Sheer Sighted
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RUSSIAN LOVE COSTUME DESIGNER JACQUELINE DURRAN INJECTS SERIOUS FASHION INTO THE FILM ADAPTATION OF COMING UP ACES “ANNA KARENINA.” PAGE 10 ACE AWARDS HONOR DESIGNERS AND BRANDS. PAGE 3 HE SAID, SHE SAID Tor y Fires Back In Burch Lawsuit By ALEXANDRA STEIGRAD NEW YORK — Battle Burch is turning into a brawl. Tory Burch pushed back at her ex-husband Christopher Burch, fi ling an answer and counter- claims to his Oct. 2 lawsuit. In her court papers fi led WEDNESDAY, NOVEMBER 7, 2012 ■ WOMEN’S WEAR DAILY ■ 3.00 Monday evening, Burch alleges that her former hus- WWD band purposely gleaned information about her name- sake brand in order to create the “knock-off ” retail concept C. Wonder. That claim is a point of contention between the Burches — who each own 28.3 percent of Tory Burch LLC. Chris Burch sued his former wife in Delaware state court, alleging that she kept him from pursuing other business ventures as he tried to sell his stake in Tory Burch, the company the duo created in 2003. While the back and forth won’t subside anytime soon, the case is on an expedited track. Lawyers for Chris Burch were granted that request when they ar- gued last Thursday before presiding Judge Leo Strine. This will likely bring both sides back to court for a trial in early April. (For more on that hearing, see sidebar.) In his suit, Burch — who also named board mem- bers Glen Senk, Eduardo Holschneider, John Hamlin, Ernesto Zepeda, María Asunción Aramburuzabala Larregui and Isla Cora — claims breach of contract Sheer and tortious interference with the sale process and with business relationships with suppliers. Tory Burch denied those claims in her response and said in court papers that her ex-husband “only has himself to blame” for the fact that a potential sale of his shares fell through. The deal, which was dubbed Project Amethyst, Sighted “died” because Chris Burch, a director of Tory Burch, created C. Wonder last year, an act that “violated” his Designers are showing some skin for spring in contractual and fi duciary duties, Tory Burch claimed subtle yet alluring ways. Take, for instance, Cushnie in her court papers. According to Tory Burch’s legal team, the three et Ochs’ embroidered silk chiffon blouse and cotton principal bidders in Project Amethyst made it a skirt with a silk organza panel, here with Manolo condition that Chris Burch enter into a settlement WOODS SEE PAGE 12 Blahnik shoes. For more, see pages 4 and 5. LYNDSEY ASSISTANT: Italians Eye IPOs FASHION By LUISA ZARGANI NYC; MILAN — Global markets may be gyrating, but Italian SALON fashion firms continue to see an initial public offering in their future. VARTALI Moncler, which shelved an IPO last year; FOR Pianoforte Holding, which comprises accessories brand Carpisa, innerwear and beachwear brand Yamamay, and swimwear brand Jaked, and men’s COSMETICS wear group Stefano Ricci all confi rmed they con- tinue to eye a stock-market fl otation down the road. Executives from those fi rms were among the speakers BROWN at the Pambianco Conference Tuesday at the Milan BOBBI Stock Exchange, who also included François-Henri Pinault, chairman and chief executive offi cer of PPR. USING Remo Ruffi ni, chairman and ceo of Moncler, said the “Bourse has a great value,” in terms of visibility of the brand and recruitment of human resources, for example. “A listing remains our goal,” he said. MONTGOMERY Asked on the sidelines of the conference about OLAN the future of the group’s other brands, which include BY Marina Yachting, Henry Cotton’s and Cerruti 1881, Ruffi ni said they are also “performing well,” and dif- MAKEUP ferent options are under study to “create value, per- haps two companies or one within the other.” AND Francesco Pinto, ceo of Pianoforte Holding, said the HAIR stock exchange has been a goal for the group for a long time. “First we had to be strong at home to be cred- ible outside,” said Pinto. Italy currently accounts for TESSA/FORD; 85 percent of sales, which are expected to reach 291 million euros, or $372.6 million at current exchange, PHOTO BY KYLE ERICKSEN; STYLED BY BOBBI QUEEN MODEL: SEE PAGE 6 2 WWD WEDNESDAY, NOVEMBER 7, 2012 Retail Earnings Season Heats Up THE BRIEFING BOX “Gap has done well and Macy’s Results exclude special items IN TODAY’S WWD By EVAN CLARK has done well, but meanwhile, such as restructuring charges J.C. Penney’s is just giving away and represent the current ana- WITH AMERICA’S election fever share,” Driscoll noted. “In the ag- lyst consensus estimates report- hopefully ready to cool today, re- gregate, I don’t think [the overall ed by Yahoo Finance. tail’s financial set can get down landscape] is that great.” Matthew Boss, a broadlines to business. As quarterly results roll out retail analyst at J.P. Morgan, But business has just been OK. over the next two weeks, it will said there aren’t likely to be Macy’s Inc. kicks off what’s become clear who is gaining the any big third-quarter surprises expected to be a relatively blah most traction with shoppers. and that there was a quiet con- third-quarter earnings season Wall Street and retail stocks fidence building about the holi- today. The department store has both gained ground Tuesday as day season. already characterized the period Americans headed to the polls to “Inventories as a whole are as “solid” and said sales rose 3.8 vote on who will lead the country more or less in line and clean in percent — although analysts proj- for the next four years. the channel and that could be a ect Macy’s earnings fell 9.4 percent Among the gainers were com- positive for margins in the fourth LOVELL to 29 cents a share. panies set to release results soon, quarter,” Boss said. Taking the longer view, Macy’s including Gap Inc., up 1.6 per- Arnold Aronson, managing di- is generally seen as one of the cent to $35.94; Nordstrom Inc., 1 rector of retail strategies at Kurt SHARRON BY winners in a retail landscape percent to $58.20; J.C. Penney Co. Salmon, said retailers overall A trendy look in Beijing’s Sanlitun Village. where the gulf between the lead- Inc., 0.8 percent to $23.53, and have held up pretty well consid- PHOTO ers and the laggards is widening Macy’s, 0.5 percent to $41.38. ering the still-high rate of unem- as consumers pick and choose Gap has been on a tear lately, ployment, volatile gasoline pric- Tory Burch pushed back at her ex-husband Christopher their purchases carefully. after a prolonged slump. Analysts es and political gridlock. Burch, filing an answer and counterclaims to his Oct. 2 “There are a few things that project the firm’s third-quarter Aronson said there would be a lawsuit Monday evening. PAGE 1 are good for the consumer, confi- earnings per share jumped 60.5 chance for consumers to refocus dence is improving, but it’s not off percent to 61 cents. Nordstrom after the election. According to speakers at the Pambianco Conference to the races,” said Marie Driscoll, is also gaining ground, with earn- “We’re still a consumptive so- Tuesday, Italian fashion firms continue to see an initial public a retail consultant. “We’re going to ings expected to rise 22 percent ciety,” he said. “There are a lot of offering in their future. PAGE 1 see modest opportunity for margin to 72 cents a share. people who might feel they have expansion on lower input costs On the other end of the spec- deprived themselves. The talk L’Oréal’s third-quarter sales rose 11.8 percent in the face of [such as cotton], but top line, not trum, Penney’s, which is revamp- will be, ‘What are you shopping a slowdown in Asia and the travel-retail channel. PAGE 3 so strong. It’s pretty promotional ing as a specialty department store, for?’ and ‘What’s the hottest?’ out there.” is expected to post quarterly losses and ‘Who has the best prices?’ Retail continues to be a mar- of 5 cents a share, down from earn- The conditions are going to be The Komar company has signed a letter of intent to acquire PAGE 3 ket-share war. ings of 11 cents a year earlier. slowly but steadily improving.” Le Mystère, an upscale foundations brand. Joseph R. Gromek, former president and chief executive officer of Warnaco Group Inc., has been named chairman of The New School. PAGE 3 IAG in Deal to Buy HMX’s Coppley Corp. relieved to find its white knight. Among the chief complaints Nordstrom will open CFDA/Vogue Fashion Fund pop-up By JEAN E. PALMIERI “This is a very happy day for us is that the union contract is not shops in six locations around the country this spring. PAGE 6 and VICKI M. YOUNG and our employees,” he said. “It identified in the bid as an ob- had been an emotional roller ligation to be assumed by the Neiman Marcus will grow its distribution internationally to INDIVIDUALIZED APPAREL coaster. But IAG has a similar acquirer. More specifically, the 100 countries through a partnership with FiftyOne Global Group on Tuesday said it has culture and thinking — they get union noted that the licensee, the Ecommerce. PAGE 6 signed a definitive agreement custom, and they also value rela- Williams-controlled entity, “may to purchase substantially all tionships with retailers. We’re pri- offer” employment to union work- Grupo M has taken the trade provisions afforded companies the assets of Coppley Corp., the marily a specialty-store operation.” ers, leaving open the possibility that produce in Haiti well beyond their original intent.