GAP FILLS A BIG HOLE/2 LUXURY TIME FOR JAY-Z/2 WWDWomen’s Wear Daily • The Retailers’TUESDAY Daily Newspaper • April 19, 2005• $2.00 Ready-to-Wear/Textiles Here and Vow NEW YORK — Taste and grace — those two words sum up Vera Wang’s spring 2006 bridal collection, shown here on Thursday. The designer’s line stood out for its subtle but distinctive colors, varying hemlines and beautiful details. Here, one of her gowns in crepe satin and tulle, with a taffeta tie. For more on this season’s bridal trends, see pages 6 to 9. Growing Neiman Marcus: New Owner May Be Near And Expansion a Priority By David Moin NEW YORK — Expend, then expand. With Neiman Marcus Group expected to be sold as early as next month for a minimum of $100 a share, or in the $5 billion range, concerns are mounting over what it will all mean for the luxury chain’s future and its ongoing expansion. At the moment, it appears the bidding action has boiled down to two front- runners — Kohlberg, Kravis Roberts & Co. teaming with Bain Capital Partners, and Thomas H. Lee with The Blackstone Group. Other private equity firms apparently have taken a pass. According See Growth, Page10 PHOTO BY JOHN AQUINO 2 WWD, TUESDAY, APRIL 19, 2005 WWD.COM Gap Gets President, Old Navy Ships Out By David Moin in New York,” she said. was reassigned as president for WWDTUESDAY The Gap spokeswoman also an upcoming yet-to-be-named di- Ready-to-Wear/Textiles NEW YORK — Gap Inc. is mak- said that “speed to market” with vision targeting consumers 35 ing some major changes in an new products was also an impor- years of age and older. It was im- GENERAL attempt to reverse its slowdown. tant objective and that the trans- portant that the company fill the With Neiman Marcus Group drawing bids in the $100-a-share range, new On Monday, the Gap Brand di- fer of Old Navy’s design team to void before Thursday, when it 1 owners will need to expand in order to profit off the investment. vision announced a new presi- be closer to the senior staff of Old will hold a big analyst presenta- Swiss watch brand Audemars Piguet is creating a new line of watches to dent, Cynthia Harriss, an execu- Navy will help in that regard. tion in San Francisco, to present celebrate rap star Jay-Z’s 10 years in the music business. tive with extensive retail experi- In total, there is said to be a more complete management 2 ence. Also, Diane Neal was pro- about 450 people working at Gap team. Sources said that a few EYE: Afschineh Latifi talks about her book, “Even After All This Time: A Story moted to president of the Gap Inc. design offices here at 45 West weeks ago, another candidate de- 4 of Love, Revolution and Leaving Iran”…Waxing poetic with Dana Goodyear. outlet division, filling Harriss’ for- 16th Street. They’re involved in cided against taking the job at FASHION: The spring bridal runway shows held last week featured several mer role. product development for Old the last minute. 6 key trends for the big day — most notably lots of ribbons and bows. Meanwhile, the Old Navy divi- Navy, Gap and Banana Republic. Before joining Gap, Harriss sion is dismantling its New York Harriss will step into her was president of the Disneyland TEXTILES: Three months into the post-quota era, Chinese textile firms at product development team and new role on May 2 and oversee Resort division of The Walt 11 Intertextile Beijing had mixed feelings about the state of their industry. relocating it to Gap’s San Fran- all aspects of the Gap brand in Disney Co., and served as senior Classified Advertisements ..................................................................18-19 cisco headquarters. About 100 North America, including Gap vice president of stores for The people work on the team, though Adult, GapKids, babyGap and Disney Store. Earlier, she spent To e-mail reporters and editors at WWD, the address is many are unlikely to make the GapBody. She will report to Gap 19 years with Paul Harris Stores [email protected], using the individual’s name. move west, according to sources. Inc. president and chief execu- in merchandising and opera- WOMEN’S WEAR DAILY IS A REGISTERED TRADEMARK OF FAIRCHILD PUBLICATIONS, INC. COPYRIGHT ©2005 A Gap spokeswoman disputed tive Paul Pressler and continue tional capacities, including vice FAIRCHILD PUBLICATIONS, INC. ALL RIGHTS RESERVED. PRINTED IN THE U.S.A. VOLUME 189, NO. 83. WWD (ISSN # 0149-5380) is published daily except Saturdays, Sundays and holidays, with one speculation that Old Navy was to serve on the executive leader- president and general merchan- additional issue in June; two additional issues in April, May, August, October, November and December, and three additional looking to cut costs. “It’s not about ship team. dise manager, and senior vice issues in February, March and September, by Fairchild Publications, Inc., a subsidiary of Advance Publications, Inc. PRINCIPAL OFFICE: 7 West 34th Street, New York, NY 10001. Shared Services provided by Advance Magazine Publishers Inc.: S.I. Newhouse, Jr., decreasing the head count,” she “Through her 30 years of re- president of stores. Chairman; Steven T. Florio, Vice Chairman; Charles H. Townsend, C.O.O.; John W. Bellando, Executive Vice-President and C.F.O.; Jill said. “It’s more about fostering tail experience, Cynthia has Neal, 48, had been senior Bright, Executive Vice-President_Human Resources; John Buese, Executive Vice-President_ Chief Information Officer; David Orlin, creativity and collaboration.” demonstrated that she is a vice president of merchandising Senior Vice-President_Strategic Sourcing; Robert Bennis, Senior Vice-President_Real Estate; David B. Chemidlin, Senior Vice- President_General Manager, Advance Magazine Group Shared Services Center. Periodicals postage paid at New York, NY and at The change in tack at Old strong operator and merchant, for the outlet division. She will additional mailing offices. Canada Post Publications Mail Agreement No. 40032712. Canadian Goods and Services Tax Registration Navy raises the question of as well as an exceptional leader also report to Pressler and No. 88654-9096-RM0001. Canada post return undeliverable Canadian addresses to: DPGM, 7496 Bath Road, Unit 2, Mississauga, ON L4T 1L2. POSTMASTER: SEND ADDRESS CHANGES TO WWD, P.O. Box 15008, North Hollywood, CA 91615-5008. FOR whether the Banana Republic with a track record of inspiring serve on the executive leader- SUBSCRIPTIONS, ADDRESS CHANGES, ADJUSTMENTS, OR BACK ISSUE INQUIRIES: Please write to WOMEN’S WEAR and Gap divisions also might shift and developing great teams,” ship team. She joined Gap in DAILY, P.O. Box 15008, North Hollywood, CA 91615-5008; Call 800-289-0273; or visit www.subnow.com/wd . Four weeks is personnel. However, the spokes- Pressler said in a statement. October 2004 from Mervyn’s, required for change of address. Please give both new and old address as printed on most recent label. First copy of new subscription will be mailed within four weeks after receipt of order. Address all editorial, business, and production woman said this was strictly an The position of Gap Brand where she was president for correspondence to WOMEN’S WEAR DAILY, 7 West 34th Street, New York, NY 10001. For permissions and reprint requests, Old Navy decision. “We’re com- president has been vacant since three years. Earlier, she was an please call 212-221-9595 or fax requests to 212-221-9195. Visit us online: www.wwd.com. To subscribe to other Fairchild magazines on the World Wide Web, visit www.fairchildpub.com. Occasionally, we make our subscriber list available to carefully mitted to maintaining a presence last September, when Gary Muto executive at Target Corp. screened companies that offer products and services that we believe would interest our readers. If you do not want to receive these offers and/or information, please advise us at P.O. 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Of that amount, ● NO BONUS FOR DREXLER: J. Crew Group Inc. said in an April Piguet is creating a line of watch- $500,000 will be donated to the S. 12 filing with the Securities and Exchange Commission that chief es to celebrate rap star Jay-Z’s 10 Carter Scholarship Fund, a non- executive officer Millard Drexler did not receive a cash bonus years in the music business. profit organization founded in based on the company’s fiscal year 2004 financial results when op- The limited-edition selection, 2002 by Jay-Z, whose given name erating profits rose to $20 million from $1 million in the prior year. called the Audemars Piguet is Shawn Carter, and his mother, However, the following executives did receive annual bonuses: Royal Oak Offshore Jay-Z 10th Gloria.