Brexit Vote Puts Industry in Limbo
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DAILY EDITION 27 JUNE 2016 1 Pink Whale Karl’s Kondos Puma Pirouettes In the City Karl Lagerfeld turns his eye The activewear maker links Vineyard Vines Opens at to condo lobbies in Miami. with the New York City Ballet. Grand Central Terminal. PAGE 20 PAGE 20 PAGE 16 Fashion. Beauty. Business. BUSINESS Brexit Vote Puts Industry In Limbo ● A weaker pound will deliver short-term gain, but businesses fear lack of investment. BY SAMANTHA CONTI WITH CONTRIBUTIONS FROM NATALIE THEODOSI LONDON — What now? British voters’ shocking decision Thursday to exit the European Union created an eerie sense of limbo through- out the Continent and around the world over the weekend as politicians, industry executives and just plain folks digested the result and tried to figure out what impact it will have on every- thing from trade and travel to the global economy and tourism. The only certainty at the moment is uncertainty — which is likely to result in a big blow to consumer confidence, not just in Europe but potentially world- wide. The concern is that the upheaval associated with the U.K.’s departure from the EU will cause consumers to pull back even more on spending, contributing further to the slowdown that has already hit retailers and fashion groups. Following Thursday’s In/Out referen- dum, the U.K. needs to find a new prime CONTINUED ON PG. 17 FASHION DEAD AT 87 Bill Cunningham, A Fashion Original ● The legendary photog spent On nearly 40 years chronicling fashion and street style for The Times. BY ALEXANDRA STEIGRAD WITH CONTRIBUTIONS FROM WWD STAFF Track it’s pleasure,” Bill Cunning- “It’s not work, PARIS — How do you give the suit a ham said a few years ago. “That’s why I feel so second life in an age of street chic? guilty. Everybody else does work — I have too much fun.” Designers in Paris experimented with That was typical of the man, one of the greatest and most distinctive fashion journal- extreme shapes and daring details, from ists of the past 50 years. ragged stitching to zip-off panels. At his Cunningham, the longtime New York Times photographer, died over the weekend energetic Dior Homme show on Saturday at the age of 87. Cunningham had suffered a stroke in his with its roller-coaster set, Kris Van Assche apartment on Central Park South about two weeks ago, and was hospitalized. added athletic stripes reminiscent of Beloved in fashion circles, Cunningham, tracksuits to this sleek two-button style. who is best known for his candid and street- style photography, was a fixture at fashion For more from the men’s shows, shows and on the streets of New York where he was often seen riding his bicycle to events. see pages 4 to 13. On early mornings, Cunningham, who habitually CONTINUED ON PG. 15 Photograph by Giovanni Giannoni Giovanni by Photograph An Advertising Opportunity Issue: July 20 / Ad Close: July 6 / Materials: July 11 Online shopping continues to expand. ‘A’in focus Accessories Make Everything Look Better FOR MORE INFORMATION, PLEASE CONTACT PAMELA FIRESTONE, ASSOCIATE PUBLISHER AT 212 256 8103 OR [email protected] 27 JUNE 2016 3 BUSINESS vision as us, with a more strategic vision and skills that we slightly lack today,” she added. Duruflé said it was important to them that TOP 5 Isabel Marant in Talks the company remain in French hands, adding that Marant wanted to develop its digital ser- vices and expand into new product categories. TRENDING The company posted wholesale revenues of ON WWD.COM To Sell Majority Stake 150 million euros, or $166.5 million at average exchange rates, in 2015. It has 800 points of ● French investment fund in the hands of Marant, Duruflé and Nathalie sale worldwide, including 22 freestanding bou- Montefiore would acquire Chemouny, the third partner in the French tiques, of which nine are directly operated. fashion label. Duruflé was confirming an The bohemian-chic brand, beloved by 51 percent. unattributed report in French financial daily celebrities such as Kendall and Kylie Jenner, BY JOELLE DIDERICH Les Echos on Friday. has been on a rapid expansion track in recent “We have been in advanced discussions years. Its collaboration with Swedish high- with Montefiore for several months, but noth- street retailer H&M in 2013 further boosted the PARIS — Isabel Marant is in advanced discus- ing is signed,” she said. label’s global profile. sions with French investment fund Monte- “Isabel, Nathalie and I are a little bit self- The deal would be the first investment fiore for the sale of 51 percent of its capital, taught. We have been growing this company in fashion for Montefiore, whose portfolio said Sophie Duruflé, the brand’s managing for more than 20 years, in a very spontaneous, includes budget hotel chain B&B Hotels, car- director. natural and sincere manner. We wanted to be hire broker Auto Escape and marketing and The remaining 49 percent would remain accompanied by people who have the same opinion research firm BVA. RETAIL in a statement. “These are always tough decisions to make, but in taking a look at the store’s performance and our busi- Nordstrom Plans Closure ness needs into the future, we believe this is the best direction to take. We look forward to serving our loyal Horton Plaza Of San Diego Store customers at our other San Diego stores.” The company has three Nordstroms and four Nordstrom Rack stores else- ● The retailer said the Westfield retailers there include Gap, Express, For- where in the San Diego area, with a Nord- They Are Wearing: Horton Plaza location will ever 21, Bebe and Banana Republic. strom Rack at the Shops at La Jolla Village The store is expected to remain open set to open in October. The company’s Paris Men’s Fashion remain open through Aug. 26. through Aug. 26. Nordstrom at University Town Centre is Week Spring 2017 BY KARI HAMANAKA The company said in a statement that getting an upgrade to its design and will the roughly 180 workers impacted by the move to a new home within the mall next ● They Are Wearing: Paris Men’s planned closure will be offered a position year. Fashion Week Spring 2017. Nordstrom said it will close its Westfield at one of its other stores in the area or be Nordstrom in April said it was making Horton Plaza door, located in San Diego, provided with a “separation plan.” “operating model improvements” that in August. “We’ve been in business at Horton would lead to about $60 million in sav- ● Balmain Men’s Spring 2017 The store, opened in 1985, is one Plaza for 31 years and we’ve loved serving ings for the current fiscal year, via cuts of of the outdoor center’s anchors along our customers here,” said Jamie Nord- between 350 to 400 positions mostly at ● Hermès Men’s Spring 2017 with Macy’s and a movie theater. Other strom, president of stores for Nordstrom, the corporate and regional levels. ● Dior Homme Men’s Spring 2017 RETAIL ● Lanvin Men’s Spring 2017 Cushman & Wakefield Identifies Cool Streets ● The global real estate firm C&W surveyed 100 areas across North such as West Elm, the Brooklyn Nets and connects cool streets with America and came up with the top 15 cool BaubleBar. “Independents, start-ups and Millennial consumers who streets. mom-and-pops have been actively looking,” Williamsburg, Brooklyn, once the ultimate said Spiegelman. “Asking rents range from $75 have rejected shopping malls. cool area, is now in limbo. The neighborhood to $175 per square foot.” began to take shape in the late Nineties, when The fortunes of Logan Square in Chicago BY SHARON EDELSON artists, musicians and the LGBT community (prime hipness on the Hip-O-Meter) have found affordable rents in Williamsburg’s edgy long been tied to its better-known neighbor, Cushman & Wakefield has released “The environs. New restaurants, bars, art galleries Wicker Park. As the latter’s rents priced out Global Stock Tracker Cool Streets of North America,” in which it and boutiques opened. Rents then began the arts community, creative types moved to As of close June 24, 2016 warns retailers to ignore hipster neighbor- their upward trajectory. National chains Logan Square. The neighborhood’s momen- hoods at their own peril. moved in and independent retailers were tum is now driven by a thriving dining and ADVANCERS “If retailers live and die by cool, the same priced out. bar scene. American Eagle also holds true of retail properties, shopping Contrary to other opinions, Gene Spiegel- The revitalization of Over-the-Rhine, in Outfitters Inc. centers and entire neighborhoods,” says the man, vice chairman of Cushman & Wakefield, downtown Cincinnati (“up-and-coming” and +3.02% report. Other factors may come into play, said that Williamsburg is “far from over. “the next big thing”), began in 2003, when Target Corp. “but the reality is that cool matters. In an age Although it may be quite pricy, Williamsburg $330 million in public and private resources +1.54% of frugal consumers, e-commerce encroach- is a cool street. Has it gone mainstream? were invested to spur economic development ment and vast gaps in performance between Absolutely. of distressed properties. The result has been Vince Holding Corp. trophy malls and Class B and C centers, cool “It’s in that part of its cycle now,” he added. the opening of more than 130 new businesses. +1.53% matters now more than ever.” “Retail rents are $200 per square foot to $300 Shaw, in Washington, D.C. (“prime hip- Wal-Mart Stores Inc.