May 7th, 2012

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Kellwood names Granoff as CEO

Monday, May 7th, 2012

US clothing manufacturer Kellwood Co., owned by an affiliate of Sun Capital Partners Inc., has appointed Jill Granoff as chief executive officer of Kellwood.

Granoff, 50, begins today and succeeds Michael Kramer. Former CEO Michael Kramer was appointed president and CEO in July 2008, following the departure of Robert Skinner and assumed the role of chief operating officer in December.

Granoff will be responsible for the overall growth and direction of Kellwood’s brand portfolio, including Vince, Rebecca Taylor, David Meister, BLK DNM, Zobha, Lamb & Flag and Baby Phat. Kellwood said Granoff’s broad experience across brands, channels, product categories and geographies will be a “valuable asset” for the company.

Granoff reports to Christopher T. Metz, managing director, Sun Capital Partners, which purchased Kellwood for $762 million in February 2008. Metz said: “Jill’s experience and leadership will add significant value as Kellwood expands its presence in the industry and further grows its brands worldwide.”

“I am excited about the opportunity to partner with Kellwood and Sun Capital to optimize the brand portfolio and enhance overall business performance,” said Granoff. “We have a great platform to accelerate growth and profitability. I look forward to working with our talented team to deliver compelling product, merchandising and customer experiences that enable us to unlock our true potential.”

Granoff most recently served as CEO of apparel firm Kenneth Cole Productions. Prior to this, she worked held senior roles at Liz Claiborne and Victoria’s Secret Beauty.

Posted in Apparel, Brand, Labor, News | No Responses »

Mamas & Papas expands across Russia and Lebanon

Monday, May 7th, 2012

Maternity and nursery retailer Mamas & Papas is set for international expansion with a cluster of stores across Russia and Lebanon.

According to reports, the maternity retailer plans to launch 25 stores in Russia and five in Lebanon over the next three years.

Deputy chief executive Tim Maule said: “We are very excited to be launching into Russia and Lebanon. We know there is a huge demand.”

In January 2010 the retailer agreed a funding package with HSBC to drive international growth and said it would focus on international expansion in Europe, the Middle East, Russia and Japan.

Mamas & Papas, which has 62 stores in the UK, saw turnover rise last year to £135.2m,  ($168m) up from just under £130m ($162m) in 2010.

Posted in Apparel, Brand, Children, News, Operations, Retail | No Responses »

Nicole Farhi chief exec stands down

Monday, May 7th, 2012

Nicole Farhi chief executive officer Niki Scordi has resigned from her position at the brand after four years.

Scordi, who was with the company for four years, helped to launch new store concepts, international franchises and new product ranges.

“We want to thank Niki for her significant contribution to the business, and wish her every success, an announcement for the appointment of a new CEO will be made in due course” said Sion Kearsey, managing partner of Kelso Place Asset Management LLP.

Private equity firm Kelso Place Asset Management bought a majority stake in the British brand in January, promising to invest £15m over the next five years and expand its market by creating a presence in Asia. Kelso Place acquired its stake from OpenGate Capital, the Los Angeles-based private equity firm, which had originally bought the Nicole Farhi business from French Connection Group Plc in early 2010.

Posted in Brand, Labor, News, ladies | No Responses »

LVMH Acquires French Tannery

Monday, May 7th, 2012

Luxury goods group LVMH Moët Hennessy Louis Vuitton said it has taken control of Les Tanneries Roux, a French producer of supple calf leathers as it seeks to continue in efforts to secure precious raw materials for its fast-selling luxury goods.

It said Les Tanneries Roux, founded in 1803 and is based in Romans-sur-Isère, a French region once famous for shoe manufacturing, counts more than 120 employees and turns out sumptuous leathers for a number of brands controlled by luxury titan Bernard Arnault, including Louis Vuitton, Christian Dior, Loewe, Céline and Moynat. Over the last 20 years and developed the smooth and supple calf skins suitable for high-end leather goods.

LVMH said the acquisition reflects its desire to build its expertise in the sector, as demonstrated by the creation of “Les tanneries de la Comète” in 2009 and by its investment in crocodile leather firm Heng Long in October, 2011. Financial terms were not disclosed.

Late last year, the French conglomerate acquired a 51 percent stake in Singapore crocodile tannery Heng Long International for 47 million euros, or $65.4 million, at average exchange rates for 2011.That move signaled a new direction for LVMH, eager to procure supplies to feed robust global demand for high-end leather goods and watches.

Also last year, LVMH acquired 100 percent of ArteCad SA, a manufacturer of Swiss watch dials.

Jean-Claude Ricomard will remain chairman of Les Tanneries Roux, which posted revenues last year of around 20 million euros, or $27.8 million at average exchange rate, an LVMH spokesman said.

Posted in Brand, Designer, News, Operations, Retail, Sourcing, accessories | No Responses »

Talbots Receives $3.05/shr Acquisition Proposal From Sycamore Partners

Monday, May 7th, 2012

Struggling women’s apparel retailer Talbots Inc. toda (May 7) announced that its Board has received a non-binding proposal from private equity firm Sycamore Partners to acquire all of the Company’s outstanding common stock for $3.05 per share, up from its previous offer of $3 per share. Sycamore currently owns nearly 10 percent stake in Talbots.

In addition, the company announced that it has entered into an exclusivity agreement with Sycamore Partners in connection with the non-binding proposal, which will terminate on May 15, 2012. The company said there can be no assurance that any definitive agreement will be entered into.

Last December, Talbots had rejected a takeover offer from Sycamore that valued the struggling women’s apparel retailer at about $3 per share or $212.1 million, saying that the offer was inadequate and substantially undervalued the company.

Sycamore is said to be concerned about Talbots’ current condition, loss of its chief creative officer, disappointing quarterly results and fall in stock prices. Sycamore reportedly said it might consider increasing its offer if Talbots provided access to its private financial records.

Talbots noted that its board continues to evaluate strategic alternatives, including Sycamore Partners’ proposal. The board is being advised by its financial advisor, Perella Weinberg Partners, and legal advisor, White & Case LLP, with a team of attorneys led by Morton A. Pierce.

However, Talbots said it is not commenting further on the proposal or its evaluation of strategic alternatives, unless a specific transaction is recommended by the board.

Last month, Talbots reported a wider loss for the fourth quarter, hurt mostly by steep rise in selling and other costs, as well a drop in sales. The company has been closing stores and has been exploring strategic alternatives. During the fourth quarter, it closed 47 locations as part of its store rationalization plan and revealed its plans to close about 110 locations through fiscal 2013.

As at the end of fiscal 2011, Talbots operated 517 Talbots stores in 46 states and Canada.

TLB is currently trading at $2.65, down 4.68 percent, on a volume of 2.31 million shares, against a three-month average volume of 687,776 shares.

Posted in Apparel, Brand, Finance, News, Operations, Retail, ladies | No Responses »

Bebe Stores Inc.Dropped To A 7-Month Low After Q3 Miss

Monday, May 7th, 2012

Bebe Stores Inc. reported a third quarter net loss from continuing operations of $0.00 per share after the bell Thursday, compared to the loss of $0.03 per share last year.

The consensus estimate was for a profit of $0.01 per share. Fourth quarter net income from continuing operations is expected to be in the range of $0.02 to $0.04 per share, which is below the consensus estimate of $0.09 per share.

Bebe Stores gapped open sharply lower Friday and fell in early trade, before settling into a range. The stock closed down by 1.77 at $6.27, with volume at a 10-month high. Bebe Stores has been losing ground for the past month and set a 7-month low.

Posted in Apparel, Brand, Finance, News, Retail, ladies | No Responses »