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.
Former President Donald Trump’s company sued footwear maker Marc Fisher, whose showroom occupies the 21st floor of Trump Tower in New York, for more than $1 million in rent dating back to November.
Trump Organization Inc., in a complaint filed Wednesday in state court in Manhattan, seeks a court order forcing Marc Fisher to pay almost $1.47 million under a 2015 lease for the entirety of the 21st floor and part of the 22nd floor. The monthly rent is $144,936, with a security deposit of almost $49,000, according to court documents.
Marc Fisher didn’t immediately respond to an email seeking comment on the suit.
The lawsuit underscores the pressures confronting commercial real estate owners, including the Trump Organization, as the pandemic enters its second year. The retail availability rate for the upper portion of Manhattan’s Fifth Avenue was 23 percent in the fourth quarter, according to Cushman & Wakefield.
ADVERTISEMENT
Around the corner from Trump Tower, Tiffany & Co. isn’t extending a lease for 74,000 square feet of retail space owned by the Trump Organization, people familiar said last month. Donald Trump owns a triplex apartment in the 58-story tower, which served as the backdrop for the launch of his presidential campaign in 2015.
Fisher made Ivanka Trump shoes under a license until she shut down her fashion line in 2018. It was the third-largest tenant in Trump Tower as of July 2019 after Gucci America Inc. and the Trump Org.
By Chris Dolmetsch
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.
Nordstrom, Tod’s and L’Occitane are all pushing for privatisation. Ultimately, their fate will not be determined by whether they are under the scrutiny of public investors.
The company is in talks with potential investors after filing for insolvency in Europe and closing its US stores. Insiders say efforts to restore the brand to its 1980s heyday clashed with its owners’ desire to quickly juice sales in order to attract a buyer.
The humble trainer, once the reserve of football fans, Britpop kids and the odd skateboarder, has become as ubiquitous as battered Converse All Stars in the 00s indie sleaze years.