JC Penney’s big loss, Richemont optimism, Millennial spend, Alexis Bittar expands, Jess Hallett

JCPenney Mother's Day 2012 | Source: Adrants

J. C. Penney Posts Big Loss as 3 Retailers Gain (NY Times)
“While retailers including Home Depot, Saks Fifth Avenue and TJX Companies reported solid profits on Tuesday, J. C. Penney, in the midst of an ambitious turnaround plan, posted a big loss and said its quarterly sales had dropped 20 percent.”

Strong Asia demand keeps Richemont optimistic (Reuters)
Richemont, the world’s second-largest luxury goods group, said on Wednesday it was cautiously optimistic for the future despite the unstable economic environment as it posted forecast-beating results, driven by strong Asian demand.”

Young, broke and spending on luxury (Fiscal Times)
“Though some millennials, those born between 1980 and 2000, are launching promising careers, most are burdened with large student loans, and thousands are unemployed. Despite this, they are making luxury purchases a priority.”

Jewelry designer Alexis Bittar in expansion mode (LA Times)
“Fashion jewelry design is in the midst of a renaissance the likes of which we haven’t seen since the 1980s. And Alexis Bittar blazed the trail. In the last two decades, the New York-based jewelry designer has gone from selling his signature colorful, hand-carved Lucite pieces on the streets of SoHo to bejeweling leading ladies in Hollywood and beyond.”

Fashion Insider, Jess Hallett (AnOther)
“Hallett has become one of the most influential casting directors working today. Besides her enduring 10-year collaboration at Alexander McQueen, last season alone she worked on shows such as Kenzo, Mugler, Mary Katrantzou and on editorials for AnOther Magazine, Another Man and W.”