Remember that butt-crack-joke-filled week back in March, when Lululemon issued a recall of 17% of their black Luon pants because of an unacceptable level of sheerness, resulting in a predicated $67 million loss in sales? Well, it turns out that Lululemon gave their executives a fat new bonus incentive plan mere days before the recall was announced. Convenient, right?
Looking to invest in a fancy department store? Well, you’re in luck, because Neiman Marcus might be on the block soon.
Though J.C. Penney hasn’t yet recovered from its roller coaster year (CEO Ron Johnson was outed earlier this month after his ambitious restructuring plans failed to see immediate results), the retailer has found an important cheerleader (a lifeline even?) in investor and philanthropist George Soros.
According to the latest reports, there are now 230 confirmed dead and hundreds injured, with an unknown number of people still unaccounted for. The disaster comes on the heels of two deadly fires at nearby factories.
In addition to the sharp rise in body count, several new details have emerged since yesterday’s tragic incident, including which brands are involved and details on what’s being done to prevent similar disasters in the future.
Here’s what we know:
Six months after a tragic factory fire in Bangladesh killed at least 112 people, and just three months after a second blaze claimed the lives of seven others, disaster struck again his morning when a Bangladeshi garment factory collapsed, killing over 100 people, and injuring thousands, with bodies still being counted and people still trapped inside, according to most up-to-date reports. 105 workers are confirmed dead and 600 are confirmed as rescued, but there were approximately 2500 workers in the building at the time of the collapse–meaning the majority of occupants are still unaccounted for.
Coach’s Reed Krakoff announced today that he’s stepping down from the role of creative director to focus on his namesake luxury label. While Krakoff’s contract with the brand doesn’t end until the summer of 2014, he’ll be working on an advisory basis until then. Which means that Coach’s search for a new creative director is most certainly under way.
Krakoff’s partnership with Coach’s retiring CEO Lew Frankfort lasted a remarkable 16 years, and launched the leather-goods label into a new financial stratosphere. In 1996, when Krakoff came on board, sales were $500 million. In 2012, they reached almost $4.8 billion. Frankfort’s successor, Victor Luis, is already in place. (And a longtime member of the Coach team.) Whomever is brought on to replace Krakoff will have to be able to handle the tremendous financial pressure being a public company brings, but also help to expand Coach’s brand beyond handbags. Clothing, in particular, is an area where there is tremendous opportunity for growth, both abroad in and the US.
But who will it be? We’re sure Coach will search internally first, and that the search may end there. But it’s fun to consider outsiders. Here are our semi-educated suggestions for whom Coach should appoint as its next creative director. What do you think?
Something as horrific as the Boston Marathon bombing doesn’t just go away. If September 11, 2011 is any indication, the city will feel its repercussions for years to come. But there’s one big difference between now and then. Today, we live in a world that is sadly more prepared for such tragedies.
That’s why experts predict that Boston’s retailers will stay ‘Boston strong’ over the next year instead of losing sales. “I almost think it’s going to have the opposite effect,” says Ken Morris, a partner at consulting firm Boston Retail Partners. “People are pissed off. They’ll go out of their way to support local businesses to prove ‘we’re tougher than this.’”
LVMH and Hermès are in the midst of an ugly legal battle over LVMH’s apparent relentless pursuit of Hermès and the potentially unlawful ways in which the luxury conglomerate came into 22.6% of the heritage brand.