Alexander Wang Named CEO, Chairman of Company
Total Page：16
File Type：pdf, Size：1020Kb
DAILY EDITION 29 JUNE 2016 1 Social Shopping Mainbocher’s Model Owner Pinterest has unveiled a Moment Coco Rocha and her husband series of services aimed at The Chicago History James Conran take a making its platform more Museum is planning an management stake in agency shoppable. PAGE 10 exhibit this fall devoted to Nomad Mgmt. PAGE 8 the designer called “The First American Couturier.” PAGE 12 Fashion. Beauty. Business. FASHION Alexander Wang Named CEO, Chairman Of Company ● He will remain creative director, taking over roles previously held by his mother and sister-in-law at Alexander Wang Inc. BY JESSICA IREDALE Alexander Wang is assuming a bigger role at his company. He will add the position of chief executive officer and chairman of Alexander Wang Inc. and will remain cre- ative director, effective immediately. Wang founded his house in 2005. Wang informed his staff of his new position at a company town hall meeting this morning, at which he also revealed additional senior-level staff changes. There are also two new key hires, both with the surname Wang — one a family member, one unrelated. Mary Wang, unrelated to the designer, comes on in the new role of executive vice president. Wang is well-known in the industry, having spent 20 years at Donna Karan, most recently in a long- term run as president of DKNY. She will oversee global operations and report to Alexander Wang. Caroline Wang, Alexander Wang’s CONTINUED ON PG. 10 FASHION Xiamen Aims To Be China’s FASHION New Fashion Hub ● The local government is trying to attract designers with Blanket everything from discounted studio space to onetime grants. BY AMY CHUNG XIAMEN, China — Coastal living and design- Approach er-friendly government grants are just some Chitose Abe crossed borders, cultures of the reasons why many of China’s top young designers are beginning to call this city home. and eras in her Sacai resort collection. Located in Fujian Province, a stone’s throw from Taiwan, Xiamen has been a key Her references ranged from military import and export hub since the 1500s, when European traders first arrived in search of garb to Nineties sportswear to Mexican tea. In recent years, this laid-back seaside city ponchos, the latter shown here over of 3.5 million people has become home to a burgeoning fashion, design and art scene. a fishnet dress and with a cloche hat With the local government pushing fash- ion-forward initiatives via everything from — proving that her take on fashion is discounted studio rent to onetime grants of indeed free of boundaries. up to 500,000 yuan, or $76,000 at current exchange, Xiamen is hoping to transform For more resort, see pages 4 to 6. itself into China’s new fashion hub. Designers Shangguan Zhe of Sankuanz; CONTINUED ON PG. 11 Photograph by Franck Mura Franck by Photograph GOES SKIN DEEP Miami SwimShow Preview + The Latest in Intimate Apparel An Advertising Opportunity Online shopping Issue: July 13 continues to expand. Ad Close: June 29 Materials: July 4 FOR MORE INFORMATION, PLEASE CONTACT PAMELA FIRESTONE, ASSOCIATE PUBLISHER AT 212 256 8103 OR [email protected] 29 JUNE 2016 3 BUSINESS But Parker also alluded to the chal- lenges in the market and promised Nike would push ahead. “The backdrop of our business is more OUT THIS WEEK IN Nike Profits Hit dynamic than it’s ever been,” he said. “But Nike wins because we just don’t adapt to these forces, we create and shape the change. We lead…. In retail, our industry is in the early stages of By Clearance unprecedented transformation. Mobile innovation and personal services are dominating the landscape. That’s why ● Shares also slipped 5.8 percent offers more advanced wicking and we invest in integrating digital and phys- stretching and will be showcased in the ical retail seamlessly, giving our consum- in after-hours trading. soccer, track and field and basketball ers better access to the products they BY EVAN CLARK events. want and while we are working even Nike has embraced sport as its closer with our best wholesale partners, Nike Inc.’s Mark Parker is playing the lodestar. who share our vision for the future of long game, focusing on broader indus- “We are all seeing the growing power retail.” try evolution while trying to brush past of sports,” Parker said. “Participation is The ceo said the company has areas weaker fourth-quarter profits. increasing all over the world. People are to work on, but is keeping the pressure The activewear giant’s fourth-quar- leading healthier, more active lives. At on his team, noting, “nobody is more ter net income fell 2.2 percent to $846 the same time, the rise in sport culture demanding of our business and we are million from $865 million a year earlier is bringing fitness and style together. internally.” as revenues came in slightly lower than Profoundly influencing what we all wear “While outside of Nike we face macro- expected and North American clearance every day.” economic and geopolitical volatility, our sales weighed on results. Nike is among complete offense gives us our greatest the brands taking a hit by the Sports LeBron James competitive advantage,” Parker said. Authority liquidation. featured in Nike’s ad “The complete offense puts the con- Neo Retro Earnings per diluted share were flat at campaign for Tech sumer at the center of our business.” ● New York’s men’s designers get Knit Apparel. 49 cents — 1 cent ahead of the 48 cents There was no mention on the call of ready for fashion week. Wall Street projected. And gross margins the economic ripples from the U.K. vote slipped 30 basis points to 45.9 percent to exit the European Union, which has Walter Loeb, of sales. Revenues for the three months injected a big does of uncertainty in Dean of Retail ended May 31 increased 6 percent to the market. But Parker promised a “full ● Lessons from one of the $8.24 billion — $40 million shy of the pipeline of innovation” in this fiscal year $8.28 billion analysts projected. with a broad growth agenda. industry’s leading thinkers. Shares of the company dropped 6.4 “Our focus will be to continue to drive percent to $49.68 in after-hours trad- our potential across North America and Florals for Fall ing as investors digested the quarterly Western Europe, to expand our leader- ● Flowers blossom all year round, on update. ship in China and across our emerging floaty dresses to coats. For the full year, Nike’s earnings markets, to unleash the power of the increased 14.9 percent to $3.76 billion Jordan Brand across multiple categories, as sales revenues gained 5.8 percent to to accelerate our complete women’s The New Place Vendôme $32.38 billion. business…. And specifically, how will we ● The Ritz renovation anchors Paris’ Parker, who is pushing to hit $50 get there? We invest in the transforma- rejuvenated shopping square. billion in revenues by 2020, stood by the tion of the marketplace through Nike. company’s long-term growth plans on com and stronger executions with our PLUS: a conference call with analysts, saying, best wholesale partners.” ● Bridget Foley’s Diary “This is a key moment to look ahead. To As of the end of the year, the closely ● focus on the opportunities in front of watched Nike brand future orders for Report Card us.” footwear and apparel scheduled to be ● Social Studies The company is currently gearing up delivered in the June-November period for the Summer Olympic Games in Rio totaled $14.9 billion, 8 percent higher in August when it plans to highlight its than a year earlier or an 11 percent gain “F—k democracy, we’re back in Aeroswift technology in apparel, which on currency neutral basis. the Middle Ages. For me, it’s a step backwards.” — ADRIAN JOFFE ON THE MARKETS THE BREXIT VOTE. Under Armour Opens New Global Stock Tracker Manufacturing, Innovation Lab As of close June 28, 2016 ADVANCERS ● The 35,000-square-foot UA product for athletes around the globe,” printing and rapid prototyping, where PVH Corp. Lighthouse is located in said Kevin Plank, chief executive officer ideas are turned into tangible products; +5.50% and cofounder of Under Armour. “By apparel and footwear prototyping, Baltimore. Vince Holding Corp. coupling incredible machinery, tech- where designers and developers test +4.71% BY JEAN E. PALMIERI nologies and material sourcing under and refine products and processes, and one roof, UA Lighthouse will offer the creation of apparel and footwear Under Armour Inc. immediacy in manufacturing and will pilot lines. +4.45% allow us to be more responsive to the Under Armour has partnered with Kate Spade & Co. Under Armour has opened a facility in needs of athletes in local community. Dow Chemical Company, Huntsman, +4.14% its hometown of Baltimore devoted to This venture will allow Under Armour Lectra, Bemis, Epson, Desma, 3dMD, Inter Parfums Inc. manufacturing and design innovation. to make product better, faster and more and the University of Maryland’s Engi- +4.13% The 35,000-square-foot facility, efficiently while working hand-in-hand neering Department on the facility. called the UA Lighthouse, is located with our manufacturing and factory “Under Armour’s approach to open in Baltimore’s City Garage, a location partners across the world.” innovation and collaboration can be DECLINERS that also houses The Foundery, which The processes and technology seen through our strategic partnerships provides community access to indus- developed in the UA Lighthouse will brought to life within UA Lighthouse,” The Bon-Ton Stores Inc.