CIT Details Offer

Besieged lender CIT Group Inc. tightened the terms of its offer to buy back $1 billion in bonds coming due Aug. 17 and said it did not intend to file for bankruptcy protection if the debt buyback is successful. Earlier in the week, CIT clients were advised to seek financing alternatives. (Click for more CIT history and facts.)

Retail Execs See Pay Fall in ’08

Wal-Mart, the world’s largest retailer, dominated among executives receiving the highest compensation in 2008. For the second consecutive year, H. Lee Scott Jr., who departed in February as president and chief executive officer, ranked first with a $30.2 million package. (Click to see the WWD List ranking of the top 10 earners, as well as those ranked 11 through 20.)

MAC to Sponsor Show Venue, Denies IMG Friction

MAC, which is owned by the Estée Lauder Cos. Inc., is partnering with Milk Studios and creating a sponsored show venue at the photography studios at 450 West 15th Street. The new venue offers designers a space to stage runway shows, presentations, special events and other services during upcoming New York Fashion Week, starting with the next round of collections scheduled for Sept. 10 to 17. (Click to see related images.)

Cosmoprof Offers Solutions to Fix Slumping Biz

Reinvention is the strategy many businesses are embracing in these tough times, and it was the recurring theme at Cosmoprof North America, the trade show for the professional beauty market held at the Mandalay Bay Convention Center in Las Vegas from July 19 to 21. (Click to see the slide show.)

September Issues See Steep Ad Declines, Worse Ahead

September fashion magazines will drop with a whisper instead of a thud this year. But while the traditionally ad-rich September issues will be thinner than in the past — with some titles losing more than half their ad pages — they’ll still remain healthier than those in the final three months of 2009. Meanwhile, a memo from Condé Nast Publications chief executive officer Charles Townsend revealed the company has hired McKinsey & Co. to help analyze its business strategy in response to the most brutal economic contraction in years.

Viktor & Rolf Aiming for ‘Mega’ Hit

Designers Viktor Horsting and Rolf Snoeren are storytellers. So is it any surprise the starting point for their second women’s fragrance, named Eau Mega, was, just like their first, the name? Meanwhile, 17 years after introducing the blockbuster fragrance L’Eau d’Issey, Parfums Issey Miyake will launch A Scent By Issey Miyake for women this fall. And a new limited edition John Varvatos scent, called Rock Volume One, declares that the designer is the king of rock.

St. John Focuses on Brand’s DNA

St. John is refocusing on the brand’s DNA to serve its core customer and cope with the economic downturn. That was the message when the luxury firm presented its 2010 resort and spring collections during a runway show for 400 guests at the Orange County Performing Arts Center in Costa Mesa, Calif. (Click to see the runway looks.)

Resort/Cruise 2010 Trend: Here’s to Romance

For resort, contemporary designers are exploring the softer side of things through elements that evoke nostalgia and sentiment, such as lace, silky pastels and ruffles. (Click to see the slide show.)

Hudson Jeans Gets Fresh Look

Hudson Jeans, a Los Angeles-based denim brand that received a $30 million investment from Fireman Capital Partners and Webster Capital this year, is expanding its mix and will kick off a fall ad campaign featuring rock progeny Georgia May Jagger. The youngest daughter of Mick Jagger and Jerry Hall talks to WWD about juggling interests in fashion design and sculpture with her emerging modeling career while attending the British equivalent of high school in London.

Over the Moon

One has to wonder if Andre Courreges recoiled at the sight of Neil Armstrong’s cumbersome space suit — it was so not what Courrèges had in mind. Indeed, he was just one of the designers who had imagined what man — or at least what women and models — would wear on the moon several years before Armstrong’s stroll 40 years ago this week. Yet those ideas soon took root in reality. And in terms of timing, fashion went into orbit well before Apollo 11. (Click to see all the space-inspired looks.)

WWD Back in Time: Lofty Folks at Hockney Party

No need for velvet ropes. The entire crowd was VIP at the party Michael Findlay threw in honor of David Hockney in May of 1972. A key player in the Pop Art movement, Hockney drew an impressive crowd to Findlay’s three-story loft in SoHo. “It’s the crème de la crème of the Seventies scene if you ask me,” said filmmaker Joe Wemple. Hockney hadn’t visited America in two years. From behind his signature black-rimmed owl eyeglasses, he told WWD, “The last time, I came with Celia Birtwell and she kept saying how frumpy everyone looked.” (Click to see all the images.)

Click to see the previous WWD Week in Review (7/17/09).

load comments
blog comments powered by Disqus