Gap Inc named former Levi Strauss & Co executive Mark Breitbard the chief merchandising and creative officer for Old Navy, its lower-cost family clothing chain that has struggled to find its footing amid declining traffic.
Like many Britons of his generation, 66-year-old Ken Bibby is proud to have worked hard, watched his pennies and paid his way, but after 50 years saving for his old age, he says his prudence is being punished.
Swiss specialty chemicals company Clariant (CLN.VX) said it was axing 5 percent of its workforce in a bid to cut costs and could slash more jobs in 2009 after it posted a 5 percent drop in full-year sales. Sales in 2008 fell to 8.
Apparel maker Quiksilver Inc (ZQK.N) said it will slash 200 jobs to cut costs in a worsening retail environment. Quiksilver, whose brands include Roxy, DC and Hawk, expects to record a related charge of about $5 million in its first fiscal quarter.
The Fox network has picked up the pilot "Absolutely Fabulous," a U.S. version of the cult British comedy about a neurotic fashion publicist, Edina, and her best friend, Patsy, an outrageous fashion editor, who drive Eddie's sensible teen daughter, Saffron, up the wall with their wild behavior.
The haute couture shows for spring-summer 2009, which begin on Monday, have slimmed down in response to the global financial crisis, spread over three days instead of four and with fewer catwalk presentations.