Tuesday, September 10, 2013 Women's Wear Daily $3.00
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WWD TUESDAY, SEPTEMBER 10, 2013 Q WOMEN’S WEAR DAILY Q $3.00 68 Greene Street - Soho | 5th Ave. at 54th Street WWDMILESTONES $6 BILLION DEAL TAHARI New Owners AT 40 For Neiman’s SECTION II By EVAN CLARK THE CLOCK HAS been reset at the Neiman Marcus Group. The luxe chain is getting a new lease on life and new owners willing to pump in “meaningful capital” as it ventures further into the omnichannel future and weighs global strategic options. But the $6 billion deal to be acquired by Ares Management LLC and the Canada Pension Plan Investment Board means Neiman’s might WWD have to carry more debt and face another sale or initial public offering down the road. TUESDAY, SEPTEMBER 10, 2013 Q $3.00 Q WOMEN’S WEAR DAILY Malibu For now, David Kaplan, senior partner and cohead of the private equity group at Ares, told WWD that there are plans to put Tom my more money into the retailer for the next fi ve Tommy Hilfi ger sent out some good vibrations years and that the new owners would be in Monday morning with an energetic collection lockstep with Neiman’s president and chief inspired by California beach life. “We brought executive offi cer Karen Katz. “We are partnering with Karen and her Malibu to New York,” said the designer, team,” Kaplan said during a joint interview who wasn’t just referring to the with Katz. “We plan to operate this as a busi- set’s boardwalk and sandy dunes. ness — not as a fi nancial engineering experi- He delivered many interpretations SPRING 2014 ence. That is not at all what we do. We are on scuba suits, including this very focused on the top line and growing this leather bomber jacket shown with NEW YORK company, its top line and its cash. This is not a swimsuit and silk boxer shorts. COLLECTIONS about taking real estate, fl ipping it, chang- For more from the shows, ing it. That’s not what we’re about. We have a see pages 8 to 12. very long-term approach.” Kaplan, who is chairman of 99 Cents Only Stores and has a long history of investing in the retail and consumer space, offered few specifi cs on Neiman’s future. But he did say the new owners would be investing in the stores as well as technology and other initia- tives “that would help continue to elevate and keep the Neiman Marcus and Bergdorf Goodman brands where they belong — which is at the pinnacle of the luxury pyramid.” Kaplan said the company was known around the globe and that although there PHOTO BY STEVE EICHNER SEE PAGE 4 2 WWD TUESDAY, SEPTEMBER 10, 2013 WWD.COM Tiffany Names Design Director THE BRIEFING BOX lack of consumer confidence. This has been exacer- By ALEXANDRA STEIGRAD bated by the increased cost of gold and silver.” IN TODAY’S WWD The ceo said the luxury space had “benefited” NEW YORK — Tiffany, meet Francesca. from an economic “tailwind” prior to the downturn, British jewelry designer Francesca Amfitheatrof but now, in order to “grow,” Tiffany must expand its has been named design director of Tiffany & Co. “product innovation and new marketing.” Backstage at the The job had been vacant since celebrated design The jeweler, which uses mainly silver and plati- Carolina Herrera director John Loring retired from the post, which num, set out on that path when it introduced Rubedo, a show. For more, he held from 1979 to 2009. Loring became design recently developed copper-centric alloy. But the brand see WWD.com. director emeritus following his departure, and will isn’t moving downscale; in fact, it’s planning on moving retain that title. Amfitheatrof, who will oversee up prices and infusing more gold into its pieces. a team of 23 people, will report to executive vice Although Amfitheatrof ’s first real influence on a president Jon King, who oversees design. collection won’t likely be seen until next year, the In an exclusive interview, Tiffany chairman and brand said the designer, who began working from chief executive officer Michael Kowalski told WWD: the New York headquarters on Thursday, will have “If you look at our history, there have been times input on strategy moving forward, even though her when design has been directed by people who have primary focus is product. a public presence and also times when that’s not the “We all want things to happen as soon as possi- case. As we’ve expanded globally, we thought this was ble,” Amfitheatrof said. “Everyone is very keen for the right time to bring on Francesca.” a chapter to open up…for brand new The ceo said his company had “seri- collections…and new lines from exist- ing collections.” ously” been on the lookout for someone ERICKSEN KYLE PHOTO BY to fill Loring’s shoes for about a year. At first blush Amfitheatrof ’s past cre- Although the jeweler never worked with ations — which include an elasticated Amfitheatrof before, Kowalski said he was sterling silver necklace that looks a bit impressed by her résumé, which includes like a delicate string of mini slinkies TPG and Warburg Pincus have agreed to a $6 billion deal designing collections for Chanel, Fendi and a bracelet she created for Chanel to sell Neiman Marcus Group to Ares Management and a and Marni, as well as for private clients. made of a sterling silver perforated disk Canadian pension fund. Page 1 Amfitheatrof, whose wares have sold at with an onyx bead atop an elastic band Colette in Paris and the Museum of Modern — may not fit the Tiffany mold. But the British jewelry designer Francesca Amfitheatrof has been Art in New York, most recently served as designer said of all the brands she’s named the next design director of Tiffany & Co. Page 2 founding partner of RS&A, a London-based ever worked with, Tiffany “feels closer” firm representing contemporary artists. Francesca Amfitheatrof to her “personal style.” PVH Corp. expects continuing headwinds in southern Europe What drew Tiffany to Amfitheatrof was her “The synergy between my design and ongoing investments in the Calvin Klein businesses to training as a jewelry designer and silver- aesthetic and Tiffany’s is that we have limit its second-half profitability. Page 2 smith, the ceo said, referring to the importance of silver a certain clarity and likeness, a certain purity that I to the brand’s entry-priced fashion collections, which have in my work,” she said. “Of course, Tiffany has Time Inc., range from $200 to a few thousand dollars. some very well-known existing lines that are part of under new chief executive officer Joseph Ripp, In addition to strong craftsmanship, Kowalski their DNA that I would like to work on.…That’s not is expected to purchase American Express Publishing’s five highlighted Amfitheatrof ’s global experience and to say that I wouldn’t like to start new collections.” magazines this week. Page 6 ability to design for a wide range of categories, The designer said she hopes to “challenge the from jewelry and eyewear to home and handbags. Tiffany customer” by mixing materials such as gold Organizers and exhibitors at the upcoming Texworld and Amfitheatrof ’s clean, yet modern aesthetic will and silver with white enamel and wood. Première Vision trade shows aim to take signs of an upswing likely infuse a more fashion-forward look into the “I want to really surprise people,” she said, and ride them into increased interest for fall. Page 14 jeweler’s collections, which is a primary focus for noting that she’s already drawn inspiration from the brand going forward. Tiffany’s post-World War II collections. “I’d love to The Woolmark Co. is set to unveil a new washable wool Although in its most recent quarter the retailer bring in the fashion-conscious consumer. We want campaign meant to freshen up the image of the fabric. Page 15 posted better-than-expected second-quarter earn- to be leaders and we want customers to follow us.” ings that rose 16.3 percent to $106.8 million, Tiffany With that in mind, Amfitheatrof hopes to revamp The size of Kering’s stake in Altuzarra is about 40 percent, called out the need to improve its fashion jewelry Tiffany’s somewhat conservative handbag line, as according to financial and market sources. Page 16 collection. With the bulk of its growth coming from well as shake up its eyewear collection, which is Asia — specifically Greater China — as well as its produced by Luxottica Group, and its tabletop busi- Justin Bieber was front and center at Opening Ceremony’s fine and statement jewelry lines, Kowalski noted ness. The designer, who helped launch eyewear debut runway show on Sunday night at Pier 57. Page 17 that the brand must concentrate on strengthening its for Marni, underlined that she isn’t abandoning U.S. business and lower-priced pieces. That’s where Tiffany’s heritage, which is known for its classic, Oscar de la Renta has been busy putting the finishing touches high-end, gem-encrusted jewelry. Amfitheatrof will play the most immediate role. on his newly expanded New York store. Page 18 “Since 2007, 2008, our statement sales, higher- “I don’t have a snobbishness to materials. I price-point sales have done just fine,” Kowalski said. love designing for the high end as much as I do “The pressure that we’ve felt has come from the the lower end. I love wearing the stuff together,” Signs of a recovery of the Italian fashion industry are coming lower price point and that’s come from the customer, Amfitheatrof said.