Topshop to Launch Kate Moss Line
New York City, British fast-fashion retailer Topshop is set to announce an agreement with supermodel Kate Moss whereby she will help create an exclusive collection for the chain, according to a report in Women’s Wear Daily. The collection, to be called Kate Moss for Topshop, will launch at the company’s 308 stores on its Web site in spring 2007.
The newspaper also reported that Topshop, one of the United Kingdom’s most successful retailers, is on the hunt for a flagship location in the United States, with a goal of having a store open by fall 2007.
NRF Predicts Subdued Holiday Gains
Washington, D.C., Retailers can expect a subdued holiday season this year, according to the National Retail Federation (NRF). It predicts that total holiday sales will increase 5.0% over last year, bringing holiday spending to $457.4 billion. By comparison, holiday sales in 2005 rose 6.1% to $435.6 billion.
“Although sales gains will not be as robust as last year, retailers can still expect above-average holiday sales growth,” said Rosalind Wells, chief economist for the NRF.
Over the last 10 years, the average percentage increases in sales for holiday season has been 4.6%.
Home Depot to Review CEO Pay
Atlanta, The Home Depot Inc. said on Monday its board would review the compensation of chairman and CEO Robert Nardelli, who came under criticism earlier this year from shareholders who charged his pay is not in line with the company’s performance.
“This year, as in previous years, the independent members of the compensation committee will take a fresh look at executive compensation, using business performance, independent benchmarking and other input as determining factors, the retailer said in a statement.
The statement came amid a published report from Dow Jones that quoted Bonnie Hill, head of Home Depot’s leadership development and compensation committee, as saying directors were reviewing metrics used to set the CEO’s pay.
Nardelli was sharply criticized earlier this year as shareholders charged the retailer’s stock performance has languished since he arrived at the company in late 2000. Federal filings show the chief executive has earned as least $119.2 million in that time, excluding options and some other compensation, while the stock price is off 10%.