‘Fashion Star’ Winner’s New Deal
Tuesday night marked the finale of “Fashion Star,” where designer Kara Laricks won the deal that most designers literally only dream about. Laricks, who was a fourth grade teacher in Kansas before taking a step into the fashion industry, won exclusive signature collections with H&M, Macy’s, and Saks Fifth Avenue.
Laricks is planning on the six million dollar deal only being the beginning, hoping that more collaborations and endorsement deals will occur. Currently Laricks’ winning ten-piece collection is for sale at H&M, a collection that H&M believes will be best selling for the season. Laricks’ collections can be purchased from H&M and Macy’s within hundreds of their stores, along with online sales. Meanwhile Saks is “very pleased” with their early sell-through of the collection.
Barneys New York’s New Fashion Director
Tomoko Ogura, who has belonged to the Barneys’ company since 2005, keeps moving up within the company, working many jobs for the beloved retailer. Most recently Ogura held the title as the fashion director of women’s Co-op, however now she is moving up. Ogura is now serving as senior fashion director, where she will be Barny’s chief merchant. This also includes being an executive vice president and general merchandise manager for both women’s merchandising and barneys.com.
St. John Looking to Become Adopted
The famous fashion firm St. John, based in Irvine, California, has had Vestar Capital Partners hold the title as the majority owner since 1999. Most recently though, the company has hired the investment bank Rothschild to look for suitors interested in the St. John’s brand. For a private equity firm, Vestar has held a position within St. John’s five to seven years longer than the typical firm. They purchased controlling interest from the founding family, Gray, for $520 million back in 1999.
Both Rothschild and Vestar has declined to comment, however, the search for a new buyer is planned to continue on for the next six to eight weeks. The brand is valued to be worth $400 million in annual revenues, before interest, taxes, amortization and depreciation. All of these will be key factors in deciding the final cost of the fifty-year-old brand. As for who will buy the brand, no one is quite for sure yet, making St. John join the many other fashion companies that recently placed their ‘For Sale’ sign on the lawn.
– Lindsay Grundy
Article and Image Source: WWD
Photo: Barneys New York
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