Station MasterFamed photographer Louis Stettner talks about his latest book, “Penn Station, New York.” PAGE 10

Big InfluenceThe NRF Foundation reveals 25 retail influencers, including Tory Burch, Ulta’s Mary Dillon and Michelle Gass of Kohl’s. PAGE 3

Hawaiian MakeoverGeneral Growth Properties completes the renovation of the Ala Moana mall. PAGE 4

Fashion. Beauty. Business.

DAILY EDITION 5 JANUARY 2016 1

● U.S. indices lost more than 2 percent in value as a Chinese market crash sparked a global stock sell-off.

BY DEBRA BORCHARDT

Is it really going to be that kind of year?

Fashion and retail shares rode global stock markets down Monday as a stock market crash in China, Saudi-Iranian squabbling and weak economic data caused major indices in Europe and the U.S. to plummet. The Dow Jones Industrial Average had its worst open-ing day since 1932.

The sell-off began in China with growing concerns over its economy and caused authorities to suspend trading for the rest of the day. The sell-ing then spread to Europe, which hit all the major European luxury groups, with Burberry down more than 4 per-cent to 1.14 pounds, or $1.69 at current exchange; Kering dropped more than 3 percent to 151.80 euro, or $165; LVMH Moët Hennessy Louis Vuitton fell more than 3 percent to 139.20 euro, or $151, and Compagnie Financière Richemont down 3.1 percent to 69.85 Swiss francs, or $69.69.

Among the decliners were two companies that were stars of the WWD 100 Global Stock Index last year: Yoox Net-a-porter Group and Pandora A/S. YNAP’s shares dropped 7.1 percent to close at 32.11 euros, or $34.77, while Pandora’s shares fell 1.8 percent to close at 856 Danish kroner, or $124.23.

In the U.S., the Nasdaq took the biggest beating as the “FANG” stocks, comprised of Facebook, Amazon, Netflix and Google (Alphabet) led the index down more than 3 percent at one point, but trimmed those losses at the close and ended down 2 percent to 2,903. The Dow opened down by triple digits and kept up the selling throughout the day when at one point it had dropped more than 440 points and fell below 17,000. At the close the losses were trimmed to a loss of 276 points and closed at 17,148. The S&P 500 fared the best of the three as it only slid 1.5 percent to 2,012.

Both the Market Vector Retail ETF and the Power Shares Retail ETF lost more than 2 percent of their value on Monday. Fossil was the worst-perform-ing fashion stock as it slid more than 6 percent to $34.34 and is now down 69 percent for the last 12 months. Ama-zon also took a dive as it dropped 5.7 percent to $636.99.

A select group of apparel stocks that bucked the trend for the day included

Lululemon and Ascena Retail Group. Lululemon moved higher by more than 6 percent to $55.86 following an upgrade by Wells Fargo analysts. The upgrade to outperform from market perform was based on the thesis that Lululemon has made improvements to its supply chain and they expect fewer markdowns. Ascena jumped more than 6 percent to $10.52 as insider buying and technical trading signals got the attention of investors.

Other retailers also benefited. Steinmart increased 4.9 percent to $7.06; J.C. Penney rose 4.6 percent to $6.97; Gap Inc. climbed 4.3 percent to $25.52; Kohl’s jumped 4 percent to $49.55, and Macy’s Inc. rose 2.4 percent to $35.52.

A steady stream of bad news out of the Middle East fed the selling. In the region, embassies were closed, air traffic halted and various coun-tries began picking sides. Initially oil prices ticked up to $38 a barrel. This is a common reaction when tensions escalate in that region. The fear that oil deliveries will get disrupted causes the price to rise. This time around there is a global glut of oil supplies and that combined with the worry about a Chinese economic slowdown pushed prices back down to $36 a barrel.

To add insult to injury, the Federal Reserve Bank of Atlanta slashed its GDP forecast for the fourth quarter to a paltry 0.7 percent from the 1.3 percent originally forecast — roughly a 50 percent cut. The Atlanta Fed has tended to be fairly accurate in its GDP forecasts and this report is fueling those bearish analysts that believe the U.S. could be headed for economic weakness, if not another recession.

“Anything that comes out that is negative doesn’t help,” said Mark Newton, chief technical analyst at Greywolf Execution Partners.

Newton, though, wasn’t feeling panicky. “These things sometimes happen when there’s not a really good reason,” he said. “Sometimes time-outs are good.”

He doesn’t think that China was completely to blame for the U.S. mar-ket sell-off. Newton also pointed out that the so-called “Santa Claus” rally, when stocks trade higher between Christmas and New Year’s Day, was the worst since 2000. So heading into the first day of trading for 2016, there wasn’t a big appetite to buy stocks.

He added that the U.S.’ Institute of Supply Management Manufacturing Index data was weak, with Monday’s report showing the lowest level since

BUSINESS

Stocks Plunge,Yet InsidersRemain Calm

CONTINUED ON PG.9

Ring around the collar was big for pre-fall with Seventies-esque tie-neck blouses and dresses, such as this style by Edun. For more trends, see pages 5-6.

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● Graziano de Boni has been appointed new president and chief executive officer.

BY LUCIE JANIK

MILAN — German designer Philipp Plein has appointed Graziano de Boni president and chief executive officer for the Ameri-cas. He will also join Plein on the board.

Prior to joining Philipp Plein, de Boni served for four years as ceo of the North America division of Giorgio Armani Corp., where he stepped down in November 2014. Before that he was president of Reed Krakoff for one year, president and ceo of Prada USA and held the position as Valentino’s president of worldwide sales, marketing and retail in addition to presi-dent and ceo of Valentino USA.

“I am very happy to have Mr. de Boni

on board. He will help our team to develop our fast-growing business in the Americas and bring his extensive experi-ence in luxury and fashion to support our global strategy,” said Philipp Plein.

De Boni said he was looking forward to working with Plein and helping “contrib-ute to further growth of his incredible brand and business.”

BUSINESS

Philipp Plein Names CEO for Americas

Spring 2016 Accessories: Paris Collections● The season’s best accessories from the runways and presentations of Paris Fashion Week.

● 2016 Palm Springs International Film Festival Gala & Red Carpet

● Christopher Kane Pre-Fall 2016

● Fashion Designers Post Holiday Travels on Instagram

● Paris Fashion Week Street Style Photos Spring 2016

Global Stock TrackerAs of close January 4, 2016

ADVANCERS

DECLINERS

Ascena Retail Group Inc. +6.70%

Lululemon Athletica Inc. +6.46%

J.C. Penney Company, Inc. +4.65%

Vince Holding Corp. +4.37%

Kohl’s Corp. +4.03%

Shanghai Metersbonwe -9.84%

Youngor Group Co. Ltd. -9.28%

Yoox Net-a-porter Group -6.84%

Fossil Group Inc. -6.21%

Kose Corp. -5.68%

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● Alithia Spuri-Zampetti is making her design debut for the label with a capsule collection.

BY JOELLE DIDERICH

PARIS — Paule Ka has linked with luxury e-tailer Moda Operandi to showcase the first designs from its new creative director Alithia Spuri-Zampetti as it seeks to expand its foothold in North America.

Formerly the head designer in charge of women’s ready-to-wear collections at Lanvin, the 31-year-old was appointed in June with the mission of reviving the French contemporary fashion brand, which had been without a designer since the departure 18 months ago of founder and creative director Serge Cajfinger.

Ahead of her official debut at Paris Fashion Week in March, the Italian-Amer-ican designer has produced a capsule col-lection available for pre-order from Moda Operandi for 15 days beginning today. Items from the trunk show are expected to be delivered from mid-March.

The line will go on sale in Paule Ka bou-tiques and selected stores in April.

The 53-piece collection, in a palette

ranging from black and white to gemstone shades including ruby, topaz and cobalt, revolves around signature house codes such as the bow, Sixties influences and graphic details.

Spuri-Zampetti has given the bow a

fresh spin by featuring it as a tie or a fabric inset, or as an accent on accesso-ries. Meanwhile, an abstract floral motif features on fabrics ranging from crepe to poplin, silk and brocade.

Paule Ka, owned by Change Capital Partners, last year appointed Catherine Vautrin the label’s chairman and chief executive officer. Vautrin, previously chairman and ceo of Cerruti, has said she plans to expand the label in the U.S., Middle East and Asia.

“Moda Operandi is a major e-com-merce player in the United States and works with prestigious houses,” Vautrin told WWD. “It’s a great opportunity for us to grow in the American market, which will be one of our key markets in 2016.”

The brand is already popular with celebrities including Meryl Streep, Lea Michele and Anne Hathaway. Spuri-Zam-petti, a Central Saint Martins alum who has also logged stints at Valentino and Bottega Veneta, has been charged with expanding its offer beyond occasion dresses.

Paule Ka is present in 56 countries via 350 points of sale, including 60 mono-brand doors. Its turnover is close to 50 million euros, or $54.3 million at current exchange.

FASHION

Paule Ka, Moda Operandi Collaborate

● Tory Burch, Mary Dillon and more honored for molding the future of the industry.

BY DAVID MOIN

NEW YORK — Tory Burch, Restoration Hardware’s Gary Friedman, retail analyst Walter Loeb and Kohl’s Michelle

Gass are among those who have made it on the NRF Foundation’s list of “People Shaping Retail’s Future 2016.”

The 25 honorees will be celebrated at the NRF Foundation Gala on Jan. 17. The founda-tion, a nonprofit arm of the National Retail

Federation, raises funds for scholarships and fosters career growth for people in the retail industry.

“Recognizing our list of honorees and awarding scholarships to students who want to succeed in retail goes right to the heart of the NRF Foundation’s mission — shaping retail’s future,” said Ellen Davis, the federation’s senior vice president and foundation executive director.

This is the second year in a row that the NRF Foundation is holding the gala.

Those who make the list are deter-mined through an open nomination process, where candidates can be nom-inated on nrf.com, with final choices made by an NRF executive committee.

The 25 individuals named to this year’s list are organized into five groups: disruptors, dreamers, givers, influenc-ers and power players.

The disruptors include Jessica Herrin, chief executive officer and founder, Stella & Dot Family Brands; Katrina Lake, ceo and founder, Stitch Fix; Kyle Nel, executive director, Lowe’s Inno-vation Labs; Greg Petro, president and ceo of First Insight, and Debbie Sterling, founder and ceo, Goldieblox.

The dreamers include Moziah Bridges, founder and ceo, Mo’s Bows; Matthew Corrin, founder and ceo, Freshii; Dan-ielle DiFerdinando, founder and creative

director, Danielle Nicole, and Alexis Ringwald, cofounder and ceo, LearnUp.

The givers are Burch, chairman and co-ceo of Tory Burch LLC and founder of Tory Burch Foundation; Erin Harper, senior program manager, local producer loan program, Whole Foods Market; Kindley Walsh Lawlor, vice president of global sustainability, Gap Inc.; Bea Perez, vice president and chief sustain-ability officer, The Coca-Cola Co.; Doug Rauch, founder and president, Daily Table, and Laysha Ward, executive vice president and chief corporate social responsibility officer, Target.

The influencers are Loeb, president, Loeb Associates; Courtney Reagan, retail reporter, CNBC; Al Sambar, managing partner, retail and consumer group, Kurt Salmon; Dana Telsey, ceo and chief research officer, Telsey Advi-sory Group, and Sen. Mark R. Warner of Virginia.

The power players are Mary Dillon, ceo, Ulta Beauty; Friedman, chairman and ceo, Restoration Hardware; Gass, chief merchandising and customer officer, Kohl’s; James Rhee, executive chairman and ceo, Ashley Stewart, and Stormy Simon, president, Overstock.com.

RETAIL

NRF Releases 2016Retail Shapers List

A look from Alithia Spuri-Zampetti’s capsule collection for Paule Ka.

Graziano De Boni

Mary Dillon

4 5 JANUARY 2016

● The world’s largest outdoor shopping center undertook a major overhaul.

BY DAVID MOIN

Ala Moana Center has rebuilt for the future.

Business is down amid thinner tourist traffic and the strong dollar. But Hawaii’s megacenter, owned by General Growth Properties, anticipates better days ahead, lifted by the 2.2 million-square-foot mall’s massive redevelopment and expansion project, costing $700 million.

The center awaits the arrival of a new Nordstrom anchor and specialty retail tenants in the months ahead. It’s already anchored by Neiman Marcus as well as Bloomingdale’s, which opened last November.

“Ala Moana is not only the world’s largest open-air center. It will be a mixed-used center with residential units and hotels,” said Sandeep Mathrani, chief executive officer of General Growth Properties. “This will effectively be like a city.”

The multiyear project has seen the expansion of its Ewa Wing, as well as extensive common area upgrades and a redesigned Makai Market food court. There are new tenant spaces, guest services, larger breezeways and easier access for shoppers through the street level, and a larger Centerstage event space.

The Ewa Wing of the center was redeveloped into 650,000 square feet of new retail space, including the 167,000-square-foot Bloomingdale’s; din-ing; entertainment; 200,000 square feet of inline retailers, and more than 1,000 additional parking stalls. Nordstrom is relocating to the Ewa Wing.

For the project, 300,000 square feet was demolished, including a former

Sears and 600,000 square feet was added, for a net gain of 300,000 square feet.

About 200 residences overlooking the ocean, with such amenities as security, a fitness club, a spa and an art walk mod-eled after Manhattan’s High Line, are expected to be done later this year.

The Ala Moana project reflects how in a nation filled with too many malls and stores, developers are putting more of their resources into reinventing and upgrading existing properties. GGP, a real estate investment trust, operates some of the biggest and most promi-nent shopping centers in the country, including Tysons Galleria in McLean, Va., Glendale Galleria in Los Angeles and Water Tower Place in Chicago.

“Our strategy is to own best in class,” said Mathrani. “It’s about densifying the best malls. There should be less malls but the better malls should be more dense.” They should become “entertain-ment centers,” he said.

GGP has a 75 percent equity interest

in the Ala Moana center with Australian-Super holding the remaining 25 percent. The center, valued at about $5.5 billion, is one of the largest and most produc-tive shopping malls in the world with more than 42 million visitors a year. The center was tracking at $1,360 in sales per square foot in 2015.

“Nordstrom is putting in their newest prototype,” Mathrani said. The three-level, 186,000-square-foot Nordstrom will feature several of the same char-acteristics as the retailer’s Vancouver flagship.

“We will be able to bring our new-est design concepts that we hope will make for a great shopping experience for both locals and visitors,” said Erik Nordstrom, copresident of Nordstrom Inc. “Ala Moana is pretty special to us — we opened in Honolulu nearly 48 years ago leasing space and running the shoe departments in Liberty House stores. We have eight employees who have been with us for more than 25 years, two of which have been with us for 40

years. Nordstrom opened its current 211,000-square-foot full-line store at Ala Moana Center in March 2008.”

“It’s got a very flexible design,” Math-rani said of the upcoming Nordstrom store. “It’s modern and light, and further enhances the merchandise for the cus-tomer. It won’t be caught up in shops-in-shops. It will have that flexibility to allow merchandise to take front-and-center stage without spending a lot of time and money to remerchandise.”

Among the recent arrivals, David Yurman, Zara, Ted Baker and Brunello Cucinelli while Céline, Tesla, Valentino and Moncler will open soon.

In addition, Hermès will open an expanded shop, growing from 7,000 to 9,000 square feet.

The reinvention comes at a time when tourist and mall traffic is down in Hawaii and other parts of the U.S. due to the strong dollar and economic issues in other countries, particularly China, Rus-sia and Brazil. “We’ve been through this before,” Mathrani said. “No one open in Ala Moana is here for the short-term. People here are happy to get a position and establish themselves in the market. We’ve been through tourism changes. We’ve been through currency deval-uations. Usually, it’s a 12-to-18 month process and it rebounds.”

Asked how business has recently been at the center, Mathrani replied, “Traffic is pretty flat. Spending is pretty flat. Sales productivity has only gone down 1 or 2 percent.

“It’s our flagship asset. We’re not as bad as other tourist destinations,” said Mathrani.

“Ala Moana remains one of the top shopping centers in the world,” said Faith Hope Consolo, chairman of The Retail Group of Douglas Elliman Real Estate. “It kind of reminds me of Miami — very much dependent on tourists. The shoppers live for luxury, though I see the center diversifying the mix more. Sales rival top centers like the Forum Shops at Caesars — in that $1,000 range.”

“Like other tourist markets, business is a little difficult in Hawaii. But I’m not afraid of entering a market that’s a little difficult,” Tony Spring, Bloomingdale’s chairman and ceo, recently told WWD.

According to Spring, the new Bloomingdale’s is more a matter of the business potential, rather than current demand. “We don’t worry about what isn’t. To have the opportunity to go into one of the world’s most successful open-air destinations is a tremendous benefit to our national expansion.”

RETAIL

Ala Moana Center Bids for the Future

● Support from the National Association of Manufacturers could help Obama in the Trans-Pacific Partnership battle on Capitol Hill.

BY KRISTI ELLIS

WASHINGTON — President Obama picked up a key endorsement on the Trans-Pacific Partnership trade deal on Monday as the National Association of Manufacturers came out in support of the 12-nation pact.

The backing from NAM gave the White House a big shot in the arm as it starts the new year and steps up its push to garner support from business groups for the trade deal, which is facing opposi-tion from many corners, including the

president’s own Democratic Party.“After careful analysis, the NAM will

support the TPP as it will open markets and put manufacturers in a much stron-ger position to compete in an important and growing region of the world,” said Jay Timmons, president and chief executive officer of NAM. “Support for the TPP, which allows manufacturers to be more competitive in a global economy, is in keeping with the NAM’s principles. With-out such an agreement, the United States would be ceding economic leadership to other global powers, letting them set the rules of economic engagement in the region.”

Trade ministers reached a deal in October on TPP, which includes the U.S., Australia, Japan, Mexico, Canada, Vietnam, Malaysia, Peru, Singapore, Chile, Brunei and New Zealand. The pact,

encompassing 40 percent of the world’s gross domestic product, seeks to elimi-nate import duties, strengthen labor and environmental provisions, ease the flow of cross-border trade and strengthen intellectual property protections.

But the battle for Congressional approval in a presidential election year is expected to be tough.

All of the democratic presidential candidates oppose TPP and some of the Republican contenders have also come out against it. A large group of democratic lawmakers has also voiced opposition to the pact and some key Republicans have expressed concerns. But several business groups have endorsed it and the adminis-tration is counting on pro-trade lawmak-ers to eventually line up in support.

Backing from NAM could help Obama’s cause in gathering more support from

Republicans, whom he will need to court to get TPP across the finish line. The U.S. Chamber of Commerce has not taken a stance yet on TPP.

“We recognize this agreement is not perfect, and there are some principled objections to the TPP, so the NAM will continue to work closely with its mem-bers to address remaining barriers, to raise standards, to promote the rule of law and to further level the playing field for all,” Timmons said. “Ultimately, the TPP is a significant improvement over the status quo — for manufacturers and for the broader economy. It will substantially increase opportunities for the export and sale of U.S. manufactured goods, which means more economic opportunities for manufacturers and for the more than 12 million men and women who make things in America.”

BUSINESS

Major Manufacturing Group Endorses TPP

A rendering of the Ala Moana Center expansions.

5 JANUARY 2016 5

● Tied in a feminine bow or a simple knot, neckties were a nod to the Seventies during pre-fall.

BY MAYTE ALLENDE

FASHION

Pre-Fall 2016 Trend:

NecktiesGucci

Bottega Veneta Tanya Taylor

3.1 Phillip Lim

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CHRISTOPHER KANEPerpetually fascinated by science and the grotesque, Christopher Kane created an elegant pre-fall collection full of classic silhouettes that he transformed with a DIY glam/macabre mash-up of pattern, print and texture. Printed lace skirts glowed with strips of orange or green neon tape; a car crash image recurred on pieces including sweatshirts; a tweed boucle suit had unfinished, stringy edges; and a long and luxe revers-ible sheepskin coat featured a smooth leather lining spray-painted with silver flowers. Kane embellished with molecular details, using neon dots on a pleated silk skirt and little crystals to update a classic gray cashmere sweater. Black sequin roses, meanwhile, blossomed across a cashmere wool coat and dress.

Kane also ramped up his accessories offer with paint splattered Perspex jewelry, shoes with soles that looked as if they were melting and dripping neon wax, and gloves with flashes of neon tape or bright candy dot patterns. The designer is set to launch e-commerce this year, and will also release his first ad campaign, for the spring 2016 season. — SAMANTHA CONTI

JULIEN DAVIDJulien David approached his pre-fall collection with one strong conviction: “I really wanted to use color for winter but in a cool way — not too pop or too young,” he said. He infused his palette with a vintage touch, working “odd” shades and unex-pected combinations. “It’s the way color was used in the Sixties and Seventies,” David said.

The result: retro-futuristic. For example, a green neck tie blouse in a robot print was paired with boyish trousers in an unusual shade of washed out red, a black grommet belt and neon green

clunky loafers. To keep things from skewing too retro, David was careful to modernize, showing Coco-esque jackets with metal buttons, and coats in old school couture silhouettes in futuristic metallic patchwork. None of it could be found at the local thrift store. — MAYTE ALLENDE

VIONNETGoga Ashkenazi delivered a compelling collection, using high-end materials and couturelike details to achieve comfortable elegance. Shirtdresses and pajama suits crafted from fluid silk in Art Deco-inspired patterns, featured tie-able details that made for adjustable silhouettes. Double-faced coats and jackets were cut in rigorous shapes. In keeping with the brand’s heritage, handmade ruffles embellished a wide range of sophisticated pieces: tops and dresses done in mannish fabrics lined with contrasting satin, as well as flowing gowns in the brand’s signature plissé soleil and bias cuts. — ALESSANDRA TURRA

RODEBJERCarine Rodebjer’s pre-fall lineup was an ode to Joan Didion’s practical style. The author’s effort-less cool was captured in elongated silhouettes with an offbeat attitude. A botanical-printed black silk chiffon tunic that could be worn as a mi-di-dress or shirt if tucked into shorts, and a coral trench that featured side buttons for optional leg exposure evoked Didion in the Seventies. Ruffled midi skirts and matching tops worn with cool sneakers gave the collection a modern, any-time, any-place versatility. — M.A.

Christopher Kane

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● The team will launch luxury brand Deveaux at New York Fashion Week: Men’s.

BY ARIA HUGHES

NEW YORK — After almost three years of selling luxury and contemporary men’s apparel and accessories out of their SoHo store, Brian Trunzo, Patrick Doss and Matt Breen are ready to peddle their own product.

The cofounders of Carson Street Cloth-iers will launch a men’s wear line called Deveaux, which will debut at New York Fashion Week: Men’s on Feb. 1.

“The idea was always to do our own line,” said Breen. “It’s obviously something that we are passionate about. More so than being retailers, we are passionate about creating.”

Breen, Doss and Trunzo wanted to avoid the contemporary market, which Breen called “crowded and noisy,” and instead opted for a luxury assortment, which is mostly made in the U.S.

“We use this phrase called ‘contempo-rary conformity,’” said Trunzo. “Everyone was doing the same thing and we have

customers who are looking for more spe-cial product and more expensive product.”

The line is comprised of 150 pieces including ready-to-wear, sportswear and tailored items. The fall 2016 collection, which is inspired by the best-selling novel and HBO series “The Leftovers” and Pablo Picasso’s painting “The Studio La Cali-fornie,” will show statement outerwear and knitwear made from suede, shearling and cashmere. The offering will start at $150 for cotton or jersey T-shirts to $4,995 for shearling outerwear. Suits will sit in the $2,495 to $3,995 range, while blazers will be priced from $1,995 to $2,995.

According to Breen, they are targeting a select group of independent boutiques and department stores. They plan on keeping their retail business and Deveaux two separate entities. Carson Street Clothiers buyers will buy from the Deveaux offering similar to how they would buy a third-party collection.

“The store won’t carry every single solitary piece, but you will probably find a larger percentage of the line here than other stores,” said Breen.

The name comes from Breen’s great-grandfather, who served as a chauffeur for Edward DeVeaux Morrell, a

prominent politician in Philadelphia, after emigrating from Ireland in the 1920s. As an ode to his employer, he named one of his nine children Edward DeVeaux Breen.

“All of the men on my dad’s side have DeVeaux as a middle name and my niece has DeVeaux as her first name,” said Breen, who added that his father recently acquired the same limousine his great-grandfather drove. “It embodies the quintessential American dream, so for us the name is very powerful.”

For New York Fashion Week: Men’s, the team plans to hold an interactive presen-tation with a theatrical element. Breen believes it was important to be a part of the recently created event.

“With the ethos of the brand and it being made in America, we thought that in order to be a part of this community, we needed to stay home to support this community and manufacturers in this city. That’s our goal. So for us to not do it here would be a mistake,” he said.

MEN’S

Carson Street Clothiers Introduces Men’s Wear

A look from Deveaux’s fall 2016 line.

● The Princeton graduate will finish his time as the NYCEDC’s vice president for fashion and arts this week.

BY ROSEMARY FEITELBERG

NEW YORK — After an eight-year run at the New York City Economic Development Corporation, Eric Johnson will soon be returning to his hometown as execu-tive director of the Saint Louis Fashion Incubator.

Newly established by the Saint Louis Fashion Fund, the center is expected to open later this year downtown on Wash-ington Avenue, which was once the heart of the city’s garment district. The Princ-eton graduate will finish his stint as the NYCEDC’s vice president for fashion and arts this week. Johnson said Monday that his successor has not yet been named, but “we are currently working on that.”

Building on the skill set he has devel-oped through the NYCEDC, as well as his numerous New York fashion and apparel connections, Johnson said, “The ability to not only increase the profile of the city, and to increase the elements of fashion, design and culture was really appealing. If it had been in another city, it probably would not have been as attractive to me.”

Established two years ago, the Saint Louis Fashion Fund is a nonprofit that supports emerging designers and pro-motes fashion education and outreach. As of Feb. 1, Johnson will be recruiting designers in residence for the fashion incubator program, working closely with Washington University in St. Louis and an advisory board of industry professionals

on programming, outreach and education programs for the community at large.

The unemployment rate in St. Louis is currently 5.8 percent, according to a spokeswoman for the St. Louis Federal Reserve. Slightly more than half of the city’s businesses expect the local economic conditions to improve this year, according to a survey conducted in November. But Johnson noted certain sectors are thriving,

singling out T-Rex, a 160,000-square-foot downtown venue that houses 110 start-ups. Aiming to bolster the regional economy, T-Rex is geared for new companies that advance technological development, encourage creative thinking through design and employ highly skilled workers.

City of St. Louis Mayor Francis G. Slay said, “Eric’s connections to the fashion industry will be invaluable as we begin to

build back a fashion ecosystem in down-town St. Louis. His work with Saint Louis Fashion Fund will help our City continue to grow as an innovation hub, as we attract and retain creators and companies we never saw before.”

In the Twenties the city’s garment dis-trict stretched 10 blocks and by the Thir-ties and Forties, it was one of the largest needle trade centers in the U.S., according to a spokeswoman for the Missouri History Museum. Noting major employers like Kellwood and Caleres, and fellow St. Louis natives Karlie Kloss, Bravo’s Andy Cohen and Timo Weiland, Johnson said he is eager to help redefine the city’s fashion sector. Last fall, Houghton’s Katharine Polk, the 2015 winner of the Caleres Emerging Designer Award presented by Saint Louis Fashion Fund, showed her collection in the city.

Bringing designers to St. Louis and having designers represent the city in the long-run will be two priorities once he establishes statistics for the current size and scope of the city’s industry. Pointing to Portland, Ore., and Antwerp, Belgium, Johnson said they are secondary cities that are “punching above their weight” in regards to their respective creative communities.

Established in 2006, Saint Louis Fashion Week has gained in prominence in recent years, Johnson said, “I want to make sure that I go on record saying that while I’ll be based in St. Louis, this is not a good-bye to New York. I think part of the reason I was hired, not to overplay it, is that I do have strong ties to the industry here. I look forward to leveraging partnership oppor-tunities,” he said.

But soon he will be focused on secur-ing a place to live in St. Louis, which has become more challenging due to the recent floods. “Unlike New York where there are so many different options — Man-hattan, Queens, Brooklyn…there are fewer neighborhoods in St. Louis that make sense as a young professional to live. After the epic rainstorm over Christmas in St. Louis, it was difficult to see a lot of places,” he said. “My folks live there. If worse comes to worst, I can crash with them for a month.”

FASHION

Eric Johnson Heads Up St. Louis Fashion Incubator

Eric Johnson

5 JANUARY 2016 9

2009. The index declined to 48.2 in December from 48.6 in November. Anything below 50 means manufactur-ing is contracting.

More optimistically, Charles Schwab market researchers wrote, “While manufacturing is important and shouldn’t be ignored, it represents only 12 percent of the U.S. economic activity; while the export market is a relatively small part of overall gross domestic product. The services side of the economy [representing 88 percent of U.S. activity], in contrast, remained healthy throughout 2015 and looks to continue that performance entering 2016. Additionally, the U.S. consumer looks to be in good shape heading into the New Year.”

Gold prices moved higher as some investors opted to place their invest-ments in the safe haven of the metal. But Newton believes that if the dollar remains strong, gold will not be able to sustain the higher prices.

Many long-term investors have expectations that the selling won’t continue.

Liz Ann Sonders, chief investment strategist at Charles Schwab, said, “If the decline persists into the close, it would mark the worst opening day to start a year for the S&P 500 since 2001 — and only the 15th time in the S&P’s history when it opened a year down more than 1 percent. Big data show that a weak opening day of a year was historically met with buying in the remainder of January. Nearly 80 percent of the 14 prior incidents saw positive January returns, with a median gain of 5 percent. As for the remainder of the year, the percentage of time with

positive returns dropped to 57 percent, with a median gain of 7.2 percent.”

Nick Colas, chief market strategist for Convergex, said, “If the sell-off accelerates into the close, you’ll start to hear about how trading in the first week of the New Year informs the

market’s direction for the entire year to come….”

Colas was referring to the old market adage that says, “As goes the first trading week of the year, so goes the entire year.” That rule has only worked on the upside, though. If the markets

have a positive week for the first five days, there is an 86 percent chance the market will rise for the year.

The good news, if any, about Mon-day’s market debacle? There is no statistical bias if the markets go down in the first five days a new year.

Stocks Plunge,Yet InsidersRemain Calm CONTINUED FROM PAGE 1

“If the sell-off accelerates into the close, you’ll start to hear about how trading in the first week of the New Year informs the market’s direction for the entire year to come….” — Nick Colas, Convergex

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● The e-commerce giant’s stock plummeted Monday afternoon to $627 after Monness Crespi Hardt downgraded the site from buy to neutral status.

BY RACHEL STRUGATZ

Wall Street continues to debate the path ahead for Amazon, e-commerce’s prof-it-challenged market share leader.

Even though Amazon had a record-breaking holiday shopping season, analysts at Monness Crespi Hardt down-graded the e-commerce giant’s stock to neutral from buy, helping to push its shares down 5.8 percent to $636.98 amid a global stock rut on Monday.

That’s a rough welcome to 2016 for Amazon, which said last week that its 21st holiday season was record-breaking across its Amazon Prime, Amazon Original Series and Amazon devices businesses. Upwards of three million members joined Prime at the end of last month, with over 200 million more items shipped using the membership service than in 2014.

The downgrade was pinned on a belief that “even winners need to take

breathers,” but the financial community and e-commerce experts have something of a split opinion on the matter.

Robert Johnson, associate director of economic analysis at Morningstar, pre-dicted that Amazon’s stock will “probably [go] down as people sell their big winners of 2015. Paradoxically, a lot of people sell their big winners when times get bad and cling to their losers. Maybe some wor-ries about the China impact on the U.S. economy, too. I don’t believe a weak China necessarily hurts the U.S. economy.”

But Daniel Kurnos, a senior equity ana-lyst at Benchmark Company, is wary about betting against Amazon — although he can see why some analysts are skeptical.

“The reality of the situation is not whether or not the company is slowing — because I don’t think it is,” Kurnos said.

He argued instead that lukewarm investor expectations of the holiday season overall might result in fewer hurdles for the company to overcome. And that could be a good thing.

Adheer Bahulkar, a partner in the retail practice at A.T. Kearney, said Amazon remains on a “strong track.”

“It’s an extremely well-run company that continues to churn out 20-plus per-centage of top-line growth,” Bahulkar said. “Amazon has done a masterful job in not letting the Street dictate its growth and it’s evident. I almost see them as a $100 billion start-up because they continue to make investments in new segments.”

He said the site’s Prime membership service has been instrumental in Ama-zon being “leaps and bounds” ahead of competitors when it comes to servicing its consumer base. He estimated that 25 percent of all American households are Prime members.

Sam Cinquegrani, founder and chief executive officer of Objectwave, a digital marketing and technology services com-pany, said Amazon is “doing everything right.”

Building a sustainable business means more than just selling goods online, said Cinquegrani, noting that for Amazon, this

largely means putting customer service at the core of everything it does.

“Amazon continues to amaze every-body in the fact that they can continue to be able to offer free shipping in a very quick-delivery model. Then they continue to improve upon it,” Cinquegrani said. “If in fact Amazon continues to do the things they’ve done even in the last 12 months, I think they are just going to continue to excel and the trends in consumer prefer-ences are moving towards online purchas-ing as opposed to brick-and-mortar.”

Cinquegrani said the company also has plenty of overseas growth ahead of it.

“Amazon in the last 12 months has further ventured into new Latin American countries, specifically Mexico,” he said. “Latin America is poised to grow 13-20 per-cent in the e-commerce space in the next three years and Amazon is in that market. Just the fact that they have now expanded their reach to an additional 130 million people is in itself something that analysts are not considering. If they can expand their reach by 25 percent, what does that say, particularly as these countries largely don’t have great e-commerce capabilities? Now all of a sudden, Amazon is there, so you’ll be seeing their international sales going up tremendously.”

RETAIL

Amazon’s Growth Curve: Analysts Weigh In

10 5 JANUARY 2016

“I just felt for what I wanted to do, it was a much better place for me,” says noted photographer Louis Stettner. “I got more encouragement.”

The Brooklyn-born Stettner, now 93, who was a combat photographer in the Signal Corps in World War II, is explaining why he lives in Paris, which he originally visited in 1946. In 1947, he returned to the City of Light to organize an exhibition for the Photo League. “I just felt I loved the place,” he adds. “I came there to stay for two weeks, and stayed for five years.”

For decades, Stettner, who is also a painter and sculptor, went back and forth between Paris and New York, finally settling permanently in Saint-Ouen, a department in the northern suburbs of the French capital, in 1990.

The photographer’s current project is “Penn Station, New York,” which is out this month from Thames & Hudson and which consists of 65 never-before-published photos of poetic images of travelers in the iconic station taken in 1957 and 1958. The book has an introduction by New Yorker writer Adam Gopnik and an essay by Ra-phaël Picon. At the time that Stettner shot the photos, no publication was interested in them, because, he told Gopnik, they considered it “too present; it didn’t strike anyone as unusual enough — it wasn’t newsworthy.”

That has certainly changed with the passage of time. As for taking the photos, Stettner says that he was welcomed by his subjects: “There was no paranoia.”

He adds, “It was very easy. People were very friendly. I could wander where I wandered. I was in the dark, but there was no suspicion that I was doing something, spying or anything.”

Of the mood of the time, he adds, “It was after the war. We worked together in the war, like working in a factory. There was much more of a communal spirit that existed during then.”

As for the look of the people in his book, who are impeccably groomed and put together, Stettner says, “There was more self-awareness. These were commuter trains, and there were certain standards that people had to live by. The working class was moving into the lower middle class. They felt they had to follow certain rules in order to succeed. People had much more self-sufficiency. People had much more self-confidence than I think they have today in an industrial society.”

The 1963 destruction of the old Penn Station, a Beaux Arts masterpiece by McKim, Mead and White that was originally completed in 1910, galvanized architectural preservationists, who were unable to stop it from being torn down. That debacle did a great deal to create a movement for landmarks preservation in New York City. Stettner says of this extraordinary building, “The place was made of marble, done with great love and care, and it gave a lot of dignity to people who wandered through it. It reassured people.” In the station that replaced it, “You feel squashed, almost like an animal,” he says.

Stettner, who knew many of the import-ant photographers of the second half of the 20th century — among them Lewis Hine, Weegee, Robert Doisneau and Willy Ronis — is one of the few surviving mem-bers of the Photo League, a group of politi-cally engaged photographers in New York that existed from 1936 to 1951, and which, because of the caliber of its members and its emphasis on socially conscious photography, had an outsize influence on the development of the medium.

Stettner, whose groups of photographs include the Workers series, the Seine series, the Manhattan Wall series and The Bowery series, has had numerous exhibitions of his photos throughout the world. His work has also appeared in quite a number of books, and has edited tomes on Weegee and the nude, among others. He has taught at Brooklyn College, Queens College and Cooper Union.

Asked about the way he sees his role as a photographer, Stettner says, “I interpret through my vision the life around me, hoping to reveal things that people haven’t seen. Human beings are my primary con-cern. I’m very interested in the emotional content of a photograph.”

The term that photography critics like to use to describe his work is “humanist realism,” but he doesn’t care for the label. “My feeling about it is, Rembrandt was a humanist and Cezanne and Goya, but nobody calls them ‘humanist realism,’” he says. “Let me ask you something: Are the best dresses in the mainstream? It’s the same way in the photography world.

“I come out of the tradition of photog-raphy as a serious art,” he adds. “I went to school for it [at the Institut des Hautes Études Cinématographiques], so naturally I looked around at the human condition.”

Later he muses, “[Henri] Cartier-Bres-son called it ‘the decisive moment.’” In “Penn Station,” Stettner’s work is de-scribed as capturing a “delicate moment.” He says, “What I’m more interested in is the ‘significant moment.’” Much of photogra-phy today, he says, is “entertainment.”

Cartier-Bresson once startled him by telling banker Andre Meyer that, if he wanted to buy the work of a photographer other than himself, he should purchase Stettner’s. “Mayer came and bought a lot of photographs off me,” he says. But Stettner did not know Cartier-Bresson well. “He was closed in. He was very distant. He didn’t communicate very well. The one I was closest to was Brassaï — I stayed with him down south.

“He was a close friend, my master,” he continues. “I used to come and see him every week.” Brassaï, in fact, wrote the introduction to Stettner’s first book, “Par-is-New York,” which came out in 1949.

In creating ”Penn Station,” Stettner says, “I went over the proofs three times and changed the scans on them. There’s a man in England who got into the spirit of the work. There are two kinds of photographs — those which get more exciting with time and those which get less exciting.”

Stettner is working on nature studies, which he says can only be done with a large camera. Next summer, he will have a new show at the Georges Pompidou Centre. “They don’t want the icons,” he says. “One half of it has never been shown before. What they’re doing at the Pom-pidou is trying to get me out of the rut of being labeled ‘humanist.’ Cezanne didn’t do just apples, and Van Gogh didn’t just do tormented priests.”

The Photo League was destroyed by fallout from the Red Scare of the Forties, when it was put on a Justice Department blacklist. Stettner was affected by this — but less so than some others. “Paul Strand had to come and live in France,” he notes. “Lisette Model they never left alone.”

As for his own position, Stettner says, “People don’t understand that, by 1945, there had been two world wars. Twenty million people were killed, and we wanted to make the world a better place. I was working for the Marshall Plan, taking pictures. They called me in because I was a member of the Photo League and asked me, ‘Did you know any Communists?’” His response was, “‘It’s not for me to say what someone else’s political views are.’ So they fired me…I don’t regret it. I think the world is a better place for socialism having existed, and I have no regrets at all about that.” — LORNA KOSKI

Louis Stettner on ‘Penn Station, New York’Never-before-seen photographs of the iconic station are released in a new book.

Louis Stettner, Penn Station, 1958

Louis Stettner, Penn Station, 1958

Louis Stettner ‘Penn Station, New York’

Louis Stettner, Penn Station, 1958

Louis Stettner, Penn Station, 1958

Louis Stettner

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● The award-winning textile designer is known for his scarves, throws and upholstery.

BY KARI HAMANAKA

A memorial service is being planned for the spring for textile designer Jeffrey David Aronoff, who died Dec. 20 at age 62.

Aronoff, who was known for the hand-wove chenille he made for the accessory and interior design industries and who won a Coty Award for handweaving in 1980, died in his New York home after suf-fering a heart attack a few days earlier.

The designer made a name for himself working with interior and fashion design-ers under his business Jeffrey Aronoff Handwoven & Co. He opened a storefront in 2003 on Warren Street in Hudson, N.Y.,

that brought his designs to the broader market.

Geoffrey Beene used Aronoff’s scarves for his first show in Milan in 1978. The designer went on to work with Ralph Lau-ren and Mary McFadden on collaborations.

Aronoff’s work could also be found in stores such as Henri Bendel, Bergdorf Goodman, Saks Fifth Avenue, Nieman Marcus and Barneys New York.

Hollywood came calling early in his career, with Lauren Hutton wearing one of his scarves and shawls throughout the movie “Eyes of Laura Mars” and they were also used in episodes of the original “Law & Order” television series.

Aronoff was a student of Pratt Institute and the School of Visual Arts and saw his business take off in the Seventies with his Babylon and Phoenicia scarves, the yarn of which was dyed at the time in Pennsylva-nia and New England.

Among his mentors was Mary Buckley, who Aronoff credited with guiding him in the direction of fabric design. Aronoff had been painting and drawing up until taking a course with Buckley, whereby his design work began taking on a more three-dimen-sional quality with embroidery of yarns into linen. It was then that Aronoff began taking weaving classes, purchasing the loom of weaver Dorothy Liebes.

The loom, along with all of Aronoff’s

chenille yarns, took up his entire TriBeCa living room at the time. It was in that Tribeca space that most of Aronoff’s early works were produced.

Aronoff was born in West Orange, N.J., and was described by his elder sister Susan Aronoff Zimmerman as a people person and her best friend. His circle of relation-ships went beyond just the trade to the likes of Barbra Streisand and Ali MacGraw.

Outside of his craft, Aronoff worked closely with the New York organization AIDS Coalition to Unleash Power, or ACT UP, serving as chair of fundraising between 1990 and 1993.

“He was so passionate about AIDS research and assisting victims of AIDS more so than anyone else I have ever known in my entire life, but that’s who Jeffrey Aronoff was. He was like no other,” said interior designer and friend Shepard Vineburg. “He was a man filled with soul and warmth and dedication to others. He was such an advocate.”

A memorial service is being planned for the spring.

Aronoff was predeceased by his father, Dr. Solomon Aronoff, and mother, Rita Aronoff, along with his maternal aunt, described as a second mother, Barbara Gould. His sister Susan and her husband Richard Zimmerman, along with their sons Matthew, Darin and Daniel, survive him.

THE MARKETS

Memorial Set forJeffrey Aronoff

Jeffrey Aronoff

KLOSS UPKarlie Kloss is back as the spring face of Topshop, eight years after her first campaign for the British retailer, when she appeared alongside Jourdan Dunn.

Kloss models the collection in a series of images shot on location in New York by Tyrone Lebon and styled by the brand’s creative director, Kate Phelan.

The campaign, which breaks today, will feature in stores, advertising, online and social media world-wide.

Phelan called Kloss “the ultimate Topshop girl and modern super — a world-renowned fashion figure, businesswoman, entrepreneur and philanthropist who will resonate with our global customers through her many talents, ambitions and passions.”

Topshop posted an interview with the model on its Web site, calling Kloss “a true role model in to-day’s technology-fuelled, socially networked world.”

In the interview, Kloss talks about how she learned computer coding, which she refers to as “the language of the future,” and how nervous she was on the first Topshop set eight years ago - one of her first modeling jobs.

“My grandmother brought me over from St. Louis. I was young and shy and super nervous. Luckily, I was shooting with Jourdan Dunn and we became overnight best friends.”

The Topshop feature also highlights Kloss’ many projects including Karlie’s Kookies, gluten-free treats made by the chef Christina Tosi. Proceeds go to un-derprivileged children around the world and young American fashion designers.

There is also the model’s YouTube channel Klossy, which features footage from fashion shoots and cooking tutorials from her New York kitchen.

If that weren’t enough, there is also Kode With

Karlie, a scholarship that funds 21 young women from 11 states to take full-time courses in software engineering in the U.S.

Her main mantra is, be ambitious: “If you want to be successful, just dive in. Find something you really enjoy and if you’re truly passionate about something and put the hard work in, then success is inevitable,” she says in the interview. — SAMANTHA CONTI

DEPP’S DEBUT COVERLily-Rose Depp is featured on the cover of the spring 2016 issue of Love Magazine, shot by Willy Vanderperre, and due out next month. Depp shared the image on Instagram and wrote “#love16 Cover ❤️ thank you!!! @thelovemagazine @kegrand @willyva-nderperre @panosyiapanis.”

This is Depp’s first magazine cover, and in her interview with Love, the French-American actress speaks about acting and her career goals.

The daughter of Vanessa Paradis and Johnny Depp decided she wanted to pursue an acting career at 14, when she shot “Tusk” — her first fiim — directed by Kevin Smith in 2014. She played the role of Girl Clerk No. 2, and while the role was not a big one, it turned her head.

“That was when I realized I wanted to be an actor. I was also surrounded by friends and family, so it was a great experience,” Lily-Rose Depp tells Love.

The 16-year-old currently has three films set for release this year: “Planetarium,” “The Dancer” and “Yoga Hosers” — where she will star alongside her father. “I just know this is what I want to do and I want to work hard at it,” she says. “And hopefully I’ll keep finding roles as beautiful as the ones I’ve already been lucky enough to come across.”

As reported, Depp was named the face of Chanel in July, following in the footsteps of her mother who has been an ambassador for the brand. Depp fronted the French house’s new campaign for the Pearl eyewear collection. — LORELEI MARFIL

BOASTING ABOUT LAST YEARHearst rang in the New Year with a look back at 2015.

Company president and chief executive officer Steve Swartz circulated a memo to staff Monday morning addressing wins and losses of the year.

He led with the good news, which included touting Hearst’s fifth consecutive year of “record levels” of revenue growth and profit. While Hearst is a privately owned company, and thus does not dis-close figures, the ceo said revenue grew 6 percent to $10.7 billion in 2015.

Hearst credited its revenue growth to invest-ments, such as Fitch Group, its single largest major-ity-owned business at 80 percent; First Databank, a drug information company that is its largest “wholly owned stand-alone business,” and Homecare Homebase, a software services company for the home-health industry.

Swartz turned to the media branch of the compa-ny, noting that Hearst Newspapers was profitable for the fourth straight year, and its U.S. magazines division pulled a profit for the second year in a row.

Hearst’s cable television companies, ESPN and A+E Networks, also delivered profitable growth, but the ceo acknowledged the difficult environment for the group. In October, ESPN slashed about 300 jobs, or 4 percent of its workforce, in order to invest in digi-tal amid flagging cable and satellite subscriptions.

Swartz addressed the cuts, offering: “Sports rights have gotten more expensive and cord-cutting and cord-shaving have caused modest losses in the number of ESPN households; however, we are confident that this brand and this team have many years of strong revenue and profit growth ahead of them, as there simply is no substitute for ESPN.”

Hearst’s broadcast TV group achieved “record revenue,” the company said, but there was no men-tion of profit growth. The company said that tele-vision “in all forms remains by far Hearst’s biggest business,” adding that it’s eyeing emerging streams of revenue for TV, included targeted advertising and new forms of TV content bundles.

Despite all the crowing about a record-breaking year, the ceo did admit that “cutting through the clutter” in consumer media is the company’s “pre-eminent challenge.” Hearst hopes to slash through the thicket with live sports events via ESPN, by using Cosmopolitan’s “unique voice” for young women and Sweet, its new Snapchat channel led by Cosmo’s editor in chief Joanna Coles. The company is also looking to local news franchises, WCVB-TV in Boston and the Houston Chronicle, as well as investments in digital brands Buzzfeed, Vice, AwesomenessTV, Complex and Roku.

Swartz noted the difficult international environ-ment, offering: “Our overseas magazines, headed up by Duncan Edwards, continued to battle against sluggish markets, the strong dollar and some diffi-cult political situations.”

Nonetheless, Hearst said it would continue to invest in core operations. The company noted that it spent about $150 million in 2015 on projects such as the development of digital publishing platform MediaOS for all of its consumer media mobile and Web properties, as well as a new headquarters for the Houston Chronicle and KETV, its Omaha, Neb., TV station.

On the flip side, Hearst ended its four-year part-nership with reality TV producer Mark Burnett by agreeing to sell its remaining stake in United Artists Media Group to MGM.

The ceo ended his note name-checking lead-ers across the company, including the magazine division’s digital executives, President Troy Young and content chief Kate Lewis, and business-side gurus Michael Clinton and Todd Haskell. Although he mentioned a handful of magazines for their strong year, he singled out Harper’s Bazaar as setting a “profit record” in 2015. — ALEXANDRA STEIGRAD

Karlie Kloss in Topshop’s spring 2016 campaign.

Hearst president and chief executive

officer Steven Swartz.