Armani loosens grip, Sheikh eyes Lacroix, Black to Boss, China’s widening wage gap, Saks offers stock

Armani Names Group of Lieutenants But Succession Questions Linger (WSJ)
Giorgio Armani, after recovering from a months-long bout of hepatitis, slightly loosened his grip on his fashion empire Wednesday, naming one of his most-loyal executives as deputy chairman, as part of a management reorganization.” View the Armani S/S 10 runway video here.

Sheikh’s position strengthens in Lacroix auction (FT)
“The sheikh of Ajman yesterday emerged as the frontrunner to buy Christian Lacroix, the loss-making French fashion house, after Italy’s Borletti Group dropped out of the auction.”

Hugo Boss signs Graeme Black to drive womenswear (Drapers)
“Hugo Boss has named London-based designer Graeme Black as creative consultant for the Boss Black women’s collection.”

Gucci Snake Bag Draws Ire in China as Wage Gaps Widen (Bloomberg)
“At China’s newest Gucci store, in Shijiazhuang, snakeskin purses sell for the equivalent of $4,390, about twice the city’s per capita annual income. Next door at Brooks Brothers, button-down shirts go for $190.”

Saks offers up to $100 million of shares (Reuters)
“Saks Inc is offering up to $100 million in shares of its common stock, the upscale store operator said in a regulatory filing on Tuesday, and its shares fell 4.6 percent in after-hours trade.”