Man of the Week: Andrew Cuomo

The New York Governor, who led a trade mission to Cuba earlier this week, is trying for a business casual look, but he’s not executing it very well.

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Douglas McMillon’s Pay Down 24.2% at Wal-Mart

Douglas McMillon, president and chief executive officer of Wal-Mart Stores Inc., saw his pay decline nearly a quarter in his first year on the job. According to Wal-Mart’s definitive proxy, filed with the Securities and Exchange Commission Wednesday, McMillon earned $19.4 million last year, 24.2 percent below the $25.6 million earned in 2013, his final year as ceo of the company’s international operations. The cash component of his pay doubled, to $4.1 million, as his salary increased 25.8 percent to $1.2 million from $954,000 and his bonus, or nonequity incentive plan compensation, nearly tripled to $2.9 million from $1 million. But after receiving $23 million in stock awards in 2013 as he prepared to assume the role of ceo, those awards dropped 36.6 percent last year to $14.5 million. The SEC requires that stock awards be reported at grant date fair value. Amounts recognized by the executive may vary based on fluctuation in stock prices and vesting schedules, among other factors. Change in pension value and nonqualified deferred compensation, an actuarial measure, declined 4.7 percent to $322,000 from $338,000, while other compensation increased 54.9 percent to $394,000 from $254,000. Wal-Mart said in its proxy that cash bonuses, primarily based on operating income and sales performance,

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John Fairchild Memorial Set for Monday

NEW YORK — The memorial service for John B. Fairchild, the legendary former chairman and editorial director of Fairchild Publications, will be held at 11 a.m. on Monday at the Church of the Ascension at 36-38 Fifth Avenue at 10th Street. Fairchild died Feb. 27 at age 87. First as Paris bureau chief for his family’s newspaper Women’s Wear Daily and then as publisher of WWD and later chairman and editorial director of the entire company, he helped shape the modern fashion world by bringing designers out of the back rooms and turning them into household names, among them Oscar de la Renta and Bill Blass. He also championed Yves Saint Laurent throughout his career. Along the way he coined terms that are still used today: HotPants; Ladies Who Lunch; Nouvelle Society, and more. During his tenure, Fairchild also founded W and M magazines and wrote a typically biting column under the nom de plume The Countess Louise J. Esterhazy.

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2(x)ist Seeks to Expand its Reach

NEW YORK — There is a world beyond underwear — just ask Tom Speight. Since joining the brand just shy of two years ago, the president and chief executive officer of 2(x)ist has set his sights on creating a complete lifestyle brand. The brand is part of Moret Group’s H Best division and started life in 1991 as a body-conscious underwear collection targeted to the active man. Since that time, the label has expanded into swimwear, activewear, hosiery and even watches, and it’s sold at department stores and shops on six continents. But Speight, who had been president of Calvin Klein Underwear and Jeans at Warnaco before joining 2(x)ist in 2013, believes its reach can be even broader. “Over the next five years, I want to be a full global lifestyle brand,” he said in an interview at the brand’s Seventh Avenue offices. “I spent the first eight months digging into the brand and the consumer to be sure we were positioned correctly,” Speight said. “Our consumer is the self-purchasing male, Millennial to Gen Y. Our sweet spot is 25 to 34. Everybody wants a share of his wallet.” On Speight’s wish list is men’s accessories, which the brand teased at its annual fashion show

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Sears Names Benjamin Schall CEO of Seritage Growth Properties

SEARS’ REIT HAS A CEO: Sears Holdings Corp. said Benjamin Schall was named chief executive officer of Seritage Growth Properties, effective May 4. Seritage is the newly formed real estate investment trust that will own at least 254 properties that operate as Sears and Kmart nameplates. Those properties are currently owned by Sears. As part of the structure of the REIT, Sears will enter into a master agreement to leaseback the properties from the REIT. Subscription rights to the REIT will be distributed to Sears shareholders on a pro-rata basis. Schall most recently served as chief operating officer of Rouse Properties Inc., where he oversaw the operations of 35 malls in 21 states incorporating about 25 million square feet of space. Before that he was senior vice president at Vornado Realty Trust.

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Men’s Innerwear Trend: Going Bright

Vibrant colors, statement waistbands, aerodynamic construction and performance fabrics continue to transform the underwear staple into the ultimate attention-grabbing functional garment. MODEL: YOUNES AT RE:QUEST; GROOMING BY TOVAH AVIGAIL FOR AMMON CARVER STUDIO; FASHION ASSISTANT: LUIS CAMPUZANO  

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Fashion Institute of Technology Holds First People’s Choice Award Competition

PEOPLE HAVE SPOKEN: To try and drum up some excitement about its April 30 Future of Fashion show and looking to make the ticketless feel involved, the Fashion Institute of Technology has held its first People’s Choice Award competition. During last week’s two-day vote, nearly 17,500 people considered 27 faculty-selected garments by senior students before deciding on an ostrich feather dress by Special Occasion designer Caroline Vagnone as the winner. Nine Fashion Design faculty members, who had the seniors in their classes, each nominated three pieces from his or her class. Vagnone’s creation, which has a bodice made of French knots and an illusion neckline, will be among the runway looks at next week’s Nicole Richie-hosted event. Vagnone racked up more than 3,800 votes for her design. Promoted largely via social media, the People’s Choice Award also helped to boost FIT’s Web traffic, generating nearly 25,400 visitors during the two-day vote. An FIT spokeswoman said, “Requests to attend the show are so high and space rather limited, so the People’s Choice Award has given people the opportunity to participate in another way and to get involved and share with one another.”

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Born in the USA Returning to Pitti Uomo

After a successful launch at the January show, the American contingent will return to Pitti Uomo this summer. In a deal cut between Liberty Fairs founder Sam Ben-Avraham and Raffaello Napoleone, chief executive officer of Pitti Immagine Srl, which stages the biannual men’s wear trade fair in Florence, a consortium of 20 U.S. brands showed at a special Born in the USA by Liberty Fairs section earlier this year. This time, 21 brands will be showcased at the Archivi 1 area within the Fortezza da Basso during the biannual men’s show, slated for June 16 to 19. The first edition attracted 3,529 unique visitors and 7,986 total visits over four days, according to Liberty. Retailers represented 65 percent of the visitors; distributors, showrooms and agents represented 17 percent and press 5 percent. Among those who stopped by were American Rag Cie China, Armoury, Barneys New York and Barneys Japan, Carson Street Clothiers, Galeries Lafayette, Gentry, Holt Renfrew, Isetan, Nordstrom and Selfridges. “We believe this partnership was successful for our brands because of the strength of the collective. Every time you venture into a new territory it’s highly beneficial to be part of a communal operation on the brand side and have some strength

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Fall 2015 Trend: Gray Matters

The subtle grace of gray — from soothing heather to power pinstripes — looks smart and sophisticated in a fall season filled with bold patterns and bohemian influences.   MODEL: DOLORES DOLL/FORD PARIS; HAIR BY TOMOKO OHAMA AT CALLISTE PARIS; MAKEUP BY JONATHAN SANCHEZ

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Jones New York Under Authentic Brands Ownership

The Jones New York brand, which does nearly $1 billion in annual retail volume worldwide, is now under the Authentic Brands Group’s umbrella. ABG on Tuesday acquired the intellectual property assets of the brand from private equity firm Sycamore Partners for an undisclosed amount. It’s a move that brings ABG’s portfolio — which includes firms such as Juicy Couture, Judith Leiber, Adrienne Vittadini, Taryn Rose, Misook, Marilyn Monroe, Hickey Freeman, Hart Schaffner Marx and Spyder — to more than $4.5 billion in retail sales. Sycamore acquired the brand when it bought Jones Apparel Group for $2.2 billion in 2014. Current operations, such as stores that were a part of the former business under Sycamore’s ownership, are now in wind-down mode. Jamie Salter, chairman and chief executive officer of ABG, said, “With a 40-year history of iconic and timeless design, Jones New York embodies American style. Our vision fuses ABG’s passion for brand-building with a 21st-century approach that will redefine this enduring classic.” Salter explained that the company’s portfolio of women’s brands already contains many “elevated prestigious brands. With regard to a comprehensive, full-scale women’s tailored, fashion brand, there was white space within our portfolio. Having Jones New York under our umbrella puts ABG in

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Chanel Revamps South Coast Boutique

Chanel took great care to bring a residential quality to its redone and expanded South Coast Plaza boutique. The Peter Marino-designed store officially opened Thursday, following an event Wednesday evening. The 25-year-old boutique has undergone minor renovations since its opening at the Orange County shopping center, but this represents the most complete body of work, according to division president of fashion Barbara Cirkva. “You have the Peter Marino concept when he first started using Coco Chanel’s apartment as reference and the idea of using materials she used…but as the concept has evolved, what’s been important to us is each region has its own personality,” Cirkva said. “So South Coast Plaza looks different than San Francisco because San Francisco is more of a downtown city and it looks different than Robertson, which has its own personality…. It’s not a cookie-cutter approach but a much more regional approach.” That meant infusing the ocean into certain parts of the boutique, such as the wave pattern on some of its walls. But aspects such as rock crystals and touches of gold throughout ring true to Chanel’s apartment. The boutique added about 2,000 square feet and now totals 9,000 square feet in the center’s Nordstrom wing, which is surrounded by

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Rizzoli to Release New Bonnie Cashin Book

CASHIN ON VIEW — AND BY THE BOOK: More than 15 years after her death, Bonnie Cashin seems to be having a moment. Her signature sportswear is on view in what is the first fashion exhibition to be staged in the 91-year history of San Francisco’s Legion of Honor. Earlier this month the Cincinnati Art Museum teamed up with the University of Cincinnati’s College of Design, Architecture, Art, and Planning for a pop-up exhibition dedicated to Cashin. Meanwhile, Stephanie Lake, who befriended Cashin later in life and maintains the most comprehensive Bonnie Cashin archive, is finishing up a monograph about the designer drawing from the personal items and clothing collection she was given by Cashin’s estate. Due out next spring, the Rizzoli tome’s working title — “Bonnie Cashin: Chic Is Where You Find It” — refers to the designer’s favorite phrase, one that she first took a liking to in the Forties, said Lake, who designs her own label of accessories. As it turns out, DAAP has 200 of Cashin’s designs that were a gift from Ohio State University. Those items were initially given to OSU by Phil Sills, whose company Sills & Co. manufactured Cashin’s sportswear from 1952 until the

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Study Shows Industry Interest In East African Sourcing Rising

Africa’s potential as fertile ground for apparel manufacturing is starting to take seed. In a new McKinsey & Co. study, “Sourcing in a Volatile World — the East Africa opportunity,” set to be released today, 40 percent of U.S. and European chief purchasing officers indicated that sub-Saharan Africa will become more important to the apparel industry in the next five years, jumping from 24 percent when last surveyed in 2013. Asked to rank the most important future sourcing destinations, respondents identified Bangladesh, Vietnam, Myanmar and Ethiopia, the first time an African country was mentioned in this context. On average, CPOs plan to increase their current level of sourcing from sub-Saharan Africa to 2.8 percent from 0.3 percent by 2020. The study surveyed leading international apparel CPOs who together are responsible for a sourcing volume of around $70 billion. The positive outlook on sub-Saharan Africa is spurred by anticipated long-term growth in the region’s employable population that will reach levels similar to those of China by 2035, the study notes. “There is extensive potential in sub-Saharan Africa and it remains untapped,” said Achim Berg, a principal in McKinsey’s Frankfurt office and leader of the Apparel, Fashion & Luxury Group. “Nevertheless, it is essential to analyze

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Jeremy Langmead to Return to Mr Porter

LONDON — Jeremy Langmead is heading home, back to MrPorter.com, where he will take up the newly created role of brand and content director. Langmead, who spent the past year at Christie’s London as chief content officer, will rejoin the e-commerce site, part of Net-a-porter Group, on June 1. Langmead was formerly editor in chief of Mr Porter and a member of its launch team in 2011. In this new role, he will drive “overall brand vision,” and lead the content and marketing teams globally, WWD has learned. John Brodie, who succeeded Langmead as editor in chief of Mr Porter last May, will take on the new role of editorial director U.S., overseeing all of the region’s content for the site, and putting a strong focus on the American market, which the company said has witnessed “exceptional growth” over the past 12 months. Langmead’s remit is to build on the Mr Porter content and editorial vision, and to drive “creative brand marketing” worldwide. The site engages with more than 2.5 million men every month, and delivers to more than 170 countries. Langmead will report to managing director Ian Tansley, and will be based in the London headquarters of Net-a-porter. “A year away was far too

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Serena & Lily Debuts Women’s Spring Capsule Collection

HOME AND AWAY: Northern California home brand Serena & Lily debuted its first foray into women’s fashion this week with the arrival of a capsule collection for spring. Tailoring and “iconic silhouettes” anchor the 18-piece collection from the Sausalito-based company, founded in 2003 by Serena Dugan, now the chief creative officer, and Lily Kanter, currently chief executive officer. With prices from $98 to $325, dresses dominate and include a fit and flare style in cotton twill, a streamlined trapeze dress and cotton shirtdress. A silk and linen poncho top, obi belts and palazzo pants in a scarf-weight silk round out the collection. The move to expand beyond the colorful prints and breezy housewares and furnishings that define the brand’s core offerings into women’s apparel follows a reported $42.9 million funding round last April for the company, which counts retail locations in San Francisco and Wainscott, N.Y. Next up: a fall collection is planned to arrive on the Web site Aug. 18.

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