Vive Le Smoking
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GROWING JUMPING PEONIES IN ATHLETA FORMS ITS BLOGGER RACHEL PARCELL OF FIRST DESIGNER PINK PEONIES LAUNCHES HER WEARABLES ON SHOW COLLABORATION, OWN FASHION PRODUCTS: A THE LATEST IN WEARABLE TECH IS ON EXHIBIT AT THE WITH DEREK LAM’S 10 JEWELRY COLLECTION. PAGE 9 BROOKLYN FASHION + DESIGN ACCELERATOR. PAGE 3 CROSBY. PAGE 2 SHAREHOLDERS CASH OUT Tory’s Growing Value: Firm Now Worth $3.5B By EVAN CLARK Tory Burch’s stock is on the rise. A recent round of share swaps let some of the pri- vate fashion company’s early investors cash out with very healthy returns and valued the fi rm at $3.5 bil- lion — an increase of about $1.25 billion over two MONDAY, FEBRUARY 2, 2015 ■ $3.00 ■ WOMEN’S WEAR DAILY years ago, according to sources. WWD That’s a lot of ballerina fl ats. And another sign that the fi rm is ready for primetime and perhaps closer to an initial public offering, even though co-chief execu- tive offi cers Tory Burch and Roger Farah have both declared their affection for operating away from the PARIS klieg lights of Wall Street. Sources said a total of $200 million worth of the company’s shares traded hands in the recent stock COUTURE swap, with its largest investors buying out people who SPRING 2015 held smaller stakes. A spokeswoman for the company declined to comment. Vive Longtime shareholders Access Industries and Tresalia Capital as well as BDT Capital Partners and General Atlantic, which bought in late in 2012, are all believed to have kept or raised their stakes. The last time the company raised money was in late Le Smoking 2012 in a deal that ended in a messy legal battle be- tween Burch and her ex-husband Christopher Burch PARIS — Modern variations on Le Smoking over the now-defunct C. Wonder. Prior to the sale, each added a seductive edge to spring couture of the Burches owned 28 percent of the company. Although Christopher Burch held onto some collections, offering a sleek, tailored shares after that deal, it’s not clear whether or not he contrast to the bounty of floral looks. still has stake in the fi rm and he declined to comment Here, Giambattista Valli’s interpretation for this article through a spokeswoman. The 2012 stock sale brought BDT and General sways mildly Goth, his simple cropped Atlantic on board and, according to numerous sources, jacket topping languid trousers and valued the company at about $2.25 billion. One fi nancial a transparent overskirt with a satin source said that at the time, that amounted to roughly 15-times the company’s earnings before interest, taxes, waistband. For more, see pages 4 and 5. depreciation and amortization of $150 million. So the company’s value appreciated a total of 56 SEE PAGE 3 Texas Retail Thrives Despite Oil’s Decline By HOLLY HABER DALLAS — Oil prices have dipped below $50 a barrel, but retailers aren’t panicking in Texas — at least not yet. High-end merchants said the rich are still rich, even if their net worths and royalty checks have been slashed in half. And economists noted that middle and mass merchants stand to profi t from the decrease in gas prices. For every penny decrease for a gallon of gas, $1 billion in savings is injected into the national economy, according to the Automobile Association of America. “I feel like so far it’s been a bit of a nonissue,” said Brian Bolke, president and cofounder of Forty Five Ten in Dallas. “People who really are invested in that market know that it’s pretty temporary, so I feel they aren’t overreacting to it. There’s a point where it could change.” Still, while the mood isn’t one of doom and gloom, the decline in oil prices will have an impact. Dallas Fed economists expect job growth in the state will slow to between 2 percent and 2.5 percent this year from 3.6 percent in 2014. That translates to about 140,000 fewer new jobs than were created last year. That forecast is down 0.5 percent from what the Dallas Fed estimated in mid-December, as oil prices have continued to fall since then. “We are going to lose a lot of white-collar jobs — en- gineering, legal, personnel services, accounting, con- sulting and other professions that support the energy companies,” said Bill Gilmer, director of the Institute for Regional Forecasting at C. T. Bauer College of PHOTO BY GIOVANNI GIANNONI SEE PAGE 8 2 WWD MONDAY, FEBRUARY 2, 2015 Athleta Links With Derek Lam THE BRIEFING BOX By JESSICA IREDALE IN TODAY’S WWD A sketch from the Athleta, ATHLETA IS AIMING to boost its fashion cred with 10-Crosby its fi rst designer collaboration. The Gap Inc.-owned collaboration. company is partnering with Derek Lam 10 Crosby, Lindsey Wixson Lam’s contemporary collection, for a line that seeks from Sidaction to capitalize on the “ath-leisure” lifestyle phenom- gala. For more, enon. It will launch in Athleta stores and Lam’s 10 see page 10 Crosby Store in New York in September. and WWD.com. “We’ve been following how 10 Crosby devel- oped, and Derek’’ was interested in experimenting with athletic wear,” said Nancy Green, president of Athleta, noting that Intermix founder Khajak Keledjian, who sold his company to Gap in 2012, made the introduction between Lam and Athleta. Asked why Athleta was interested in associating with a designer, Green said, “It’s exciting to have a designer collaboration when it’s the right one. We don’t believe we have to have one every season, but if the right opportunity to partner comes up, it’s great. It complements our collection and gives a PHOTO BY STÉPHANE FEUGÈRE PHOTO BY wider variety to our customer.” For his part, Lam said interest in getting into the athletic arena, whether through a partnership A recent round of share swaps let some of Tory Burch’s early or adding it to 10 Crosby, was piqued about six investors cash out with very healthy returns and valued the fi rm at $3.5 billion. PAGE 1 purely performance-driven range. “I kept questioning I kept questioning what what seemed gratuitous. Like, you don’t need another Oil prices have dipped below $50 a barrel, and while the sports brand, so how do I make the pieces work easily mood isn’t one of doom and gloom in Texas, the decline in into her everyday wardrobe?” Lam said. There’s a two- prices will have an impact. PAGE 1 seemed gratuitous. Like, you in-one sweatshirt-shirt combination, washable leather pieces, a cotton poplin shirt, technical denim, leggings Hexoskin, an open data smart-shirt, is just one of the and a bra top, which he said was the most tradition- don’t need another sports garments featured in “Cloud Couture: The Intimate Connections ally athletic piece, even though most of the pieces use technical fabrics. “We really challenged them on, and Between Fashion and Technology,” opening Tuesday. PAGE 3 brand, so how do I make the they challenged us too on, bringing in leather and fab- rications that you would think are more sportswear- Mort Gordon, who pivoted from early work as an editor and pieces work easily into her oriented versus athletic wear,” Lam said. Prices range publisher at Fairchild Publications to a long career as a licensing from $58 for a tank top up to $388 for a leather jacket executive, died Friday in Boca Raton, Fla., at age 87. PAGE 9 everyday wardrobe? and are slightly higher than current Athleta items. Athleta has been on the expansion track, taking Carroll Petrie, known for her cool beauty, understated style — DEREK LAM steps to raise its fashion profi le by staging its fi rst and good works, died Jan. 22 at the age of 90. She is survived fashion show during New York Fashion Week last by her granddaughters and nieces. PAGE 9 months ago. “With all the awareness of how people September. There are 102 stores and talk of expanding are using that category of clothing in their every- internationally, though Green said there was “no news Shiseido said gains from the sale of the Decléor and Carita day lives, I thought it was an interesting proposi- to share.” Adding a designer-driven range to its assort- brands boosted its bottom line for the fi rst nine months of the tion and put feelers out there that I would love to ment is part of keeping up with a category rife with year as its operating profi t took a tumble. PAGE 9 do some kind of collaboration,” he said. He’s signed stylish competition, such as Nike and Adidas. “It’s a on with Athleta for three seasons. chance for us to put a stake in the ground and say the Thursday’s annual Sidaction gala, which raises money for Aesthetically, Lam said the collection is more fashion and style element to our assortment is equally AIDS research and patient care, drew a crowd of VIPs and subdued and urban than Athleta’s typically colorful, important to the performance element,” Green said. industry faces on the last day of Paris Couture Week. PAGE 10 Claudia Schiffer and Tse creative director Tina Lutz met up in London last week to put the fi nishing touches on their fi rst ’’ capsule collection. PAGE 11 Myanmar Establishes Code of Conduct Young workers should be kept off night shifts, Diane von Furstenberg’s woman is always on the go, literally.