Armani Partnering with Luxottica
The Giorgio Armani Group and Luxottica Group SpA said they have signed a letter of intent preliminary to a 10-year agreement for the production and distribution of eyewear collections for the Giorgio Armani, Emporio Armani and A|X brands, beginning January 2013. “Giorgio Armani and Luxottica started a very successful journey together: Together we changed the world of eyeglasses which, previously perceived as mere functional instruments, evolved into ‘eyewear’ and into indispensable fashion accessories,” stated Luxottica chief executive officer Andrea Guerra.
This marks a return to Luxottica for Armani, as the collaboration between the two firms dates back to 1988. Luxottica lost the Armani license to Safilo SpA.
Snooki Wants Her Name Back
Nicole “Snooki” Polizzito is looking to put her name on everything from denim and lingerie to home goods … but that has proved it could be a problem. Polizzi filed a complaint last month in Ulster County, NY to end her partnership with SRG Ventures after the deal grabbed headlines earlier this year. But it seems that Snooki wants to get out of the agreement, seeing that the SRG Ventures deal “wasn’t as lucrative as agreed upon”. SRG has also filed a motion yesterday to move the case to New York City in preparation for a counter-suit.
Snooki’s lawyers allege in court papers that SRG “failed to secure” royalty guarantees of at least $250,000 and a license from a major retailer for another $250,000, as the contract called for. It also says the SRG didn’t bring in “five licenses approved by [Polizzi].”
But SRG says it has a “preponderance of evidence” that it did achieve those “performance benchmarks,” and says the gnomish reality star is herself in breach of contract. SRG claims Polizzi was too busy with other obligations to manage the deal properly, and that she said she owned trademarks she did not. It also says she turned down a deal with a fragrance firm introduced to her by SRG and then, “She and her management team went behind SRG’s back and consummated the deal” with the company.
Retail Apparel Prices Rise Again
Retail apparel prices rose a seasonally adjusted 0.4 percent in October as inflationary pressures increased, after easing in September, the U.S. Labor Department’s Consumer Price Index showed today. Women’s apparel prices rose a seasonally adjusted 0.7 percent in October compared with September and were 3.9 percent above October 2010. Men’s apparel prices increased 0.6 percent in October and were 4.4 percent higher than a year earlier.
Retailers have been grappling with higher cotton and other raw material prices for the past several months and appear again to be trying to pass them on to consumers as they head into the holiday season.
– Taneisha Jordan
Source: WWD; Page Six
Tags: A|X, Andrea Guerra, Emporio Armani, Fashion Headlines, Giorgio Armani Group, Luxottica Group SpA, Nicole Polizzi, retail apparel, Snooki, SRG Ventures, U.S. Labor Departmentâ€™s Consumer Price Index