New York–Life has its ups and downs and this week had plenty of gains and losses.
On the gain side, Saks Inc., parent to Saks Fifth Avenue, may have lost out on a merger deal with Neiman Marcus Inc., but now the retailer is reportedly being courted by the Hudson’s Bay Company, which happens to own Lord & Taylor. Should the deal come to pass, Hudson’s Bay stands to gain a major share of luxury retail and an even bigger marketplace. Meanwhile, Neiman Marcus hopes to gain $100 million from its IPO. And after much speculation, Coach gained a new creative director, Stuart Vevers.
Speaking of losses, a group of Italy’s top fashion executives teamed up to market Milan and Italian fashion lest Italy lose any more cachet to other fashion capitols. JCPenney lost another top executive as well as one of its “transformative” concepts. Gloversville, NY, once the center of U.S. glovemaking, lost one of its last suppliers, Grandoe, which has sold its assets to Totes-isotoner. Sadly, another loss was confirmed this week: Venezuelan officials reported they found after six months the wreckage of the plane whose passengers included Missoni’s CEO, his wife and friends.