DAILY EDITION 8 JUNE 2016 1

WINNING PAUL’S PICK QUEEN BEE FRAGRANCES Paul Stuart tapped Paulette Beyoncé was the surprise The Fragrance Foundation Garafalo of Brooks Brothers guest at the CFDA Awards — honored Leslie H. Wexner — as its new chief executive and stole the show. and his Victoria’s Secret won officer.PAGE 10 PAGES 4 AND 5 a major award. PAGE 3 Fashion. Beauty. Business.

THE MARKETS Ralph Lauren’s ‘Way Forward’ To Reinvention ● The company aims to focus on its core brands, close stores and reduce headcount.

BY WWD STAFF

Ralph Lauren issued a mea culpa to Wall Street on Tuesday. “Did we drop the ball? Did we make some things wrong? Absolutely. Am I happy about it? No, but I believe in this company,” he said during the company’s investor presentation, titled “The Way Forward.” During the presentation, Stefan Larsson, the group’s new president and chief executive officer, outlined a series of initiatives aimed at getting the fashion house back on the growth path. These include speeding up the supply chain; focusing on the core collections of Ralph Lauren, Polo and Lauren; shuttering stores, and eliminating management layers that will result in job cuts of about 8 percent of the company’s workforce, or 1,000 people, this year. “We are not rightsizing the organization because of cost reasons. We are rightsizing the organization to empower our doers. We are taking the amount of layers down from an average of nine to six. So there is no reason why we need more than six layers between me and the actual doer doing the work.” Larsson said. “This is a multiyear journey. That means that we’ll going to have an evolution phase when we get this in place. Look at that as 2017, 2018. Then we’ll segue into sustainable profitable growth 2019-20. At the end of this four-year period, we aim at driving market share growth and having operating margins in the midteens,” he added. Perhaps it was that longer timeframe that disappointed Wall Street. Shares of Ralph Lauren ended Tuesday’s trading session FASHION down 2.4 percent to close at $94.06 on the New York Stock Exchange. The shares have recovered somewhat from its earlier intraday low of $86.25. Nonetheless, most analysts and industry observers applauded the new strategy. Craig Johnson, president of research and consulting firm Customer Growth Partners, said, “We’ve More seen this movie before — an accessible luxury brand that lost sight of the key element of a luxury brand: the value of scarcity. Whether you are Coach or Kors or Ralph Lauren, once the brand overly expands its distribution to the point it becomes ubiquitous, it loses its Is More exclusivity. And once a luxury brand is avail- He may not have taken off to an able in lesser forms — whether “Lauren by Ralph Lauren” or with made-for-outlet quality itinerant location, but Marc Jacobs for the outlets — it risks diminishing the brand’s cachet. Larsson’s efforts to trim the delivered a spectacle of the sartorial sails and restore the ship to its true heritage and heading are spot-on.” sort. His resort collection screamed Larsson said although more resources will flamboyant fashion — and Eighties- be devoted to focus on the group’s three key brands — Ralph Lauren, Polo and Lauren injected overstatement — at every turn. — which represent the majority of its brand strength, that doesn’t mean the other labels in For more resort, see pages 6 to 8. the company’s portfolio will languish. CONTINUED ON PG. 14 Photograph by Masato Onoda Masato by Photograph 8 JUNE 2016 3

BEAUTY and Body & Hand Wash from Jo Malone for Bath & Body Line of the Year; Voulez-Vous OUT THIS WEEK IN Fragrance Foundation Coucher Avec Moi from By Kilian for Indie Fragrance of the Year; Tom Ford Venetian Bergamot for Luxury Fragrance of the Year, Men’s; Miss Dior Blooming Bouquet Reveals Award Winners for Women’s Media Campaign of the Year; Tom Ford Noir Pour Femme for Luxury ● Marc Jacobs Decadence and Fragrance of the Year, Men’s. Fragrance of the Year, Women’s; D&G Dior Sauvage took home The other honorees included: John Light Blue for Fragrance Hall of Fame; Varvatos Dark Rebel for Packaging of the Modern Muse Rouge from Estée Lauder multiple accolades. Year, Men’s; La Collection 34 Diptyque for 360-Degree Marketing Campaign of the BY ALLISON COLLINS for Interior Scent Collection of the Year; Year; Chanel Misia by Olivier Polge for Per- Nautica Life Energy for Men’s Fragrance of fume Extraordinaire; Narciso by Narciso the Year, Popular; Maison Martin Margiela Rodriguez for Breakout Star, and Versace As L Brands founder Leslie H. Wexner Replica for Social Media Campaign of the Eros Pour Femme for Consumer Choice, solidified his place in fragrance history Year; Mimosa & Cardamon Body Crème Women’s Prestige. with his induction into the The Fragrance Foundation’s hall of fame on Tuesday night, one of his brands — Victoria’s Secret — took home the Women’s Fragrance of the Year, Popular, award for VS Forever Sexy. Wexner and VS Forever Sexy were two of many winners at Tuesday’s Fragrance Foundation Awards, hosted by Alec Bald- win. Cosmopolitan editor in chief Joanna Coles won the foundation’s Gamechanger Master Builder award, and IFF’s Sophia Grojsman took ● An interview with retail visionary home the Lifetime Achievement, Per- Leslie H. Wexner. fumer, award. Grojsman has created scents for Lancôme, Estée Lauder, Yves In-Store Evolution Saint Laurent, Bulgari, Elizabeth Arden ● and others. This is L Brand’s second The shopping experience is year with a win in the Consumer Choice, undergoing its biggest transition. Women’s Popular category. Last year, the Bath & Body Works division won with A Pitti’s Promise Thousand Wishes. ● Raf ruminates and Gosha on Marc Jacobs Decadence and Dior Sau- vage brought home multiple wins each. where to go. Decadence won awards for Packaging of PLUS: the Year, Women’s, and Prestige Fragrance ● Report Card of the Year, Women’s. Sauvage picked Marc Jacobs up Media Campaign of the Year, Men’s; Decadence ● Social Studies Consumer Choice, Men’s, and Prestige ● Briefs

“Men’s fashion has not been THE MARKETS daring for a long time…I would almost say that men deserve to Vince Holding Reports Q1 Net Loss be treated like women.” — RAF SIMONS ● The fall women’s collection scheduled for August, and noted the “highly from the brand’s founders will favorable response we received from our wholesale partners during the preview.” The be available in August. August line will be the first developed by the BY VICKI M. YOUNG brand’s founders since they returned to the Global Stock Tracker company last fall as consultants. As of close June 7, 2016 “Overall, we will continue to move forward Vince Holding Corp. reported a first-quarter with strategic actions and investments that ADVANCERS net loss following the company’s planned support recapturing the Vince DNA as we reduction in promotional activity and inven- strive to position the company for improved Dickson Concepts tory levels. results in the second half of fiscal 2016 and for (International) For the three months ended April 30, the long-term profitable growth,” Hoffman said. +7.31% net loss was $1.9 million, or 5 cents a diluted For fiscal 2016, the company guided total Giordano international Ltd. share, against net income of $2.5 million, or 6 net sales at between $290 million and $305 +4.78% cents, a year ago. Net sales rose 13.1 percent to million, including revenues from six new retail Chow Tai Fook $67.6 million from $59.8 million. stores and comp growth inclusive of e-com- Jewellery Group By segment, wholesale sales rose 16.9 per- merce sales in the flat to low-single digit range. cent to $44.8 million, while direct-to-consumer Sales are expected to decrease in the mid to +3.09% sales rose 6.1 percent to $22.9 million during high-single digit range for the first half of the Li Ning Co. Ltd. the quarter. Comparable sales fell 12.3 percent, year, and then to be flat or increase in the +2.52% including e-commerce sales, which was in line midsingle digit range in the second half. Gross Hugo Boss AG with expectations, the company said. Vince margin is forecast at 47 percent, and diluted +2.35% had planned reductions in both promotional earnings per share is expected in the range of activity and inventory levels. The company 0 cents to 6 cents. also said gross profit was $28.3 million, or 41.8 The company in the quarter issued slightly DECLINERS percent of net sales. That compares with gross over 11.8 million additional shares of common Elizabeth Arden Inc. profit of $30.7 million, or 51.4 percent of net stock, raising gross proceeds of $65 million -7.77% sales in the same year-ago quarter. The decline from the completion of a nontransferable in the gross profit rate was due primarily to a rights offering. A part of the proceeds were Abercrombie & Fitch Co. “change in product mix and continued strate- used to repay $22.3 million due under a tax -4.82% gic investments,” the company said. receivable agreement with an affiliate of Sun Revlon Inc. Brendan Hoffman, chief executive officer, Capital Partners, and repay $20 million of debt -4.14% said the first-quarter results were as expected, under the company’s revolving credit facility. Ascena Retail Group Inc. “despite the difficult retail environment, and Sun Capital Partners, the private equity firm -3.94% we remain on track to meet our expectations based in Boca Raton, Fla., still owns a stake in for the year.” Vince. Yoox Net-a-porter Group Hoffman affirmed that the company also Vince waxed cotton trench Vince shares closed Tuesday at $5.96, up -3.68% coat $495, vince.com

xxx is on track for its fall women’s collection, 4.75 percent. 4 8 JUNE 2016

The Late Show The 2016 CFDA Fashion Designers and celebrities headed to the Samsung store in Awards in a Word: Beyoncé the Meatpacking District for the Bey, Jay and Blue Ivy stole the show at Monday night’s CFDA Awards. 2016 CFDA Awards after party.

“I just want alcohol,” bemoaned a young woman as her VIP wristband was snapped onto her No sense in burying the lead: Be- wrist at the entrance of Samsung’s Washington yoncé was the surprise guest/hon- street pop-up on Monday night. It was nearing oree at the CFDA Fashion Awards midnight, and after sitting through the three Monday night, waking up the hours of dinner and awards-doling at the annual crowd when she took the stage CFDA awards, everyone was feeling entitled to in a giant black wide-rim hat and a cocktail. The pack of designers, both emerging striped Givenchy suit to receive and established, and their celebrity guests had the Fashion Icon Award toward the come downtown from Hammerstein Ballroom end of the evening. to the official after party venue, conveniently The CFDA is not an organiza- located mere feet from The Standard, host of the tion that withholds its proximity Met Ball’s after party - a fact that was not lost on to celebrity, but it kept Beyoncé a guests. “Weren’t we just doing this?” an attendee secret, maximizing her impact and said aloud as she walked into the room. minimizing the damage control if The tri-level space, which was complete with she no-showed. She gave one of all sorts of Smart gadget displays (e.g. phones, the best speeches of the night, watches, etc.), was a new venue for many of the a very sweet ode to her grand- guests. “I’ve never been here,” a man, apparently mother, mother and uncle, the lat- experienced on the party circuit, observed to his ter two of whom were responsible comrade. “Darling,” his date replied, “I don’t think for the homespun, matchy-matchy anyone has.” ensembles of early days Destiny’s Those hoping for a quieter night found solace Child. Who remembers House of on the lower level, content with watching the DJ Dereon? at work, whlie the top floor was brimming with “When I wore these clothes on fashion’s sparkliest, eager to party. stage I felt like Khaleesi. I had an Secluded behind a harp-like screen, Phillip Lim extra suit of armor it was so much chatted on a couch, while next to him Jason Wu deeper than any brand name,” Beyoncé in Givenchy. remained intertwined with date Emily Ratajkows- ki. Across the way Selma Blair sat perched atop Marc Jacobs a stool, welcoming those who came before her to mingle. “I loved it,” Vera Wang gushed of the awards, sweeping through the crowd early in the evening,

CONTINUED ON PG. 5

Emily Ratajkowski in Jason Wu, with Calvin Klein and Donna Karan the designer.

The David Bowie tribute.

Tilda Swinton in said Beyoncé. “My mother, who is Haider Ackermann. so fabulous and beautiful, and is here tonight…actually designed my wedding dress, my prom dress, my first CFDA Awards dress, my first Lion Babe Grammy dress and the list goes on and on. And this to me is the true power and potential of fashion. It’s Soko in Gucci. a tool for finding your own identity and expression. It transcends style and is a time capsule for all of our greatest milestones.” If Beyoncé upstaged the real fashion crowd, no one was com- plaining. The running joke is that the fashion crowd is a tough one, with an indiscernible sense of hu- mor. “I know why you guys are here tonight. Because you’re all huge fans of comedy,” said Joel McHale, the evening’s host, during his opener. “I still believe that you love comedy even after I saw all your cameos in ‘Zoolander 2.’ But if you can do me a favor and instead of laughing at my jokes tonight, just stare back at me blankly, please.” The audience all but obliged. “I’ve never heard any fashion person LOL,” said Alexa Chung. “This isn’t really our crowd, so we’re going to be counting on this Thom Browne Jay Z and Naomi Campbell

CONTINUED ON PG. 5 Falk and Evan Jillian Sollazzo by Photographs 8 JUNE 2016 5

Jennifer Hudson performing a tribute Sarah Williams and to Prince at the CFDA Awards. Joel McHale

Norma Kamali Brandon Maxwell, Ryan Roche and Eva Fehren. The 2016 CFDA Fashion Awards in a Word: Beyoncé CONTINUED FROM PAGE 4

table, “ said Abbi Jacobsen of “Broad City” to her tablemates, who included Chung, Prabal Gurung, Jennifer Hudson, Miroslava Duma and Alex- ander Skarsgård. Jacobsen and “Broad City” co-star Ilana Glazer attended with Rebecca The Late Show Minkoff and were enlisted to CONTINUED FROM PAGE 4 present the Accessories De- signer of the Year Award. The CFDA changed it up this partygoers parting in her path. “I was so proud year, moving the awards from of all the female designers, they were amazing. Alice Tully Hall to Hammerstein Michael C. Hall performing at Donna Karan, Norma Kamali..” Ballroom, where for the first the CFDA Awards. Jillian Hervey, daughter of Vanessa Williams time in a long time a seated and one half of group Lion Babe, was spending dinner preceded the ceremony. outs to his boyfriend Andrew International Award. “I know her first CFDA night with date Adam Selman, People were always griping Bolton and his team, seated that you’ve all been looking at the designer who still can claim fame to one of that they were starving during at his table and showing their your iPhones,” said Wintour. “I the most remembered looks to grace the cere- the lengthy proceedings, so devotion to their leader by would like to ask you all to join mony (that would be Rihanna’s barely-there look they gave them chilled lobster dressing identically in the Thom me in a round of applause for of 2014). It was his first CFDA Awards night as and chilled steak to chew on. Browne uniform. Marc Jacobs the incredible news that Hillary well. “We feel like juniors in high school,” Hervey Originally, the CFDA planned to was more casually dressed Rodham Clinton is now the laughed. And though it was her first time at the Vera Wang televise the production, but it for short, sweet acceptance Democratic Party nominee.” CFDAs, she is no stranger to the fashion awards scrapped that idea last month. of Womenswear Designer of She might have actually “woo- circuit. “I went to the British Fashion Awards so it It was the smart move. There the Year — he wasn’t scheduled ed” but the audience drowned was kind of the same thing,” she continued. “I’m was no shortage of star power to attend the awards. Rachel her out. They’re With Her. a native New Yorker so [tonight] I just felt more in the room — Olivia Wilde, Lena Mansur and Floriana Gavriel Calvin Klein introduced his connected to the designers.”— LEIGH NORDSTROM Dunham, Victor Cruz, Karlie accepted the Accessory friend Donna Karan for the Kloss, Ansel Elgort, Irina Shayk, Designer of the Year Award Founder’s Award. Michael Claire Danes, Naomi Campbell, with a speech that was ever Kors introduced Lifetime Tilda Swinton — but at the end so slightly less awkward than Achievement Award winner of the day, it’s an industry event last year, when they won the Norma Kamali, who knows with questionable appeal to a award for the first time. The how incredible she looks at 70. broader audience. Jacobsen, Swarovski Awards for emerg- Her next project is beauty and Glazer and Minkoff headed ing talent went to Paul Andrew wellness-related. In case that for the door midway through for accessories, Alex, Matthew doesn’t pan out she has a plan the ceremony. They missed and Samantha Orley of Orley, B. “Just in case, I asked Mickey Beyoncé, but caught Michael for men’s, and Brandon Max- Drexler if maybe he would want C. Hall’s brilliant performance well, for women’s. to do a sex tape with me,” said of “Changes” in a David Bowie Anna Wintour was an Kamali. “He said it would be a tribute. improbable source of genuine very, very long sex tape.” May- As for the winners, Mens- enthusiasm when she took be she was onto something. J. wear Award winner Thom the stage to present Ales- Crew could use a sales boost. Browne gave heartfelt shout sandro Michele of Gucci the — JESSICA IREDALE Samira Wiley Sarah Abney and Grace Bol in Thom Browne. Jordan Dunn and Jacquelyn Jablonski

Gigi Burris Donna Karan Photographs by Jillian Sollazzo and Evan Falk and Evan Jillian Sollazzo by Photographs 6 8 JUNE 2016

Michael Kors Marc Jacobs Collection It was like an itinerant show, but without the power venue, hotel or fear of disease-carrying bugs. In other words, the resort collection Marc Jacobs showed on Tuesday morning — the day after winning the CFDA Award for Women’s Wear — was a spec- tacle of the sartorial sort, screaming flamboyant fashion at every grommeted, logoed, pink-flamingo-ed turn. “God knows, we’re Resort just doing a nice showroom presentation,” Jacobs said during a preview on Monday afternoon. “It doesn’t mean the clothes should be nice little showroom clothes, right? There’s plenty of that.” A sliding door away, the foyer was occupied by about a dozen models awaiting fittings; hence, Jacobs’ insistence that he wouldn’t make the Awards fete. “I need to be at work,” he said. A last-minute change of heart required the canceling of the first of his two shows (every hour counts) in favor of a single 10 am presentation. (Actual start time: 9:58). This was as retro-feisty as it gets. “Miami Vice Rococo!” one Now guest quipped on the way out. It was also a deep dive into the house archive. While the show’s grounding in the crimped-hair, pile-it-on overstatement of the Eighties made obvious con- nection to Jacob’s last spring outing, it was rooted, too, in fall’s melancholy masterpiece, but less obviously so. Fall’s shots of moody pinks and purples here erupted into shocking tones; its voluminous grandeur reinterpreted as rustling fare for girls who just want to have fun. Beyond that, the strong elements of Jacobs vernacular were restated throughout: madcap polka dots; military; oversize sweats; demure florals; crazy, beachy — palm fronds; giant fla- mingos; patches, pins and co-opted pop culture logos, here most noticeable in giant MTV signage. Jacobs worked it all into a decorative frenzy: More is more, more and much, much more. Yet he worked in moments of (rela- tively) calm chic: an impeccable trench; a sinewy lame shirtdress with shades of metallic and YSL. He also made a deliberate, if not necessarily obvious, statement of high-low, both the traditional kind (the integration of affordable clothes) and something else altogether (a look in an intricate multimaterial pastiche that included strips of python and five-dollar-a-yard plastic some- thing-or-other. Madcap fun? Absolutely. It was also a treatise on impeccably realized bravado. — BRIDGET FOLEY

Michael Kors Collection “Jennifer Hudson’s coming to sing afterward. I hope you’re p---ed off, cranky and tired by the time she gets here,” Michael Kors said by way of greeting, unable to resist a quip about Monday night’s CFDA Awards. He then transitioned seamlessly to the matter at hand, his resort collection. As a matter of clarity, Kors prefers the handle “des- tination” to resort. Destination, he said, can mean hot weather, cold weather or, “I’ve got a party in town.” And by his lights, form follows function — he’s got it all cov- ered. Yet rather than eclectic mayhem, Kors delivered his multipurpose clothes within razor-sharp parameters: clean lines, graphic patterns and a witty take on match- ing items — striped sweater-and-bag duo, anyone? Kors kept his silhouettes characteristically classic, whether in neatly cut dresses or precision separates. Which is not to say he played it safe. There’s no safety — but plenty of wow — in a black-and-white chevron mink coat and matching backpack. Ditto his new trouser: out-to-there dotted palazzo pants, worn with a horizon- tal striped sweater and nifty maritime jacket. He had pragmatic fun by tricking the eye — dresses looked like separates and vice versa. His customer may “want to look layered, but she doesn’t want to pack layers,” he reasoned. She does have a penchant for pattern, which he rendered in numerous ways: the causal glam of a sweater in navy cashmere and gold cashmere stripes worn with a sailor skirt; a Sixties-ish black dress with silver eyelash fringe; a long, large-dot guipure column — the perfect, casual sexy take-away gown. It all made for a particular take on tony panache — ultrapolished, but with the unfettered attitude that Marc Jacobs Marc Jacobs pleasant destinations require. — B.F. Jacobs photographs by Masato Onoda; Kors by George Chinsee George by Onoda; Kors Masato by photographs Jacobs