Latest news with #luxury
Yahoo
2 hours ago
- Business
- Yahoo
Wolford Appoints Deputy CEO, Completes Capital Increase
MILAN — Wolford AG has appointed Marco Pozzo its deputy chief executive officer. At the same time, on Wednesday the luxury skinwear brand stated it has successfully completed a capital increase of 25 million euros, 'reinforcing the company's financial foundation to accelerate its strategic transformation.' More from WWD WWD Toasts Milan Men's Fashion Week With Cocktail Reception, Global Impact Council Dinner Pitti Uomo Protagonists Show Summer Chic for Spring 2026 Caruso: Playful Elegance, Suits, Authenticity Are Here to Stay The transaction, carried out via rights issue, resulted in the issuance of more than 5 million new shares at a subscription price of 4.80 euros per share, increasing the company's share capital to more than 71.4 million euros. This capital raise 'reflected the confidence of parent Lanvin Goup and other key investors in Wolford's vision and execution,' stated Wolford. Pozzo has previously worked in leading design and luxury brands ranging from Ermenegildo Zegna and Alessi, to FontanaArte and Driade, holding executive roles internationally — from Mexico to Greater China — spearheading major retail and organizational expansions, as well as the digital transformation and the omnichannel strategy of the brands. Regis Rimbert succeeded Silvia Azzali as the CEO of Wolford in the summer of 2024, but he left after only six months, as reported in January. This was a return to Wolford for Rimbert as he held senior management positions from 2009 to 2013 at the Austrian hosiery and innerwear company, driving its omnichannel transformation. Since Rimbert's exit there has been no CEO at the helm of Wolford. Azzali had set in motion a reorganization of the company, planning its expansion and inking a string of collaborations with brands ranging from No. 21, Jonathan Simkhai and Mugler to Adidas, Alberta Ferretti and Etro, among others, on collections that included jumpsuits or bodysuits in addition to hosiery. In February 2023, Nao Takekoshi was named artistic director. On her tours, Beyoncé has been seen wearing Wolford tights and bodysuits and her dancers, during the Cowboy Carter tour, wore matching denim chaps with Wolford x Etro paisley tattoo bodysuits. Wolford marks its 75th anniversary this year as it was established in 1950 near the shores of Lake Constance in the city of Bregenz. Since 2018, it has been part of the Lanvin Group — then called Fosun. Lanvin Group is publicly listed in New York, while Wolford is traded on the Vienna Stock Exchange. As reported in April, Lanvin Group revenues fell 23 percent to 329 million euros last year. Losses widened to 189.3 million euros from 146.3 million euros a year earlier. Adjusted losses before interest, taxes, depreciation and amortization widened to $92.3 million from $64.2 million. Some of that represented organizational and operational changes at the company, which also owns Lanvin, St. John, Sergio Rossi and Caruso. David Chan, executive president and chief financial officer of Lanvin Group, said on a conference call at the time that those adjusted losses included 14 million euros to 18 million euros to integrate Wolford's of WWD EXCLUSIVE: Maje Names Charlotte Tasset Ferrec CEO Nadja Swarovski Exits Family Company Amid Ongoing Corporate Shakeup Aeffe MD Exits Fashion Group
Car and Driver
3 hours ago
- Automotive
- Car and Driver
View Photos of the 2026 GMC Acadia Denali Ultimate
The 22-inch wheels on the Denali Ultimate have a twin-spoke look and are finished in After Midnight metallic.
Yahoo
5 hours ago
- Entertainment
- Yahoo
Steve Harvey Joins Zaya Younan on The George Janko Show, Enjoying El Septimo's Bordeaux France Cigar
Shop El Septimo Cigars Internationally at Steve Harvey Joins Zaya Younan on The George Janko Show, Enjoying El Septimo's Bordeaux France Cigar Steve Harvey Joins Zaya Younan on The George Janko Show, Enjoying El Septimo's Bordeaux France Cigar Los Angeles, CA, July 17, 2025 (GLOBE NEWSWIRE) -- El Septimo Cigars, a global luxury cigar brand known for its unparalleled craftsmanship and innovation, proudly announces the latest spotlight moment for the brand: legendary Family Feud Entertainer Steve Harvey was recently featured alongside El Septimo Chairman & CEO Zaya Younan on the popular George Janko Show, enjoying the distinguished El Septimo Bordeaux France cigar. The special episode, which aired this week, captures an intimate and lively conversation between Harvey and Younan—two longtime best friends—who shared stories, laughs, and their mutual passion for premium cigars. As Steve Harvey lit up the Bordeaux France cigar, he praised El Septimo's exceptional quality and revealed that he's exclusively smoked El Septimo cigars ever since he was first introduced to the brand by Zaya Younan. 'Zaya changed the game for me,' said Harvey. 'El Septimo cigars are in a league of their own. I don't smoke anything else anymore—this Bordeaux France is absolute amazing.' Known for his discerning taste and dedication to excellence in everything he does, Harvey's endorsement speaks volumes about the luxury and prestige of El Septimo's cigar line. The Bordeaux France cigar, one of El Septimo's most celebrated blends, is renowned for its smooth, full-bodied flavor and elegant construction—perfectly embodying the sophistication and richness that define the El Septimo brand. You can purchase the cigar online directly through El Septimo's website, as well as its other many different cigar blends and sizes: Zaya Younan, who has transformed El Septimo into one of the fastest-growing luxury cigar brands in the world, commented: 'Having my dear friend Steve Harvey enjoy our cigars on such a public platform is an honor. His loyalty to El Septimo reflects the passion and commitment we bring to every blend we create. The Bordeaux France cigar is a masterpiece—and to see it enjoyed by someone of Steve's caliber is a proud moment for all of us.' This appearance marks another significant milestone in El Septimo's journey as it continues to redefine the cigar industry with luxury, innovation, and exclusivity. About El Septimo Geneva is a premium cigar brand founded on the philosophy that luxury is a lifestyle. Handcrafted in Costa Rica with the world's rarest aged tobaccos, El Septimo cigars deliver unmatched taste, complexity, and elegance. With a rapidly expanding global footprint and a portfolio of luxury lounges, El Septimo has become the choice for those who demand only the best. Attachments Steve Harvey Joins Zaya Younan on The George Janko Show, Enjoying El Septimo's Bordeaux France Cigar Steve Harvey Joins Zaya Younan on The George Janko Show, Enjoying El Septimo's Bordeaux France Cigar CONTACT: Alexandra Younan El Septimo Geneva 8187039600 AYounan@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
5 hours ago
- Business
- Yahoo
Saks Global Posts Q1 Top- and Bottom-line Declines, but Underscores Progress ‘Transforming' the Business
Business across the luxury landscape is tough and Saks Global is feeling it. On Thursday, Saks Global released its first-quarter figures, indicating declines on both the top and bottom lines, though executives said the performance was better than expected. More from WWD EXCLUSIVE: Saks Global Names Brandy Richardson CFO S&P Cuts Saks Global's Credit Rating to CC After a Year of High-stakes Financing, Saks Turns Back to High-stakes Retailing The net loss for the period ended May 3 was $232 million, up from $184 million in the prior-year period, which did not include the Neiman Marcus Group. On a combined basis, the year-ago net loss tallied $168 million. Adjusted earnings before interest taxes depreciation and amortization, or EBITDA, was $13 million for the first quarter and compared to a loss of $1 million a year earlier, excluding NMG. Revenue was $1.6 billion for consolidated Saks Global compared to $900 million in the first quarter of fiscal 2024, which does not include NMG. On a combined basis, the year-ago revenue totaled $1.9 billion. The company planned very conservatively, is still working to improve inventory flow and its executives have been immersed in consolidation and integration efforts associated with December's $2.7 billion acquisition of the Neiman Marcus Group. To some degree, all of that distracted from what would be normal day-to-day business functions. While inventory receipts trends improved in the back half of the first quarter, revenues were still impacted by inventory availability that was below optimum levels. Saks Global buyers have been working to repair relationships with many vendors, after seasons of missed payments on receipts. 'Across Saks Global, we are making solid strides in executing on the transformation of our business. Our first-quarter results came in slightly better than expected, as we had planned for continued inventory pressures, short-term effects of our integration work and more cautious spending by core luxury consumers,' said Marc Metrick, chief executive officer of Saks Global, in a statement Thursday, when he and other Saks Global had a conference call with bondholders to discuss the results. 'Even as our momentum builds, we know there is more to do, and as we move through the second quarter and into the back half of fiscal 2025, we are investing in our inventory to meet demand and reflect the newness that will excite our customers,' Metrick said. 'To maximize the top-line potential this offers, we are laser-focused on leveraging our unparalleled data set and reach as the preeminent multibrand luxury retailer in the U.S. At the same time, we continue to work aggressively and deliberately to capture synergies from the strategic integration of our business, and we remain on track to reach our accelerated annualized cost reduction target of $600 million over the next few years.' The CEO added: 'Looking ahead, as we continue to strengthen our collaboration with our brand partners, take full advantage of our unique ability to engage luxury customers, and execute on our integration, we are confident in our ability to deliver improved and sustainable financial performance.' Gross merchandise value for consolidated Saks Global was $2 billion in the first quarter, compared with $1.2 billion a year earlier. On a combined basis, GMV in the first quarter of fiscal 2024 was $2.3 billion. The gross profit margin came in at 44 percent of revenues, 160 basis points higher than the prior year period, which the company said was driven by improved full-price selling and inventory position following the acquisition of NMG. On a combined basis, gross profit margin in the first quarter of fiscal year 2024 was 44 percent of revenues. Selling, general and administrative expenses rose to 46 percent of revenues, up approximately 120 basis points from a year earlier, driven by higher initial costs following the acquisition of NMG and the deleveraging of fixed expenses as a percentage of revenues. On a combined basis, SG&A in the first quarter of fiscal year 2024 was approximately 41 percent of revenues. Through synergies and consolidations, management expects to reduce costs by $600 million on an annual basis in the next few years. In a letter to vendors this week, a copy of which was attained by WWD from a source, Metrick wrote: 'As we shared last month, we have secured up to $600 million in new financing commitments, $300 million of which is already funded. The bond exchange, which is the next step with respect to the balance of the financing, is expected to be completed in August. This comprehensive financing package meaningfully enhances our liquidity and strengthens our financial position for the long term. Please be assured, we remain committed to meeting our financial obligations to our partners as we had outlined in February.' Saks said that, pro forma for the transaction, total available liquidity as of June 27, would have been approximately $850 million. Shortly after that the company made a $120 million interest payment on bonds and was due to start making good on its past-due bills. Total debt for the Saks Global credit group, excluding Saks Off 5th, at the end of the quarter in May was $4.4 billion, including approximately $1.1 billion in borrowings under the company's ABL, $2.2 billion senior secured notes due 2029 and the $1.25 billion non-recourse mortgage on the Saks Fifth Avenue flagship. Saks Global now has a set of fresh eyes on all this financial complexity. On Wednesday, the company named Brandy Richardson as its next chief financial officer, a crucial role in light of the luxury retailer's recent financial pivots and efforts to assure creditors and vendors that it's now on firmer financial footing. She succeeds interim CFO Mark Weinsten. Richardson has spent the majority of her career at the Neiman Marcus Group where she held several finance leadership roles of increasing responsibility over her 15-year tenure there, though she most recently worked at Tailored Brands Inc. Although Saks has been slow to pay vendors over the last couple of years, it has lately been said to be making payments to many vendors per its new schedule announced in February. The company is also in the process of making good on past-due bills from last year. Specifically, Saks notified brand partners that effective March 1, 2025, vendors will be paid 90 days from receipt of inventory and that all past-due balances will be paid in 12 monthly installments beginning this month. Vendors are not happy with the 90-day payment schedule, which is very rare in the industry and makes it more challenging for many brands and designers to sustain operations. WWD continues to hear from some vendors indicating that Saks has begun making good on its promises to fulfill payment obligations per its new payment schedule, as well as other vendors who are still to see money owed from unpaid bills. Best of WWD Macy's Is Closing 66 Stores in 2025 — Here's the List, Live Updates Inside the Demise of Lord & Taylor COVID-19 Spikes Elevate Retail Concerns
Yahoo
5 hours ago
- Entertainment
- Yahoo
Steve Harvey Joins Zaya Younan on The George Janko Show, Enjoying El Septimo's Bordeaux France Cigar
Shop El Septimo Cigars Internationally at Steve Harvey Joins Zaya Younan on The George Janko Show, Enjoying El Septimo's Bordeaux France Cigar Steve Harvey Joins Zaya Younan on The George Janko Show, Enjoying El Septimo's Bordeaux France Cigar Los Angeles, CA, July 17, 2025 (GLOBE NEWSWIRE) -- El Septimo Cigars, a global luxury cigar brand known for its unparalleled craftsmanship and innovation, proudly announces the latest spotlight moment for the brand: legendary Family Feud Entertainer Steve Harvey was recently featured alongside El Septimo Chairman & CEO Zaya Younan on the popular George Janko Show, enjoying the distinguished El Septimo Bordeaux France cigar. The special episode, which aired this week, captures an intimate and lively conversation between Harvey and Younan—two longtime best friends—who shared stories, laughs, and their mutual passion for premium cigars. As Steve Harvey lit up the Bordeaux France cigar, he praised El Septimo's exceptional quality and revealed that he's exclusively smoked El Septimo cigars ever since he was first introduced to the brand by Zaya Younan. 'Zaya changed the game for me,' said Harvey. 'El Septimo cigars are in a league of their own. I don't smoke anything else anymore—this Bordeaux France is absolute amazing.' Known for his discerning taste and dedication to excellence in everything he does, Harvey's endorsement speaks volumes about the luxury and prestige of El Septimo's cigar line. The Bordeaux France cigar, one of El Septimo's most celebrated blends, is renowned for its smooth, full-bodied flavor and elegant construction—perfectly embodying the sophistication and richness that define the El Septimo brand. You can purchase the cigar online directly through El Septimo's website, as well as its other many different cigar blends and sizes: Zaya Younan, who has transformed El Septimo into one of the fastest-growing luxury cigar brands in the world, commented: 'Having my dear friend Steve Harvey enjoy our cigars on such a public platform is an honor. His loyalty to El Septimo reflects the passion and commitment we bring to every blend we create. The Bordeaux France cigar is a masterpiece—and to see it enjoyed by someone of Steve's caliber is a proud moment for all of us.' This appearance marks another significant milestone in El Septimo's journey as it continues to redefine the cigar industry with luxury, innovation, and exclusivity. About El Septimo Geneva is a premium cigar brand founded on the philosophy that luxury is a lifestyle. Handcrafted in Costa Rica with the world's rarest aged tobaccos, El Septimo cigars deliver unmatched taste, complexity, and elegance. With a rapidly expanding global footprint and a portfolio of luxury lounges, El Septimo has become the choice for those who demand only the best. Attachments Steve Harvey Joins Zaya Younan on The George Janko Show, Enjoying El Septimo's Bordeaux France Cigar Steve Harvey Joins Zaya Younan on The George Janko Show, Enjoying El Septimo's Bordeaux France Cigar CONTACT: Alexandra Younan El Septimo Geneva 8187039600 AYounan@
