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April 29, 2006
Liz's Profits Plunge On Slower Sales
Liz Claiborne Inc.’s profits plunged 34.3 percent in the first quarter of this year on sales that slipped 3.4 percent.
The U.S. apparel company pinned the performance on fewer departments store orders and costs related to its own restructuring program.
Liz, which licenses brands Juicy Couture and Ellen Tracy among others, reported revenue of $1.17 billion for the quarter, compared to $1.21 for the year-ago period. Looking ahead, the company expects revenue to be flat or slightly up in the second quarter.
Posted by Blacks at 11:58 AM | Comments (0)
April 28, 2006
U.S. Economy Revs Up In Q1
The U.S. economy picked up the pace during the first quarter of the year, growing by 4.8 percent.
This represented the fastest growth in nearly three years, thanks to both business and consumer spending.
Consumer spending accounts for nearly two-thirds of gross domestic product and provided a significant boost at the beginning of this year.
Fourth-quarter 2005 growth came in at a much more moderate 1.7 percent, due to consumer belt tightening.
Posted by Blacks at 09:48 AM | Comments (0)
April 27, 2006
Sales Soar At Gucci
Gucci Group’s first quarter sales soared 19 percent to over $1 billion, buoyed by strong demand for luxury goods in Asia and Japan in particular.
The Gucci brand benefited from the popularity of Frida Giannini’s RTW collection, the group said.
Gucci’s parent company, French conglomerate PPR, reported a sales increase of nearly 8 percent to $5.3 billion for the quarter ended March 31. PPR said it is benefiting from general economic expansion and strong demand in international markets.
Posted by Blacks at 11:18 AM | Comments (0)
April 26, 2006
Jones' Q1 Profit Falls 70%
Jones Apparel Group’s first-quarter profit dropped 70 percent on revenue that dipped nearly 10 percent, yet the company managed to beat expectations.
The declines were pinned largely on one-time charges and the company’s sale of Polo Jeans Co.
Jones still managed to rake in income of $25.8 million, or 22 cents a share, on revenue of $1.22 billion.
Excluding the one-time charges, Jones earned 66 cents a share, beating analyst estimates by 13 cents a share.
The results come amid speculation over who may possibly bid for Jones. The retail giant put itself on the block last month and its rumored suitors include private equity firms Texas Pacific Group and Cerberus Capital Management. The company is said to be weighing its options.
Posted by Blacks at 12:25 PM | Comments (0)
Coach Considers Jewelry, Perfume
Leather goods and accessories maker Coach Inc. is reportedly planning a foray into jewelry and perfume.
The U.S. company, best known for its “C”-clad handbags and wallets, would be following in the footsteps of brands such as Gucci, which have seen high demand in the categories.
Coach has dabbled in jewelry with leather bracelets but has yet to introduce a complete line.
Fragrance has proved a successful category for a number of luxury vendors and presents another good opportunity for Coach.
Posted by Blacks at 09:07 AM | Comments (0)
April 25, 2006
Ford, Armani Face Off In Milan
Former Gucci designer Tom Ford is opening a menswear showroom in Milan, directly across from the headquarters of Giorgio Armani.
The 6,000 square foot showroom is located at via Borgonuova 24 and is set to open in January. Ford, who left Gucci in 2003, has been busy working on projects such as signature fragrance and eyewear collections, but it’s his upcoming menswear line that has created the most anticipation among fashionistas.
Ford has said that Milan is one of his favorite fashion capitals and it was a natural fit for his new collection.
Posted by Blacks at 08:52 AM | Comments (0)
Q1 Sales Soar At Hugo Boss
First quarter sales at Hugo Boss soared 15 percent over last year to $74 million.
The rosy results, released Tuesday, prompted the German brand to lift its profit forecast for the remainder of the year. Boss, which is controlled by Italian fashion house Valentino, expects a profit rise of 10 percent to 12 percent this year.
Boss said it benefited from strong sales of its womenswear line and overall growth in the luxury sector.
Posted by Blacks at 08:03 AM | Comments (0)
April 24, 2006
Bottega Veneta Rated Top Luxury Brand
Bottega Veneta has been rated the most prestigious luxury brand in a survey of wealthy consumers, beating out such well-heeled contenders as Prada, Chanel and Hermès.
Although the Italian company is not as well recognized as luxury rivals such as Armani, Bottega was rated the highest in exclusivity, quality and uniqueness among consumers familiar with the name.
The brand’s performance bodes well for the future of the company, according to the Luxury Institute, which conducted the survey. The Luxury Institute surveyed over 500 U.S. households with an income of at least $200,000 a year.
Posted by Blacks at 12:46 PM | Comments (0)
Eddie Bauer Up For Sale
Eddie Bauer is up for sale and the retailer has hired Goldman Sachs to help it find potential suitors. Perspective buyers include private equity firms and bids are due to be submitted by May 1, according to reports.
The Redmond, Washington, company offers casual outdoor clothing and accessories for men and women. In addition to having a strong online presence, the company also has joint venture partnerships in Japan and Germany and licensing agreements in a number of product categories.
Posted by Blacks at 08:39 AM | Comments (0)
April 21, 2006
Liz Claiborne Bets On Kate Spade
Liz Claiborne is reportedly looking to add Kate Spade to its label lineup. Spade put itself on the block last year after its majority investor, Neiman Marcus, was purchased by Texas Pacific.
The brand offers accessories and ready-to-wear designed by Kate Spade and her husband Andy. If Liz Claiborne does acquire the label, the founding couple is expected to stay onboard in a design capacity.
Liz already owns big-name brands Juicy Couture and Lucky Jeans, among others.
Posted by Blacks at 08:55 AM | Comments (0)
April 20, 2006
LVMH Reports Q1 Sales Surge
LVMH Moet Hennessy Louis Vuitton reported a 15 percent surge in sales for its first quarter, citing strong demand for spirits, jewelry, fashion and cosmetics.
The French luxury group reaped $4.38 billion in sales for the quarter ended March 31.
Watch and jewelry sales jumped 23 percent, while sales of fashion and leather goods increased by 14 percent.
Perfume and cosmetics sales climbed 18 percent with a boost by Dior’s Capture Totale makeup and skin care, LVMH said.
Posted by Blacks at 04:01 PM | Comments (0)
Former Gucci CEO Named Head Of Dior
Former Gucci America CEO Patricia Malone has been named President and Chief Operating Officer of Christian Dior.
Malone will begin her career at the French fashion house next week where she will oversee various departments including couture, fashion, retail, cosmetics and spirits.
Malone was successful at building the Gucci brand in the late ‘90s and is expected to give the same boost to Dior.
Posted by Blacks at 07:20 AM | Comments (0)
April 19, 2006
Consumer Prices Up On Gas, Clothing
U.S. consumer prices rose 0.4% in March as the cost of gasoline and clothing climbed, the Labor Department said Wednesday.
The rise was in line with expectations but notably higher than February’s 0.1% increase.
Gasoline prices shot up 3.6% last month while the cost of clothing increased by 1%.
Core consumer prices, excluding food and energy, rose 0.3% in March, representing the biggest inflation gain in a year.
Posted by Blacks at 07:38 AM | Comments (0)
April 18, 2006
Mizrahi To Launch Men's Line
Fashion divo Isaac Mizrahi is getting ready to launch a men’s wear line at Bergdorf Goodman, where he already has a high-end women’s label.
Unlike some designers, Mizrahi is not shy about tapping into each end of the market, as he also designs mass-market collections for retail giant Target.
If that were not enough, Mizrahi is reportedly working on launching a mid-range accessories brand, including shoes. It will be interesting to see if the designer’s "everything for everyone" strategy pays off, or if his blanket availability leads to a loss of caché.
Posted by Blacks at 09:31 AM | Comments (0)
April 14, 2006
Retail Sales Inch Up
U.S. retail sales inched up 0.6 percent in March after a dip in February, the Commerce Department reported this week. February sales decreased by 0.8 percent, according to revised figures.
Despite an overall sales increase for March, sales at apparel and accessories stores were flat.
Department store sales slid 0.1 percent during the month.
Posted by Blacks at 08:25 AM | Comments (0)
April 12, 2006
Armani Reports Double-Digit Growth
Giorgio Armani rang in record sales and profits for the fourth quarter of last year, and the company appears to be keeping up the momentum.
Sales for the quarter ended Dec. 31 rose 10 percent to $1.8 billion, while profits shot up 18 percent, according the Italian fashion house.
Sales for the first quarter of this year also made significant gains, increasing by 8 percent.
Armani has been riding a wave of luxury lust recently, and was voted by consumers as one of the most coveted fashion brands.
Posted by Blacks at 04:55 PM | Comments (0)
Roland Mouret To License Archive
Roland Mouret Design is offering up a 10-year license of its sample and pattern archive, it said this week. The archive includes 12 collections, from spring/summer 2002 to the upcoming fall/winter 2007 line.
The London-based atelier has designed dresses worn by actresses Nicole Kidman, Scarlett Johansson and Demi Moore, making it a red carpet favorite.
With the licensing deal on the table, the company reportedly has no plans to launch new collections.
Posted by Blacks at 05:17 AM | Comments (0)
April 11, 2006
Movado's Sales Tick Up
Watch group Movado posted strong sales for its fiscal year 2006, thanks to its growing retail presence and brand recognition, it said this week.
Net sales for the year ended Jan. 31 came at $470.9 million, or 12.4% higher than the previous year. It posted net income of $26.6 million for the period, slightly higher than the year before.
Looking ahead, the group said it expects sales to grow by between 9% and 11% for fiscal 2007.
Posted by Blacks at 08:16 AM | Comments (0)
April 10, 2006
BCBG Plans Big Growth, IPO
BCBG could go public as early as this year, according to company CEO Max Azria.
Los Angeles-based BCBG owns 15 brands, including BCBG Girls and French sportswear label Alain Manoukian.
Azria hopes to go public as he shapes it into a billion-dollar company. BCBG is working with financial advisors Citigroup and Goldman Sachs to schedule the IPO.
Posted by Blacks at 09:09 AM | Comments (0)
April 07, 2006
Report: George Jones Eyes Parisian
Former Saks Department Store Group head George Jones is eyeing a buy of department store chain Parisian, according to reports out Friday.
Jones is teaming with private equity firm Freeman Spogli to target the 39-store chain, which is operated by Saks.
In other possible acquisition new, a prospectus for Federated Department Stores’ Lord & Taylor chain is expected out soon. A host of bidders has already shown interest in L&T, according to reports.
Posted by Blacks at 08:10 AM | Comments (0)
April 06, 2006
March Retail Sales Stagnate
Retailers reported tepid sales for March, citing the effects of cold weather, an uncertain economy and a late Easter shopping period.
Federated Department Stores said sales were flat compared to the previous March. What’s more, Federated expects same store sales to dip 2.5% to 3.5% in April.
Stores like Guess and Bebe, which target younger customers, saw stronger sales, while mass-market retailers like Wal-Mart and Target reported slight growth.
Khaki outfit Gap continues to struggle, with March sales dipping 13%.
Posted by Blacks at 08:41 AM | Comments (0)
April 05, 2006
Another Arnault To Join LVMH Board
Bernard Arnault’s son Antoine is being asked to join the board of LVMH, the luxury giant announced this week. Antoine’s sister Delphine is already on the board of their father’s company, making it a family affair.
Antoine Arnault, 27, recently completed his studies at business school INSEAD. His father Bernard is one of the world’s richest men, having assembled a number of successful luxury brands under the Moët Hennessy Louis Vuitton banner.
Posted by Blacks at 09:05 AM | Comments (1)
April 04, 2006
Cohen Exits As St. John CEO
St. John CEO Richard Cohen has left the company for “family reasons,” the luxury label said this week.
Cohen made some significant changes during his 18-month tenure at St. John, such as temporarily putting the company’s accessories business on hold and replacing the long-time face of the brand for model Gisele Bundchen and then actress Angelina Jolie.
Saks Fifth Avenue CEO and St. John board member Philip Miller will serve as interim CEO of the Irvine, California, company until a successor for Cohen is named.
Posted by Blacks at 09:48 AM | Comments (0)
April 03, 2006
Bill Blass Adds Two New Footwear Lines
Women’s footwear designer and distributor The Fashion House has entered an extended licensing agreement with Bill Blass to manufacture and distribute two new lines of footwear under the Bill Blass name.
The Fashion House will design collections under the Bill Blass Collection and Blassport names. Bill Blass Collection is a bridge line while Bassport is aimed at younger women with active lifestyles. Both collections will debut in 2007.
The Fashion House has already launched the high-end Bill Blass Couture and the better-priced Blass Bill Blass lines.
Posted by Blacks at 07:26 AM | Comments (0)
April 02, 2006
Armani To Design Sneaker Line
Make room in your shoe rack, fashionistas. Armani has reportedly signed a deal with Japanese sneaker brand Mizuno to create a line of designer footwear.
With the deal, Armani is following in the footsteps of fashion forward designers such as Yohji Yamamoto and Jil Sander, who have also teamed up with athletic brands to produce a line of sneaks.
Armani is expected to show off the line in Milan this June, with footwear in colors such as navy and beige.
Posted by Blacks at 09:33 AM | Comments (0)