After some brief speculation, the owners of Neiman Marcus Inc agreed to sell the luxury US department store to two private investors for USD 6 billion. The deal brings to a close a long search for a buyer by current owners, led by private equity firms TPG Capital LP and Warburg Pincus LLC.
Iconic Fifth Avenue department store Bergdorf Goodman has appointed former chief executive of Jimmy Choo to the role of president. According to WWD, Joshua Schulman will begin his time at the top on 7 May. Click here to read the full story from WWD (subscription basis only).
The Bergdorf Goodman owner said its quarterly profit nearly doubled on sales of more than USD 1 billion, as its clientele splurged on Marc Jacobs bags, Chanel suits and Charlotte Olympia shoes. Despite the fact the stock markets have struggled through another quarter amidst an impending European debt crisis, Neiman Marcus chief executive Karen Katz is certain its “most affluent luxury customers is spending with confidence”.
Tommy Fazio has resigned from his position as president of Simon Spurr to join Nordstrom as men’s trend director. The newly created position will require Fazio to relocate to Seattle. “It’s an amazing opportunity to join an amazing company,” Fazio said. Fazio, who served as men’s fashion director of Neiman Marcus and Bergdorf Goodman joined Simon Spurr in September 2009.
The historic Italian fashion house will open a new shop-in-shop at Sakes Fifth Avenue as it begins a new wave of expansion in the States. “The U.S. market is excellent for Pucci, one of the markets that is growing the most, as it showed 20 percent gains year-to-date,” said Alessandra Carra, who joined the company in March as its new chief executive officer.
The latest addition to the Amazon empire, Myhabit.com, launches today, hosting up to six sales daily, lasting for 72 hours. But is the latest trend to sweep online fashion sites just a flash in the pan? After a year in the making Myhabit goes live today, and boasts a team of 40 buyers, planners and editorial staff hoping to tap into Amazon’s 137 million active user base. Amazon veterans Maria Renz and Laura Porco will head up the site which also counts former Bergdorf Goodman creative manager Tony Balguin and Glamour, Elle and Nylon editor Jenny Feldman as senior fashion editor. The site itself will offer up to 60 percent off men’s, women’s and children’s wear, as well as accessories and jewellery. In an effort to compete with other fashion centric sites such as Net-A-Porter and Gilt.com, Myhabit is a highly polished affair, a world away from the familiar Amazon feel. Flash sale sites have seen a huge rise in popularity since the recession, as designers clear out excess stock and customers flock to snap up a bargain. The flash sale market has an estimated USD 1 billion in sales, although as the economy improves excess inventories lessen. According to Myhabit the site hopes to offset this trend by “spending a lot of time talking with vendors about their goals and what they want to do on the site.” Myhabit will provide direct links to the sites of designers featured on its online sales, which are scheduled to include Badgley Mischka, Betsey Johnson, Calvin Klein, Philosophy di Alberta Ferretti, and Escada.
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