Style Notes: Prada Sales Tumble; Gymboree Prepares for Bankruptcy
In case you missed it.
Prada Profits Tumble [WSJ]
Prada's net income for the year ending in January fell 16 percent to $295 million. The company is confident, however, that the Miu Miu brand's turnaround efforts will help buoy the company, as will an uptick in Asian luxury spending. Chief exec Patrizio Bertelli called 2016 a "turning point" and added that the brand is "now firmly on the pathway to sustainable growth."
Kering CEO Steps Down From Puma Board [Business of Fashion]
Kering CEO Francois-Henri Pinault is stepping down from the board of directors of Puma, one of the brands under the Kering umbrella alongside Gucci, Saint Laurent and Balenciaga. The move is fueling rumors that Kering may try to sell off Puma, which has seen consistent growth thanks to ambassadors like Kylie Jenner, The Weeknd and its key collaborator, Rihanna. Earlier in the day, Puma released preliminary first-quarter numbers which showed that sales were up 15 percent to just over $1 billion.
MOCA's Annual Gala to Honor Jeff Koons [Pret-a-Reporter Inbox]
Los Angeles' Museum of Contemporary Art's annual gala will celebrate the work of Jeff Koons. The gala will take place at The Geffen Contemporary at MOCA, which will be transformed into a bright, colorful and polished space inspired by Koons' Celebration series for the evening; select pieces from the collection will also be on display. Koons recently unveiled a special collaboration with Louis Vuitton in which the works of other great artists — including Da Vinci and Rubens — are plastered on backpacks, totes, duffels and other crossbody bags. The gala is set to take place April 29.
Gymboree Prepares for Bankruptcy [Bloomberg]
Kidswear retailer and mall staple Gymboree is reportedly filing for bankruptcy after finding itself more than $1 billion in debt. The Bain Capital-owned company is currently looking to reorganize its debt load and transfer control to its lenders. Like fellow failing mall stores Bebe, BCBG Max Azria and Wet Seal, Gymboree cites digital competition for its struggles. The retailer, which hasn't turned a profit since 2011, currently operates more than 1,300 stores nationwide.