26 May 2009

front(lines): luxe news

Bucked by Designer, Versace CEO Eyes Exit // Versace says no friction between Donatella, CEO ~ According to the WSJ, Versace's CEO Giancarlo Di Risio, is expected to resign after months of clashes with lead designer Donatella Versace over how to cut costs at the Italian fashion house and overall strategy. The Versace family, which owns 100% of the fashion house, denies that there is any friction. Oh! And Versace Board Approves Plan Sidelining CEO.

Marios Schwab to Helm Halston ~ Ending one of the most speculated-about searches in recent months, (read: Olivier Theyskens) Halston has tapped designer Marios Schwab as its new creative director, effective this July.(nymag)

Ferragamo Net Slides 17 Percent ~ Italy’s Salvatore Ferragamo SpA reported a 17 percent drop in earnings in 2008 due to marginal revenue growth and a raft of new store openings (WWD)

Losses Widen at Escada ~ Escada shares slipped in trading Monday in reaction to a widening loss at the struggling German fashion house. (WWD)

Lanvin Posts Profit, Sales Gain 29 Percent ~ Lanvin, fueled by the creativity of Alber Elbaz, can face the economic crisis “in a healthy way,” said executive vice president Thierry Andretta. (WWD)

De La Renta to Open Stores in the Gulf Region ~ Not about to be mired down by the U.S. economy, Oscar de la Renta Ltd. is heading to the Arabian Gulf region to increase international sales. (WWD)

Saks posts smaller 1st-quarter loss than expected ~ Luxury retailer Saks Inc. reported a loss for the first quarter Tuesday as it struggles with the pullback in spending by its wealthy customers. Still, the results beat analysts' expectations as the chain benefited from cost cuts — sending shares up nearly 18 percent. (AP)

Thierry Mugler is back after a decade in the fasion wilderness ~ After a decade in the fashion wilderness, his outrageous power-clothes pushed aside by the bony elbow of waif-chic, Thierry Mugler is back and lending maximum impact to Beyoncé's killer curves on her new world tour. (Telegraph)

Burberry Goes Back to Basics ~ Luxury Brand Posts Loss, Puts New Focus on Signature Plaid Design. (WSJ)

Savannah College of Design Fetes Isabel and Ruben Toledo ~ The Savannah College of Art and Design honored the collaborative creativity of Isabel and Ruben Toledo on Saturday. (WWD)

LVMH buys a stake in Edun ~ LVMH, the world's largest luxury goods group, has made a foray into the fair trade fashion business by taking a minority stake in Edun, the ethical clothing group owned by Bono, the U2 pop star and Ali Hewson, his wife, for an undisclosed sum. (FT)

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