A Painful Period: Write-downs Drive Liz Claiborne to $435M Loss
Goodbye goodwill. Liz Claiborne Inc. took whopping goodwill write-downs of $451 million in the quarter ending Dec. 29, which drove the group to a fourth-quarter loss of $435.7 million, or $4.55 a share, compared with net profits of $73.2 million in the fourth quarter of 2006.
Versace’s Asian Push
Versace plans to invest about 45 million euros, or almost $70 million, to open 11 stores this year, mainly in Asia, further tapping a market it hopes will replace the U.S. as its second largest in terms of sales after Europe.
Chanel’s Spacious Place
“It’s a building, but also an object at the same time,” said Karl Lagerfeld as he toured Chanel Mobile Art on Wednesday night. “It’s like a sculpture you can walk in.”
Ralph Lauren to Open Second New York Flagship
Madison Avenue store, across the street from Rhinelander, will be for women’s and home collections.