PIPERLIME TO SHUT INVISTA EVOLVES DOWN LONG LIVE LYON GLOBAL FIBER AND POLYMER PRODUCER INVISTA IS GAP INC. WILL SHUTTER EXCLUSIVITY AND CRAFTSMANSHIP ARE VITAL FOR RELAUNCHING ITS FLAGSHIP BRAND. PAGES 9 TO 14 THE WEB SITE BY THE END SILK FIRMS TO STAY RELEVANT. PAGE 20 OF THE QUARTER. PAGE 2 SALES REMAIN STRONG Couture Shows Begin As Uncertainties Reign By MILES SOCHA PARIS — Couture faces a 2015 full of uncertainties except for one: High fashion entered the New Year fi ring on all cylinders. France’s most emblematic houses, Chanel and Dior, characterized 2014 as a record year for couture MONDAY, JANUARY 26, 2015 ■ $3.00 ■ WOMEN’S WEAR DAILY as an infl ux of younger clients from varied geogra- WWD phies, especially Asia, continue to fuel the rare and costly enterprise. Valentino cited a 50 percent bump in last year’s couture tallies, lifted in part by a Shanghai showing and sustained demand from the Middle East. Executives downplayed the likelihood of a drop in attendance due to the recent terror attacks in Paris, confi dent that the world’s most privileged women — and a slice of the world press — will converge on the The French capital for four days of shows, which opened Sunday night with Versace. “I cross my fi ngers,” said Sidney Toledano, chief executive offi cer of Dior, noting the house has re- ceived numerous messages of support and expects most fashion professionals and clients to adopt “an Big attitude of ‘no’ to terror, and we are not afraid.” Toledano was among more than a million people who marched in the French capital on Jan. 11 in a show of unity and grief for the 17 people killed at the satirical magazine Charlie Hebdo and at a kosher su- permarket. “Paris was the place to be that Sunday, Easy and it’s going to be the place to be for the couture shows,” he added. Giorgio Armani said he also expects a full turnout Designers in Paris are for his Privé show on Tuesday. “In my opinion, we thinking big: fuller pants, should be careful not to scaremonger; it would be a looser jackets and coats destructive, paralyzing attitude,” he said, while not- ing that “our security team has always been ready to that are generously sized tackle any situation that may arise.” and dramatically long, often Bag checks are likely to be among heightened secu- with a Seventies vibe. At rity measures taken this couture season — as they were Lanvin, Alber Elbaz and Lucas SEE PAGE 8 Ossendrijver went for slouchy and elongated tailoring, as seen MEN’S Pricing, Swiss Franc in this streamlined COLLECTIONS suit. For more on the Dominate SIHH Talk men’s shows, which PARIS ended Sunday night, FALL 2015 By HAIG SIMONIAN see pages 4 to 7. GENEVA — The Salon International de la Haute Horlogerie, one of the world’s two premier watch shows alongside Baselworld in March, was always going to be a light and shadows story this year. Swiss watch exports climbed 2.3 percent to 20.4 billion Swiss francs, or $22.44 billion at average exchange, in the first 11 months of 2014 — not bad after a string of annual re- cords. And key markets have advanced, notably the U.S. But China’s increasingly important watch mar- ket is shrouded in uncertainty as its economy slows and the government cracks down on gift-giving; Hong Kong, Swiss watchmakers’ single biggest market, re- mains opaque, and Russia and parts of the Middle East are swathed in geopolitical worries. Even closer to home, much of Europe is near stagnant amid politi- cal differences over economic austerity. If all that weren’t enough, four days before the show, the Swiss National Bank dropped a bombshell with its decision to end a three-year informal curren- cy peg against the euro, sending the Swiss franc — a traditional haven — rocketing, and Swiss watchmak- ers scratching their heads over what to do. With 14,500 dealers, reporters and other attendees all looking for answers, it took Compagnie Financière Richemont SA, the driving force behind the SIHH, some time before indicating prices for its watch and jewelry brands like Cartier and Piaget would rise by 5 to 7 percent in euros. Separately, archrival PHOTO BY GIOVANNI GIANNONI Swatch Group, Baselworld’s main exhibitor, said SEE PAGE 22 2 WWD MONDAY, JANUARY 26, 2015 WWD.COM Puig Acquires Penhaligon’s THE BRIEFING BOX seen by Lance Patterson. In July, he had been ap- By JENNIFER WEIL pointed chief executive offi cer and a member of IN TODAY’S WWD the board of directors at Cradle Holdings Ltd., PARIS — In a drive to expand its presence in pres- parent of Penhaligon’s and L’Artisan Parfumeur. tige perfumery, Puig has acquired Penhaligon’s and “This acquisition fi rmly positions Puig in the L’Artisan Parfumeur from Fox Paine & Co. LLC. growing exclusive, high-end perfumery category,” Terms of the deal, which takes effect today, the company stated. were not disclosed. With the purchase, Puig, which already holds Penhaligon’s was founded in 1870, in London, in its fragrance stable brands such as Paco and holds two Royal Warrants. Its most icon- Rabanne, Nina Ricci, Carolina Herrera and Jean ic fragrance, created in 1902 for the Duke of Paul Gaultier, also joins the sizzling race to bulk Marlborough, is Blenheim Bouquet. Penhaligon’s up muscle in the category via niche brands. has its own stores worldwide. The Estée Lauder Cos. Inc. has been lead- L’Artisan Parfumeur, dating from 1976, operates ing the charge on that front. As reported, late boutiques in France and boasts a global presence. last year, in less than one month, the company Both Penhaligon’s and L’Artisan Parfumeur snapped up tony labels Editions de Parfums will continue being run by the current team over- Frédéric Malle and Le Labo. Alexa Chung feted her AG design collaboration in Los Angeles. For more, see WWD.com. PVH Realigns North American Posts KEENAN/WIREIMAGE STEFANIE PHOTO BY pertise across “a unifi ed group that is dual gender By JEAN E. PALMIERI and North American-centric.” It also allows the dress-furnishings division to PVH CORP. has reorganized its North American better focus on the dress-shirt and neckwear busi- Many watchmakers at SIHH decided not to pass on the full wholesale business, bringing together all of its nesses. Toward that end, the new Dress Furnishings impact of the franc’s rise to euro-zone dealers. PAGE 1 brands under a newly created underwear group Group will now oversee only those two categories. and restructuring its core dress-furnishings and David Sirkin, previously president of neckwear, Designers reveal their men’s collections in Paris. PAGE 4 sportswear brands. will now be president of dress shirts; Molly Yearick, The move comes on the heels of the company’s previously president of Izod, will now be president Invista is relaunching its nearly 60-year-old Lycra brand with decision earlier this month to close its 120 Izod of neckwear, and Geoff Barrett, formerly president subbrands and a new ad campaign. PAGE 9 stores in the U.S. and Canada and the continued of National Brand Sportswear, will now be presi- strength of its Calvin Klein underwear business. dent of sportswear, overseeing all Heritage Brands Michelle Obama shines the spotlight on Bibhu Mohapatra during Effective Feb. 1, Cheryl Abel-Hodges, currently sportswear business, including Van Heusen, Izod, the fi rst couple’s trip to India. PAGE 17 president of Calvin Klein Underwear, will serve Arrow and G.H. Bass. Sirkin, Yearick and Barrett as president of the newly formed Underwear all report to Marc Schneider, group president of Curvexpo is mixing tradition with innovation, combining up-and- Group, a business unit that will include Calvin Heritage Brands. Meg Lachance, president of Van coming and well-established brands at its trade shows. PAGE 18 Klein, Tommy Hilfi ger, Michael Kors, Chaps, Izod, Heusen Retail, and Ken Wyse, president of licens- Warner’s and Olga. She will report to Ken Duane, ing, also report to Schneider. Adidas Group has signed a deal to sell The Rockport Co. for chief executive offi cer of Heritage Brands and Duane said the catalyst behind the changes North American Wholesale for PVH. in the sportswear area is for the heritage brands $280 million. PAGE 23 Reporting to Abel-Hodges will be Les Hall, presi- to better focus on the North American busi- dent of Core Intimates, who will continue to oversee ness. “Today’s PVH and yesterday’s Phillips Van ON WWD.COM Warner’s and Olga and take on the additional respon- Heusen company was built on the backs of the sibility for managing the women’s wholesale business dress-shirt business and now dress furnishings EYE ALEXA CHUNG: Alexa Chung celebrated her collaboration for Calvin Klein Underwear North America. and neckwear,” he said. “And they’re still impor- with AG in Los Angeles. For more, see WWD.com. In addition, Larry Meltzer, senior vice president tant businesses today. In the last two years, we’ve of sales and marketing for men’s in North America, taken out Bass and Izod retail, which were un- will now take on the oversight for Calvin Klein derperforming, to focus on what is performing, men’s underwear on top of his continued responsi- which is Izod wholesale, Van Heusen and Arrow.” FOLLOW US ON SOCIAL MEDIA bility for the Tommy Hilfi ger and Heritage Brands He said the neckwear business is “good and @ WWD.com/social businesses. He will also report to Abel-Hodges.