That's Frilling
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Sourcing HONORING CHRISTIAN DIOR/3 GUCCI’S LEATHER LINE/9 Inside: Section II WWDWomen’s Wear Daily • The Retailers’TUESDAY Daily Newspaper • May 17, 2005• $2.00 Horizons Ready-to-Wear/Textiles That’s Frilling NEW YORK — “East meets West meets Park Avenue.” That’s how Dennis Basso described the fabulous collection he showed on Monday afternoon. In it, he ditched all traces of camp in favor of a highly polished presentation in which he delivered an earthy boho attitude with ultrarefined execution. Here, Basso’s ruffled beauty in sueded mink and Russian sable. For more fur news, see pages 6 and 7. Limited’s Tough 1st Qtr.: Earnings Fall 76 Percent As Express Unit Falters By David Moin and Meredith Derby NEW YORK — First-quarter earnings at Limited Brands Inc. dropped 76 percent and missed analysts’ expectations as merchandise shortcomings at Express dragged down results. The specialty retailer on Monday also forecast second-quarter and full-year earnings below analysts’ projections. “There’s no silver bullet” for Express, Limited chairman and chief executive Leslie H. Wexner said during the annual shareholders’ meeting at corporate headquarters in Columbus, Ohio. A “number of fashion judgments have been See Limited, Page12 PHOTO BY JOHN AQUINO PHOTO BY 2 WWD, TUESDAY, MAY 17, 2005 WWD.COM VF Corp Revamps Upper Management By Ross Tucker Eric many years,” said McDonald. “We WWDTUESDAY Wiseman want to maintain the advantage Ready-to-Wear/Textiles NEW YORK — A reorganization of we feel we have in that area.” VF Corp.’s management put into Several other executives GENERAL place a new head of global brands, were promoted or given new re- First-quarter earnings at Limited Brands dropped 76 percent, as created a global supply organiza- sponsibilities, as well. 1 merchandise shortcomings at Express dragged down results. tion and led to the departure of McDonald said the company A reorganization of management at VF Corp. will see a new head of global 34-year veteran Terry Lay. has been preparing for the brands and the creation of a global supply organization. The branded apparel giant on change for the last two years by 2 Monday promoted Eric Wiseman bringing in outside talent and EYE: Michelle Monaghan goes back to her roots in “Kiss, Kiss, Bang, to executive vice president of grooming internal candidates. 4 Bang”…Princess Ira von Furstenberg and her objets d’art. global brands, effective June 1. “It is a significant change in FASHION: Fur is a sure thing for fall, as evidenced by Dennis Basso’s boffo Wiseman, 49, will be responsible our organization, but very much 6 show, Michael Kors’ sleek styles and handbags in mink and rabbit. for the growth of the company’s in line with our growth plan that core brands, which include Lee, we initiated at the beginning of Born from a creative challenge, La Pelle Guccissima is intended to boost Wrangler, The North Face, Jan- last year and will be continuing 9 Gucci’s leather segment and pump its accessories business. Sport and Nautica. Six presi- “This allows [our brands] to for the next three-and-a-half Classified Advertisements ..................................................................14-15 dents of VF’s jeanswear, inti- work more closely together and, years,” McDonald said. mates, outdoor and sportswear at the same time, remain very fo- That evolution will not include To e-mail reporters and editors at WWD, the address is coalitions will report to him. cused on their specific brands,” Lay, chairman of the jeanswear [email protected], using the individual’s name. Wiseman joined VF in 1995, McDonald said. coalition since February 2004. WOMEN’S WEAR DAILY IS A REGISTERED TRADEMARK OF FAIRCHILD PUBLICATIONS, INC. COPYRIGHT ©2005 and has been vice president and On the supply-chain side, the Lay has announced his retire- FAIRCHILD PUBLICATIONS, INC. ALL RIGHTS RESERVED. PRINTED IN THE U.S.A. VOLUME 189, NO. 104. WWD (ISSN # 0149-5380) is published daily except Saturdays, Sundays and holidays, with one chairman of the company’s out- company has tapped George ment and, McDonald said, will additional issue in June; two additional issues in April, May, August, October, November and December, and three additional door and sportswear coalitions Derhofer, 51, to head a new global phase out of the company by the issues in February, March and September, by Fairchild Publications, Inc., a subsidiary of Advance Publications, Inc. PRINCIPAL OFFICE: 7 West 34th Street, New York, NY 10001. Shared Services provided by Advance Magazine Publishers Inc.: S.I. Newhouse, Jr., since February 2004. supply organization aimed at con- end of June. Chairman; Steven T. Florio, Vice Chairman; Charles H. Townsend, C.O.O.; John W. Bellando, Executive Vice-President and C.F.O.; Jill Generating synergies be- solidating that function. Derhofer Lay, who was 57 years old at Bright, Executive Vice-President_Human Resources; John Buese, Executive Vice-President_ Chief Information Officer; David Orlin, tween brands has been a focus will assume responsibility for all the time the company filed its Senior Vice-President_Strategic Sourcing; Robert Bennis, Senior Vice-President_Real Estate; David B. Chemidlin, Senior Vice- President_General Manager, Advance Magazine Group Shared Services Center. Periodicals postage paid at New York, NY and at of management for some time. manufacturing, sourcing, opera- most recent proxy statement in additional mailing offices. Canada Post Publications Mail Agreement No. 40032712. Canadian Goods and Services Tax Registration Mackey J. McDonald, chairman tions and information technology, March, joined VF in 1971. He No. 88654-9096-RM0001. Canada post return undeliverable Canadian addresses to: DPGM, 7496 Bath Road, Unit 2, Mississauga, ON L4T 1L2. POSTMASTER: SEND ADDRESS CHANGES TO WWD, P.O. Box 15008, North Hollywood, CA 91615-5008. FOR and chief executive officer, said and will continue to oversee the served as president of the Lee di- SUBSCRIPTIONS, ADDRESS CHANGES, ADJUSTMENTS, OR BACK ISSUE INQUIRIES: Please write to WOMEN’S WEAR the new management structure company’s imagewear coalition. vision from 1996 to 1999 and chair- DAILY, P.O. Box 15008, North Hollywood, CA 91615-5008; Call 800-289-0273; or visit www.subnow.com/wd . Four weeks is will help efforts across the com- “[Supply chain] has been a man of the international jean- required for change of address. Please give both new and old address as printed on most recent label. First copy of new subscription will be mailed within four weeks after receipt of order. Address all editorial, business, and production pany’s business segments. competitive weapon for VF for swear coalition from 2000 to 2004. correspondence to WOMEN’S WEAR DAILY, 7 West 34th Street, New York, NY 10001. For permissions and reprint requests, please call 212-221-9595 or fax requests to 212-221-9195. Visit us online: www.wwd.com. To subscribe to other Fairchild magazines on the World Wide Web, visit www.fairchildpub.com. Occasionally, we make our subscriber list available to carefully screened companies that offer products and services that we believe would interest our readers. If you do not want to receive these offers and/or information, please advise us at P.O. Box 15008, North Hollywood, CA 91615-5008 or call 800-289-0273. WOMEN’S WEAR DAILY IS NOT RESPONSIBLE FOR LOSS, DAMAGE, OR ANY OTHER INJURY TO UNSOLICITED MANUSCRIPTS, UNSOLICITED ART WORK (INCLUDING, BUT NOT LIMITED TO, DRAWINGS, PHOTOGRAPHS, AND Benetton Net Declines 16.9% TRANSPARENCIES), OR ANY OTHER UNSOLICITED MATERIALS. THOSE SUBMITTING MANUSCRIPTS, PHOTOGRAPHS, ART WORK, OR OTHER MATERIALS FOR CONSIDERATION SHOULD NOT SEND ORIGINALS, UNLESS SPECIFICALLY REQUESTED tures, about 15 million euros, or $19.7 million, TO DO SO BY WWD IN WRITING. MANUSCRIPTS, PHOTOGRAPHS, AND OTHER MATERIALS SUBMITTED MUST BE By Amanda Kaiser ACCOMPANIED BY A SELF-ADDRESSED OVERNIGHT-DELIVERY RETURN ENVELOPE, POSTAGE PREPAID. went toward commercial activities. MILAN — Benetton saw flat sales in the first quar- Meanwhile, a Benetton board meeting named ter of the year as higher costs bit into profits. Alessandro Benetton as a vice president. Net profit for the three months ended March 31 Alessandro is the 41-year-old son of president fell 16.9 percent to 23 million euros, or $30.1 mil- Luciano Benetton and is being groomed to one In Brief lion, from 28 million euros, or $35 million. Revenue day take over the company’s helm. Shareholders dipped 0.8 percent to 378 million euros, or $495.2 voted to modify corporate statute to allow the ● DOCKERS’ PRESIDENT: Levi Strauss & Co. has tapped John million, from 381 million euros, or $476.6 million. company to have two vice presidents. Alessandro Goodman to be president of the company’s U.S. Dockers business. Dollar figures have been converted from the will share the title with his uncle, Carlo. Goodman, 49, comes to Dockers from Kmart Holding Corp., where euro at average exchange rates. Benetton’s board also gave Alessandro Benetton he had been senior vice president and chief apparel officer since Benetton said sales of casual clothing, its core a mandate to expand the company’s activities in December 2003. Goodman will replace Bobbi Silten, who is step- business, were 339 million euros, or $444.1 mil- Asia, especially in China and India. Last month, ping down in June. A year ago, Levi’s put Dockers on the selling lion, in line with the year-earlier period. Alessandro Benetton traveled to China to start block to raise money to pay down a chunk of the firm’s $2 billion Operating profit for the quarter shed 21.5 per- studying the market. Benetton plans to open 40 debt. In October, the company called off the sale because no bids cent to 36 million euros, or $47.2 million, from 45 stores there this year, including flagships in Beijing had been high enough.