July 18th, 2012

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Ralph Lauren CFO Tracey Travis To Resign To Pursue Other Interests

Wednesday, July 18th, 2012

Ralph Lauren, the premium lifestyle brand and retailer, has announced the departure of senior vice president and chief financial officer, Tracey Travis.

The maker of Polo, Club Monaco and Chaps brands of clothing, home fashions and fragrances said in a current report filed with the Securities and Exchange Commission that Travis will leave on July 30, to “pursue other interest.” Travis notified Ralph Lauren of her decision on Monday, it said.

Robert Madore, senior vice president of finance, will take the role from Travis on an interim basis, effective July 30, the company said in an SEC filing yesterday (17 July). Madore, who has been with the company since 2004, is responsible for corporate finance, financial planning and analysis, capital management and financial reporting. Ralph Lauren said it is considering both internal and external candidates to replace Travis.

Shares of the company closed at $142.02 on Tuesday on the New York Stock Exchange. They were down 1.4 percent in after market trade. (Reporting by Aditi Shrivastava in Bangalore)

Guess appoints president of licensing worldwide

Wednesday, July 18th, 2012

US fashion and lifestyle brand Guess has announced the appointment of Frank Rescigna as President of Licensing Worldwide, effective July 23.

Rescigna joins the company next week from Viva, the Guess eyewear licensee, Rescigna will report directly to Paul Marciano, CEO, and will be responsible for all domestic and international licensing. He was previously president of Viva, the Guess eyewear licensee.

Commenting on this appointment, Marciano said: “We are very excited to welcome Frank to the GUESS team. He brings a wealth of experience from strong global brands.

Over the past several years, we have built a very strong management team around the world and we are continuing to enhance that with top talent from prominent companies. The experience and insight that Frank brings will be invaluable as we continue to grow our iconic brand.”

As of April 28, 2012, Guess directly operated 503 retail stores in the United States and Canada and 264 retail stores in Europe, Asia and Latin America. The Company’s licensees and distributors operated an additional 828 retail stores outside of the United States and Canada.

In May, the company posted a 37.6% drop in first-quarter net earnings after being hit by weaker sales in Europe and North America.

Tom Tailor Takes Over Management of Adler’s children’s fashion business

Wednesday, July 18th, 2012

As part of the cooperation with Adler Modemärkte, Tom Tailor’s retail organization will manage the textile retailer’s entire children’s fashion business in the future. Starting in September 2012, Adler will exclusively offer children’s products of Tom Tailor in 116 of its 167 current branches on a total retail space of over 9,000 square metres. Other locations that Adler intends to open this year will follow suit.

Dieter Holzer, CEO of Tom Tailor Holding said: The children’s clothing market is dominated by large low-price clothing chains. Many retail partners offer children’s fashion as a service to customers rather than seeing it as an additional source of income. Through cooperation with retail partners such as Adler, we can expand the presence of Tom Tailor Kids at one go and improve the value-for-money ratio of our children’s collection considerably due to the additional sales volume.”

“We will broaden the offer range in our stores by the additional strong brand of Tom Tailor Kids and make the most of Tom Tailor’s pronounced expertise in vertical integration. With this cooperation we will be able to offer high quality at very competitive prices, while reducing complexity for our own organization at the same time,” said Lothar Schäfer, CEO, Adler Modemärkte.

The Tom Tailor retail organization will be responsible for product selection as well as inventory and sales management. Tom Tailor will also define how products from individual collections will be presented.

Tom Tailor sells the product line Kids which also includes Tom Tailor Minis and Tom Tailor Baby through its e-shop, selected retail stores and wholesale partners.

Established in the year 1962, Tom Tailor Group offers casual wear and accessories for men, women, teenagers and children.

Cherokee appoints frank tworecke to board of directors

Wednesday, July 18th, 2012

Global brand management company Cherokee announced the appointment of Frank Tworecke to its Board of Directors. Tworecke replaces Dave Mullen, a member of Cherokee’s Board of Directors since 2000, who retired from Cherokee’s Board of Directors effective as of July 17, 2012.

“We would like to thank Dave Mullen for his nearly 12 years of valuable service on the Cherokee Group Board of Directors. Dave counseled us through the transition of senior management and helped position the Company for the future,” said Cherokee Group Chairman Jess Ravich.

“I am excited to be joining Cherokee’s Board of Directors at such an important time for the Company, and I look forward to working alongside management and my fellow board members to continue to maximize shareholder value,” said Frank Tworecke.

Tworecke served as Group President of Sportswear for the Warnaco Group, a leading global apparel company, from 2004 until June 2012. Prior to Warnaco, he served as President and Chief Operating Officer at Bon-Ton Stores from 1999-2004; President and Chief Operating Officer at Jos. A Bank from 1996-1999; and President of the Merry-Go-Round Division of Merry-Go-Round Enterprisesfrom 1994-1995. Tworecke’s tenure in the apparel industry also entails various executive and merchandising roles with Lazarus Federated Department Stores, Oxford Blue Sweater and Lord & Taylor, among others. Tworecke currently serves on the Board of Directors of Grafton-Fraser, a leading Canadian retailer of men’s apparel, as well as the Cornell University’s Business School Board of Advisors.

Cherokee is a global marketer and manager of a portfolio of Fashion and Lifestyle brands it owns and represents in multiple consumer product categories and sectors around the world. The Company has license agreements with premier retailers and manufacturers covering over 30 countries.

Asos denies director departure after share sale

Wednesday, July 18th, 2012

Online fashion retailer Asos has denied speculation that product director and executive director Robert Bready is to exit the company after he sold all of his shares in the fashion etailer.

In an announcement on the stock exchange, Asos said Bready, who has been at Asos for seven years, has sold 143,125 ordinary shares at GBP0.35 (US$0.55) each at an average price of GBP1.818 on Monday (16 July) and a total of £2.6m. Bready now has no shares in the company.

However, a spokesperson for the company said: “There is no statement to confirm the speculation referenced.”

The retailer insisted that Bready was incentivised through other reward plans. Earlier this year, Bready was granted the right to own 788,604 ordinary shares worth £14.7m, which vests in two tranches. The first, worth £7.3m, becomes available at the end of September and the next in a year’s time.

Asos chief executive Nick Robertson is seeking a retail director for the business, someone with “considerable retail pedigree”. It is understood that Bready will report to the new retail boss.

Earlier this month, the online retailer recorded a jump in first-quarter sales driven by strong revenues in the US and Australia, as well as an encouraging performance in the UK.

Burberry takes back fragrance license

Wednesday, July 18th, 2012

Burberry has taken back its fragrance and beauty product license from Inter Parfums.

The British luxury house terminated its agreement with the licensee with an acquisition price of €181 million.

Inter Parfums acquired the Burberry license in1993, which today generates around half of its turnover. In 2011, the French-American

company, listed on the New York Stock Exchange, had a $615.2 million turnover, up by 34% compared to 2010 and net profits at $32.3 million, up by 21%.

The company commented that although an agreement has been reached on certain main terms and conditions, important points still have to be finalized.

Roberto Cavalli Japan Names New CEO

Wednesday, July 18th, 2012

Roberto Cavalli Japan said it has named Daisuke Yamazaki as its new chief executive, effective since July 14.

Most recently, Yamazaki was chief executive officer of Alexander McQueen at Gucci Group Japan. Prior to that, he held various roles at Giorgio Armani Japan.

Yamazaki replaces Marco Scardigli, who was the first ceo of Roberto Cavalli Japan and held the role for four years before resigning in June to “pursue other opportunities outside of Japan and outside of the fashion industry,” according to a spokeswoman for the company.