Posted in Fashion News, Marc Ecko, Tough Times

Tough Times: Marc Ecko in Debt!

Marc Ecko is really struggling through this economic downfall. His financial records have come forth stating his company is nearly $200 million in debt.

In an attempt to begin re-payment on two loans, Ecko has reportedly resorted to refinancing officials.

Ecko has hired investment bank Peter J. Solomon to help refinance at least $170 million in debt. The debts are owed to a couple of important business partners. If he can’t find a willing lender, Ecko may have to sell off some assets. Like many fashion outfits, the Marc Ecko brand took a hit during the past retail season. Sources say the company owes more than $100 million to Li & Fung, a global trading company that helps manufacture Marc Ecko products. He also also defaulted on a term loan of more than $70 million from a syndicate led by commercial-lending giant CIT and although he won forbearance on the loan, CIT will have to be paid by summer. (Luxist)

An Ecko rep has confirmed the allegations and weighed in on the designer’s plans of action.

“We’re pretty confident that this isn’t an issue that’s life-threatening at all,” Michael Golden, chief marketing officer at Marc Ecko Enterprises, said. “In our case, we have more than enough assets to pay off that term loan, and we have more than enough time.” Golden characterizes the $100 million due to Li & Fung as “normal trade payables” that fluctuate with seasonal inventory. And while he admits that “some businesses are doing better than others,” Golden noted strength in the company’s licensing and international units. (New York Post)

Source: Upscale Swagger

“Now I know why there hasn’t been any change on the opening of his store in Times Square. The construction for the building of the new store just stopped or I should say it never really started building.”

Posted in Celebrity Breakups, Celebrity Couple No More, Celebrity News, Dame Dash, Gossip/Rumors, NEWS, Rachel Roy

Celebrity Couple No More: Dame Dash and Rachel Roy?

Damon Dash’s wife Rachel Roy files for divorce…

As told by the Daily News, “He’s got no money, but he sure does have mo’ problems.”

Roc-A-Fella Records and Rocawear co-founder Damon Dash has been slapped with divorce papers by wife Rachel Roy, the Daily News has learned.

The stunning fashion designer piled onto Dash‘s already sizable stack of lawsuits when she filed for divorce from her husband of four years this month in Manhattan Supreme Court.

Ed Hayes, a lawyer for Roy, declined comment, and a Dash spokeswoman did not return calls or e-mails.

An electronic record of the case says the divorce is for “nonmonetary relief” and should be resolved by February.

Dash and Roy, who put her own name on a women’s fashion line, got hitched in Mexico in January 2005. They met when Roy was working at Rocawear and have two daughters.

The breakup is the latest legal mess for the has-been hip-hop titan, whose empire – which he once pegged at “about $50 million” in a New York magazine profile – has crumbled under massive debt, bad business deals and one suit after another.

Dash, who in 2005 sold his stake in Rocawear to Jay-Z for $20 million, owes $2 million in state taxes, and a bank has started foreclosure proceedings on his two Tribeca condos.

A Manhattan judge even ordered the city to seize his luxury Chevrolet Tahoe SUV last year when he couldn’t make the $714.99 monthly payment. He’s also being sued by law firms and landlords for not paying his bills.

The fall has been a spectacular one for Dash, who sipped Champagne on a yacht in Jay-Z’s video for “Big Pimpin'” – then emptied his bottle of bubbly onto bikini-clad beauties in a hot tub.

“He’s broke, he’s got nothing left,” a source said.

Dash debuted last year as a theater producer with the “Hip-Hop Monologues,” an Off-Broadway account of the life of his latest protégé, rapper Jim Jones.

The production is set to resume performances tonight at 37 Arts in Manhattan.

While he may have been short on cash, Dash wasn’t short on confidence when he hyped the show in New York magazine and vowed to make a splashy return to the music business.

“And when I come back, I’m gonna change the economy as well,” he said.

Source: Daily News

Posted in AKOO, Designer Love, Fashion News, T.I.

Designer Love: T.I. Launches AKOO Site and Online Store

T.I. launches full AKOO site and online store…
ti-akoo

T.I. x AKOO.

T.I. might be headed to the slammer soon but he definitely got his AKOO clothing line in order before hand. TIP has personally been involved in the design and layout of the new AKOO website which now features a full online store, look book, music videos and an upcoming blog. We have always been supporters of T.I. and now we are giving you an exclusive first look at his line. Check out the new AKOO site and see for yourself.

Some photos below…
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akoo-classic-polo
akoo-knit-t-shirt
akoo-long-sleeve-military
akoo-polo-shirt
akoo-softer-military-shirt
akoo-softer-military-shirt-brown

Photo Source: AKOO

“I think this would be a great site to buy something from for my husband as a Father’s Day gift and any other occasion. Thanks T.I.”

Posted in Christian Audigier, Designer Love, Ed Hardy, fashion, Fashion Designer, Fashion News, MADONNA

Designer Love: Madonna

Madonna’s Doing a Clothing Line With Christian Audigier…

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Madonna’s collaborating with Ed Hardy on a fashion line, according to the Mirror. Known for its tattoo prints, the label is owned by Christian Audigier, who’s also designing an outfit for Michael Jackson’s comeback tour. Working with the two of them at once must be a real headache treat. Audigier approached Madonna about the line after he spotted her wearing Ed Hardy. The Mirror reports:

He offered a six-figure deal and put on a private catwalk show to inspire Madonna, telling her to “Express Yourself”.

But he needn’t have worried. Her Madgesty, 50, thinks Christian is a true fashion innovator and jumped at the chance to work with him.

We’ll have to agree to disagree with Madge on that. But it’s good to know that if we went up to her and said “express yourself” she wouldn’t slug us. Her designs include tattoo-inspired T-shirts and diamante-encrusted bodices (Pussycat Dolls, control yourselves). We’re glad to hear veering young doesn’t stop with her love life.

Source: nymag.com

Posted in Adam Sandler, American Classics, Baby Phat, Barack Obama, Designer Love, Fashion Designer, Fashion News, Phat Farm, Russell Simmons, Simmons' American Classics, Will Smith

Designer L♥VE: Russell Simmons For Wal-Mart

Wal-Mart to Launch Simmons Clothing Line…

According to Business Week, Hip-hop entrepreneur Russell SimmonsAmerican Classics line of men’s clothing is set to roll out. But with consumers spending less, Wal-Mart keeps mum. As most apparel retailers announce job cuts and store closures because of sluggish sales, it is a precarious time for any of them to launch a new brand. But on Feb. 15 Wal-Mart Stores (WMT) will roll out a new line of men’s clothing designed by hip-hop entrepreneur Russell Simmons in 350 stores, about 10% of its U.S. outlets, and on its Web site. The launch will come less than a week after the world’s largest retailer announced that it will move buyers in the apparel division from its Bentonville (Ark.) headquarters to New York to increase the focus on fashion.

For a company whose financial performance has trounced rivals such as Target (TGT) in recent months by focusing on lower-price essentials rather than more expensive discretionary items, the move seems surprising, especially as Wal-Mart flopped famously in its previous efforts to sell more fashionable, pricier clothing. One such effort was a women’s line designed by Mark Eisen, which alienated the store’s core customers. “Fashion is tricky,” says retail consultant David Lockwood of Mintel Research. “This is not macaroni and cheese or over-the-counter vitamins, which they know really well.” But as Wal-Mart slows its store expansion, it needs to sell higher-profit items to continue generating growth—and apparel is one segment that can still draw new customers.
Priced to Sell…

This time around Wal-Mart is keeping a tighter rein on the price and the trendiness of new clothing items. Simmons’ American Classics line will be priced between $9.99 and $29, with about 80% of the clothes at $15 or less. Simmons, who launched the Phat Farm clothing label in 1992 and another brand in 2008 called Argyle Culture, sold in Macy’s (M), says his new focus is the “urban graduate,” whom he describes as 25-to-50-year-old men such as Will Smith, Adam Sandler, and Barack Obama, who grew up with hip-hop clothes but as professionals can no longer don baggy pants and shirts sporting oversize logos. American Classics’ first season has a heavy focus on purple, navy, and white and includes jeans, sweater vests, casual sports shoes, and woven and knit shirts.
♦ Read Full Story

Source: businessweek.com

Posted in Barack Obama, Breaking News, Designer Love, Exclusive!, fashion, Fashion Designer, Fashion News, First Lady, Isabel Toledo, J. Crew, Jimmy Choo, Kai Milla, Malia, Michelle Obama, President Barack Obama, President of the United States of America, Sasha, Vogue Magazine, Wire Talk, Wow Me Wednesday

Wow Me Wednesday: Obama’s Are Fashion Icons!

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First lady Michelle Obama wore a sparkling yellow sheath dress with matching coat by Cuban-born American designer Isabel Toledo for the inauguration of her husband, a choice many applauded as a cheerful message of hope and a vote for the American fashion industry.

In some light, the embellished ensemble took on a pale-greenish cast, coordinating nicely with green gloves from J. Crew and Jimmy Choo green patent pumps.

President Barack Obama wore a red tie and white shirt with his suit, topped with an overcoat adorned with an American flag pin.

Their daughters were style icons in their own right, with 10-year-old Malia in a double-breasted periwinkle-blue coat with a blue-ribbon bow at the waist, and Sasha, 7, in a pink coat with orange scarf and satin belt, a coral-colored dress peeking out at the hem. Their coats were from Crewcuts by J. Crew.

Inauguration Obama

The fashion industry has eagerly looked to the election of Obama for months, embracing his wife as an emblem and ambassador of modern style, who wears clothes from young designers as well as mainstream American retailers.

Toledo designed the outfit with hopes Obama would choose it for the ceremony, though Toledo did not know for certain until Tuesday morning. She said she chose the “lemongrass” color for the optimism it represents.

“I didn’t want a traditional blue or red,” Toledo said. “That color has sunshine in it. I fell in love with it. So did she.”

The unusual shade of yellow “really popped” on Michelle Obama’s complexion, said fashion designer Kai Milla, wife of Stevie Wonder and an invited guest to the swearing-in ceremony.

Hamish Bowles, Vogue magazine’s European editor at large who curated the Metropolitan Museum Costume Insitute exhibit on Jackie Kennedy in 2001, said he sees a resemblance in the inaugural styles between the two first ladies. “She’s off to an auspicious start,” Bowles said of Obama.

“Mrs. Obama’s choice (of clothing for the inaugural ceremony) … was appropriate, dignified and elegant, but it also had a considerable element of fashion panache,” said Hamish Bowles, Vogue magazine’s European editor at large.

Source: AP