Swatch sues Target
New York — Swatch Group SA is suing Target Corp. for illegally selling watches that copy Swatch watches.
Swatch, in a lawsuit made public on Monday, accused the retailer of infringing its designs for "multi-colored" and "zebra watches." The watchmaker said the quality of the Target watches is inferior compared to its own and that their sale is likely to confuse consumers and hurt Swatch’s sales.
The watchmaker wants Target to stop Target from selling the alleged copies, and also be awarded monetary damages. Swatch also wants to recoup profit from prior sales.
Report: EBay rejects Icahn board nominees
San Jose, Calif. – EBay Inc. is reportedly urging shareholders to reject a slate of board members nominated by activist investor Carl Icahn and instead support nominees picked by the company. According to Reuters, EBay recommends shareholder vote to re-elect four existing directors: CEO John Donahoe, company co-founder and managing director Fred Anderson, Intuit co-founder Scott Cook and former Agilent Technologies CEO Edward Barnholt.
Icahn has publicly accused the EBay board of having conflicts of interest and also wants EBay to spin off its PayPal division into a separate company. He has nominated two of his current employees to serve on the board of directors of EBay.
Wet Seal names three board members
Foothill Ranch, Calif. — The Wet Seal Inc. has appointed Deena Varshavskaya, Nancy Lublin and Adam Rothstein as new independent members of the company’s board of directors. The appointments expand the size of the board from seven to nine members.
Varshavskaya is the founder and CEO of social shopping platform Wanelo. Lublin, a strategist with expertise in teen brand marketing, technology, the internet, next stage fundraising, and corporate citizenship, is the CEO of social change organization DoSomething.org. Rothstein is general partner at Disruptive Technologies Partners, an early stage venture fund making equity and equity related investments, and lead independent advisor to Gans Family Investments (GFI) and the Franklin/Eckstein Family for their public and private equity portfolios.
Concurrent with their appointment and with the expansion of the board from seven to nine directors, the board has appointed John S. Mills as vice chairman of the board of directors. Mills has been a member of the board since October 2012 and also serves as chair of the Nominating & Corporate Governance Committee.
“Deena Varshavskaya, Nancy Lublin and Adam Rothstein will bring significant and unique talents and expertise to Wet Seal,” said Lynda J. Davey, chairman of the board of Wet Seal. “Their experience in e-commerce and social media, combined with their knowledge of our target demographic and Mr. Rothstein’s background as a shareholder representative, should provide Wet Seal with a remarkable amount of insight and perspective. We are excited about what they will bring to the board and look forward to working with them.”