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Yes, We Can-Can Page 1 Friday ▲ ▲ BEAUTY: PARIS: Estée ▲ FINANCIAL: Reviews Lauder’s Aéropostale’s of John Dan Brestle new preteen Galliano, to retire, format: Miu Miu and page 8. P.S. From RM by Roland Aéropostale, Mouret, page 18. pages 4 to 7. PARIScollections/fall ’09 Women’s Wear Daily • The Retailers’ Daily Newspaper • March 13, 2009 • $3.00 WWDBeauty FRIDAY Yes, We Can-Can The delightful fall collection Marc Jacobs showed Thursday for Louis Vuitton was wildly fl irtatious, pretend decadent and very French — ruched, corseted and poufed to a fare-thee-well. And the music included “Gaîté Parisienne,” aka the can-can song. Here, a frothy dress covered in lace, with a peplum and bows. For more on Paris, see pages 4 to 7. Going Down to the Wire: American Apparel Races To Secure New Financing By David Lipke Negotiations are down to the wire in American Apparel Inc.’s pursuit of new financing arrangements, sources told WWD. The Los Angeles-based retailer of trendy basics faces key deadlines on its loan obligations, including one today, and is maneuvering to avoid a potential Chapter 11 bankruptcy filing. The company, which has rapidly expanded over the past five years and racked up debt of $111.6 million in the process, must raise $16 million in new financing by today’s cutoff or it will face a stiff penalty from lender SOF Investments, in the form of two million warrants for additional American Apparel shares at an exercise price of $3 a share. American Apparel currently owes SOF Investments $51 million and owes Bank of See American, Page16 PHOTO BY GIOVANNI GIANNONI GIOVANNI PHOTO BY 2 WWD, FRIDAY, MARCH 13, 2009 WWD.COM Wal-Mart Gains With Price Focus By Sharon Edelson store sales increased 5 percent in the four weeks ended Feb. 27. Wal-Mart’s earnings per share rose NEW YORK — While domestic retailers worry about 6 percent in 2008. At a time when many retailers when the economy will improve so consumers are trying to deal with bulging inventories, Wal- WWDFRIDAYBeauty come out of their shopping funk, Wal-Mart Stores Mart’s are growing at half the rate of sales. FASHION Inc. is using its Every Day Low Price strategy to “We’ve increased price rollbacks,” Holley Marc Jacobs delivered a gutsy expression of capture market share around the world. said. “We have over 40 percent more than a year s 4 “Our customer is being impacted all over the ago and we’re not going to take our foot off the positive thinking at Louis Vuitton at the end of world by this economy,” Charles Holley, Wal- accelerator. We don’t think this environment is a season dominated by the bummer economy. Mart’s chief financial officer, said Thursday at going to go away any time soon.” GENERAL the Bank of America 2009 Consumer Conference. Transitioning from 2009 to 2010, Holley said “Our mission, ‘Save people Wal-Mart’s “operations and mer- 1 American Apparel is said to be in 11th-hour money, so they can live better,’ Charles chandising momentum is very negotiations to secure new financing as the resonates better than ever. We’re Holley strong. We have a strong balance retailer faces deadlines on its loan obligations. delivering on that across the sheet and liquidity. Our pricing 2 While most stores wait for consumers to come world now in over 7,000 units, message, merchandising and oper- around, Wal-Mart is using its Every Day Low 3,600 of them international.” ations are very well aligned. Ticket Price strategy to capture market share. The retail giant is sitting pretty price has increased and store traf- in terms of its balance sheet. Holley fic has increased. Customers need 8 Dan Brestle, known for building brands and talent, said Wal-Mart has $11.6 billion in the ELP. We’re gaining market will retire June 30 as vice chairman and president free cash flow, more than double share of consumers making over of Estée Lauder Cos., North America. last year’s amount. Meanwhile, the $65,000 and those making less than Aeffe executive chairman Massimo Ferretti issued free cash flow of Wal-Mart’s top 10 $65,000 equally. Everybody now is 15 a rallying cry to the fashion industry, despite competitors equaled just $8 billion focused on saving money.” seeing his firm’s earnings cut in half in 2008. when added together. Three tough areas — home, hard Wal-Mart will use some of the lines and apparel — are improving. 16 The breakaway group of UNITE HERE is moving money for new stores, repurchas- “Apparel is still a little bit negative, to form a separate entity after 15 local boards ing shares and paying sharehold- but compared to the competition, voted to disaffiliate from the parent union. ers dividends, which rose to $1.09 in fiscal 2010, we stack up well,” Holley said. “The discipline our 18 Retail sales resisted dismal economic conditions from 95 cents in fiscal 2009. merchants have, clarity of assortments, pricing and for the second month in a row, but economists “We’re being opportunistic,” Holley said. signage — it all seems to be coming together. We said stores still face major hurdles. “There are going to be some opportunities over brought in OP and LEI did fantastic. Even though The Levy Group has taken responsibility for the next few months. These crises always pro- apparel was negative, LEI was positive.” Holley Louis 19 duce opportunities.” hinted there may be more such labels ahead. “We Vuitton supplying mislabeled Perry Ellis and Joseph He cited Chile as an example of the type of know you need brands there [in apparel,]” he said. Abboud men’s coats to Burlington Coat Factory. deal Wal-Mart might be looking for. The com- “You can’t play with all private labels.” Classified Advertisements.................................................................................................19 pany completed a tender offer for all outstand- The hard lines and apparel businesses in ing shares of common stock and all outstanding the U.K. are even tougher than in the U.S., yet TO E-MAIL REPORTERS AND EDITORS AT WWD, THE ADDRESS IS [email protected], USING THE INDIVIDUAL’s NAME. American Depository Share that it doesn’t own “we’re seeing good positive comps in George’s WWD IS A REGISTERED TRADEMARK OF ADVANCE MAGAZINE PUBLISHERS INC. COPYRIGHT ©2009 apparel,” Holley said. “Fashion and value are FAIRCHILD FASHION GROUP. ALL RIGHTS RESERVED. PRINTED IN THE U.S.A. resonating with our customer.” VOLUME 197, NO. 54. WWD (ISSN 0149–5380) is published daily (except Saturdays, Sundays and holidays, with There are going to be He added the company continues to gain one additional issue in January, May, October, November and December, two additional issues in March, April, June and August, and three additional issues in February and September) by Fairchild Fashion Group, which is a division “ market share in the U.K., where ASDA is out- of Advance Magazine Publishers Inc. PRINCIPAL OFFICE: 750 Third Avenue, New York, NY 10017. Shared Services some opportunities over performing the market and SGMA is lower than provided by Condé Nast Publications: S. I. Newhouse, Jr., Chairman; Charles H. Townsend, President/CEO; John W. Bellando, Executive Vice President/COO; Jill Bright, Executive Vice President/Human Resources. Periodicals postage major competitors. paid at New York, NY, and at additional mailing offices. Canada Post Publications Mail Agreement No. 40644503. the next few months. These “We’re cautiously optimistic about Japan,” Canadian Goods and Services Tax Registration No. 886549096-RT0001. Canada Post: return undeliverable Canadian Holley said. “Doug [McMillon, president and addresses to: P.O. Box 503, RPO West Beaver Cre, Rich-Hill, ON L4B 4R6 POSTMASTER: SEND ADDRESS CHANGES crises always produce TO WOMEN’S WEAR DAILY, P.O. Box 15008, North Hollywood, CA 91615–5008. FOR SUBSCRIPTIONS, ADDRESS ceo of international,] wanted me to make sure I CHANGES, ADJUSTMENTS, OR BACK ISSUE INQUIRIES: Please write to WWD, P.O. Box 15008, North Hollywood, CA worded this carefully. The economy is struggling 91615-5008, call 800-289-0273, or visit www.subnow.com/wd. Please give both new and old addresses as printed opportunities. there. Our comps have been positive for the last on most recent label. First copy of new subscription will be mailed within four weeks after receipt of order. Address all editorial, business, and production correspondence to WOMEN’S WEAR DAILY, 750 Third Avenue, New York, NY 10017. — Charles Holley,” Wal-Mart Stores Inc. three or four months and traffic is up. We rolled For permissions and reprint requests, please call 212-630-4274 or fax requests to 212-630-4280. Visit us online ELP out to 100 different categories.” at www.wwd.com. To subscribe to other Fairchild magazines on the World Wide Web, visit www.fairchildpub.com. Holley reminded analysts that Wal-Mart no Occasionally, we make our subscriber list available to carefully screened companies that offer products and services that we believe would interest our readers. If you do not want to receive these offers and/or information, please of Distribución y Servicio D&S SA or D&S, a longer gives monthly guidance — it instituted advise us at P.O. Box 15008, North Hollywood, CA 91615-5008 or call 800-289-0273. WOMEN’S WEAR DAILY IS NOT Chilean retail company. 13-week guidance instead — but offered that RESPONSIBLE FOR THE RETURN OR LOSS OF, OR FOR DAMAGE OR ANY OTHER INJURY TO, UNSOLICITED MANUSCRIPTS, “We went through a lot last year in all global March will be an unusual month due to Easter UNSOLICITED ART WORK (INCLUDING, BUT NOT LIMITED TO, DRAWINGS, PHOTOGRAPHS, AND TRANSPARENCIES), OR ANY OTHER UNSOLICITED MATERIALS.
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