FASHION INDUSTRY NEWS – MONDAY
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PASSING OF THE BATON AT J.C. PENNEY – RetailingToday
“Some three years after he returned to save J.C. Penney, industry veteran Myron E. (Mike) Ullman will retire from the company on Aug. 1. Ullman is passing the reins of chairman of Penney’s board of directors to current CEO Marvin R. Ellison. The succession is in accordance with a transition plan the company outlined in 2014.”
LVMH TO SELL DONNA KARAN TO G-III IN A $650 MILLION DEAL – TheNewYorkTimes
“For only the second time in its almost 30-year history, LVMH Moët Hennessy Louis Vuitton, the largest luxury conglomerate in the world, is selling a fashion brand. On Monday, the French company said that it had agreed to sell Donna Karan International to G-III Apparel Group, the American manufacturing and licensing company that owns Andrew Marc, Vilebrequin and Bass and holds the licenses for Ivanka Trump, Calvin Klein and Tommy Hilfiger, among others. It said that the transaction had an enterprise value, a figure based on its stock market valuation plus the net debt on its books, of $650 million.”
CHRISTIAN LOUBOUTIN IS DRESSING CUBA’S OLYMPIC TEAM – TheCut
“Cuba’s Olympic team will be dressed by Christian Louboutin for next month’s biggest runway show: the closing ceremony at the Olympic Games. And in a rare moment for the fashion industry, the looks were created with input from the Cuban athletes themselves.”
INSIDE MARY-KATE AND ASHLEY OLSEN’S FIRST ELIZABETH AND JAMES STORE – Pret-a-Reporter
“In a surprise move, New York City-dwellers Mary-Kate and Ashley Olsen chose sunny Los Angeles as the location for their first-ever Elizabeth and James brick-and-mortar outpost. Opening today at The Grove, the L.A. flagship store is more than just a home for chic pieces from the twins’ contemporary label; its thoughtfully decorated interior, designed with the help of David Montalba of Montalba Architects, gives shoppers a personalized Elizabeth and James experience via the Olsen-curated selection of vintage California- and Japanese-inspired furniture and accessories.”
NEW BALANCE CELEBRATES 20 YEARS OF THE 580 SILHOUETTE WITH SPECIAL RELEASE – FootwearNews
“New Balance is celebrating the 20th anniversary of its MT580 silhouette with the release of the 580 Reengineered on Aug. 1 as part of its fall ’16 collection. To commemorate the silhouette’s anniversary, the Boston-based sneaker brand worked with fashion label Lease on Life Society and award-winning art and film studio Musuta for design inspiration.”