Latest news with #Knot
New York Post
28-05-2025
- Business
- New York Post
Brooklyn townhouse sells for $1M over its $10M asking price
A Brooklyn Heights townhouse that has been a home base for a community of divorcées has sold for $1 million above its $10 million asking price, Gimme Shelter has learned — and it was listed a mere seven days. The seller of 17 Willow Place is Elise Pettus — a 'divorce whisperer' and founder of UNtied. Unlike the Knot, which helps women plan their weddings, UNtied helps women navigate the world of divorce — especially those riding the 'gray divorce' wave — after Pettus wished something like it was around when she was getting divorced. Think of her, The Post once wrote, as part of a new set of divorce concierges for wealthy New Yorkers outsourcing divorce-related stress and creating new communities for themselves. Some of the workshops and dinner parties she has hosted for her well-heeled community have been held within the charming ivy-covered walls and garden of this townhouse, as chronicled in the New York Times. 14 The exterior of the charming residence. Virginia Carey for Brown Harris Stevens 14 Elise Pettus sold it for $1 million above its asking price. Brian Zak/NY Post The ritzy three-story spread is built on the site of an early 19th-century carriage house. Architect Robert Kahn sculpted the modern manse around the facade and sidewalls of the former structure — and the result is stunning. And the home certainly proved to be quite popular as a result. As word spread that the house was about to hit the market, that network of women who had 'an emotional connection' to it helped fuel the buzz. 'Through her network, Elise knew a million brokers. Hundreds of them. They [and other divorcées] always gathered at the house for UNtied events. It meant a lot to everyone because their lives became better through the process of dealing with their divorces,' a friend said. 14 The space fills with light through massive exposures. Virginia Carey for Brown Harris Stevens 14 The double-height living area. Virginia Carey for Brown Harris Stevens 14 A view of the home's layout. Virginia Carey for Brown Harris Stevens 14 There's plenty of space for dining. Virginia Carey for Brown Harris Stevens 14 The open chef's kitchen. Virginia Carey for Brown Harris Stevens The townhouse wasn't even ready to show when the calls started pouring in and potential buyers were offered 20- to 30-minute time slots to see it. The buyer, who wishes to remain anonymous, is an individual who saw the level of interest and put in a high bid, a source said. Pettus bought her half of 17 Willow Place for $1.88 million in 2014 from her ex, Daniel Algrant, according to property records. Algrant is a filmmaker and writer who co-wrote and directed 'Naked in New York,' a film produced by Martin Scorsese. In March, the month she listed the house, Pettus wrote an article for 'Oprah Daily' about the moment she knew her marriage was over. At 4,600 square feet, the tony townhouse features four bedrooms and 3.5 baths. It was completed in 2012. The minimalist property uses glass window walls and skylights to let in the light. It also comes with a coveted curb cut for a private garage. 14 A sculptural staircase connects the levels. Virginia Carey for Brown Harris Stevens 14 A cozy mezzanine sitting area. Virginia Carey for Brown Harris Stevens 14 There's a hidden office space. Virginia Carey for Brown Harris Stevens 14 One of the bedrooms. Virginia Carey for Brown Harris Stevens 14 Another bedroom inside. Virginia Carey for Brown Harris Stevens 14 A view of the atrium. Virginia Carey for Brown Harris Stevens 14 The residence also benefits from this chic garden space. Virginia Carey for Brown Harris Stevens The dwelling opens to a large, double-height living area with a dramatic three story curved staircase. The living area is also primed for entertaining, and features a woodburning fireplace and a two-story casement window wall that opens to an enchanted, walled-in garden. The main bedroom is on the top floor and boasts a gas fireplace, plus a long hallway filled with closets. Design details also include a rare, rear atrium courtyard. Ideal for a family or individual working from home, the residence features three workspaces and a screening room. The listing broker was Joan Goldberg, of Brown Harris Stevens.
Yahoo
22-05-2025
- Business
- Yahoo
Shep and Ian Are Back at Vineyard Vines
STAMFORD, Conn. — Vineyard Vines has kept a low profile over the past few years — and that's intentional. Since introducing its smiling pink whale logo 27 years ago, the Stamford, Conn.-based brand founded by brothers Shep and Ian Murray have built a multimillion-dollar business centered around a preppy country club-inspired aesthetic. More from WWD UYN Opens First U.S. Store as Sports Brand Eyes Expansion in America Billy Reid Returns to Growth Mode After Knot Standard Integration Carhartt Work in Progress Opens in Williamsburg But around the company's quarter-century mark, rumors began to fly that the company was for sale and the brothers were butting heads. While a sale never came to fruition, the Murrays decided to bring in some fresh blood to help them navigate the future. Enter Roger Farah, a respected industry figure who spent four decades in retail at Macy's, Federated Department Stores and Saks Fifth Avenue, before joining Ralph Lauren Corp., Tory Burch, Tiffany & Co. and CVS. 'We met Roger a number of years ago,' Ian Murray said in an interview last week at the company's sprawling headquarters on the waterfront here. 'We thought he could be helpful, so he joined our advisory board and through his strong recommendation, we brought in some leadership.' That leader was John Mehas, whose career started at Bloomingdale's and included stints as chief executive officer of Club Monaco and Victoria's Secret as well as president of Tory Burch. He came on board in October 2022 as CEO of Vineyard Vines. Although they never exited the company or brought in investors, the brothers stepped aside and took on the role of chief creative officers. But the experiment didn't end well. After less than two years, Mehas was shown the door by the Murrays, who continue to own 100 percent of the privately held company. 'We're back,' the brothers said in unison. Although they were reluctant to provide too much detail about the split, it's obvious upon speaking to them that the situation ultimately became contentious. 'We were nearing 25 years of business and we were focused on how to evolve and grow,' they said. 'At that time we thought that having a team with a bigger skill set would be instrumental.' 'We met Roger through a mutual friend,' Shep Murray said. 'He's a terrific businessman, and we enjoyed our time with him, but we are founders of our company — we have a vision, and our customers repeatedly have always responded best to our vision. So Ian and I are back home and happy, and we're seeing great results. 'We felt it was the right thing for the brand at time,' he continued, 'and we took a risk. I think everybody learned a lot from it, and at the end of the day, we confirmed what our customers wanted. The way we run our business is a little bit atypical, but it works best for this brand.' Vineyard Vines traces its beginnings to 1998 when the-then 27-year-old Shep Murray and his 23-year-old brother ditched their corporate jobs in New York City and invested $7,000 into creating a line of whimsically designed neckties inspired by the lobsters, boats and street signs of Martha's Vineyard, where they loved spending time. They sold those ties — not very successfully at first — on the Vineyard, sometimes off their boats and other times out of their Jeeps or backpacks at local bars. Although business was tough to come by at first, they persevered and eventually established a following and built a business they boast is 'extremely healthy' with annual sales 'significantly above $500 million.' Now back in charge, the Murrays are reinvigorated and looking to the future with optimism as they lean into their mantra: 'Every Day Should Feel This Good.' While there are no plans to dramatically change their game plan, they do see opportunities for growth in other categories such as restaurants, food, travel or even pet products. 'It's a very simple formula,' Ian Murray said. 'As Yvon Chouinard from Patagonia always said: if you do something and it feels good, you walk toward it. If it doesn't feel good, take a step back. We don't chase trends. We've gotten to scale, which is great. And being at scale and being privately owned allows us to do things that a lot of other companies can't, which is to always make decisions in the best interest of the long-term health of the business, as opposed to a short-term financial exit.' As a result, the Murrays continue to focus on their core products, but infused with technological advances and refreshed seasonally. 'The product feels fantastic. It's innovative. It's updated versions of many key franchises that have been successful for years, along with some fashion ideas that will likely become new franchises,' Ian Murray said. 'I actually don't like the word 'fashion.' We don't do runways. We just do seasonal updates. We're really about brand and lifestyle.' 'Great things never go out of style,' his brother added. 'Our brand represents color, it represents humor. It doesn't discriminate. It's a beacon of positivity in this world we live in.' Ian Murray pointed to Ralph Lauren as a company they admire for its unwavering vision. 'He dreamed up these lives he wanted to live and there's nobody better than him.' Today, the Vineyard Vines business breaks down into 50 percent menswear, 30 percent women's, 15 percent boys and 5 percent girls. Its bestselling item is the On the Go men's pant, which looks like a classic chino but is infused with performance attributes such as stretch, moisture-wicking, water repellency and wrinkle resistance. It retails for $128 and there's also a shorts version for $98.50. 'It took almost 20 years to get the pants and shorts where we wanted them to be,' Ian Murray said. 'You know with guys, when they find something they like, they just stick with it. So it took a long time to earn their trust and to get the fabrics and fits right.' Also popular today are the lightweight nylon button-down shirts for men that are machine washable and quick drying, as well as the Sankaty golf polo — named after a lighthouse on Nantucket — and a complementary quarter-zip that are appropriate for the links or the office. And the brand's boxer shorts are also 'on fire,' they said. Preppie pieces continue to represent 50 percent of the men's business, they said, with items such as blue blazers, performance cotton shirts, cotton chinos and even neckwear and accessories still staples. 'That business is still strong, but not growing as fast as the [performance side],' Ian Murray said. A collection called Surf, which comprises worn-in pieces such as garment-dyed polos, terrycloth sweats, hoodies and faded T-shirts, is also performing well, they said. 'A lot of brands like to be on the cutting edge,' Shep Murray said. 'You're never going to see us anywhere near the Met Gala. We've done a great job evolving our basics. We're not afraid to pull out a jersey cotton polo and put that in the line. It doesn't have to be new all the time.' Beyond its core assortment, Vineyard Vines also offers collaboration product. The brothers, who still share an office and say they almost never disagree about anything, were just back from Louisville, where they showcased their Kentucky Derby collection to fans at Churchill Downs, a collaboration that began 15 years ago. That's one of many partnerships the brand has had over the years including its most recent, a Grateful Dead collection in honor of the band's 60th anniversary that launched last week. Coming on June 7 is a Jaws collaboration celebrating the 50th anniversary of that legendary film. The limited-edition capsule will include men's, women's and children's Ts, sweatshirts, polos and hats. Because the movie was filmed on Martha's Vineyard, many of their friends had cameo appearances, and they're expected to be included in activations the brand will host on the Vineyard and in its stores this summer. 'We hitch our wagons to iconic American institutions,' Shep Murray said. His brother added: 'They're relatively small parts of our business, but they're the sizzle.' Retail remains a key part of the business. Vineyard Vines operates 126 stores: 77 full-price and 49 outlets, with its most recent additions in Kittery, Maine; Albany, N.Y.; Edina, Minn., and Tampa. Since the beginning, the business has been broken down into 'three buckets,' Ian Murray said: Vineyard Vines stores; direct-to-consumer, which includes web and catalogue, and wholesale. Their collection is sold at Nordstrom, Bloomingdale's, Belk, Von Maur and other large retailers but specialty stores such as Puritan Cape Cod and Darien Sport Shop remain important partners. The business is nearly 100 percent U.S.-based although there are Vineyard Vines stores in both Bermuda and the Bahamas that are operated by local partners. 'And we have a small wholesale business in other countries,' Shep Murray said. The idea of moving outside the U.S. is something they plan to revisit going forward, they said. 'That wasn't a priority of the last leadership team,' Ian Murray said. They're also exploring getting into the restaurant business, and adding other product categories such as eyewear and fragrance. A collaboration with Target in 2019, where they offered some 300 items such as inflatables, tableware, games and other products, 'showed us how passionate people were about our lifestyle, not just the categories we're in now,' Shep Murray said. 'Whatever we do, it has to be something we love. We built our business making things we love.' And spreading that love — both internally and externally — remains a priority for the brothers. 'We have an incredible team comprised of many people who have worked their way from store level up to senior roles, along with other people from the outside,' Shep Murray said. 'We're having fun and inviting our customers to have fun with us.' The brothers stressed that the company's goals remain the same as they have been since the beginning: to make Vineyard Vines a great place to work, to create an exceptional customer experience through product and messaging, and to drive profitable sales growth. 'And we believe super strongly that they have to be in that order,' Ian Murray said. 'They can't be flipped over. It'll just never work. And so we are really laser-focused on our team, making sure we have the right people in the right seats, and making sure everything we do reeks the brand. It doesn't need to have the logo on it to say Vineyard Vines. It's an easy story to tell because it's our story.' Shep Murray added: 'Nobody can tell our story better than us: these two brothers who had no experience but a passion to share their dream lifestyle with other people. It's been a winning recipe.' He said they're 'not afraid of smart people,' and seek to surround themselves with others who can 'help elevate our brand and our business and our three goals.' But one constant will remain — the Murray brothers will continue to be in control. 'Whenever we put somebody else in the seat and take a step back, we itch because we want to get back. No one can do us as well as us,' Shep Murray said. 'Every now and then, when we lose our way, or we have somebody join the team who doesn't always see the brand through that lens; it becomes apparent super quickly,' Ian Murray said. Although they've built a sizable business, 'we've always chased our dreams, we've never chased dollar signs,' Shep Murray said. 'We always want to be better than we are bigger.' Best of WWD China's Streetwear Whisperer: Peter Zhong Some 600 Exhibitors Expected at Pitti Uomo's 101st Edition Peter Manning Purchased by Longtime CEO Who Plans Expansion Sign in to access your portfolio
Globe and Mail
21-05-2025
- Business
- Globe and Mail
Dollar Remains Weak After US Credit Downgrade
The dollar index (DXY00) today slid to a 1-1/2 week low and is down by -0.15%. The dollar remains under pressure after Moody's Ratings late last Friday downgraded the US government's credit rating from Aaa to Aa1, citing a ballooning budget deficit and fiscal concerns. The downgrade puts the dollar's status as a global reserve currency into question and may prompt some investors to lighten up on their dollar assets. The markets are discounting the chances at 5% for a -25 bp rate cut after the June 17-18 FOMC meeting. EUR/USD (^EURUSD) today is up by +0.17%. The euro today is moving higher due to weakness in the dollar. Gains in the euro are limited after today's news that German April producer prices contracted more than expected, which is a dovish factor for ECB policy. Also, dovish comments from ECB Governing Council members Knot and Wunsch were negative for the euro as they signaled support for additional ECB interest rate cuts. German Apr PPI fell -0.9% y/y, weaker than expectations of -0.6% y/y and the biggest decline in 6 months. ECB Governing Council member Knot said he 'can't rule out' another ECB interest rate cut in June, but it's 'too early' to make decisions without seeing fresh quarterly forecasts. ECB Governing Council member Wunsch said the Eurozone economy may need interest rates at 'mildly supportive' levels to ensure inflation doesn't fall below target after a series of shocks. Swaps are discounting the chances at 93% for a -25 bp rate cut by the ECB at the June 5 policy meeting. USD/JPY (^USDJPY) today is down by -0.16%. The yen today extended Monday's and climbed to a 1-1/2 week high against the dollar. The yen found support today from rising Japanese government bond yields after the 10-year JGB bond yield jumped to a 7-week high of 1.532%. Also, short covering pushed the yen higher today after Japanese Finance Minister Kato said he's arranging a bilateral meeting with US Treasury Secretary Bessent to discuss topics, including foreign exchange, at the Group of Seven meetings this week in Canada. Higher T-note yields today are limiting the upside in the yen. June gold (GCM2 5) today is up +47.50 (+1.47%), and July silver (SIN2 5) is up +0.418 (+1.29%). Precious metals today are sharply higher, with gold climbing to a 1-week high. Dollar weakness is bullish for precious metals after the dollar index fell to a 1-1/2 week low today. Also, last Friday's action by Moody's Ratings to downgrade the US government's credit rating is fueling demand for precious metals as a store of value. In addition, strong gold demand from China is supporting prices after China imported 127.5 MT of gold in April, the most in 11 months. Gains in precious metals accelerated today on dovish comments from ECB Governing Council members Knot and Wunsch, who signaled they support additional ECB interest rate cuts. Finally, geopolitical risks in the Middle East continue to support safe-haven demand for precious metals. Israeli Prime Minister Netanyahu announced an 'unprecedented attack' on Hamas and said Israel would take over the entire Gaza Strip. Also, Israel's airstrikes on Houthi rebels in Yemen continue. Higher global bond yields today are negative for precious metals. Also, fund liquidation of long gold positions continues to weigh on prices due to the easing of US-China trade tensions after China and the US recently agreed to reduce tariffs on each other's goods. Long gold positions in ETFs fell to a 6-week low on Monday.
Yahoo
20-05-2025
- Business
- Yahoo
Loss of dollar's role as world's dominant currency still far off, ECB's Knot says
AMSTERDAM (Reuters) - Some of the world's major currencies will try to compete with the dollar on the global stage and could even attract some investor flows but the dollar will stay the world's key currency for some time to come, Dutch central bank chief Klaas Knot said. Some investors have reduced their exposure to the dollar in recent months, worried that trade tensions and erratic policy by the U.S. administration will ultimately erode the greenback's global reserve currency status. But others argue that there is no alternative for now since the dollar market is far bigger than any other competitor, and the euro zone, the largest potential challenger, is simply too fragmented. "There will be competition between currencies," Knot, the head of the global Financial Stability Board, told a conference on Tuesday. "But I think there is simply no alternative yet for the role that the dollar plays." Knot, the longest serving member of the European Central Bank's Governing Council, argued that investors could reduce their dollar exposure but that in itself would not dethrone the currency. "The starting point is that most international investors today are overweight in U.S. dollar because of the returns they've seen over the last 10 years," Knot said. "Maybe you will see a move for the more neutral weighing." The euro zone could make its own currency a more attractive financial instrument but that would require a great deal of internal structural work to revive long-stalled integration efforts, he said. "The daily turnover in 10-year US Treasuries is around 900 billion euro while the daily turnover in 10-year Bund is 30 billion," Knot said. "That tells you something about the liquidity of the market and the capability to hedge your risk." Sign in to access your portfolio
RTÉ News
20-05-2025
- Business
- RTÉ News
ECB's Knot says inflation picture for June meeting still unclear
ECB policymakers will need to get a clearer picture of the effects of US and EU trade policies on inflation before they can decide whether interest rates need to be cut in June, ECB governing council member Klaas Knot said. "I can't exclude we will decide to have another rate cut in June, but I also can't confirm it," Knot told reporters at the Dutch central bank. "Ultimately we have to focus on the medium to long term, where the impact (from trade policies) on inflation is a lot more uncertain than in the short term," he said. Knot said new inflation projections at the June policy meeting would take into account various scenarios for inflation in the euro zone, in light of trade tariffs announced and later suspended by the US administration and possible retaliation from the EU. "I expect our projections to show lower inflation this year and next, but it is more interesting to see what happens after that period", Knot said.
