16 - Sunday, August ¥ 16, 1992 - North Shore News

“FASHION |

Fashion news and blues

RUMORS OF Neto Leather
closure put to rest... Neto Leather
recently closed its stores and held
an auction through Maynards
Liquidation Centre to liquidate its
$1.5 million worth of stock.

Though rumors of the firm’s
bankruptcy resulted, co-owner
and designer Debra _ Tissington
confirms that the firm is now
stable.

Over 800 leather garments were
suddenly left with the wholesale/
retail firm because two of its ma-
jor accounts are having fiaancia!
difficulties.

Tissington states, ‘‘A very ma-
jor retailer in the United States
(whom 1 will not name because
they are still operating) is having a
lot of financial problems. Though
we checked the credit rating when
the order was made, after the
garments had been manufactured,
the company would not sign the
purchase orders which would
guarantee payment of our stock.

A second large retailer from
Alberta called Rose Noir, which
has stores throughout that pro-
vince, is also having difficulties.
The company’s owner recently
sold all shares to its employees,
who have no credit -rating. Conse-
quently, Tissington decided not to
ship its order.

“We did not want to put
ourselves out on a limb, so we
decided to liquidate it. We did this
to give our bank a better comfort
level, too,”' Tissingtox said.

She disclosed that the company
would have been in financial
trouble if its excess stock had not
been successfully liquidated. It
was able to liquidate approximate-
ly half of the stock.

Neto closed its location at 357
Water St., and was scheduled to
re-open’ a unisex store at 347

Water St. on August 15.

DIAPER FIRM Babykins Interna-
tional dies young... Babykins In-
ternational lac., a reusable diaper
manufacturer based in Richmond,
B.C., began in March 1990 with
an overwhelming amount of
public interest, but recently died a
quick death.

Babykins’ cloth and veicro re-
usable diapers were invented by
Jenny Gilles. Gilles was selling
1.15 million shares at 46 cents,
trading on the Vancouver Stock
Exchange.

As a result of the environmental
movement, Babykins’ stock tripled
to $1.50 on heavy trading volume
within days. Sales orders flooded
into the firm, which quickly ex-
panded production and hired 55
employees.

fashion-forward silhouettes.

Ley and her husband founded
Escada in 1979, and in less than a
decade, the firm posted sales in
the hundreds of millions of dollars
with stores worldwide.

Plaza Escada in Vancouver is
the company’s North American
flagship store.

Ley was saluted by The Fashion
Group, New York’s international
fashion association, at its annual
Night of Stars dinner in 1990

This fall/winter °92 collection
was supervised by Ley and her
design team, and the company
says it will continue to produce
the Escada collection in the spirit
of her sense of style.

-Carol Crenna

CEG Xen Morrison projected .g

sales of $6 million in the first
year, but they were only $2 mil-
fion and instead of a profit, the
company reported a Joss of more

. than $1 million.

When sales continued to fall,
investors dumped their stock and
by the end of June the stocks were
trading at only 10 cents.

Morrison states that the firm
basically overestimated the growth
in the cotton diaper market.

Also, Procter ‘and Gamble

- began a huge advertising cam-

paign to convince consumers that
disposables were not as harmful to
the environment as is commonly
thought.

DESIGNER OF Escada dies in
Munich... Margaretha Ley, chief
designer and co-founder of the
German-based Escada design
house, died last month.

The designer created a style
which influenced the women’s
sportswear business with her use
of .vibrant color, elaborate em-
broideries, embellishments.

Back by Popular Demand!

_. - KATHYCHAN

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