Today’s Fashion Headlines. December 15, 2011

December 15, 2011 • Fashion, Fashion Blog

Victoria's Secret in trouble, Michael Kors in the billions, FNO having trouble setting the date and Liz Taylor's jewels keep bringing in the money

Fashion’s Night Out in Limbo

This would be the space where I would be telling you about the date of this 2012 Fashion’s Night Out. But due to the fact that there has not been a firm decision on New York Fashion Week, there won’t be… at least for now. The exact day is still being determined, as it hinges on the final dates for New York Fashion Week — expected to be set by next month — but given that Thursday seems to be the preferred night, FNO will likely take place on Sept. 6 or Sept. 13. “Fashion’s Night Out has become an important event for the industry, and after each FNO, we look back and reflect on the participation and activity,” said Steven Kolb, chief executive officer of the Council of Fashion Designers of America, which collaborates on the night with American Vogue, NYC & Co. and the City of New York. More than 250 cities are expected to participate next year.

Victoria’s Secret’s Secret: Cotton Tainted

Despite labels that certified its sleek panties and racy thongs were made from “pesticide-free, 10 percent rain-fed cotton,” the lingerie giant Victoria’s Secret was using fiber picked from farms that relied on abused child laborers, according to a shocking new report. The company even went so far as to boast that each purchase improved the lives of women and children in Burkina Faso, the destitute African nation where the cotton is picked.

“Good for women. Good for the children who depend on them” was the tagline Victoria’s Secret used to market a special lingerie line in 2008 that the company boasted was made from “fair-trade” cotton. But according to Bloomberg News, about 25 million of the garments produced for a Valentine’s Day line in 2009 under that campaign were made from cotton plucked in the searing sun by undernourished children who were beaten with branches. Much of the report is based on a 2008 never-before-published study indicating widespread abuse and tales of horror throughout the farming region that Victoria’s Secret either ignored or never saw.

A spokeswoman for Victoria’s Secret parent company Limited Brands Inc. said executives were outraged by the charges. “We take these allegations regarding cotton farming in Burkina Faso very seriously,” said Limited Brands spokeswoman Tammy Roberts Myers.

Michael Kors Raises Billions in IPO

Michael Kors Holdings, the designer’s namesake clothing firm, raised $944 million in an initial public offering, 19 percent more than it sought, after pricing its shares above the marketed range. The firm sold 47.2 million shares for $20 apiece, according to data compiled by Bloomberg News. Kors Holdings had offered 41.7 million shares for $17 to $19 each on behalf of existing shareholders, according to a filing. The stock will start trading today under the symbol KORS.

Kors Holdings, whose sales surged more than 60 percent in the first half, plans to more than double stores over the “long term,” according to its prospectus. It also has opportunities to license the Kors brand, according to Steven Dennis, founder of the luxury consulting firm Sageberry Consulting.

Bulgari Buys Taylor’s Diamonds

Bulgari, Elizabeth Taylor’s favorite jeweler, anonymously snapped up some $20 million of its own jewelry at Christie’s sale of the Hollywood legend’s prized collection — bidding from a private box at the auction house Tuesday, sources told The Post. “Bulgari got a lot of important jewelry, including Taylor’s sapphire sautoir,” said a source. “They put a lot of companies out of the race. The numbers were off the charts.”

Bulgari could use the pieces it bought to launch an exhibition — and also reproduce the pieces for sale, the source added. The sautoir, which includes a whopping 52.72-carat cabochon sapphire, had been estimated to fetch between $600,000 and $800,000. But the piece went for $5.9 million.Bulgari also came away with an emerald necklace for $6,130,500, which had been estimated to sell for between $1 million and $1.5 million. Christie’s had estimated Taylor’s entire jewelry collection to be worth about $30 million.

Reps for Bulgari did not respond to requests for comment.

– Taneisha Jordan
Source: WWD; NY Post
Photo: WWD
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