Today’s Fashion Headlines. July 11, 2012.

July 11, 2012 • Fashion, Fashion Blog

Saks’ fights for a cure with the help of a big celebrity, Daffy’s could go out of business and Kate Spade New York might be gaining a diffusion line

Fashion to Fight for Saks’ Key to the Cure

As the Entertainment Industry Foundation’s ambassador for this year’s initiative, the Academy Award-winning actress Penélope Cruz will appear in a national public service announcement wearing the limited-edition Carolina Herrera-designed T-shirt. As of Oct. 1, shoppers will be able to buy the $35 shirt at Saks Fifth Avenue and Off 5th stores, as well as via with all proceeds benefiting EIF’s Women’s Cancer Research Fund. Herrera will host a meet-and-greet at Saks’ Fifth Avenue flagship in New York during the Key to the Cure shopping weekend, which is slated for Oct. 18 to 21.

“Cancer has affected each and every one of us in one way or another and I am thrilled to be involved with this wonderful cause,” Cruz said. Herrera said her design, a map of the world covered with tiny hearts, is emblematic of the cause. “It is important to work all together because this disease goes everywhere in the world, and every family knows someone who has had a problem with it,” Herrera said. “If we all get together to raise money for them, it works. If cancer is detected in the very early stages, it can be cured.”

Daffy’s (Still) in Deep Trouble

It appears banks are playing hardball with Daffy’s. Credit sources said Tuesday that banks haven’t been pleased with monthly results since April. As it seeks a way to ensure a future, the firm continues to work with legal advisers Weil, Gotshal & Manges. The retail chain has been in talks with lenders for over a month without a resolution in sight.

While Weil has been working with Daffy’s as its counsel for some time, on Tuesday sources said the law firm now is on a separate track involving a bankruptcy filing in case that was necessary.Initially, some credit sources in late June were discounting the bankruptcy rumors as just talk from angry buyers who had been told to take an unanticipated vacation while the chain was trying to reach an agreement with lenders.

Marcia Wilson, Daffy’s chairman and chief executive officer, did not return a call for comment. The $150 million, 19-unit retailer hasn’t paid invoices from vendors since May. A spokeswoman for Weil said: “Daffy’s is a long-standing client of Weil, Gotshal & Manges. It is our policy to keep all client matters confidential.”

Kate Spade Starts Working on Saturday

According to the NY Daily News, the Kate Spade New York operation will launch a “Kate Spade Saturday” line by the end of year, and the resemblance to C. Wonder, Chris Burch’s women’s apparel and lifestyle brand, is noticeable.

“The line is more casual than anything [Kate Spade] has done before,” says the source, adding that besides C. Wonder, Kate Spade Saturday will be similar to “some of those quirky” lines like Madewell, owned by J.Crew. The products will focus on home goods but will include apparel, and will be priced lower than Kate Spade New York’s current line, which is about on a par with C. Wonder’s prices.

Additionally, the store source says “employees from the regular Kate Spade [company] decamped to work” at the new line. According to public records, a trademark for the “Kate Spade Saturday” name was filed in August 2011 and registered this February. It covers products like home goods, footwear, jewelry and cosmetics.

– Taneisha Jordan
Sources: WWD; NY Daily News
Photo: WWD
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