock May 17, 2005WWD Staff

Financial

Mossimo Profits Jump 53 Percent

NEW YORK — Mossimo Inc. reported a 53 percent increase in first-quarter profits and a 39 percent rise in revenues, due to demand for its fashions at discount retailer Target.

In the three months ended March 31, the Santa Monica,…

clock May 17, 2005Meredith Derby

Financial

Onward Acquires U.K.’s Joseph

Onward Kashiyama, the Tokyo-based, multifaceted fashion firm, has purchased U.K. retailer Joseph in a deal valued at $258 million.

clock May 17, 2005Samantha Conti and Koji Hirano

Essentialist

Today's Must Read

From left to right: La Perla designer Julia Haart, brand owner Silvio Scalia, and Chinese actress Fan Bingbing.

Fashion

La Perla Debuts Spring 2018 Show in Macau

clock 2hTiffany Ap

Social Studies