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SECTION II NO ACQUISITIONS SEEN Kering’s 2015 Focus: Fixing Gucci, Puma By JOELLE DIDERICH PARIS — Kering is putting acquisitions on hold as it focuses on turning around its struggling cash cow WWD luxury brand Gucci and sportswear maker Puma. “We will not make any acquisitions this year and we will focus all our efforts on organic growth,” WEDNESDAY, FEBRUARY 18, 2015 Q $3.00 Q WOMEN’S WEAR DAILY François-Henri Pinault, the group’s chairman and chief executive offi cer, said at a press conference de- tailing its 2014 results, which saw a 5 percent dive in operating profi ts on a 4 percent increase in revenues. “I consider that my portfolio today is more or less ide- ally positioned in the different market segments with growth potential,” he added. Despite a slight improvement in the fourth quar- ter, Gucci ended the year with revenues down 1.8 per- Copping cent at 3.5 billion euros, or $4.65 billion. The brand enjoyed positive sales in Japan and the United States but faltered in Europe and the Asia-Pacifi c region, where antidemocracy protests strangled tourist fl ows to Hong Kong and Macau in the fourth quarter. As analysts expressed skepticism about any quick fi x, Pinault promised a turnaround as early as the second half of 2015, noting that Gucci’s new ceo, Takes Marco Bizzarri, and creative director, Alessandro Michele, were working to revamp the brand’s product offering, communications and stores. “These are initiatives that will last a long time, but the results will already be very tangible in the second semester. It won’t take three years,” he said, Over predicting the brand would return to “normalized” It was the most anticipated show growth this year. “A brand like Gucci should be able to at least enjoy of the New York season. The room the same growth as the worldwide market for luxury, pulsed with goodwill and some but by effect of excellence in execution…We should sadness at Oscar de la Renta on be able to deliver signifi cant growth,” Pinault added. Kering surprised markets in December by reveal- Tuesday as Peter Copping began his ing the departures of former ceo Patrizio di Marco tenure with a collection that played and creative director Frida Giannini. Michele is to as something of a lovely anthology SEE PAGE 12 intended to show the house’s range. One reason de la Renta chose Copping as his successor: Advanstar’s New Frills: their mutual appreciation for the feminine fl ourish. Links With Curvexpo Here, Copping’s delicate chiffon By JEAN E. PALMIERI blouse and COLLECTIONS LAS VEGAS — MAGIC continues to expand its reach. cashgora skirt. UBM Advanstar, producer of MAGIC For more on NEW YORK Marketplace, has entered into a strategic alliance FALL 2015 with Eurovet-Curvexpo that will bring the women’s the New York lingerie and swimwear show into the MAGIC fold collections, see beginning in August. pages 6 to 10. Under the terms of the deal, CurveNV at MAGIC will relocate its show from the Venetian’s Convention Center space to the central hall at the Las Vegas Convention Center, adjacent to the WWDMAGIC show. CurveNV at MAGIC will be held twice a year, in August and February, and will signifi cantly increase the amount of lingerie and swimwear available to re- tailers shopping the Las Vegas market. The fi rst edition of the event will be held Aug. 17 to 19. The deal was revealed on the opening day of the MAGIC Marketplace shows here Tuesday, where the mood was upbeat amid the busy exhibition halls. As for early trends, activewear and loungewear continue to dominate the market. Key items included bodysuits, skirts, fl eece, French terry knit joggers, lounge pants, cocoon and pullover sweaters, and cardigans, while at the existing Curve show, several brands introduced ex- panded loungewear and sleepwear groups. Although some East Coast buyers struggled to get to Vegas because of winter storms, the retailers who were in attendance were optimistic, given a strong holiday season, good early spring receipts and the improving U.S. economy. PHOTO BY GIOVANNI GIANNONI SEE PAGE 4 2 WWD WEDNESDAY, FEBRUARY 18, 2015 WWD.COM Jowdy Takes on Expanded Role at WWD THE BRIEFING BOX NEW YORK — WWD pub- executive director of Consumer lisher Paul Jowdy has been Paul Jowdy Marketing; Mines is vice presi- IN TODAY’S WWD promoted to senior vice pres- dent and publisher of Footwear ident and group publisher, News, and Macaluso is vice effective immediately. president and general manager In his expanded role, Jowdy of Summits and Events.) Backstage at Marc by Marc Jacobs. will lead the Fairchild Summits “Fairchild’s next chapter is For more, see WWD.com & Events division as well as here,” said George, “and the collaborate with each of the evolution to where the market brands of parent company will be next depends much on Penske Media Corp. to extend leveraging the talent and expe- their industry presence. Jowdy rience of Paul, whose proven assumes this role after hav- leadership and sales advances ing successfully served for the past three years as vice have established a momentum we’ll continue to build president and publisher of WWD. Jowdy will work with upon. Paul is a standout executive and I look forward Stephanie George, who recently returned to Fairchild to him working closely with me for years to come.” as president and vice chairman. George will oversee the “Fairchild and WWD offer the world’s most sig- business management of all Fairchild Media, which in- nifi cant and decision-driving content in the fashion cludes WWD, FN, Fairchild Summits & Events, Beauty industry,” said Jowdy, who will report to George Inc and international brand expansion. and Penske. “I am thrilled to take on this expand- Jay Penske, chairman and chief executive offi - ed role and work with Stephanie and the talented PMC team to drive innovative advertising opportu- cer of Fairchild parent Penske Media Corp., said: ERICKSEN KYLE PHOTO BY “With Stephanie, Paul, Ellen [Dealy], Sandi [Mines] nities while continuing to elevate Fairchild’s posi- and Jennifer [Macaluso] leading the major business tion in the fashion, beauty and retail marketplace.” initiatives across the Fairchild organization, our Macaluso will report to Jowdy, integrating Kering is putting acquisitions on hold as it focuses on brands are poised for their next phase of growth Fairchild’s Summits & Events business with WWD’s turning around its struggling cash cow luxury brand Gucci and innovation. We are continuing to implement sales efforts. Prior to Jowdy’s position at Fairchild, and sportswear maker Puma. PAGE 1 a more entrepreneurial culture at Fairchild, and he was vice president and publisher of Details after with these recent hires and announcements we in- serving as publisher of Bon Appétit, associate pub- tend to further propel the Fairchild business both lisher of Vanity Fair, and advertising director of UBM Advanstar has entered a strategic alliance with Eurovet- domestically and internationally.” (Dealy is senior Condé Nast Traveler. Curvexpo that will bring the women’s lingerie and swimwear show into the MAGIC fold beginning in August. PAGE 1 Forever 21 has restructured its retail division workforce, adding to its personnel in some areas, while decreasing Online Sales Growth Slows in 4th Qtr. staff at other levels. PAGE 12 And apparel plays well digitally. Christopher noted By EVAN CLARK that apparel and accessories accounted for 17 percent The insulated bubble that is New York’s fashion people can of online sales in 2012, the most-recent fi gures available. be quite cliquey — a reality that was all the more apparent at THE PACE OF online sales growth slowed somewhat Fashion retailers for years have seen large Monday night’s Purple magazine dinner. PAGE 14 in the fourth quarter, but the digital revolution is still double-digit sales increases in their online busi- alive and well in fashion. nesses, but the actual turnover is only sporadically In the minutes before Peter Copping’s debut at Oscar de la Fourth-quarter e-commerce sales in the U.S. in- reported, making it hard to determine how signifi - Renta on Tuesday night, the late designer’s showroom was creased 14.6 percent to $79.57 billion versus a year cant these businesses are to individual companies. teeming with anticipation. PAGE 14 earlier, according to a Commerce Department report Those who are willing to open their books, show a Tuesday. That’s the slowest growth online since the heavy reliance on digital sales — and swift growth. A troupe of modern dancers wearing Bottega Veneta’s spring end of 2012 and comes after two consecutive quar- For the nine months ended Nov. 1, sales at nord- collection appear in the Italian brand’s new promotional video, ters of 15.8 percent expansion. strom.com, nordstromrack.com and “Emotion of Sound,” which launches online today. PAGE 14 E-commerce accounts for 6.7 per- HauteLook weighed in at $1.54 billion, cent of retail trade sales, which ex- or 16.8 percent of Nordstrom Inc.’s cludes restaurants. 14.6% total revenues. Those online business- Maxim was one of the inventors of the lad mag phenomenon, combining the scatalogical and satiric with scantily clad babes Strip away sales of food and bev- es accounted for 49 percent of the com- PAGE 15 erages as well as sales at gas sta- INCREASE IN Q4 E-COMMERCE pany’s sales growth during the period.