Luxury fashion distributor announces second store, new CEO
There has been a change at the top at MadaLuxe Group.
The company said Adam Freede, who currently serves as MadaLuxe Group president, will assume the role of CEO, effective immediately. MadaLuxe Group’s co-founder and CEO emeritus, Sandy Sholl, has been named executive chairman and will continue to oversee retail, e-commerce and marketing.
In addition, MadaLuxe Group has identified a second location in Southern California for its new, luxury off-price boutique concept, MadaLuxe Vault. The first MadaLuxe Vault opened in December 2017, in Los Angeles.
The company also announced it has signed a lease on a 9,000-sq.-ft. office in New York City, where it will open a showroom this spring.
Since 2010, MadaLuxe Group has partnered with Europe’s fashion houses seeking a North American distribution strategy for excess inventory. It also imports and distributes full-price timepieces from Ferragamo, Versace and Versus Versace, and is an equity owner of Haute Hippie, the high-end, women’s fashion-forward brand.
“I’m thrilled to be transitioning into the role of CEO at an exciting time in our company’s history,” said Freede. “The off-price sector is experiencing faster acceleration in both store count and sales than the North American retail industry overall. As the dominant distributor of off-price luxury in the wholesale market, MadaLuxe Group is uniquely positioned to modernize the off-price market by meeting the needs of the informed consumer who wants affordable, curated items with a steady flow of luxury product.”
In her new role, Sandy will continue to trailblaze innovative business ventures that drive the company forward. Sholl serves on the Board of Governors of the World of Children and on the Board of Trustees of Tikva Children’s Home.
“As the retail industry continues to evolve driven by tech savvy consumers, we have created a new luxury off-price boutique shopping experience with the MadaLuxe Vault,” said Sholl. “As executive Chairman, I will be bringing new experiences to consumers so they can engage with the MadaLuxe brand, which will also complement our retail and brand partners, offering access to carefully curated products both in-store and online.”
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Tax deduction extended for energy improvements
Retail companies can still claim energy upgrades on their upcoming tax returns.
With the passage of the budget act on Friday by Congress, EPAct 179D has been retroactively extended to include projects completed in 2017. This means that any commercial or government building completed in 2017 is now eligible for the tax incentive of up to $1.80 per square foot (The deduction is made up of three partial deductions: up to $.60 per square foot for lighting, HVAC, or building envelope each.)
“As soon as possible, we recommend beginning to compile information on any of your potentially eligible projects completed in 2017 so you can include the EPAct benefit on your 2017 tax returns,” advised Charles Goulding of Energy Tax Savers. “This would be available for any newly constructed or renovated commercial or government buildings completed in 2017.”
For more, go to Energytaxsavers.com.
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Dallas retailer to make New York City debut
A Dallas-based luxury brand is headed East.
Forty Five Ten will open its first store on the East Coast, a 16,000-sq.-ft. location at Manhattan’s Hudson Yards, in March 2019. The upscale emporium will join Forty Five Ten’s five existing stores across Texas and California.
The design concept for the retailer’s Hudson Yards outpost was created in partnership with New York-based firm Snarkitecture. It echoes Forty Five Ten’s regard for the unusual design element. The multi-section store presents the brand’s evolving selection of emerging and pillar designers in women’s, men’s, home and beauty.
The New York location will be the second largest for the brand, following its flagship in downtown Dallas, which opened in 2016. The 37,000-square-foot, four-story Dallas store features three retail levels and a top-floor restaurant and lounge. Museum-quality art is featured throughout the space.
“New York is the shopping capital of the world, largely because of its diverse retail clientele and creative magnetism,” said Katherine Greenberg, COO of Forty Five Ten. “Hudson Yards brings these worlds together in one energetic hub, which was a compelling draw for us. The Hudson Yards location is a logical next step for our brand, as well as an inspiring one, and we couldn’t be more excited.”
Founded in Dallas in 2000, Forty Five Ten was acquired by Headington Companies in 2014.
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