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PHOTO BY THOMAS IANNACCONE; STYLED BY SHOSHANNA FISCHHOFF Playing Hearts and brass necklace. For more, seepages 6and 7. brass and patent leather details, satin and patent shoe accessories party. Here, Vivier’s embroidered suede bag with by her counterpart of clubs, as Roger Vivier put on a very regal From down the rabbit hole, the Queen of Hearts appeared, flanked Reading theTea Leaves:IndustrySeeksSignRecession NearEnd into the International Monetary Fund last weektopump another$1.1trillion leaders at the G-20 Summit in London following theagreementbyglobal That question is being debated even Have wehitbottomyet? By WWDStaff W Bergdorf’s for Alber FASHION: A stop at page 3. page Elbaz, Women’s Newspaper Daily •April6,2009$3.00 Wear •TheRetailers’ Daily

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2 WWD, MONDAY, APRIL 6, 2009 WWD.COM Michelle Boosts European Designers By Katya Foreman Obamas and the Sarkozys for the front page of its weekend edition, allocating a brief sidebar WwDAccessories/Innerwear/LegwearMonday SINCE MOVING INTO THE WHITE HOUSE, inside to coverage of the first ladies’ first meet- FASHION Michelle Obama has been loyal to young ing earlier in the day, for a tête-à-tête lunch at American designers but during her trip over- Strasbourg’s Rohan Palace. 6 The royal vault has been raided this fall for luxe seas, she surprised some by adding several new “With their very contrasted outfits, the two la- fabric and rich jewel embellishments that adorn European labels to her wardrobe, including dies incarnated two very different styles,” said accessories fit for a Renaissance queen. Paris-based designer Azzedine Alaïa, and Italy’s Le Figaro, pitting Bruni-Sarkozy’s “sober greige GENERAL Moschino, Etro and Gunex. Dior suit “ against Obama’s “very feminine” en- On Friday night, Michelle Obama attended a semble by Thakoon: a matching dress and coat Executives, analysts and economists weigh in on spouses dinner marking the kickoff of the 60th in a fuschia and black pixelated floral print. 1 when the economy will turn around and what will anniversary NATO summit in Baden-Baden, “It only re-enforced [Obama’s] originality and it take to get a genuine recovery started. Germany dressed in a sleeveless, full-skirted strength of character,” continued Le Figaro. 5 Threats of a heated proxy battle ended Friday after black dress with a frothy tulle underlay by Tracking the ladies’ “two-day wardrobe mara- Pacific Sunwear said Adrenalina Inc. withdrew its Azzedine Alaïa. The thon,” claws were out in nominees for election to its board. move drew comparisons the U.K. at the Guardian. to Jacqueline Kennedy, “Despite the matching 5 Omega has opened a 9,800-square-foot flagship who on a state visit to pussybow, compared to at 711 Fifth Avenue in Manhattan, only its second France in 1961 opted Michelle, Carla actually in the U.S. after Beverly Hills. daringly to wear a gown looks a bit washed out 8 INNERWEAR: Allen Schwartz is bringing his by French designer and [we can’t believe contemporary sportswear spin to the intimates Hubert de Givenchy. we’re about to say this] arena in a licensing deal with Vandale Industries. France’s First Lady, prim and proper. A flash Carla Bruni-Sarkozy, of colour or a fashion- 9 ACCESSORIES: Eyewear buyers and exhibitors wore a classic black able statement accesso- descended on the Vision Expo East trade show cocktail dress by ry could have taken this last week and got two shows for the price of one. Christian Dior, her pet outfit to another level — Apparel retailers cut 6,500 jobs in March, while label, to the dinner. but that’s just not Carla’s 11 Obama’s Alaia theme style,” the paper said. apparel and textile manufacturers slashed a resurfaced in France The Sunday Times de- combined 9,300 positions. the next day during a clared the “poise, grace EYE NATO spouses trip to and style” of Michelle It appears One&Only honcho Sol Kerzner can’t Strasbourg’s Gothic Obama “probably pro- s 4 open a new property these days without holding a Notre-Dame Cathedral, voked more interest and Sharon Stone for which she wore an discussion than the final weekend-long star-studded extravaganza. Etro print top, Moschino summit communique. Classified Advertisements...... 15 white shirt and Gunex Its headline screamed To e-mail reporters and editors at WWD, the address is black pants, with a “Hugger-in-chief grabs [email protected], using the individual’s name. tailored Alaïa jacket. the glory.” WWD IS A REGISTERED TRADEMARK OF ADVANCE MAGAZINE PUBLISHERS INC. COPYRIGHT ©2009 Bruni-Sarkozy, who is The Observer was FAIRCHILD FASHION GROUP. ALL RIGHTS RESERVED. PRINTED IN THE U.S.A. VOLUME 197, NO. 71. WWD (ISSN 0149–5380) is published daily (except Saturdays, Sundays and holidays, with said to have gracefully in Obama’s corner, too. one additional issue in January, May, October, November and December, two additional issues in March, April, June assumed the role of “This time last year, we and August, and three additional issues in February and September) by Fairchild Fashion Group, which is a division translator for Obama, were all Carla Bruni- of Advance Magazine Publishers Inc. PRINCIPAL OFFICE: 750 Third Avenue, New York, NY 10017. Shared Services provided by Condé Nast Publications: S. I. Newhouse, Jr., Chairman; Charles H. Townsend, President/CEO; John W. wore a pretty lilac Dior bonkers, but how very Bellando, Executive Vice President/COO; Jill Bright, Executive Vice President/Human Resources. Periodicals postage coat over a black top 2008 she seems now, all paid at New York, NY, and at additional mailing offices. Canada Post Publications Mail Agreement No. 40644503. bendable-poseable in Canadian Goods and Services Tax Registration No. 886549096-RT0001. Canada Post: return undeliverable Canadian and pants. During the addresses to: P.O. Box 503, RPO West Beaver Cre, Rich-Hill, ON L4B 4R6 POSTMASTER: SEND ADDRESS CHANGES visit, Obama gave Bruni- her Gallic couture,” the TO WOMEN’S WEAR DAILY, P.O. Box 15008, North Hollywood, CA 91615–5008. FOR SUBSCRIPTIONS, ADDRESS Sarkozy an acoustic paper said. “Suddenly, CHANGES, ADJUSTMENTS, OR BACK ISSUE INQUIRIES: Please write to WWD, P.O. Box 15008, North Hollywood, CA Carla Bruni-Sarkozy in a Dior coat, and Michelle 91615-5008, call 800-289-0273, or visit www.subnow.com/wd. Please give both new and old addresses as printed Gibson guitar as a gift. it’s touchy-feely smart- on most recent label. First copy of new subscription will be mailed within four weeks after receipt of order. Address all Late Saturday, Obama in an Azzedine Alaïa jacket, Etro print top, casual Michelle [‘come editorial, business, and production correspondence to WOMEN’S WEAR DAILY, 750 Third Avenue, New York, NY 10017. Obama wore a Narciso Moschino white top and Gunex black pant, wave to here, big hug!’] Obama For permissions and reprint requests, please call 212-630-4274 or fax requests to 212-630-4280. Visit us online the crowd in Strasbourg. at www.wwd.com. To subscribe to other Fairchild magazines on the World Wide Web, visit www.fairchildpub.com. Rodriguez black dress who couldn’t be more Occasionally, we make our subscriber list available to carefully screened companies that offer products and services

with an Alaïa cardigan as fashionable.” ov that we believe would interest our readers. If you do not want to receive these offers and/or information, please d

n advise us at P.O. Box 15008, North Hollywood, CA 91615-5008 or call 800-289-0273. WOMEN’S WEAR DAILY IS NOT she stepped off the plane in Prague. On Sunday, Meanwhile, the Web site of Germany’s Der a

/L RESPONSIBLE FOR THE RETURN OR LOSS OF, OR FOR DAMAGE OR ANY OTHER INJURY TO, UNSOLICITED MANUSCRIPTS, she paired a white oversize-bow Moschino shirt Spiegel declared “Lucky Strasbourg! The UNSOLICITED ART WORK (INCLUDING, BUT NOT LIMITED TO, DRAWINGS, PHOTOGRAPHS, AND TRANSPARENCIES), OR ppp with a black Michael Kors pencil skirt and Alaïa whole world is watching this Alsatian city to x ANY OTHER UNSOLICITED MATERIALS. THOSE SUBMITTING MANUSCRIPTS, PHOTOGRAPHS, ART WORK, OR OTHER a cardigan while accompanying President Obama finally see the summit meeting between First MATERIALS FOR CONSIDERATION SHOULD NOT SEND ORIGINALS, UNLESS SPECIFICALLY REQUESTED TO DO SO BY S/M WOMEN’S WEAR DAILY IN WRITING. MANUSCRIPTS, PHOTOGRAPHS, AND OTHER MATERIALS SUBMITTED MUST BE for an outdoor speech. Ladies Michelle Obama and Carla Bruni….The OO ACCOMPANIED BY A SELF-ADDRESSED STAMPED ENVELOPE. L

Bunte, Germany’s glossy celebrity and society question remains — which of the two is the RC

magazine, debated on its Web site whether the most elegant?” -MA N A U.S. First Lady was making a faux pas by attend- The Paris Match Web site carried a photo of a E DAILY ing some of the weekend’s events with bare arms, smiling Barack Obama and Bruni-Sarkozy, under I was born ready. J by y but concluded: “We think she can pull it off!” the headline: “Welcome Mister Obama.” z o

k “ ” Obama’s wardrobe choices in France garnered Michelin two-star chef Emile Jung, who runs r QUote — Sharon Stone, at the opening of sa nods of approval from the local press, which lauded Strasbourg’s celebrated Au Crocodile eatery, - Sol Kerzner’s One&Only Cape Town. Page 4. NI her independent sense of style. is said to have rustled up the lunch for the la- U “A very good choice, more original, which dies, which was described as French with an BR

ov; CORRECTION d merits the prize for the day’s fashion match,” Alsatian twist. n The names HardStarck, which is a watch style by Starck with a /L declared the French magazine Voici, under the — With contributions from Susan Stone s Fossil, and Maitres du Temps were misspelled on page 11 in the

headline: “Carla Bruni-Sarkozy, Michelle Obama: ter Basel Preview, Section II, March 26. u e

The Fashion Match of the Ladies in Black.” For more, see WWD.com. R While blogs D/ coming this week REE were abuzz track- ing the fashion ON WEDNESDAY: JFW Japan Creation, Department releases the moves by the First JAS Tokyo (through Friday). February foreign trade report. BY

Wives during the P Christopher & Banks Corp.

TO • summit events, THURSDAY: Major U.S. retailers and Movado Group report

coverage from the CHINO report March same-store sales. fourth-quarter and year-end S French press re- O • The U.S. Commerce sales and earnings. ; M mained reserved. s e With a series of violent demonstra- Imag Hilary TODAY ON tions from antiwar Rhoda /Getty and anticapitalist N GA N protesters erupting L E across Strasbourg, D .com the leftist French N WWD MA BY daily Libération • More photos from the party scene chose an image of a

HOTO • Trend: Studded looks from hooded demonstra- tor dropping his SS P the surf and skate market RE • Additional photos from pants for its week- Z D ichner E end cover shot. E GU Lanvin’s trunk show RI Le Figaro was D • Global breaking news the only French RO Steve by newspaper to se- Michelle Obama with the President in Prague: from left, in a Narciso Rodriguez black • WWDBlogs: Reporting Colton

lect a photo of the dress and Alaïa cardigan; and in a Moschino top, Alaïa cardigan and Michael Kors skirt. Photo Bernard, and Topshop’s impact WWD, MONDAY, APRIL 6, 2009 3 WWD.COM

A look from Lanvin’s fall collection. Marc Ecko Outlines Options Below: Alber Elbaz at Bergdorf By David Lipke be sold off, or whether just a minority stake could Goodman’s Lanvin be sold in certain brands. Gerszberg was not avail- presentation. MARC ECKO ENTERPRISES PLANS TO SELL able for comment. or spin off its noncore brands, according to an in- Ecko acquired Zoo York in 2001, launched ternal memo obtained by WWD. Complex magazine in 2002, acquired Avirex in “The market has made it clear to us that each 2005 and launched its video game unit in 2006. of our individual businesses is worth more on a The company hired investment bank Peter J. stand-alone basis than combined. Accordingly, Solomon in November to assess and facilitate stra- we are working tegic options related to a potential sale of certain to decentralize assets. The company is in need of cash to pay down the businesses large debt loads owed to a group of lenders headed of Marc Ecko up by CIT, as well as trade receivables owed to its Enterprises,” read sourcing agent Li & Fung. Certain covenants were the memo, which violated on the CIT loans when the company did went out to em- not meet certain earnings requirements in 2008. ployees on Friday. However, the internal memo said the company is “We want to en- now in compliance with all its current lending pro- sure that the diffi- visions. “The combination of a weak retail environ- cult environment ment and poor timing of growth initiatives has cre- does not ultimate- ated challenges that we have addressed,” it read. ly impede the The company went on an ill-timed spending continued growth spree over the past two years, opening a slew of and development new stores prior to the recession. It now operates Marc of any business 96 full-price and outlet stores in the U.S. “As most Ecko unit….Each brand of you know, we’ve already hurdled the most pain- should be aligned ful steps of reorganizing our operations by cutting French with the strategic or financial partners that will op- costs and right-sizing our company to today’s re- timize its future growth and opportunities.” alities,” noted the memo. “Over the past several

The memo went on to say that the potential months we have reduced head-count, shut down thomas iannaccone investors in the core Ecko Unltd. brand are underperforming businesses, eliminated unnec- different from those interested in the essary capital expenditures and licensed

photos by Toast company’s Avirex, Zoo York, Complex categories that we recognized were not magazine and Marc Ecko Games busi- realizing their fullest potential.” Now is the time for retail- nesses. Several “exciting opportuni- On the upside, the memo pointed ers to go the distance for their cus- ties” have presented themselves to out that Ecko Unltd. stores per- tomers, and Bergdorf Goodman and the company from investors but no formed well in the first quarter of Lanvin certainly went the extra official announcements were ready 2009, with same-store sales gains of mile Thursday night, turning what to be made, it added. 25 percent in full-price stores and 15 was essentially a trunk show into a The memo was signed by Seth WwD percent in outlet stores. The company grand Muhammad-and-the-mountain Gerszberg, co-founder and chief ex- plans to open five to 10 full-price Ecko moment. As with any designer PA, the ecutive of the company, Marc Ecko, Men’s Unltd. stores in the second half of this idea was to give clients a personal shop- co-founder and chief creative officer, and year. “We have materially exceeded the ping experience. But rather than the usual Marci Tapper, president of Zoo York (and sales and profit projections that were submit- in-store affair, Bergdorf brought in Lanvin’s Alber Elbaz to host a Ecko’s twin sister). The three founded the com- ted and approved by our lenders and other finan- cocktail party and runway show at a private club housed in a stately pany together in 1993 and retain sole ownership cial stakeholders,” it read. “Additionally, we have white marble building on the northeast corner of 60th Street and of it, with Complex publisher Rich Antoniello a signed new licenses, we are seeing strong growth Fifth Avenue, which, in a slightly Kubrickian twist, insisted up front partner in that business. in our international businesses, and have two new that reporters not mention its name. An odd but not entirely inap- The memo did not say which businesses would video games launching this summer.” propriate request; Lanvin is something of a fetish for the fashion- able, after all. This was a most proper occasion — jacket and tie required — held in a majestic room with soaring frescoed ceilings and ball- FASHION SCOOPS room chairs. “It feels very Parisian, doesn’t it?” said Elbaz, who was in town specifically for this event, his first of the sort with CLINTON HEADED TO CANNES: This year’s amfAR gala won’t be graphically bold like the Cosmic Wonder gold Bergdorf. “The idea was to have all of you in this beautiful room at the Cannes International Film Festival looks set to tunic she donned on Thursday at the Hammer Museum that is a little bit of Paris. But you open the window and the door be a politically charged affair, with former President and then Purple Lounge to celebrate Mills’ new book. and it’s New York. And it’s the best location because Bergdorf Bill Clinton lined up to join amfAR chairs Sharon At the Hammer, the Mulleavys and Mills regaled the Goodman is just behind us.” With the intention of re-creating Stone, Harvey Weinstein, Carine Roitfeld, Michelle Yeoh, invitation-only audience, including actress Patricia “the magic of a fashion show but in a more intimate way,” Elbaz Donatella Versace, Michel Litvak, Vincent Roberti, Arquette and designers Jasmin plucked 38 runway looks, some styled with commercial pieces, as Bruce Weber and amfAR chairman Kenneth Cole. Shokrian and Scott Sternberg, well as the rose-covered door frame from his Paris show.

Annie Lennox has also been booked to perform at EENAN with personal factoids about If the familiar sight was redundant for the editors in atten- the event, which will be held May 21 at the Hôtel K themselves. For instance, dance who saw the show in March, Elbaz didn’t mind. “It’s not for ANIE du Cap-Eden-Roc in Antibes. F Kate Mulleavy confessed she’s the journalists,” he said. “It’s for the clients.” The room was full of STE obsessed with World War II them — 100 clients and their guests — some of whom had traveled BY NATALIE’S NEW DEAL: HBO is going green for its films and Mills explained quite a way for the event. “Ruth, the personal shopper at Bergdorf, latest fashion collaboration. The cable company, he immersed himself in the called to tell me about this,” said Nancy Gonzalez, who was in which has previously worked with AG Jeans for PHOTO SoCal skater scene because he from Colombia to do double duty on Friday, when she hosted her an “Entourage” denim collection and Cosabella couldn’t tan at the beach. Mills own trunk show at Bergdorf and shopped Lanvin’s. And Elbaz did for a “Sex and the City” lingerie line, is teaming seems to approve his fiancée’s his best to make it worth Bergdorf ’s best shoppers’ while, engag- up with Natalie Chanin of Alabama Chanin for a decision to wear Rodarte on ing them from the top of the runway with witty banter. limited edition line of tanks and T-shirts. She’s their big day: After all, he owns “We planned this event a year ago when the economy was recycling and reworking overstock graphic T-shirts a pair of Rodarte pajamas. booming. Remember that?” he queried before talking his audi- from shows such as “The Sopranos,” “Sex and the ence through the clothes in an informative but humorous way. City,” “Entourage,” “True Blood” and “Flight of RETAIL STIMULUS PLAN: “All of this collection was cut on the bias,” Elbaz explained. “I the Conchords.” “We’re using the techniques we’ve Mitchells & Richards are not ask my staff, ‘How does it feel when you wear it?’ and they say, been using since the beginning of the company only giving their customers ‘I feel that the coat is hugging me.’ I think that’s what we need — reverse and sequin appliqués, sculpted flowers, hugs, but also a gift certificate in fashion.” It had the intimate ring of the presentations Elbaz stenciling and embroidered handwriting. HBO for $100 to use toward the holds for press and buyers during pre-collections. “It starts with pretty much gave us carte blanche,” says Chanin, purchase of spring merchandise. fantastic, fabulous design,” said Bergdorf ’s Linda Fargo. “But noting the same group of local artisans who make The gift certificate was attached when you couple back with a designer who is able to connect her homespun hand-stitched garments will work on to a letter from the Mitchell with clients and sellers, it translates into a more dynamic and this project. “Every single one is one-of-a-kind.” family, which read in part, personal business. Alber brings the humanity to the business.” Alabama Chanin for HBO, which retails from $65 Miranda July in Cosmic “Spring 2009 is time for a fresh While Bergdorf declined to disclose sales goals or results from to $85, will launch at the HBO Shop on New York’s Wonder. start….While today’s economy the actual shopping event held in-store on Friday, it was obviously 42nd Street on Tuesday. is uncertain, it is arguably more important than ever to banking on Elbaz’s charming delivery. Among the best sellers were dress well….We are here to help you and look forward a black, stretch wool sheath with a shoulder puff, and a sleeve- HERE COMES THE RODARTE BRIDE: Rodarte’s Kate and to dressing you for the great times that lie ahead!” The less stretch wool dress with a hip tuck, in beige and navy, both for Laura Mulleavy are trying their hand at bridal gowns $100 can be applied to anything in the stores, through $2,835. “It’s everything,” said Bergdorf president and chief execu- with the dress that they’re creating for filmmaker August, excluding Hermès and sale merchandise. For tive officer Jim Gold when asked how such face time pays off. “It’s Miranda July. Best known for her 2005 film “Me and inspiration, the letter was sent with the Mitchells & so important that people understand why these clothes are what You and Everyone We Know,” which she wrote, directed Richards’ spring catalogue. they are, why they’re priced the way they are.” In other words, and starred in, July is engaged to Mike Mills, another The company isn’t the only retailer giving away Lanvin’s not cheap, and now more than ever women need incen- multihyphenated creative who recently published a money. Saks Fifth Avenue is offering a $50 gift card tive to spend, a notion Elbaz acknowledged during his presenta- book called “Mike Mills: Graphics/Films.” A regular at when a customer spends $450 in the women’s or tion. “Everyone is asking, ‘Do women need a 3,000 euro dress? Is it Rodarte’s runway shows, July said the design process men’s contemporary area, and Bloomingdale’s offered a politically correct?’ ” Maybe not. But as Elbaz said, “The idea here entailed telling her friends what she liked from their $1,000 bmoney gift card this week to those who spent is to bring back the pleasure of shopping.” past collections. The dress for her May nuptials surely $2,000 at their designer event Tuesday. — Jessica Iredale 4 WWD, MONDAY, APRIL 6, 2009 WWD.COM

Mariah Carey Thandie Matt Damon and Newton Robert De Niro t Star Trek Sharon Stone It appears that One&Only honcho Sol Kerzner can’t open a new property these days without holding a weekend-long star-studded extravaganza. Four months ago, he did so for his Atlantis in Dubai, and last Thursday the billionaire invited scores of famous faces, including Nelson Mandela, Clint Eastwood, Morgan Freeman and Thandie Newton, to his newest resort, The One&Only Cape Town in South Africa. “Cape Town is fantastic,” enthused Matt Damon, who has been filming the rugby-inspired drama “The Human Factor” in South Africa with Eastwood and Freeman. Everyone was feeling the love late into the night as jazz heavies like Dave Koz, Bebe Winans, Hugh Masekela and Kyle Eastwood (Clint’s son) performed a jam session. Not even a sudden but brief power outage could dampen spirits. Winans even got the guests to Narciso Rodriguez belt out a few bars. “Are you ready?” he asked Marisa Tomei, Robert and Rachel Weisz De Niro and Grace Hightower, who all sang, “I’m ready!” The ever-confident Sharon Stone said, “I was born ready.” The performance ended with Mariah Carey singing an impromptu riff that brought down the house. Whalen dy o Tatiana von l l l m So Erin O'Connor Furstenberg in Gucci at the in Diane von In London, G-20 leaders dined on Jamie Oliver’s food at Downing Saatchi Gallery. risten Furstenberg. Street, while Gucci invited Claudia Schiffer, Roland Mouret, Emilia Fox, K Isaac Ferry, Jessica de Rothschild, Jamie Cullum and Eddie Redmayne to

celebrate the “double G-200” — as one editor called it — at a inner by dinner for Frida Giannini at the Saatchi Gallery. D

After dinner, guests gathered in a candlelit, pop-up club at treet the gallery to listen to The Verve’s Richard Ashcroft perform as waiters passed S

around trays of Gucci red-and-green macaroons. enry H udd;

l l l R tt

The Topshop celebratory marathon in New York hit the homestretch Thursday Sco with a late night of musical performances and debauchery at the Box. And it seemed that some were feeling a few signs of party fatigue. “Give me a f---ing moment!” Topshop designer and unofficial l Gala by oo Billy Crudup gets spokeswoman Kate Moss snapped at photographers. She never Gigi h “trashed” by the returned for another photo op. Kate Moss in Mortimer Sc lue Blue Man Group. But other members of Team Sir Philip Green were still ready to her own design in Vera B play ball. “Philip and Tina [Green] are the only ones who can get for Topshop. Wang. hner; c us out two nights in a row,” said Jennifer Lopez. i Marisa Tomei Frida Giannini E in Alexander Adele’s surprise performance was the tamest portion of the

and Roland teve

night. The DJ mixed M.I.A. with Stevie Wonder, J. Lo and S Wang. Mouret

Anthony boogied down and Simon Cowell got a lap dance by from a girl in a fringe dress.

“Simon Cowell getting a lap dance is the funniest p party thing I’ve ever seen,” Zach Braff said. o psh

Later Kevin Spacey, who became friends with the Greens To in London, took to the stage to belt out “I’m a Gigolo” with Raven O. “That was brilliant,” said one guest, “but I’m still scared of the women without underpants.” im Jenkins; T Meanwhile, the annual fund-raiser for the Blue by

School (a progressive elementary school run by the r o

Blue Man Group) drew its celebrity parents to the Angel nn

Orensanz Foundation. Rachel Weisz and Billy Crudup, as co

well as evening honorees Inez van Lamsweerde and Vinoodh es; O’ Matadin, attended the offbeat affair, which featured Jello- g ma mold centerpieces. I Emcee and Blue School dad Jon Stewart couldn’t help but n/Getty

poke a little fun at the school’s ethos (and its $27,300 tuition). o ks

“There are some drawbacks to going to a Blue Man Group c

school,” Stewart said. “Both my children spend their time Ja trying to cram their heads into my television set.” The night before, Henry Street Settlement threw its annual Chris s by

dinner dance in the Plaza’s Grand Ballroom. Jamee Gregory bid o t on a Canyon Ranch package during the silent auction, and a For more, see o weeklong stay at Jacqueline and Mortimer Sackler’s four-bedroom Jennifer Lopez in villa in the Turks and Caicos went to Edmond Safra for $40,000. WWD.com. Dolce & Gabbana Tatiana von Furstenberg, the evening’s honoree, then gave a

with Marc Anthony. t speech that was short and sweet. “I’m not a very good public

speaker,” she admitted. ph party One&Only WWD, MONDAY, APRIL 6, 2009 5 WWD.COM Adrenalina Withdraws PacSun Nominees Omega’s Platinum Apollo 11 watch. Inside Omega’s 9,800-square-foot boutique. By Alexandra Steigrad Ending threats of a proxy battle, Pacific Sunwear of California Inc. said Friday Adrenalina Inc. had withdrawn its nominees for election to PacSun’s board. The bitter David-and-Goliath dispute began last October when PacSun, with 932 stores, rejected the bid by Adrenalina, which has four stores, to buy the teen retailer — first for about $300 million and later for about $329 million. Centeno alaya T The conflict intensified in February after Adrenalina chair- man and chief executive officer Ilia Lekach named four candi- dates, including a professional poker player and gaming expert, to stand for election to the PacSun board. Lekach also demanded the resignation of PacSun ceo Sally Frame Kasaks, saying her leadership “threatened to destroy shareholder value” and imper- store photo by iled the existence of the Anaheim, Calif.-based teen retailer. PacSun’s board backed Kasaks and her efforts to turn around the company, warning Lekach in a letter that it would do “all Omega Launches Fifth Avenue Flagship that is necessary to protect shareholders.” PacSun’s sales last year totaled $1.25 billion, and Adrenalina’s By Sophia Chabbott silver details. The main floor houses a comprehen- nine-month total was $3.7 million. sive selection of the brand’s key watch collections, Lekach’s recent change of heart came after he met with sev- NEW YORK — Omega is stepping out on the town. including the De Ville, Constellation, Speedmaster eral of PacSun’s directors. The 161-year-old Swiss watch brand — part of and Seamaster. One of each watch in production “What changed was that I met with the independent board Swatch Group’s Luxury and Prestige division that will be available at the stores, including limited members, and they showed me what they were doing,” Lekach includes Glashutte, Blancpain and Breguet — has editions. The store also will have exclusives, such told WWD. “They chose a direction.” opened a 9,800-square-foot flagship at 711 Fifth as the Platinum Apollo 11 limited edition watch Lekach said he would be “interfering” in PacSun’s plans if Avenue. The boutique, neighboring the Escada that commemorates the 40th anniversary of the he pursued the proxy battle, but added the threat of a confron- and Disney stores, is the brand’s 51st freestand- moon landing and sells for $125,000. tation “could have been avoided” if the retailer granted him a ing boutique worldwide and its second in the U.S. “[This watch] is a particularly meaningful occa- meeting earlier. after Beverly Hills, which opened in 2006. sion for Omega because it was on the 21st of July “But it’s always in hindsight,” he said. “All’s well that ends well.” “We started off with the concept 10 years ago that the Speedmaster became the first and only PacSun’s lead independent director Peter Starrett agreed. based on our shop-in-shops,” Stephen Urquhart, watch on the lunar surface,” Urquhart said. “Our “We appreciated the opportunity to have an open and frank dis- president of Omega, said of the Zen-inspired store Speedmasters were approved by NASA for all cussion with Mr. Lekach, and to hear his ideas and suggestions,” he design, which incorporated elements evoking rain, manned space flights in March of 1965 and have said. “We are pleased that Adrenalina has determined not to pursue water and air. “It’s design-oriented. It’s in keeping been on every mission ever since.” a proxy contest so that the company can devote all of its resources with the brand and what the consumers are look- The firm’s sweet spot is between $3,000 and and attention to the important task of operating its business.” ing for today.” $7,000 at retail. PacSun shares fell 2 cents to $1.67 on Friday, and Adrenalina Urquhart said there are plans to open Omega The first floor also has private selling rooms stock gained 7 cents, to close at 15 cents. boutiques across the U.S., with an eye on Nevada, and coffee bar. The second floor has the museum Texas and Florida. and jewelry collections, in addition to customer “At the moment, we want to master this enor- service and the watchmaker workroom. The store mous challenge on our hands,” Urquhart said of offers a loaner watch to customers who must leave Parsons Grads See Works Displayed at CK the economic malaise. “[This store] will boost our their timepieces to be repaired. image and wholesale sales.” “What really stands out in this [store] design is NEW YORK — On Thursday, 12 graduates from Parsons the New School He declined to discuss sales expectations for the watches,” Urquhart said. “Everybody knows for Design got a taste of what it was like to showcase their wares in the Manhattan flagship. the name, especially in the States. The brand has a Madison Avenue flagship, courtesy of Calvin Klein Collection. The store features showcases made of oak, done a great job in the past few years and [now] As part of the Parsons Fashion Benefit pre-party, which was Champagne-colored glass with marble floors and we are getting back to watchmaking credibility.” held at the Calvin Klein Collection boutique that night, stu- dents Kristina Mkrtumova, Yun-Sook Shin, Jenny Chung, Nanae Takata, Sarah Lee, Dylan Kawahara, Jonathan Cohen, Robert Fitzsimmons, Sun Kyung Lee, Kirsten Geiger, Lee Anderson and Virginia Burris were able to exhibit one of their best looks. UJA-Federation Fetes Katz, Sirkin “It’s such a great experience for students,” said Simon Collins, Parsons’ dean of fashion. “They got their garments shown in the NEW YORK — Although the mood in retail and fashion is dour, Calvin Klein store. This is their dream.” a sense of hope and a willingness to help prevailed at last Donald Trump From this year’s 179 graduates, the students themselves nar- Wednesday’s UJA-Federation of New York fashion division rowed down the 12 looks. “It was completely democratic,” Collins luncheon at The Plaza. explained. “We loved the idea of the students selecting the looks.” The event, which drew 500 guests and raised more than The event was a $700,000, honored Karen Katz, president and chief executive warm-up of sorts to the Francisco Costa and officer of Neiman Marcus Stores, and Allen Sirkin, president 2009 Parsons Fashion Leighton Meester and chief operating officer of Phillips-Van Heusen Corp. Benefit, which takes “I think people need help now more than ever,” Katz said. place April 29 at “I am delighted to help, and that we were able to raise that Cipriani Wall Street kind of money in this kind of economy. I am very fortunate to and honors Calvin work with a company that believes in community support.” Klein Inc.’s Tom Pamela Fiori, editor in chief of Town & Country, introduced Murry and Francisco Katz by saying that she rose to the top of the luxury chain “like Costa, as well as New cream — naturally. Not because she clawed her way through York Times fashion the ranks. Good things happen to Karen organically.” critic Cathy Horyn. Donald Trump introduced Sirkin, a friend whom he likes The party drew a to kid. “When I got here, it didn’t seem like anybody cared crowd that included to ask about Allen,” Trump said. “All they wanted to know Dree Hemingway, about was why I fired Dennis Rodman” from his “Celebrity Lydia Hearst, Apprentice” show on NBC. Turning serious, he called Sirkin Alexandra Richards, “a great marketer, but he’s a better friend.” The two have Poppy Delevingne, collaborated on Trump merchandise that sells at Macy’s. Steven Kolb, Adam “This is a very amazing honor,” Sirkin said. “But, really, I Lippes and Olivia represent a platform of friends and business associates that Chantecaille, as well I can call upon. In these difficult times, a spokesperson with David Meister, as CKI’s Italo Zucchelli a platform can make a difference.” Karen Katz and and Kevin Carrigan. He said the luncheon would help the UJA-supported Allen Sirkin. Prior to the party, Kaplan House in Manhattan, a home for troubled teenagers. Costa had spent some “We recognized just how special the people working there Jim Gold time talking through are.” Sirkin cited the luncheon’s “ying-yang” character by each look with each of highlighting the needy in the world and the ability to help the designers, and he those in need. “Somewhere in the middle is the UJA. It’s a was impressed by the perfect trifecta.” enthusiasm the stu- The luncheon will help support the UJA’s network of dents exuded about 100-plus health and human service agencies in New York. their designs. “It’s so UJA-Federation’s mission is to care for those in need, res- genuine,” he said. cue those in harm’s way, and renew and strengthen Jewish Leighton Meester, who had taped “Late Night with Jimmy people around the world. Fallon” earlier in the day, sported a sculpted look from Costa’s Among those attending were Hal Rubenstein, In Style’s spring collection. The “Gossip Girl” star was particularly im- fashion director, who opened the event with a special tribute, pressed with the seeming simplicity of the garment, and kept and Roger Farah, John Pomerantz, Gilbert Harrison, Brendan her accessories choices to a minimum. “I feel like I don’t want Hoffman, Mallory Andrews, Abbey Doneger, Burt Tansky, Ann to complicate this dress,” Meester said. Stordahl, Vincent Ottomanelli and Paul Charron. — Marc Karimzadeh — David Moin 6 WWD, MONDAY, APRIL 6, 2009 A Touch of Tudor

D&G’s stone-embellished t silk satin bag. t Mawi’s 14-karat gold- microplated brass and glass pearl bangle.

t Vera Wang Lavender Label’s antique stone, crystal and tulle necklace. WWD, MONDAY, APRIL 6, 2009 7 WWD.COM

Paging Jonathan Rhys Meyers. The royal vault has been raided this fall for luxe fabric and rich jewel embellishments that adorn accessories fit for a medieval queen. — Shoshanna Fischhoff

t 3.1 Phillip Lim’s plastic pearl, grosgrain ribbon and leather necklace.

Thea Grant’s vintage brass t brooch and ribbon necklace. t Judith Leiber’s Austrian crystal minaudière. t Casadei’s silk velvet and crystal shoe.

t Margaret Rowe Vintage Couture’s vintage strass and rhodium necklace.

Juicy Couture’s green agate, glass t and gold-plated brass rings. IANNACCONE THOMAS BY PHOTO 8 WWD, MONDAY, APRIL 6, 2009 WWD.COM Innerwear Report

A peekaboo bodysuit by ABS Novelty Thrives at Fashion Forms Intimates by Allen Schwartz. By Karyn Monget Ann Deal has come a long way since PERFECTING what she described as the “disposable strapless bra with adhe- sive” in 1986 called Freedom Forms. Since then, Deal, who began her career in the intimates de- partment of Rich’s in Atlanta, has expanded her business of intimate apparel accessories with wholesale sales in excess of $40 million. She changed the company’s name to Fashion Forms in 1993 and moved to California, where she continued to specialize in novelty items such as The Water Bra (a bra with gel- and water-filled cups) and reusable sili- cone Breast Petals, which are bestsellers. “I had everything in my garage at home, but there were too many FedEx trucks coming and going, and the neighbors started to complain,” Deal recalled. “So I rent- ed a 5,000-square-foot warehouse because the business was growing at such a fast pace, with Fashion items like underarm Forms ABS Launches Lingerie With Vandale shields and push-up pads Seamless, for bra cups.” Strapless, By Marcy Medina Deal sells her prod- Backless A retro lace ucts at 3,200 Wal-Mart Bra. LOS ANGELES — Allen Schwartz is bringing combo. doors, 1,500 Target units, his contemporary sportswear spin to the in- 800 Macy’s stores, 600 timates arena in a new licensing deal with Kmart and Sears doors and 500 units of J.C. Penney Co. Deal’s New York-based Vandale Industries. products began selling in the U.K. at Selfridges in 2005, and she ABS Intimates by Allen Schwartz opened an account this year at British Home Stores. will retail for $15 to $75 at Nordstrom, “We’ve had a 37 percent sales increase over the same period Bloomingdale’s, Saks Fifth Avenue, Lord & in 2008,” said Deal, who noted that packaging is “different for Taylor and specialty stores nationwide be- each retailer, lending an exclusive look, whether it’s Frederick’s ginning in spring 2010. of Hollywood or Wal-Mart.” “Today, with sensitivity of price and The two newest products will be in-store in mid-April: the downtrend of the $150 bra, if I can bring af- Fashion Forms Wrap Bra that contours the body with adjust- fordable luxury to the marketplace with a able Velcro side closures and will retail for $32, and the Fashion bra for $30 to $60, then I see a tremendous Forms Seamless Backless Strapless Bra, which will sell for $36 opportunity to bring something new to the and features hypoallergenic silicone adhesive that lasts up to 25 customer,” Schwartz said. washings, she said. For Vandale, the license represents an Deal’s latest in-store promo- opportunity to reach a more upscale cus- Ann Deal tion was at 300 Dillard’s doors tomer. The company currently produces in February, where a black lingerie licenses for Dollhouse and Vigoss satin evening clutch called Jeans, and private label for Wal-Mart. Red Carpet Ready by Fashion “The ABS brand will fill a niche for our Forms was launched to coin- company that is unique from all of our cide with the Academy Awards. current licenses,” Vandale sales manager The clutch sells for $39 and is Lynne McCormick said. “This opportunity filled with what Deal described has given us the ability to expand our dis- as “red-carpet must-haves:” Gel tribution even further to reach an upscale, Petals, Strap Tamers, One-Size contemporary, trend-based consumer who is Adhesive Bra, Dress & Lingerie always looking for fresh new designs.” Tapes and Joan Rivers Red The first lingerie collection will consist Nail Polish. of pastels, as well as bold colorblocking, “It’s great to create intimate such as black and white and pink and ivory. solutions for women to make Materials will run from satin and polkadot their lives easier, more com- chiffon to sequins and sheer georgettes. A sexy demi- ericksen kyle photo by fortable and more beautiful,”

Traditional eyelash lace gets a modern spin cup bra and deal Deal said. encased in tulle. panty set. The sleep collection will feature an up- dated take on the traditional satin pajama set in laundered satin, as well as micro Modal knits and stretch laces. John Lewis’ Intimate Education Schwartz also plans to translate contem- By Louise Bartlett porary trends such as the harem pant, the vest, the asymmetrical top and the boyfriend LONDON — U.K. department store John Lewis is guiding men shirt into the loungewear collection using through the daunting minefield of shopping for lingerie gifts. Modal and silk charmeuse. Last year, the store launched a “Lingerie Academy,” which “I want to take key trends on the run- it reran in February in time for Valentine’s Day at its Oxford way and bring that culture into the inti- Street flagship here. As part of the program, lingerie advisors mate apparel zone,” he said. “It’s going to guided men through what size and style of lingerie to choose for be about fashion.” Valentine’s gifts. The store also transformed its lingerie depart- Color will be key in differentiating ment into a man-friendly zone, installing TVs, Wii consoles, leath- the collection from other recent inti- er sofas and fridges of chilled beer. mates launches such as Emporio Armani The store plans to repeat the program in December be- Underwear and Ellen Tracy. Schwartz plans cause the lingerie department racked up sales of just over to use pops of neon and nontraditional trims 19,000 pounds, or $27,000 at current exchange, on the day of the such as tulle ruffles, lace and “bling” hard- February event. That represented a 2 percent boost to sales com- ware to make the line stand out. pared with the same day the previous year. “This isn’t about just black and nude,” he “There was a definite increase in the number of men in the said. “It is about whatever is trending, with department and you could tell they seemed a lot more comfort- a twist of sexy and sophistication.” able than usual,” said Stacey Crump, section manager at the Kimberly Kalosinis, Vandale’s executive Oxford Street store. “I recognized faces from last year’s acad- vice president of merchandising, estimated emy and they had a much better idea of what they wanted this first-year sales of $3 million to $5 million. time round.” “ABS offers luxury at prices that will Crump said the Elle Macpherson Intimates collection proved appeal to a broader range of customers,” particularly popular, and sales of John Lewis’ own label lingerie Kalosinis said. more than doubled on the day. WWD, MONDAY, APRIL 6, 2009 9 WWD.COM Accessories/Legwear Report who noted that Yurman sells a 50-piece mini- Lohan Adds Hose mum. “Some retailers are coming to us say- Eyewear Firms Tighten Focus in Tough Times ing ‘We’re scared.’ But Yurman has done very By Caroline Tell along the rim. They retail for $2,000. well, specifically at its opening price of $325.” To 6126 Offering Robert Marc took inspiration for his lat- Upstairs in the main exhibition wing, KNOWN FOR APPEARING AT ALL NEW YORK — Eyewear buyers and exhibi- est collection from the streets of New York global companies Marchon, Luxottica and the Hollywood hot spots clad in leg- tors descended on the Vision Expo East and the different styles found from the Safilo presented their collections. After its gings and tank tops, Lindsay Lohan trade show last week and got two shows for Upper to the Lower East Side. acquisition by optical company VSP last decided to get in on the market share the price of one. “People are looking for quality, exclusiv- August, Marchon is expanding its interna- with her fledgling legwear brand Held at the Jacob K. Javits Convention ity and individual style,” Marc said. “That tional base with a wide roster of licenses. 6126, which launched last October. Center here, the event was home to two is not about wearing another person’s “We made a decision to bring in more Now the starlet is providing addi- distinct presentations: there was the name. They want investment pieces.” international management to strengthen tional legwear for working women by “underground” space where small-scale Marc said he reconfigured his business our position in the international market,” adding a hosiery component under brands showcased styles in an intimate due to the economy, namely by working with said Claudio Gottardi, president and ceo at the brand’s portfolio. and stylish setting, and the main exhibi- his manufacturers to produce styles in a Marchon. “It’s an important step for the com- The category will tion floor that featured the loud, packed shorter time span. The designer stressed the pany given today’s economy. We’re cutting consist of five styles megabooths of billion-dollar firms. importance of having product ready to ship. down in some ways and investing in people in matte and shiny Those brands holding court in the under- and new opportunities all over the world.” blacks and nudes, ground each spoke of how to endure a diffi- Safilo Group has seen its share of trou- each with a cult economy while lacking designer-name ble as of late, with first-quarter revenues shaping com- cachet. The best option: providing consumers dropping 10 to 15 percent. The firm is in- ponent. One with distinct design and top-notch materials. tent on addressing the needs of its custom- pair features a “I see one advantage for us in this mar- ers in today’s market. contrasting white and ket, that for people today, it is all about “Right now, nothing is more important black leg for the more quality,” said Sheila Vance, founder and to them than value,” said Mark Ugenti, se- daring customer. chief executive officer at Sama Eyewear. Christian Roth sunglasses. nior vice president of sunglass sales. “We The 6126 hosiery “Today’s customer is reducing the amount “If a style takes off unexpectedly, we are reevaluating our pricing strategies at line will become of buying, but will buy a unique item in de- can hit it fast,” Marc said. “I’m investing in every level of the business and trying to available in July at sign and of perfect quality. It cannot look materials and parts so that when we need offer the customer an incredible value.” Los Angeles bou- similar to anything else.” to make a style, we can turn it around in Luxottica also acknowledged the diffi- tique Intuition, Sama’s Incognito frames, which like three months, not nine.” cult climate, but said sales were still up. wholesaling for their name lack any sort of brand attribu- Linda Spruce, owner of Optic Extreme “Luxottica is an integrated company $18 a pair, with tion, are still faring strongly at retail. in Boulder, Colo., said she was looking for with a wide portfolio of brands,” said wider distribu- Christian Roth is also focused on offer- smaller brands to round out her offerings. Vittorio Verdun, vice president of market- tion to follow. ing its customer something different. “My customers are gravitating toward ing for Luxottica wholesale, North America. “Tights are an- “Your special selling point has to tell a the lesser-known these days,” Spruce said. “Therefore, we can leverage such strength other staple, just story, you need to give the retailer a rea- “It’s not in style to have a logo stamped on and the different segments according to the like leggings,” Lohan son to buy,” said co-founder Roth. “People your forehead.” changes in the economic environment.” said. “For girls that are still willing to spend, but they’re more Lori Robinson, co-president of licensing On the night before the show, Cartier don’t want to wear conscious of quality, uniqueness and de- firm B. Robinson, which produces eyewear held an eyewear presentation at its Fifth socks with their leg- sign. You can’t be lazy in this economy and for David Yurman and Judith Leiber, said Avenue boutique. The brand is celebrating gings, tights are a people have been lazy for far too long.” the reaction to the one-year-old Yurman 100 years in the U.S. this month and will natural alternative. The firm is celebrating its 25th anni- line has been stellar but with doubts. launch its limited edition R Extreme sport They are sexy and versary this year and relaunched its first “People are hesitant at the high end and style in August, complete with a special cen- a classic staple.” Lindsay Lohan frame updated with 25 tiny diamonds about putting in large orders” said Robinson, tennial stamp. — C.T. in 6126 hosiery. 10 WWD, MONDAY, APRIL 6, 2009

The recession has forced retailers to cut prices as consumers look for deals.

Seeking the Signals of a Bottom Continued from page one will be stabilization, and then improvement, in the em- celerate in 2010. A consensus is building that we’ve hit last year, experts from Wall Street to Seventh Avenue ployment numbers.” bottom already, but a few more months will give us a have wondered just how much worse things could get better picture as to whether we’re gaining traction, par- and when the bottom of a murky — and very possibly Peter J. Solomon, founder and chairman, Peter J. Solomon ticularly among consumers.” long-term — downturn would be found. Would stocks sig- Co., independent investment banking advisory firm nal with an upturn? Would the end of declines in profits WHEN: “We don’t know when the economy will turn WHAT: “We need some positive momentum to get the and same-store sales mean the economic engine was be- around. We think this period of turmoil will last at least ball rolling, particularly through improving trends ginning to roar again, or only that things had reached a until two years from now. We are worried about infla- in sales and profit growth to help restore confidence sustainable nadir? tion at that time. But the issues of deflation and credit on Wall Street. I also believe strongly that banks have WWD asked retailers, manufacturers, analysts, unavailability are now our dominant concerns.” overreacted and tightened too much. This correction economists and industry consultants for their thoughts may have been needed, but we need to restore a sense on two questions: When will the U.S. economy turn WHAT: “For the consumer part of the economy to turn of balance to the credit markets to get commerce flow- around? And what will it take to get a genuine recovery around, the housing market must stabilize. Concurrently, ing again.” started? Here’s what they had to say: the credit system — both in banks and nonbanks — must be stabilized. Finally, confidence in the President’s Bud Konheim, ceo, Nicole Miller Terry Lundgren, chairman, president and chief executive leadership is an essential element in making consum- WHEN: “Spring is the time when everyone wants to go officer, Macy’s Inc. ers relax and feel better about their futures.” out to buy something new. The coats come off and all of WHEN: “Uncertainty in the economy continues to make a sudden there is an appetite for fashion. We will see predictions very difficult. None of us has a crystal Rosalind Wells, chief economist, National Retail Federation a bounce in business but that may be a bounce in the ball. We are expecting a very challenging environment WHEN: “The answer depends on so many things, but if all recession.” through the remainder of 2009. Our current assumption the economic policies go well, we expect to see a stabi- is that same-store sales at Macy’s Inc. will be down be- lization in the third quarter and an uptick in the fourth. WHAT: “There will be a rearrangement of what is value tween 6 and 8 percent in fiscal 2009. We will be look- But it depends on the stimulus package, the economic in style and fashion. Consumers have already changed ing for signs of early recovery as the economic stimulus policy, the Treasury, mortgage foreclosures and a lot their minds about status buying. But they haven’t bill passed by Congress takes effect, but we have not yet of other things. But with all these things in the pot, we changed their minds about what makes a good style ver- seen any indications of a turnaround.” need some time to see if they’re going to work.” sus a bad style. There will be a customer resurgence in the spring just because it’s spring. The question is how WHAT: “The key is employment. For retailing to recov- WHAT: “The one most important word to me is confi- that will match up with the supply that is out there. A er, we need to start creating jobs again in America. dence. If the economic recovery package seems to be lot has to do with confidence. That will fuel a lot of ex- When individuals and families have steady, depend- working, it will instill confidence in consumers and citement and enthusiasm. The most powerful emotion is able incomes, they are more comfortable in shopping businesses, and we will begin to see something happen, fear — it’s not love or anything else.” for items that are beyond the necessities for survival. and we’ll get back to some sense of normalcy.” We will also need a return of confidence in the credit Marvin Traub, co-founder TSM Capital markets so consumers can have ready access to re- Gilbert Harrison, chairman of Financo Inc. WHEN: “I wish I had an answer to that. Certainly, fall will volving credit. Consumer spending represents two- WHEN: “It is happening right now.” be difficult.” thirds of the U.S. economy, and until the consumer begins to spend again, our economy will not see any WHAT: “What the President [of the U.S.] has done in WHAT: “The most important thing is to try to restore some meaningful recovery.” Europe this week [at the G-20 Summit] has done more level of confidence in the consumer.” to make the world feel better about this country, and the Eric Wiseman, chairman, president and ceo, VF Corp. consumer feel better about the economy [going forward], Bud Bergren, president and ceo, The Bon-Ton Stores Inc. WHEN: “Our plans for VF do not assume any improve- than they have in months.” WHEN: “It’s hard to predict what 2009 will bring and ment in the economy in 2009.” when we can expect the recovery of the economy to Michael Kramer, president and ceo, Kellwood Co. begin. Accordingly, Bon-Ton announced in its Jan. 29, WHAT: “Consumer confidence needs to move in a posi- WHEN: “I believe we’re beginning to see the signs of some 2009, press release that we were taking the necessary tive direction, and I believe the biggest driver of that improvement toward the end of this year, which will ac- actions to reduce expenses to ensure our organization is WWD, MONDAY, APRIL 6, 2009 11 WWD.COM appropriately structured for this environment and long time.” emerges as a stronger company.” RECOVERY WHAT: Technological innovation and funding for WHAT: “There is not just one thing that is important such innovation, and massive intervention to help to initiate the turnaround or recovery of the econo- CHECKLIST small-business formation. And this will require a my. There are a number of events that must occur to gigantic reform of health care. There is simply no ultimately return confidence back to the consumer POSSIBLE SIGNS THE BOTTOM recovery in small business without health care re- to reasonable levels — financial institutions stabi- form. Technology and small business, that’s the fu- lized, housing market stabilized, job loss abated. To HAS BEEN REACHED AND A GENUINE ture. Housing is long-term kaput.” quote Warren Buffett, ‘Fear and confusion have been driving consumer and investor behavior in recent RECOVERY IS UNDER WAY: Abe Chehebar, chairman and ceo, Accessory Network Group months.’ This has to be reversed in order for people WHEN: What is unique about this recession is that to feel confident about spending once again.” the downturn happened very quickly. Never before in our history did things go from being so great to HERBERT HAINER, chairman and ceo, Adidas AG ❏ Higher employment. so terrible at such a rapid pace. The accessibility WHEN: “If I knew that, I could earn billions. of information and the speed at which it travels is Unfortunately, I definitely think it will go through ❏ Stabilized fi nancial institutions with new rules. a direct result of why it happened so fast, and for at least the rest of 2009, but I don’t know how that reason, I believe that we will rebound just as much longer.” ❏ Improvements in the fl ow of credit. fast. One thing that people do not realize is that when we had the last recession, the Internet was WHAT: “All these so-called ‘toxic products still in ❏ Pickup in the housing market. not as widely used to spread information. Good banks have to go. In this moment, banks are not business will come back this time as quickly as it lending to each other, and we need this circle of ❏ Sustained stock market comeback. left us.” money. And then from there, we need to bring trust and confidence back.” ❏ Resumption of growth in sales and profi ts. WHAT: “The reports coming from the media as well as major corporations have been horrible and have BOB CARBONELL, executive vice president and chief credit ❏ Disposal of toxic assets. created much fear across every financial demo- officer, Bernard Sands Credit Consultants graphic. Many companies have eliminated a lot of WHEN: “The second quarter of 2010.” ❏ Higher consumer confi dence and spending. unnecessary expense and have learned how to do more with less, and as a result, when things do get WHAT: “The government has been throwing money to good, it will be very good.” AIG and banks, and they have to do the same to au- tomakers to ensure that we don’t lose one of the Big WALTER LOEB, retail consultant of Loeb & Associates Three to bankruptcy, which would push unemployment WHAT: “Two big things have to happen: The stock mar- WHEN: “Two-thousand ten will be better. You’ll see some to over 10 percent. That 10 percent is a real number be- ket has to stabilize or go up again, and there has to be increased demand at the end of the year, and retailers cause of the domino effect down the line. No one would some clarity that the banks are going to do well. Both of will have better year-over-year comparable-store sales, buy the cars, and it doesn’t matter if the government these things are causing paralysis. We also need some so maybe improvement could happen by the end of the honors the [service] warranties. You’ll see parts suppli- good news in the media. People still have money, but first quarter. ers possibly filing, and many dealers as well, some of the news is so negative every day that they don’t want to which have already filed. Then you’ll see a whole new spend it. Our customers’ closets are full, so it’s easy for WHAT: “Unemployment may top out at 10 percent, and group of consumers not spending.” them to stop shopping. But once people feel good again, just the abatement of announcements of companies lay- they’ll feel comfortable spending money. ing off staff could in itself be a positive sign. That, plus JOSIE NATORI, president and ceo, Natori Co. the combination of Obama initiatives taking hold and WHEN: “I think the question of when the economy will SCOTT HOYT, senior director of consumer economics, Moody’s improvement in the stock market will give consumers turn around is a toughie — 2009 is a done deal. Warren Economy.com and investors more confidence.” Buffett says we’re going through an ‘economic Pearl WHEN: “We are looking for positive real spending growth Harbor.’ But we have a resilient economy, and I think in [the first quarter of 2009], probably in [the second STEVAN BUXBAUM, executive vice president, Buxbaum Group there will be some relief, some light at the end of the quarter] as well, then some declines probably in the WHEN: “If someone says they know, you should back tunnel by next fall.” second half before we get a more sustained turnaround away. Event risks control everything, and you can’t next year. We need a broader turn in the economy be- know what events are going to take place. We could WHAT: “When I see the stock market go up again, I think fore we can get something that’s more sustainable. We’re have a better fourth quarter, but the potential for an we’ll get some confidence. People have to start spend- still officially calling for the recession to last through event to happen and for more turmoil is always lurking ing again. Everything is frozen right now. There are so the end of the year.” on the edge.” many factors involved, such as company earnings and the stimulus package. President Obama is doing what WHAT: “In the short term, between now and summer, WHAT: “The most important thing that needs to happen is he can. We haven’t fallen off a cliff. But things clearly even though we’re bleeding large numbers of jobs, for people to begin to have confidence in their greatest will not be the way things were. There’s been a total there’s going to be a fair amount of cash flowing into asset. When housing values start going up, and if they transformation in people’s mind-sets. consumers’ pockets, and a lot of that cash is going to want to sell and can find a buyer who can get financing, go into lower-income households and they’re going that’s when people will start spending again.” JEFFREY EDELMAN, director of retail and consumer advisory to spend it. The key is what goes on in the job mar- services, RSM McGladrey Inc. ket. We need to stop bleeding 600,000 to 700,000 jobs MAGGIE GILLIAM, retail consultant, Gilliam & Co. WHEN: “What we have is a massive deinventorying taking a month.” WHEN: “I haven’t a clue. This is a global situation that place. Since we are no longer a manufacturing nation, could take years.” that massive deinventorying is in people. I think the in- GEORGE FELDENKREIS, chairman and ceo, Perry Ellis flection point in the economy will be in the second half. International WHAT: “It is beyond this country’s control to fix the The consumer will react when he feels more secure in WHEN: “Towards the end of the year and into next year, global situation, which needs to be fixed first. Right his job.” as the stimulus money starts to flow into consumer pock- now we are throwing money down the tube to res- ets. This will provide more confidence that they will cue these companies, some of which should go down. WHAT: “The turnaround will probably manifest itself keep their jobs.” There are enough entrepreneurs to pick up the slack. without any stimulus package. The key thing to look at We should not give money to companies to run obso- is employment. As soon as employment bottoms and you WHAT: “Market changes to make the rules more flexible lete fashion businesses.” add to the workforce, then you’ll see a turning point for and realistic. When continuous devaluation of assets consumer confidence and spending.” stops or we get a one-year respite, a lot of confidence NEELY TAMMINGA, retail analyst, Piper Jaffray to invest is going to be restored. We need the trillions of WHEN: “We believe the women’s apparel retail group led BOB MITCHELL, co-president, Mitchells/Richards/Marshs cash sitting on the sidelines to come back to invest.” us into this recession and will lead us out. We believe WHEN: “The change in our business occurred after that cost structures will catch up to the reality of the Lehman Brothers failed [in September]. We hope that Richard Hastings, consumer strategist, Global Hunter Securities significant slowdown that we’re seeing in the top line, there will be some stability when we anniversary that. WHEN: “The economy will not revert back to the form it which will provide a stabilization in earnings late spring Anything before that would be a welcome surprise, but had prior to 2007. We are looking at a 100-year, if not to early summer.” we don’t expect any real change in the spring or sum- greater, cyclical restructuring of how people interact. mer. Either way, we all have to slow down our promo- Some parts will stabilize in mid-2010, especially non- WHAT: “Leading indicators will be when traffic levels tional activity or we will have a long cycle ahead of us.” durable spending on things like apparel. Durables like in malls begin to stabilize in concurrence with greater autos and appliances will remain subnormal for a very conversion.”

jobs since the recession began in December 2007, with almost decline didn’t meet the worst fears, but this is still a very weak two-thirds of those losses coming in the last fi ve months, report,” Gault said. “We can’t fi nd green shoots of recovery in Industry Sheds More Jobs the Labor Department said. Employment fell by 651,000 in this report, though it would not be the fi rst place we’d expect to By Liza Casabona February. January employment losses were revised signifi cantly see them. The jobs market will follow rather than lead.” higher to 741,000 from initial estimates of 598,000, making it The losses in March were not surprising, said Richard WASHINGTON — Apparel retailers cut 6,500 jobs in March, the worst month in decades. Yamarone, director of economic research at Argus Research reversing most of the employment gains reported the previous General merchandise stores, which include department stores, Corp. Most economists predict that the current steep declines month, while apparel and textile manufacturers continued their added 13,800 positions in March, to employ 3.06 million. in employment will continue for several months, he said. long decline and slashed a combined 9,300 positions. Textile mills, which manufacture apparel fabric, cut 2,000 “As great and encouraging as some of the recent economic Specialty apparel stores cut 6,200 jobs in March to employ positions to employ 128,200. Textile product mills, which data has been, there is little to no reason for a business to fl ick 1.44 million. Department stores eliminated 300 jobs in March produce home furnishing and industrial fabric, eliminated on the hiring switches,” Yamarone said. to employ 1.53 million, the U.S. Labor Department said Friday. 4,900 jobs to employ 129,400. Apparel manufacturers cut Positive economic indicators have been seen in some arenas, In February, apparel retailers expanded payrolls by a combined 2,400 jobs to employ 174,800. but employment, considered the chief economic indicator, has 9,400 positions. The March decline in payroll levels was steep but roughly in yet to show signs of recovery. Recent reports have shown small U.S. payrolls fell by 663,000 jobs in March. The line with expectations, said Nigel Gault, chief U.S. economist improvements in retail sales, excluding automobiles; new and unemployment rate rose to 8.5 percent from 8.1 percent the at IHS Global Insight. existing home sales; housing starts, and factory orders, Yamarone previous month. In all, the U.S. economy has shed 5.1 million “For the second month in a row, the headline employment said, but employment is clearly not a part of the group. 12 WWD, MONDAY, APRIL 6, 2009 WWD.COM Givaudan Sales Slip 7.3% MEMO PAD LONDON — Givaudan said Friday first-quarter sales slid 7.3 percent to GETTING VISITORS TO STICK: With its magazine Tony Chambers during a telephone interview from 976.1 million Swiss francs, or $852.7 million at average exchange for the decidedly challenged in both circulation and Shanghai. Chambers said the Made in China issue three months ended March 31. Sales in local currency terms dipped 2.6 advertising, Playboy Enterprises will today launch will be driven by the design trends emerging from percent. a Web site that’s been redesigned from top to the country. The magazine has assembled a creative The Swiss flavors and fragrances firm said destocking throughout the bottom — double entendre intended — including panel to help produce the magazine, including Tim supply chain drove the downturn. eight new features and interactive services that Yip, an Oscar-winning art director and costume Stripping out the impact of the sale of its St. Louis-based flavors busi- will differ from the content that runs each month designer; Fan Di’an, director of China’s National Art ness last year, sales were down 2.1 percent in local currency terms. in the magazine. “Only 36 percent [of our readers Museum, and Yue-Sai Kan, a TV personality and Givaudan’s fragrance division took a hit in the quarter with sales online] regularly read the magazine, so for many, founder of her own cosmetics company. slumping 10.4 percent to 438.4 million Swiss francs, or $383 million. They this is their first introduction to Playboy,” said John Chambers said the magazine has fell 5.4 percent in local currencies. Lumpkin, divisional vice president and associate photographed Chinese “movers and shakers” in “Fine fragrance sales declined strongly in Europe and North America, publisher, Playboy Digital. He also took playboy.com their homes, and produced a shoot featuring the due to destocking of high inventory levels throughout the supply chain out of an advertising network to ensure consistency, work of emerging Chinese fashion and costume as a result of very weak retail sales in the 2008 year-end holiday season,” which from now on will only take “premium” designers, such as Ma Ke, Qiu Hao and Han the company said. “In addition, consumer demand remained weak during advertisers — Mini, Patron, EA, Bushmills and Feng. The magazine is also working with the art the first quarter of 2009. Bridgestone have signed on for the launch. photographer Li Wei on a fashion editorial for “Lack of consumer confidence and reduced travel activity are likely to And while most readers might associate the issue, and has tapped photographer Gautier continue impacting fine fragrance sales throughout 2009.” Playboy more with taking clothes off than putting Deblonde to shoot inside Chinese artists’ studios. Givaudan’s consumer products business unit reported flat sales year- them on, the new site will have a section geared If the issue is a success, the magazine may on-year, while sales of fragrance ingredients “declined strongly.” The toward men’s fashion, Style Recon, featuring produce similar special issues each year from company’s flavor division saw sales decline by 4.6 percent in Swiss francs opinions from people in pop culture, such as other emerging markets, such as Brazil, said in the quarter to 537.7 million, or $469.7 million. In local currencies sales Pharrell Williams, on what he wears and how he Chambers. — Nina Jones were down 0.3 percent. wears it. Lumpkin said fashion in the section “Despite the weak economy, the underlying market should remain re- will be a mix of “high-low” prices. There is FIRST TIMER: Not everyone is holding back during silient for the remainder of the year, with the exception of fine fragranc- also a new humor section of animated content, the recession: On Tuesday, Derek Lam shot his es, and, to a lesser extent, some discretionary products in consumer prod- called Play-Mation Nation (think “Adult Swim” first ad campaign, which will break in the August ucts and flavors,” the company said. “For the full year 2009, Givaudan is on Cartoon Network), as well as a collection of issues of Vogue, Elle and Harper’s Bazaar. “This confident to outgrow the underlying market based on its leading position city guides that list the top restaurants, bars and is not a moment to be scared or meek,” said Lam. in the fragrance and flavor industry. Overall, it remains difficult to reli- entertainment in 15 cities around the world. In what could be a nod to his California roots, ably forecast the market growth for 2009.” Jimmy Jellinek, editorial director of Playboy the images are set against a beach (made at Pier — Brid Costello magazine and playboy.com, said the average stay 59 in New York), on the site is 10 minutes, 21 seconds, but with featuring model the redesign he wants to increase that to 20 to Karmen Pedaru, BEAUTY BEAT 30 minutes for each visitor. “More than any other who walked in his metric, we are focused on increasing time spent last runway show. on the site,” he added. Playboy.com had 3.1 “This is about a Realhair Adds Three Products million unique visitors, according to Quantcast, as woman that is of March. — Amy Wicks having a personal London-based hair salon Realhair last week added three stylist products moment, not a to its eponymous hair care line. THE CHINA SYNDROME: The Economist may have fashion moment,” Like the line’s existing products, the new offerings are meant to be dedicated a recent issue to how China sees the said Lam. An outtake from the Derek Lam the equivalent of skin care for hair. “It’s hair care that thinks like skin world, but Wallpaper has taken its treatment of the Doug Lloyd fall campaign. care,” said John Vial, the salon’s creative director. “I always think, why Asian giant a step further by temporarily transferring of Lloyd & Co., do women spend so much time and attention taking care of their skin and its offices to China for the June issue. The bulk of served a creative not their hair?” the design title’s editorial staff is already installed director and Solve Sundsbo was behind the lens. Real Weightless Serum, which retails at 17 pounds, or $25 at current in two pop-up offices in Beijing and Shanghai. “We are creating a message that will last more exchange, per 50-ml. bottle, and Real Root Lift and Real Volume Plumper, “We thought about looking at what we used to than one season,” he added. Lloyd described the which are both priced at 14 pounds, or $21, per 150-ml. bottle, are dis- call the emerging markets, but are now almost images as bold and cinematic, with lush techno tributed through department stores, including Harvey Nichols, and the like the new establishment,” said editor in chief color. — A.W. Realhair salon. Plans are set to introduce the line in the U.S. this year. — B.C. Versace Gets Sleek New Dallas Home Hilfiger Opens Largest European Unit By Damien McGuinness Tommy Hilfiger has been steadi- ly increasing the number of doors BERLIN — Tommy Hilfiger proved over the past decade; in the first doors can open as well as close half of 2008 alone the label opened during a recession when the fash- 50 stores, bringing the number ion house unveiled its largest of outlets worldwide to over 850. European store in the German city In Germany, Hilfiger now has 60 of Cologne. stores, one of the reasons why the “Times are tough for all re- label decided to open its largest tailers at the moment,” admitted European flagship here. Daniel Grieder, chief executive of “Germany is our strongest mar- nan coulter Tommy Hilfiger Europe. “But our ket in Europe,” explained Grieder. customers still like our brand…. “The product works and all our The new Versace store in Dallas. They appreciate the collection’s stores here are very successful.” photos by good value for money and the fact Last year’s rapid expansion By Holly Haber The decision to devote about 600 square that we are always offering some- contributed to record sales in feet to china, crystal and furniture resulted thing new.” 2008. For the six-month period to Versace has glamorous new digs in in the elimination of men’s goods, Manelli The brand is well positioned Sept. 30, the most recent reported Dallas. said, adding the home line typically produces to remain strong, he added, be- sales were up 30.5 percent to 755 The luxury fashion brand opened a $20,000 a square foot in sales. cause of the balance between its million euros, or $1.16 billion. 4,000-square-foot store last month at NorthPark “We decided at the beginning to sell only wholesale and retail businesses, Dollar figures have been convert- Center to replace a smaller unit at Galleria women’s and give more space to the home col- the broad price range and the va- ed from the euro at average rates Dallas that launched in 1995. lection,” she said. “It was a good idea because in riety of collections, from denim to for the period. The Galleria lease was up, and the company Dallas we always had requests from clients for tailored. As a result of the economic cri- chose to move rather than renovate the store’s home. We do have storage space in back that we Spread over three floors and sis, sales since then have slowed. dated gilt decor, said Laura Manelli, global re- can probably dedicate to men’s in the future.” covering 10,624 square feet, the Although Tommy Hilfiger has not tail director for Versace in Milan. The 2,900-square-foot Galleria unit had lit- flagship has updated Tommy yet released sales figures for the “We think NorthPark can be the right fu- tle space for the home collection, she said. Hilfiger’s retail concept by devot- second half, Grieder said the latest ture,” Manelli said. Sales expectations are “high” despite the ing upstairs to women’s wear, in- results wouldn’t quite match those NorthPark’s expansion three years ago en- lagging economy, Manelli asserted. cluding corners with special col- seen previously. abled it to create two luxury corridors flank- “The business in the U.S. is flat in total, and lections, lingerie and accessories. Grieder is nonetheless optimis- ing Neiman Marcus with new tenants such Dallas is flat,” she said. “For the new store it is Kids and denim are in the base- tic about the brand’s present and as Roberto Cavalli, Giorgio Armani, Oscar very early to tell, but for the first two or three ment and men’s wear is on the future development. So much so de la Renta and Valentino. Louis Vuitton and weeks it is going well….The only thing I can tell ground floor, with classic items he confirmed the label’s largest Bulgari also plan to open at the mall. you is I am very positive, because we have to be.” such as sweaters and polo shirts store in the world would open on The Versace boutique is unique among the The company hasn’t introduced merchan- at the front and more fashion- New York’s Fifth Avenue later this brand’s eight stores in the U.S. It has the larg- dise at lower price points, she said. orientated collections toward the year. “This flagship store will be est home-furnishings department outside the Handbags retail from $795 to $6,765. back. Some limited editions will even bigger and more spectacular New York flagship and is the only store that Women’s shoes and ready-to-wear is tagged to only be stocked in the flagship than the one in Cologne. It will be doesn’t carry men’s. Handbags are prominently as much as $20,000. The most expensive item stores, alongside the complete the mother of all our stores world- displayed at the front, with women’s shoes and in the store is a soft blue mink cocoon coat for current collections. wide,” he said. ready-to-wear in the middle. $51,215, shown by request only. 3x7 (right)

WWD, MONDAY, APRIL 6, 2009 13 WWD.COM Financial Asset-Backed Debt Top Choice for Deals Charming Shoppes Taps New CEO By Sharon Edelson By Vicki M. Young she noted that with a new management team the company may have realized that it would be “difficult turnaround sPEcialist JamEs P. Fogarty, tHE nEW EvEn in a gruEling Economy, dEals still to turn around in this economy.” she expects it will president and chief executive officer of charming shoppes are getting done. it’s just a question of which debt- probably take nine to 12 months to see any results. inc., said the company has a “strong cash position” and needs financing vehicle is used to do them. richard Kestenbaum, a partner at investment bank- to boost productivity and direct mail and internet business. the financial flavors of the moment appear to be ing firm triangle capital llc, said specialty retailers Fogarty was named Friday to replace dorrit Bern, who re- warrants and convertible debentures. and the appe- on average are selling for 3.5 times earnings before in- signed nine months ago amid a push by activist investors to tite among investors is for risk mitigation. terest, taxes, depreciation and amortization, about 50 boost profitability. american apparel inc. last month signed off on an percent lower than two years ago. naturally, distressed “What i like about charming shoppes is it has a very strong $80 million refinancing deal with london-based private firms and those with weaker performance records will cash position,” Fogarty said in an interview. “i’m a guy that un- equity firm lion capital investment, allowing it to retire command lower multiples, he explained. derstands liquidity. it gives it the runway to do what it needs to a troublesome $51 million credit facility with michael companies looking for traditional deals involving do to keep the business strong and make it stronger. also, it’s dell’s soF investments lP, which potentially could have access to the credit markets may have to be patient. plus-size specialty retail. it’s not a ‘me-too’ retailer.” forced it into bankruptcy. lion’s notes carry an interest “credit markets will improve, but they will not re- Fogarty is a 15-year veteran of alvarez & marsal, a global rate of 15 percent and mature at the end of 2013. should semble what they were in 2006,” predicted richard turnaround firm, where he was a managing director. most re- lion elect to exercise detachable warrants for 16 mil- Hastings, consumer strategist at global Hunter cently, he was president and chief operating officer of lehman lion new shares of american apparel with a strike price securities llc. “the cost of debt capital will remain Brothers Holdings inc. of $2 a share, american apparel would receive another high, but liquidity will improve. the corporate debt during his tenure at alvarez, Fogarty was chief financial officer $32 million in capital and lion would hold an 18 per- market remains relatively liquid, but the prognosis is of levi strauss & co. levi’s EBitda almost doubled during the cent stake in the rapidly expanding company. for high cost of debt for quite some time.” 2003 through 2005 period Fogarty spent with the company. in 2001, after rebuffing a buyout offer from shareholders Hastings said there are signs that “money is mov- he joined the Warnaco group inc. as senior vice president and cfo. Karpreilly capital Partners lP and H.i.g. capital ing from the sidelines to the center, some of it in pri- the global apparel maker emerged from bankruptcy in early 2003 llc, two private equity firms, charlotte russe vate equity deals and a lot of debt deals. the public after completing a successful turnaround during his tenure. Holding inc. is another specialty chain in the hunt for equity markets remain problematic to a degree.” “the reason i’m [leaving] alvarez is the opportunity to new financing. last month, facing a proxy battle over “the world has shifted and, for the more viable lead something unique,” Fogarty said. seats on its board from Karpreilly, the san diego- businesses with healthy balance sheets, there’s been of the company’s three nameplates, lane Bryant, based company put itself up for sale after receiving a greater emphasis on asset-based financing,” said Fashion Bug and catherines stores, “for sure the lane what it termed “preliminary expressions of interest” William susman, president and chief operating of- Bryant name is the most powerful brand,” Fogarty said, add- from both financial and strategic buyers. ficer at investment banking firm Financo inc., which ing that his goal is “making current stores more appealing the initial offer from Karpreilly and H.i.g., made served as financial adviser to american apparel in last and more efficient. We need to see a lot more productivity in november, was for between $9 and $9.50 a share, month’s deal. “that market remains open. more and in doors we already have.” valuing the company at $188.1 million to $198.6 mil- more investors, whether private equity, mezzanine or charming shoppes, based in Bensalem, Pa., posted a low- lion. Following receipt of the proposal on nov. 11, hedge fund [players], are looking for ways to put capi- er-than-expected fourth-quarter loss. in the three months shares spiked 18.3 percent to $8.15. on Friday, they tal [to work at] companies in ways other than straight ended Jan. 31, the nation’s largest plus-size apparel retailer were up 75 cents, or 8.5 percent, to $9.59, among the equities. debt plus warrants and convertibles are the had a net loss of $108.5 million, or 94 cents a diluted share, many specialty stores recently elevated by the recov- offers we see are becoming more and more common.” compared with a net loss of $124.4 million, or $1.07 a share, ery in retail stocks. according to susman, many strategic players are in the year-ago quarter. Quarterly revenue slid 13.7 percent according to Wedbush morgan securities retail “approaching the market cautiously. they don’t want to to $631.9 million from $731.8 million. comparable-store sales analyst Betty chen, the women’s specialty retailer part with their cash.” For them, the fundamental ques- fell 15 percent for the quarter. might still have had to solicit buyers even if it didn’t tion will be how much do they really want a particular the company has been operating with an interim ceo, have to deal with objections from other shareholders asset, the banker concluded. alan rosskamm, chairman of the retailer’s board. Fogarty’s to the board’s rejection of the Karpreilly bid. — With contributions from Alexandra Steigrad appointment is effective immediately.

American Apparel last month inked an $80 million refinancing deal. Bijou Files Suit Against Kohl’s By Matthew Lynch a JEWElry manuFacturEr Has suEd KoHl’ s corP., ac- cusing the department store of breach of contract for refusing an order created for its vera Wang-branded line. Bijou international corp. filed its complaint april 2 in federal court in milwaukee. Kohl’s is headquartered nearby in menomonee Falls, Wisc. in late 2007 Kohl’s selected Bijou, which had then recently taken over the retailer’s apt. 9 jewelry line from liz claiborne, as the manufacturer for the jewelry it planned to launch with the simply vera brand, according to court documents. the new york-based vendor alleged that after its selection for the simply vera line, the retailer delayed issuing its $1.3 million written purchase order until less than a month before the goods were due for delivery in February 2008. Bijou said Kohl’s also de- manded that the goods be made in a factory it chose and that the firm “further sabotaged” the order by changing specifications. according to the suit, Kohl’s buyers contacted Bijou less than two weeks before its delivery deadlines to object to several production samples and said they planned to refuse delivery. Bijou said it dis- puted the objections, but arranged to return the order to its factory in china to make the required changes. several days later, with new deliveries scheduled, Kohl’s told Bijou it was severing their busi- ness relationship, according to the vendor. in the complaint, Bijou alleges that after the two companies began their partnership, Kohl’s replaced the team handling the ac- count with employees who had experience in “squeezing every pos- sible last fractional amount out of Kohl’s vendors.” Kohl’s did not return calls seeking comment on the accusations. Bijou, which also accuses the department store of breach of con- tract for its dealings with the apt. 9 line in the suit, is seeking at least $300,000 in damages and other, unspecified relief. 14 WWD, monday, APRIL 6, 2009 WWD.COM Financial For full weekly stock changes, see WWD.com. Retail Stock Run-up Rolls On Weekly Stocks 52-Week Volume Amt 52-Week Volume Amt By Evan Clark High Low Companies P/E Last Change High Low Companies P/E Last Change Retail stocks rose 5.8 percent last week, 77.66 13.66 Abercrombie & Fitch (ANF) 8.6 16382489 26.94 2.00 50.35 8.02 J. Crew (JCG) 9.9 9897841 15.05 1.42 supported by readings of consumer confidence and 26.78 8.50 Acadia (AKR) 13.9 1780414 11.94 1.34 46.56 13.71 J.C. Penney (JCP) 8.5 28788495 23.06 1.57 the job market that were negative, but no worse than 3.78 0.43 Aeffe * (AEF:MI) 8.4 619316 0.60 0.00 7.70 2.00 Jaclyn (JCLY) - 597 3.85 0.00 feared. 37.40 12.52 Aéropostale (ARO) 12.7 14404180 28.27 1.74 1.67 0.22 Joe’s Jeans (JOEZ) 3.5 283255 0.35 0.00 The same kind of proportionality — if retailers are 29.40 19.32 Alberto Culver (ACV) 10.0 4171407 22.75 0.36 22.12 2.34 Jones Apparel (JNY) - 6992375 5.27 0.56 lucky — could apply to comparable-store sales reports 10.25 1.20 American Apparel (APP) 14.7 4307591 3.24 -0.11 50.58 15.38 Jos. A. Bank (JOSB) 10.1 2448723 30.42 2.58 this Thursday. Some chains are expected to show signs 19.42 6.98 Amrican Eagle Outfittrs (AEO) 15.4 32995231 13.08 0.24 of stabilization in March, as well as a benefit from the 19.74 4.89 Kenneth Cole (KCP) - 227211 6.91 0.09 timing of Easter, and even if the numbers aren’t actu- 29.23 2.41 Ann Taylor (ANN) 8.5 11524293 6.44 1.20 47.80 6.33 Kimco Realty (KIM) 9.6 133901343 9.40 1.75 ally good, the absence of downright bad results might 420.00 112.50 Asos * (ASC:L) 36.7 1609255 315.25 9.00 56.00 24.28 Kohl’s (KSS) 15.6 38066136 45.31 2.17 be enough to send stocks higher. 45.34 14.40 Avon (AVP) 10.3 21005060 21.24 1.34 20.76 6.44 K-Swiss (KSWS) 16.2 705900 9.56 1.05 Citigroup equity analyst Deborah Weinswig predict- 11.66 4.57 Bebe (BEBE) 15.7 2713704 7.48 0.74 17.63 7.00 LaCrosse Footwear (BOOT) 8.3 30455 8.00 -0.10 ed comps at broadline retailers increased 1.2 percent 56.72 29.42 Beiersdorf * (BEI:GR) 13.9 2764619 34.35 0.92 22.16 5.98 Limited Brands (LTD) 15.2 25344144 10.19 1.07 in March versus a 0.3 percent rise a year ago. 13.30 4.30 Benetton Group * (BEN:MI) 6.6 648476 5.60 0.70 20.14 1.46 Liz Claiborne (LIZ) - 6857020 3.19 0.44 “We believe favorable weather, pent-up demand, 4.33 0.20 Birks & Mayors (BMJ) - 14400 0.45 0.00 3.99 0.35 LJ Intl (JADE) 8.5 303757 0.70 0.11 continued promotional activity and tax refund distri- 44.29 27.26 BJs (BJ) 14.7 7473718 33.41 0.51 99.97 46.00 L’Oréal * (OR:PA) 16.2 4997415 53.48 1.84 butions spurred sales of spring merchandise,” said 0.29 0.03 Blue (BLHI) - 43698 0.04 -0.01 37.33 4.33 Lululemon (LULU) 15.9 3949754 10.20 1.83 Weinswig, noting Wal-Mart Stores Inc., J.C. Penney Co. 4.84 0.32 Bluefly (BFLY) - 43702 1.38 0.39 26.66 9.41 Luxottica * (LUX:MI) 14.3 5741546 11.98 0.65 Inc. and Kohl’s Corp. are most likely to turn in better- than-expected results. 10.50 0.76 Bon-Ton (BONT) - 495449 1.57 -0.23 89.36 38.10 LVMH * (MC:PA) 12.1 7980155 51.85 5.04 Standard & Poor’s equity research group also saw 18.44 2.04 Brown Shoe (BWS) 5.6 2411591 5.08 1.26 76.50 5.45 Macerich (MAC) 3.3 35858318 9.84 4.04 cause for some optimism. “We are seeing less dis- 44.57 13.57 Buckle (BKE) 16.0 5368268 35.11 2.23 27.08 5.07 Macy’s Inc. (M) 13.7 66855400 10.36 0.65 counting at Macy’s this spring versus last fall-winter,” 11.48 2.76 Bulgari * (BUL:MI) 12.3 11317379 3.39 0.04 17.59 6.25 Maidenform (MFB) 9.4 594753 10.07 0.46 said S&P. “Firmer pricing implies to us that customer 686.50 154.75 Burberry * (BRBY:L) 10.5 20319872 350.00 73.75 669.00 191.90 Marks & Spencer * (MKS:L) 7.9 113046366 316.00 50.75 spending levels, while still down year-over-year, have 16.25 4.18 Cabela’s (CAB) 8.6 3011034 10.49 0.96 27.64 8.33 Men’s Wearhouse (MW) 11.9 5148399 17.46 1.69 potentially stabilized.” 14.86 1.41 Cache (CACH) 17.8 467353 3.27 0.74 26.17 4.65 Movado (MOV) 4.8 697831 8.42 0.37 Another week of stock increases would help solid- 54.20 22.06 Carrefour * (CA:PA) 16.8 19482734 30.31 1.24 25.00 10.03 National Retail Prop. (NNN) 10.9 12490609 18.08 2.78 ify an upswing that has sparked hopes, however faint, 22.35 11.94 Carter (CRI) 15.4 4924096 19.98 1.22 12.12 0.82 New York & Co. (NWY) - 3344626 4.55 1.24 that some sort of a bottom has been reached. 4.95 0.26 Casual Male (CMRG) - 1020533 0.58 0.11 0.15 0.05 NexCen (NEXC) - 1320473 0.12 -0.02 On Friday, the S&P Retail Index advanced 1.2 per- 20.00 11.30 Cato (CTR) 19.4 1136808 19.14 1.21 70.28 38.24 Nike (NKE) 13.5 20529982 51.87 5.03 cent, or 3.74 points, to end the week at 314.17. Retail stocks are up 40.8 percent from their March 6 low. The 27.55 1.92 CBL (CBL) 17.3 13687105 3.00 0.72 0.75 0.02 Nitches (NICH) - 18500 0.07 0.02 Dow Jones Industrial Average on Friday registered a 9.50 2.05 CCA (CAW) 14.6 16203 2.91 0.06 38.65 6.61 Nordstrom (JWN) 10.0 24781261 19.48 1.69 rise of 0.5 percent, or 39.51 points, to 8,017.59, marking 1.40 0.18 Charles & Colvard (CTHR) - 89338 0.39 0.09 13.80 5.95 Orchids Paper (TIS) 23.7 93358 14.40 1.40 a 3.1 percent increase for the week and guaranteeing 19.06 3.98 Charlotte Russe (CHIC) 98.2 1700093 9.59 1.64 29.88 3.14 Oxford (OXM) 7.1 1100190 7.36 0.18 at least a weekend stay above the 8,000 level. 6.35 0.45 Charming Shoppes (CHRS) - 3836941 2.12 0.43 14.04 0.72 Pacific Sunwear (PSUN) - 3944912 1.67 0.00 Last week, the Conference Board said consumer 82.00 52.14 Chattem (CHTT) 15.5 3502847 52.00 -5.89 7.15 0.59 Parlux Fragrances (PARL) - 320677 0.86 0.05 confidence remained at all-time lows for March and 34.25 11.29 Cherokee (CHKE) 10.2 179392 17.25 1.88 27.88 2.20 Penn Real Estate (PEI) - 5268021 4.90 1.12 the unemployment rate also hit a 25-year high of 8.5 8.18 1.72 Chico’s (CHS) - 23028280 6.49 1.25 29.27 3.31 Perry Ellis (PERY) 3.2 645641 4.05 0.45 percent, about what economists had predicted. 43.40 16.45 Children’s Place (PLCE) 8.7 4321398 24.68 0.84 47.94 13.04 Phillips-Van Heusen (PVH) 7.8 5779982 24.68 0.72 Jeweler Zale Corp. enjoyed a dramatic rise in its 12.19 2.46 Christopher & Banks (CBK) 69.3 990358 5.00 1.03 2.02 0.11 Phoenix Footwear (PXG) - 29400 0.16 0.02 stock, which increased 48 percent to $4.16 on Friday and was ahead 77 percent for the week after a series 33.73 18.09 Cintas (CTAS) 12.2 9872509 25.59 0.52 82.02 31.22 Polo Ralph Lauren (RL) 10.1 6302056 47.22 2.94 of investor meetings. 28.12 7.01 Citi Trends (CTRN) 21.1 1548697 23.50 3.03 141.50 31.06 PPR * (PP:PA) 13.2 4518200 56.15 7.47 David Sternblitz, Zale’s vice president and trea- 37.64 11.41 Coach (COH) 8.2 27169359 18.65 1.17 29.73 10.35 PriceSmart (PSMT) 13.7 593281 19.84 2.21 surer, said, “There’s more recognition from the in- 8.31 0.91 Coldwater Creek (CWTR) - 1596689 2.80 0.11 10.60 0.80 Quiksilver (ZQK) - 3300572 1.35 0.01 vestment community that we will be a survivor in the 80.49 54.36 Colgate Palmolive (CL) 16.7 20558208 60.44 0.93 8.84 4.85 R.G. Barry (DFZ) 7.2 70736 5.28 -0.53 jewelry industry as things consolidate. We are taking 21.00 3.85 Collective Brands (PSS) 22.3 6532344 11.52 1.20 24.10 3.45 Ramco-Gershenson (RPT) 5.2 1302573 6.90 0.45 a number of steps in terms of managing our inventory, 49.49 24.63 Columbia Sportswear (COLM) 12.0 1139108 33.04 2.76 73.55 20.72 Regency Centers (REG) 17.5 13271212 31.69 5.07 our expenses, looking at our real estate portfolio to 75.23 38.17 Costco (COST) 17.7 23679669 48.91 1.51 5.58 0.90 Retail Ventures (RVI) 1.5 781968 1.90 0.05 prepare us to capture market share as the environ- 20.98 0.79 Crocs (CROX) - 11663845 1.80 0.61 14.85 2.30 Revlon (REV) 2.5 1146255 2.85 -0.05 ment improves.” 0.18 0.02 Cygne Designs (CYDS) - 4550 0.06 -0.01 83.00 14.18 Richemont * (CFR:VX) 4.6 17477842 20.02 2.27 Off-pricer TJX Cos. Inc. also caught the attention 146.60 37.24 Deckers Outdoor (DECK) 10.2 3225951 58.96 5.72 41.56 21.70 Ross Stores (ROST) 16.3 12733864 36.95 0.27 of Wall Street. RBC Capital Markets analyst Howard Tubin initiated coverage of the company, giving its 3.50 1.38 Delia’s (DLIA) 168.0 441678 1.66 -0.03 3.72 0.28 Safilo * (SFL:MI) 8.7 5241749 0.44 0.01 shares a rating of outperform with a target price of 8.35 2.09 Delta Apparel (DLA) 8.2 30400 4.94 0.44 14.58 1.50 Saks (SKS) - 13436056 2.61 0.68 $31. The stock closed up 2.1 percent Friday at $26.68 18.46 4.42 Destination Maternity (DEST) - 12060 5.96 -0.05 109.67 26.80 Sears (SHLD) 124.1 7246648 54.69 5.81 and was ahead 0.5 percent for the week. 45.66 1.38 Developers Diversified (DDR) - 38395146 2.71 0.55 106.43 24.27 Simon Properties (SPG) 19.8 65790367 41.30 7.65 “Better positioned players in the off-price channel 23.11 2.50 Dillard’s (DDS) - 2901577 6.60 0.30 25.20 5.20 Skechers (SKX) 6.6 2848619 8.25 1.48 will continue to outperform their department store 17.93 6.16 Dress Barn (DBRN) 10.8 4307692 13.25 0.85 3.37 0.13 Sport-Haley (SPOR) - 8906 0.31 -0.06 peers,” Tubin said. “The channel is likely gaining new 16.32 6.66 DSW (DSW) 13.3 1522497 11.05 1.91 6.19 0.99 Stein Mart (SMRT) - 888503 3.38 0.92 customers as the consumer continues to show a laser 16.65 7.09 Duckwall-Alco (DUCK) - 3911 10.00 0.54 29.00 13.37 Steve Madden (SHOO) 13.4 1322868 20.69 2.59 focus on ‘value.’” 8.72 0.30 Eddie Bauer (EBHI) - 4375634 0.50 0.06 76.50 23.05 Swatch Group * (UHRN:SW) - 636096 30.95 3.60 21.79 3.93 Elizabeth Arden (RDEN) - 845569 6.75 0.76 17.86 4.22 Syms (SYMS) - 76973 6.92 0.54 54.75 19.81 Estée Lauder (EL) 12.6 9265007 26.68 0.96 17.97 1.19 Talbots (TLB) - 1924571 4.43 0.83 WEEKLY 34.06 18.43 Family Dollar (FDO) 18.8 14946728 31.90 -1.73 6.99 1.25 Tandy Brands (TBAC) - 37402 1.70 -0.13 12.43 3.42 Finish Line (FINL) - 4566278 7.43 0.74 3.37 1.55 Tandy Leather Factory (TLF) 8.1 22832 2.50 0.31 CHANGE WWD 37.98 11.00 Fossil (FOSL) 8.5 3851950 17.61 0.85 46.30 24.62 Tanger Factory Outlet (SKT) 44.5 5941098 34.47 5.84 ENDING 2.80 0.12 Fredericks of Hllywd (FOH) - 60909 0.52 0.14 59.55 25.00 Target (TGT) 12.6 55515394 36.68 2.51 ( APRIL 3 ) INDEX 15.91 8.22 Freds (FRED) 48.9 1882941 12.09 0.89 0.81 0.21 Tarrant Apparel (TAGS) - 475858 0.81 0.02 % 196.75 30.00 French Cnnction * (FCCN:L) - 78304 57.50 6.75 92.35 12.43 Taubman (TCO) - 12086455 18.26 1.36 20.80 9.41 Gap (GPS) 10.8 66314812 15.25 2.19 3.85 0.18 Tefron (TFRFF) - 2308 3.51 0.31 Gainers Change Composite 44.23 0.24 General Growth (GGP) 6.8 33321954 0.72 0.06 49.98 16.70 Tiffany & Co. (TIF) 13.4 12194247 23.45 1.04 Zale 77.02 724.40 38.74 10.37 Genesco (GCO) 4.0 1981881 20.51 1.35 19.41 7.19 Timberland (TBL) 19.2 2733930 14.00 1.90 Macerich 69.66 23.00 3.24 G-III Apparel (GIII) 5.6 771221 6.51 0.41 37.52 17.80 TJX Cos. (TJX) 13.1 31530053 26.68 0.14 Crocs 51.26 38.35 5.66 Gildan Activewear (GIL) 8.7 7141599 9.50 1.02 64.48 25.23 Tod’s * (TOD:MI) 13.1 222000 35.91 3.91 Glimcher 41.46 13.46 0.75 Glimcher (GRT) - 1786328 1.74 0.51 31.82 7.80 True Religion (TRLG) 7.0 2839543 13.45 1.33 38.15 15.32 G&K (GKSR) 12.6 423365 22.07 2.58 25.52 1.01 Tween Brands (TWB) - 1666340 2.59 0.16 Bluefly 39.39 0.96 0.02 Gottschalks (GOTTQ) - 1232776 0.03 -0.07 43.52 11.94 Under Armour (UA) 22.4 3333172 18.07 1.43 45.15 10.26 Guess (GES) 9.4 8910101 23.02 2.33 5.43 0.44 Unifi (UFI) - 1882663 0.85 0.23 Decliners Change 47.69 14.02 Gymboree (GYMB) 7.2 4328407 22.77 1.25 34.73 16.95 Unilever (UL) - 9789292 19.89 1.33 Sport-Haley -16.17 10.25 1.50 Hampshire (HAMP) - 161980 5.25 -0.25 38.40 12.33 Urban Outfitters (URBN) 12.6 39780033 16.62 0.03 NexCen -14.29 37.73 5.14 Hanesbrands (HBI) 8.3 6900353 11.63 1.18 84.60 38.22 VF Corp. (VFC) 11.3 6070078 64.37 5.88 Bon-Ton -12.78 0.53 0.01 Hartmarx (HTMXQ) - 1043121 0.03 -0.01 28.88 6.39 Volcom (VLCM) 12.3 900197 11.40 1.59 433.50 239.50 Hennes & Mauritz * (HMB:ST) 18.5 20181542 333.00 24.50 63.85 46.25 Wal-Mart (WMT) 15.8 97921184 53.80 1.23 Chattem -10.17 +36.26 131.89 59.42 Hermès * (RMS:PA) 31.5 1285042 87.02 1.13 53.89 12.22 Warnaco (WRC) 25.9 4876218 27.37 2.69 R.G. Barry -9.16 12.29 4.34 Hot Topic (HOTT) 29.4 7463554 12.25 1.39 40.00 7.96 Weingarten (WRI) 7.3 13834185 11.33 1.86 21.09 13.23 IAC Interactive (IACI) - 7992998 15.91 0.53 5.54 1.85 Wet Seal (WTSLA) 10.0 3575085 3.70 0.30 * Editor’s note: European stocks are quoted in the currency of 19.23 5.11 Iconix (ICON) 8.5 2904956 9.99 0.93 41.99 20.11 Weyco (WEYS) 18.6 57260 27.10 1.43 their principal exchanges. Shares on the London Stock Exchange 53.90 23.29 Inditex * (ITX:MC) 16.0 15918079 32.25 3.48 31.21 13.15 Wolverine (WWW) 8.8 1862366 17.04 1.45 are quoted in pence, Richemont and The Swatch Group are quot- ed in Swiss francs and Hennes & Mauritz is quoted in Swedish 19.96 3.50 Inter Parfums (IPAR) 7.6 526817 6.28 0.66 30.89 0.89 Zale (ZLC) - 5429703 4.16 1.81 kronor. All other European stocks are in euros. 1.96 0.00 IT Holding * (ITH:MI) - 0 0.18 0.00 28.84 4.50 Zumiez (ZUMZ) 12.9 1503339 10.54 1.32 WWD, MONDAY, APRIL 6, 2009 15 WWD.COM/CLASSIFIEDS Professional Services

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