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Beautiful and Bold A look at the trends from New York…and what buyers praised in Paris. COUTURE PARIS THURSDAY, JANUARY 24, 2013 ■ WOMEN’S WEAR DAILY ■ $3.00 WWD SPRING 2013 LOYALTY PLAN Saks Fifth Avenue Ups The Omnichannel Ante widen participation and strength- By DAVID MOIN en customer bonds. Free shipping, while costly, is another big step for- NEW YORK — Saks Fifth Avenue ward for the luxury retailer. is advancing its omnichannel “This changes the game,” agenda by juicing up its SaksFirst Stephen I. Sadove, chairman and loyalty program and rolling out chief executive offi cer of Saks Inc., free shipping. told WWD. “We’re putting the focus It’s a response to a fast-changing on our core customer and have sim- industry where e-commerce con- plifi ed the SaksFirst program, help- tinues to boom, even after a disap- ing them to understand the benefi ts pointing holiday season; Amazon. and how valuable they are. com, eBay, Net-a-porter and other “It’s a bit unconventional” for pure plays are pushing harder and the luxury sector, he added. harder into the fashion world, and Among the changes: some retailers, such as Nordstrom I Anyone with a Saks card is au- and Macy’s, already have advanced tomatically in the SaksFirst loyalty omnichannel operations. program for free, making it more Saks does gain ground by mak- accessible. Previously, a $1,000 ing its shopping benefi ts more con- minimum spend was required. sistent across shopping channels, I Anyone shopping the Saks Off enhancing its SaksFirst program 5th outlet chain with the Saks card with a richer array of perks and re- can earn SaksFirst points. Off 5th wards and revised rules geared to SEE PAGE 8 A Secret Disservice ONE CAN JUST IMAGINE the countless sets of soul- ful, eager eyes. “Pick me! Pick me!” they surely cried out in longing. But in a moment — make that two mo- ments, one morning, one evening — hope died, and all but a few went back to their under-known, under- Beautiful loved status. How does Michelle Obama get a pass on the ridicu- lousness surrounding her inaugural wardrobe selec- tions? The whole thing would be merely silly and un- Bridget Foley ’s dignifi ed if it weren’t so disrespectful of the time and And Bold resources of others, some of whom have little of both Diary at their disposal. No, the headline isn’t a mistake. While the beauty of The First Lady’s wardrobe has often captured the public fancy and that of the press as well (interest ebbs and fl ows de- Valentino’s white lace gown is obvious, its bravado is pending upon the First Lady). WWD started covering White House fash- more textured. Creative directors Maria Grazia Chiuri ion with the two Mrs. Wilsons (Woodrow Wilson’s fi rst wife Ellen Axson and Pierpaolo Piccioli have forged a path that fl ies in Wilson died in 1914; he married Edith Bolling Wilson the following year). SEE PAGE 6 the face of current high-profi le eveningwear norms, at least where the red carpet is concerned. And let’s face it, when it comes to couture, the red carpet is a major consideration. In the exquisite collection the designers showed on Wednesday, they dared to embrace discretion, employing major coverage for maximum impact. For more couture, see pages 4 and 5. PHOTO BY GIOVANNI GIANNONI 2 WWD THURSDAY, JANUARY 24, 2013 Tod’s Revenues Tick Ahead 7.8% THE BRIEFING BOX In 2012, the Tod’s brand re- $256.4 million, mainly driven by IN TODAY’S WWD By LUISA ZARGANI mained the group’s core business, the double-digit performance reg- with sales of 569.7 million euros, istered in the U.K. and France. MILAN — Gains in Asia and the or $729.2 million, up 16.8 percent Revenues in the U.S. gained U.S. and a strong performance from the year before. Hogan and 30.8 percent to 81.6 million euros, Backstage at Jean Paul Gaultier’s couture show. of the Tod’s and Roger Vivier Fay continued to be affected by or $104.4 million, despite the brands contributed to a 7.8 per- the group’s strategy to rationalize significant impact of Hurricane cent rise in 2012 preliminary the number of its wholesale cli- Sandy and fourth-quarter figures. revenues at Tod’s SpA, despite a ents in Italy. The two brands are Asia and the rest of the world drop in domestic sales. not as developed outside Italy as showed a 48.7 percent jump to In the period ended Dec. 31, the Tod’s and Roger Vivier labels. 297.3 million euros, or $380.5 the Italian luxury group posted Hogan sales totaled 243.4 million million. In particular, the com- preliminary sales of 963.1 million euros, or $311.5 million, regis- pany highlighted “outstanding euros, or $1.23 billion, compared tering a 13.3 percent drop from results” in Greater China, which with 893.6 million euros, or $1.24 last year, and Fay, which is still accounts for about 19 percent billion, in 2011. mainly a domestic brand, showed of total sales, and which counts ACHARD Dollar amounts have been sales of 74.5 million euros, or 54 directly operated stores and converted at average exchange $95.3 million, down 15.2 percent. three franchised units. Tod’s also rates for the periods to which Conversely, Roger Vivier reve- singled out “significant” increas- DELPHINE they refer. nues more than doubled, reaching es in Korea and Japan. BY Diego Della Valle, chairman 74.5 million euros, or $95.3 mil- Citi luxury analyst Thomas and chief executive officer of lion, compared with 36.5 million Chauvet said in a research note PHOTO the group, parent to the Tod’s, euros, or $50.7 million, in 2011. issued on Tuesday that “against Hogan, Fay and Roger Vivier all odds,” and despite the group’s Saks Fifth Avenue is advancing its omnichannel agenda by brands, said he was “deeply sat- exposure to Italy at the beginning juicing up its SaksFirst loyalty program and rolling out free isfied” with the company’s per- of 2012, Tod’s shares were among shipping. PAGE 1 formance in the year, “despite the best performers in the luxury the challenging environment.” 30.8% sector in 2012 and highlighted the How does Michelle Obama get a pass on the ridiculousness Della Valle explained the de- company’s “interesting and rapid surrounding her inaugural wardrobe selections? PAGE 1 cline in domestic sales by say- TOD’S U.S. REVENUE INCREASE transformation phase, which ing: “Given the strength of our should support revenue and mar- Gains in Asia and the U.S. and a strong performance of the brands, the macroenvironment in gin expansion,” without a “radical Tod’s and Roger Vivier brands contributed to a 7.8 percent rise Italy and the strong demand from The group’s core category, transformation of the strategy.” in 2012 preliminary revenues at Tod’s SpA. PAGE 2 the foreign markets, we have de- footwear, showed a 9.9 percent The research note raised the cided to make our Italian whole- rise in sales, which reached 710.4 question of whether Tod’s could Shares of Coach Inc. slid 16.4 percent Wednesday to $50.75, sale distribution even more se- million euros, or $909.3 million. be an acquisition target. LVMH after the handbag maker revealed lower-than-expected lective, in order to preserve our Leather goods and accessories Moët Hennessy Louis Vuitton second-quarter earnings. PAGE 2 brands’ exclusivity and products’ rose 14.2 percent to 165.5 million chairman Bernard Arnault has positioning.” euros, or $211.8 million, while ap- had a 3.5 percent stake in Tod’s Looking ahead, the executive parel declined 15.1 percent to 86.2 since its flotation in 2000, and Four new editors in chief are sending out their important said he was confident about the million euros, or $110.3 million. Della Valle has been on LVMH’s March issues, so what kind of bump did they manage to PAGE 3 group’s net profit in 2012, which “The sales performance by re- board since 2002. “We believe that achieve? he believed “will be higher than gion reflects the group’s strategy family ownership (and major- the outstanding level reached to focus its growth on the foreign ity control) is unlikely to change With China’s new leadership pledging to toughen up on the previous year,” based on the markets, mainly the Asian ones, in the short to medium term, al- corruption, luxury brands that have been thriving there may be “favorable sales mix — by distri- which offer higher growth poten- though it may be tempting for the in for a bit of a slowdown. PAGE 3 bution channel, by region and by tial, while being highly prudent controlling Della Valle family to product category.” on the domestic market,” said consider a share placement given Hennes & Mauritz said Wednesday it would be staging its first Full 2012 figures including the company. the strong share price perfor- fashion show in eight years on Feb. 27 on the sidelines of Paris profits will be released March 13. Italy showed a 14.5 percent mance in 2012,” the report said. Fashion Week. PAGE 7 In the fourth quarter, revenues drop in revenues to 383.9 million Tod’s shares closed up 0.88 amounted to 213.2 million euros, euros, or $491.4 million. Sales in percent at 103.2 euros, or $133.6 at Andrée Putman, who died this past weekend at the age or $275 million, up 9.6 percent Europe, excluding Italy, rose 10.1 constant exchange, on the Milan of 87, was given an intimate farewell Wednesday at the from the same quarter in 2011.
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