YSL Calls Pilati Rumor “Unfounded”
Rumor had it that Raf Simons was about to replace Stefano Pilati at Yves Saint Laurent. But the French firm has issued a statement describing current rumors about its creative direction as “unfounded. Stefano Pilati continues to dedicate his talent and energies to Yves Saint Laurent and the coming fashion show,” YSL, owned by luxury group PPR, said in a statement this afternoon.
It was issued in the wake of a report in today’s International Herald Tribune suggesting Simons — whose spring collection for Jil Sander won broad acclaim — would “ultimately” unseat Pilati at the august house. Citing industry sources, WWD reported on June 18 that Sander had just renewed Simons’ contract.It is understood it is for a term of one year, renewable thereafter.
J.C. Penney’s New Look
J.C. Penney Co. Inc. sports a more contemporary, colorful look and a new layout designed to spur accessory and shoe sales at its store opening this week at TimberCreek Crossing in New York City. TimberCreek is a new retail center that also features a bilevel Sam’s Club and Wal-Mart. Instead of hugging a wall, men’s and women’s shoes are in the middle of the store near related apparel. The department highlights Call It Spring contemporary shoes by Aldo, which are rolling out to 500 units by Oct. 1. Everything is organized around a central square featuring a Sephora shop, fashion jewelry, hosiery, handbags and shoes to spur add-on sales.
American Apparel Still Negotiating
Ron Burkle could be this much getting closer to a deal with American Apparel. The retailer is in the final stages of negotiating a loan in the neighborhood of $90 million from Colbeck Capital Management LLP, an investment firm affiliated with Burkle’s Yucaipa Cos., said sources close to the deal. At the same time, the embattled American Apparel has embarked on a round of large-scale warehouse sales to raise cash from out-of-season stock, slightly damaged goods and novelty fashion items. The first warehouse sale event took place in Montreal last week.
A deal with Colbeck Capital would allow American Apparel to retire $56.5 million in first lien loans from Bank of America and Bank of Montreal. Some portion of the remaining capital raised from Colbeck would go toward reducing the $83.8 million in term loans American Apparel owes to London-based Lion Capital under a punishing 18 percent interest rate. Another portion of the funds would be funneled toward operations and capital expenditures.
– Taneisha Jordan
Source & Photo: WWDSee the Top Ten Summer 2016 Trends for Women Over 40