Fashion jobs, Fashion trade news USA, Fashion World business platform for the global apparel industry, FashionUnited New York, Los Angeles, Miami
PacSun has promoted Alfred Chang as President according to a release published by SGB Media. He will report to Mike Egeck, CEO of PSEB, a new operating company composed of Eddie Bauer and PacSun.
The company said in a statement that Chang was most recently PacSun’s executive vice president of men’s merchandising & design and chief brand officer, managing all merchandising and design for the men’s division, as well as ecommerce and marketing for the company.
Chang joined PacSun in 2006 as senior buyer for men’s merchandising and has served in multiple senior positions at the company. In his new role, the company added, Chang will oversee PacSun’s design, merchandising, marketing, retail and e-commerce functions.
Pacific Sunwear of California operates 422 stores in 50 states and Puerto Rico.
Announcing its financial results for the first time in 108 years, luxury house Chanel said that its revenues reached around 10 billion dollars last year. This revelation from the company known for No. 5 perfume, little black dresses and financial secrecy, comes at a time when Kering SA’s Gucci said that it is looking at surpassing a 10 billion euros revenue mark from 6.2 billion last year, posing competition to rival LVMH’s Louis Vuitton. With a 45 percent rise in sales last year, Gucci has already raced ahead of Hermes International.
Commenting on the company’s performance, Philippe Blondiaux, the company’s Global Chief Financial Officer, said in a statement: “Our financial strength gives us the means to remain independent and to focus on the long term. We continue to create and invest to ensure that Chanel remains one of the most iconic and innovative brands in the world.”
Chanel reveals that its is a 10 billion dollars conglomerate
For the year ended December 31, 2017 of Chanel Limited reported Net profit of 1.8 billion dollars on sales of 9,623 million dollars, up 11 percent compared to 2016 on a constant currency basis, driven by growth in all regions. The company added that investment of 1,457 million dollars in brand support activities to deliver creation and innovation strategies was up 15 percent on the previous year.
According to Bloomberg, the two brothers Alain and Gerard Wertheimer, who own the luxury giant received around 23 billion dollars, about 8.7 billion dollars more than previously calculated by the Bloomberg Billionaires Index, which makes them the fourth- and fifth-richest people in France and among the 40 wealthiest globally.last year on revenue of 9.6 billion dollars, an increase of 11 percent on a constant-currency basis driven by demand from Asian countries.
In a preliminary results announcement for its second quarter and first half, Ahlers Ag said that it witnessed an unexpected decline in revenues in the second quarter due to cancellation of orders from Eastern European customers and weak stock sales of suits and sportswear. Total first-half revenues were down by 5.5 percent to 110.8 million euros (128.7 million dollars) on the previous year, while EBITDA fell from 4.2 million euros (4.8 million dollars) to 2.7 million euros (3.1 million dollars), down 36 percent.
Consequently, the management board has downgraded the revenue and earnings forecast for the full year 2017/18 and now projects declining revenues slightly above the trend of the first six months. Consolidated earnings, the company added, are expected to come in close to break-even point.
Ahlers sees decline in Q2 and H1 revenues
The company further said that as Eastern European customers failed to make advance payments, Ahlers was forced to cancel orders in the second quarter of 2018. Moreover, stock sales of suits and outdoor jackets in Germany declined sharply, while the denim business of Pierre Cardin and Pioneer Authentic Jeans continued to grow against this trend but failed to offset the above-mentioned decline.
In view of later deliveries in the first quarter and larger consignment warehouse spaces, the management board had earlier projected higher revenues for the second quarter. Although the balance of operating expenses was reduced in the second quarter due to cost-saving measures, the results for the first six months of the fiscal year were nevertheless down on the previous year. Consolidated earnings declined from 0.9 million euros (1 million dollars) to 0.4 million euros (0.46 million dollars).
With suit sales expected to remain weak, the board projects for the second half of the year a declining but slightly better trend than in the first six months.
Picture credit:Ahlers Group
Oxford Industries, Inc’s board of directors has declared a quarterly cash dividend of 0.34 dollar per share on common stock. The company said, this dividend is payable on August 3, 2018 to shareholders of record as of the close of business on July 20, 2018. The company has paid dividends every quarter since it became publicly owned in 1960.
For its first quarter ended May 5, 2018, the company’s consolidated net sales increased slightly to 272.6 million dollars compared to 272.4 million dollars in the first quarter of fiscal 2017. Earnings on a GAAP basis were 1.23 dollars per share compared to 1.03 dollars in the same period of the prior year. On an adjusted basis, earnings were 1.28 dollars per share compared to 1.12 dollars in the first quarter of fiscal 2017.
Ex-Cath Kisdton executive, Michelle Ojulah is joining Marks and Spencer Plc (M&S) on June 25, 2018, as Head of kidswear buying.
Confirming her appointment, M&S spokesperson told FashionUnited that this follows an internal move with Carla Petersen moving to the menswear department. AT M&S, Ojulah will report to Jill Stanton, who is joining the business in July 2018 as Director of womenswear and kidswear.
The company said, Ojulah joins M&S from Cath Kidston, where as head of kids, she was responsible for complete product development, design and buying of the entire kids global range. Prior to that Ojulah worked as senior buyer at Boden and as buyer at Monsoon. She started her career with George at ASDA.
Christian Louboutin got a dividend of 3 million pounds (3.9 million dollars) from its UK business in 2017 despite flat sales and falling profits. According to the accounts filed with the Companies House UK, for the year ending August 31, 2018, Christian Louboutin UK Limited, reported a moderate rise of 0.3 percent in turnover to 52.7 million pounds (69.2 million dollars) and drop in UK profits from 5.8 million pounds (7.6 million dollars) to 1.1million pounds (1.4 million dollars).
The company said that fall in sales reflects a more challenging retail environment in the UK and a strategic decision taken with regards to distribution of the Louboutin brand in the UK.
Gross profit for the year of 20 million pounds, represented 38 percent of the turnover compared to 47 percent in 2016. The company added that the 2017 result includes the impact of devaluation of sterling since the UK referendum on leaving the European Union in June 2016, which led to increase in purchasing cost.
Picture:Christian Louboutin UK website
The Interparfums-owned fashion house Rochas has appointed Italian designer Federico Curradi as the new creative head of its menswear.
Announcing his arrival at Rochas on Instagram, Curradi said: “It is a real honour for me to accept the position as Men’s Creative Director for Rochas.The Parisian legacy and the brand’s natural yet sophisticated style are key sources of inspiration for me and I will undoubtedly reference them as I write a new page in the brand’s story.”
According to WWD, Curradi, who lives in the Florentine countryside, is also creative director of outerwear specialist Peuterey. After spending many years in New York, the designer moved back to Italy and was associated first with Ermanno Daelli and later as head of the men’s styling office at Ermanno Scervino and then head of the men’s wear for Roberto Cavalli in 2005. He then started working as a consultant at Iceberg and later became its first menswear creative director. Curradi has also launched his own men’s wear label.
“I am really enthusiastic about Federico Curradi arriving at Rochas. He will certainly know how to redefine the formal menswear vestiaires into an original yet casual look while reinterpreting the streetwear codes in an elegant and charming way,” added Philippe Benacin, CEO of Rochas and Interparfums on Curradi’s appointment.
Interparfums had put Rochas men’s wear on hold last year after working with Béatrice Ferrant for two seasons as its head of menswear, adds WWD. He was asked to revive the label’s menswear range after a 22-year hiatus.
Naked Brand Group Inc. and Bendon Limited have completed their previously announced business combination. The company said that the merger agreement was approved by the company’s stockholders on June 11, 2018.
Commenting on the development, Carole Hochman, Holdco’s newly appointed Executive Chairman and Naked’s CEO, said in a statement: “We are thrilled to have completed this business combination thereby creating a powerful portfolio of iconic innerwear, sleepwear, and swimwear brands.”
Under the terms of the Merger Agreement, Naked and Bendon became wholly-owned subsidiaries of a newly formed company, Bendon Group Holding Limited (Holdco), which has been renamed Naked Brand Group Limited, and exchanged their securities for ordinary shares of Holdco.
“We believe this merger will enable the combined company to strengthen its global industry leadership and continue to drive growth over the long-term. Through the use of the US capital markets, we anticipate having financial flexibility to expand distribution networks and further develop our businesses as well as acquire complementary brands,” added Justin Davis-Rice, Holdco’s Chief Executive Officer.
OVS Spa in its first quarter statement sales that sales grew by 2 percent, excluding the sell-in to Sempione Fashion Group and despite a significant market contraction that affected the European and the domestic markets (a cumulative -5.1 percent during the February-April period). During the period, the company’s store network expanded by 54 stores, of which 26 were opened abroad, mainly through franchising, and seven full format DOS.
Market share increased at 7.9 percent or 43 bps and adjusted EBITDA reached 30.1 million euros (34.8 million dollars), 0.8 million euros (0.9 million dollars) or 2.8 percent higher than 1Q17, with the EBITDA margin slightly increasing to 9.4 percent of sales excluding the sell-in to Sempione Fashion Group, driven by a profitable network expansion and tight costs control. Adjusted PBT was 13.2 million euros (15.2 million dollars), in line with the previous year.
Commenting on the outlook, the company said, after a tough start to 2018, from mid April the market recovered thanks to better weather conditions. The recovery continued until mid May, when the weather started to be characterized by volatile temperatures, with rainy and sunny days. The DOS refurbishments in Italy, OVS added, are in line with the plan, with a performance that has shown an improvement of 15.2 percent in net sales compared to the same period of last year.
Given the recent trend in the EUR/USD exchange rate, at the end of May the spot exchange rate was in line with OVS’ hedged USD. The company expects that the trend seen in June with the appreciation of the Euro against the US Dollar will benefit the company even more in 2019.
Sneaker marketplace Goat has announced the appointment of Lizzie Francis as its first chief operating officer. Francis, who will report to Goat’s CEO and co-founder, Eddy Lu, is set to oversee Goat’s global expansion and improve the shopping experience for female consumers.
”Lizzie’s world-class experience in building and scaling commerce brands will be instrumental in our global growth, and will help us build GOAT and Flight Club into the preeminent platforms for buying sneakers", said Lu in a statement. “I'm excited to help continue innovating on the way we discover, buy and sell sneakers", Francis added.
Founded in 2015 in Los Angeles, Goat is a mobile-only marketplace where buyers and sellers can connect to exchange latest, limited-edition and rare sneakers. The company differentiates itself from competitors by verifying if the pairs sold on its platform are not fake. Last year, Goat received 25 million US dollars in a funding round led by Accel Partners to hire up and expand its distribution capabilities.