Fashion’s Billionaires, Hong Kong refocuses, CIT leaves clients scrambling, Kellwood teeters

Bernard Arnault, Fracois Pinault and Ralph Lauren, courtesy of Forbes

Bernard Arnault, Francois Pinault and Ralph Lauren, courtesy of Forbes

Fashion’s Billionaires (Forbes)
“If hemlines suggest whether the stock market goes up or down, most economic indicators say it’s likely we’ll be looking at longer skirts for the foreseeable future. But even if the economy doesn’t show us more leg for a while, the fortunes of fashion billionaires–who decide what we wear, where we buy it and what bag and shoes goes with it–should remain relatively flush.”

As Fashion Exports Drop, Hong Kong Refocuses on Design (Voice of America)
“Hong Kong’s Fashion Week features the usual parade of models on catwalks showing the latest designs, many of which end up in stores worldwide a year later. But as the global economic crisis lingers, exports of Hong Kong fashions are down more than 75 percent for January through April, from a year ago.”

CIT, Clients Scramble to Secure Lifelines (WSJ)
“Worries about the fate of CIT Group Inc. cascaded through the retail and manufacturing industries on Thursday, as companies stopped shipments and businesses worried about cash being tied up at the lender should it file for bankruptcy-court protection.”

Kellwood Extends Deadline For Debt Exchange Offer To Fri (WSJ)
“Kellwood Co. said it was unable to renegotiate and extend its bond issue that matured Wednesday and its board extended the deadline for acceptance of a proposed debt exchange until midnight Friday.”