The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Richard Hajjar, the former chief financial officer of the over 136-year-old heritage brand, which is stocked at J.Crew, has agreed to plead guilty to wire fraud, unlawful monetary transactions and filing a false tax return.
According to court documents, Hajjar wrote checks to himself and transferred funds from company accounts to his personal accounts, and to the account of another individual — who the lawsuit names as local Massachusetts television star and fashion influencer Bianca de la Garza. Hajjar used the money for personal and gifted indulgences such as luxury travel, private flights and diamond jewellery. He owes approximately $5,112,822 in taxes after failing to report his embezzlement proceeds as income on his tax returns.
Joan Kennedy is Editorial Associate at The Business of Fashion. She is based in New York and covers beauty and marketing.
Designer brands including Gucci and Anya Hindmarch have been left millions of pounds out of pocket and some customers will not get refunds after the online fashion site collapsed owing more than £210m last month.
Antitrust enforcers said Tapestry’s acquisition of Capri would raise prices on handbags and accessories in the affordable luxury sector, harming consumers.
As a push to maximise sales of its popular Samba model starts to weigh on its desirability, the German sportswear giant is betting on other retro sneaker styles to tap surging demand for the 1980s ‘Terrace’ look. But fashion cycles come and go, cautions Andrea Felsted.
The rental platform saw its stock soar last week after predicting it would hit a key profitability metric this year. A new marketing push and more robust inventory are the key to unlocking elusive growth, CEO Jenn Hyman tells BoF.