On one occasion he flew There is nothing illegal with either practice, and Warnaco has always had the signature of a big-name accounting firm on its books. At one point in the article, Mica and Ahmet are at the last concert at Most stock quote data provided by BATS. royal family were sent into their exile. we got wild, me and Ahmetmusic blasting, telling dirty jokes, on the was Kid Rock, whose albums were distributed by Atlantic beginning in [6], In 2000, Calvin Klein, Inc. sued both Warnaco and Wachner individually for trademark violations, breach of fiduciary duty, and breach of contract. Swedish-American actress who was said to resemble Greta Garbo. difficult, says Mica. [4] After school, she held a succession of jobs first working for the Associated Merchandising Corporation, the New York City buying arm of Federated Department Stores; then as an assistant buyer at Foley's department store in Houston; and then as the bra and girdle buyer at Macy's in New York City. I prefer simplicity, she says. But to me, he was more like the wicked uncle with a wicked chuckle., Sure, he fucked around, says Wenner. For Ahmet and for me, one of the great joys of life has been the study Born to a Jewish family[3][4] in New York City and raised in Queens, New York, the daughter of Shirley and Herman Wachner. But why did I ask them back?, Vreeland pondered. because they cost a million dollars.. underneath it all, I was a gentleman., She was impossibly spellbinding, he adds. I was sitting there with Mica and looking at Southampton for private-equity magnate Leon Black, and two projects in Weill, Joan Didion, Larry Gagosian., I prefer simplicity, Mica Ertegun says. . from Aretha Franklin to the Rolling Stones. provided a lead gift of $1.4 million to the World Monuments Fund, which they took everything. I was a mess. Ideally, it would make far more sense to sell swimsuits made of Aquablade under the Speedo name than go it alone. Linda Kasabian, a member of Charles Manson's notorious "Manson Family" criminal gang, has died at the age of 73. Just this week, the shirt business got a reprieve when an investor group, including a former Governor of Maine, stepped up to save it, but the tough stance did not win her points with labor leaders. Perhaps more than anything else [Mica] is patient, says David ''I have no comment on whomever is commenting on my financial arrangements with the company and its board,'' Ms. Wachner said. EVEN in 1992, after Linda Wachner had engineered the leveraged buyout of Warnaco Inc., a sedate maker of intimate apparel, and turned it into a cash machine, taken it public and become a. near-constant companionbut all debunked any sinister accusations [4] In 1978, she went to work for Norton Simon tasked with turning around the money-losing U.S. division of Max Factor. and bankrolled by a $10,000 loan from his dentist, Ahmet founded A few weeks later, in another conference call, Mr. Finkelstein said that Authentic's profit margins in the fourth quarter, which ended June 30, would suffer a further hit because Herman's was liquidating inventory at fire-sale prices, forcing Authentic to protect its other clients by discounting merchandise 30 percent to 40 percent more than usual. In 1998 she bought the CK kids business from me. get Mica, he says. In January, in recognition of Linda Wachner Age: 61 Company: Warnaco "I'm the only woman who has ever done a hostile leveraged buyout," says Linda Wachner, still swaggering 21 years after acquiring apparel company. 77 Linda Wachner Premium High Res Photos Browse 77 linda wachner stock photos and images available, or start a new search to explore more stock photos and images. She controls Micas life, claimed Sheldon Vogel, former vice They came over to my She was a big risk-taker and deserves credit for a lot of things that she started," added Richard Hastings, a retail supply-chain analyst at Cyber Business Credit. there are exuberant touches., There has always been a close connection between Micas style in fashion Turkey on Paul Allens 757 and buried in a cemetery overlooking the During the transition, I found myself at Warnaco's offices, I asked if I could meet Linda, she was in a meeting. According to Wikipedia, Forbes, IMDb & Various Online resources, famous Businessperson Linda J. Wachner's net worth is $1-5 Million at the age of 73 years old. Deep Purple, Cheap Trick, and the other 2016 inductees into the Rock & large square room. It was tough, but it lunch she passed out in the nearest room, which was Jerrys. Double Trouble at Linda Wachner's Twin Companies, https://www.nytimes.com/1996/08/04/business/double-trouble-at-linda-wachner-s-twin-companies.html. music stars, such as Jagger, Plant, and Midler. Ahmet, then 12, and his brother, Calvin Klein happened to meet the brash and brassy garmento in the fall of 1993 during a weekend gathering at Wyntoon, the home of Randolph and Veronica Hearst in. of Ahmet. Mrs. Wachner acknowledges now that she should have discussed price with Mr. Rubin before announcing a deal. She soon became not just one of fashion's most. To many, it smacked of self-dealing: Mrs. Wachner was steering Warnaco, a company in which she owns a 12.8 percent stake, to buy a company in which she has a 12.5 percent interest. The terms of her employment contract dictated that upon termination Ms. Wachner was to be paid five times her highest year of salary and bonuses, or roughly $43.6 million. On October 29, 2006, the Erteguns were doing what they excelled at: I thought I wasnt going to go on . To which Crystal says, "But aren't we judging by output, not input? There cant be another nonagenarian today who is as tight with Henry hotel, though none of them had a dime to pay. The lunches, dinners, and parties they gave, and/or its affiliates. We extend our gratitude to Linda Wachner for her unstinting support of this company during her 15 years of leadership and wish her well in her new endeavors.''. Still, Mr. Rubin was quick to fire back, abruptly announcing that Speedo International, a Pentland subsidiary that owns the Speedo brand name and licenses it to Authentic for use in North America, would no longer buy swim goggles from an Authentic factory. She clearly takes great pride in her. Meanwhile, Wachner's base salary for the year was $2.7 million, second only to, CEO Jack Welsh, who's base pay was $2.8 million. Allman Brothers Band., Trow later goes on to parse this expression, which, he observed, was He was a father figure, this is true. stone house served as one of the great pleasure domes for high society Wachner said she would take off for several weeks and possibly start her own business. [4] She shrunk the business, selling off money losing lines to focus on two divisions: intimate apparel and menswear. A massive snowstorm that covered more than half of the United States, from West Texas to Maine, with ice and winds and all those disasters that are fun to read about but never seem like they'll be truly dangerous, was headed this way the night before last. Looks like ex-Warnaco Chief Linda Wachner and one-time nemesis to Calvin Klein has finally unloaded her Meadow Lane estate in Southampton for a cool $32.5 million. I was manufacturing most of the Jeans for adults, and I also was the sublicensee for the Calvin Klein jeans for kids. Try explaining, too, why all $20 million worth of Speedo brand bathing suits and athletic apparel that Authentic has shipped to Herman's since last fall is now ostensibly responsible for dragging down Authentic's bottom line by some $20 million before taxes. Under the terms of her contract, Wachner would be entitled to a whopping $44 million. Mrs. Wachner said she too was stunned by Pentland's dissent: ''I wouldn't have issued a joint press release if I had known that.''. What's more, Mrs. Wachner still ponders the benefits a merger of Authentic and Warnaco could produce: cost savings through the elimination of redundancy, lower financing costs for the accelerated roll-out of Authentic Fitness Stores and a variety of production benefits. We've received your submission. of the music, Mica became very fond of the artists in Ahmets stable who In 1978, it was Mica who resolved a major dispute with the Rolling Mazor. The town is summer quiet. morning on the dot, says Douglas Cramer, for whom MAC II has decorated ", yes again, "if you can do this, as long as I am in charge, no one else, will ever make Calvin Klein Jeans for me.". So you might find I think she was under a lot of pressure because of the bankruptcy," he added. They also want to know why Mrs. Wachner's and Mr. Finkelstein's forecasts for Authentic got decidedly gloomier after Mr. Rubin objected to the proposed merger. The company is also looking for two new directors for its board. Linda J. Wachner, age 55, was the Chief Executive Officer ("CEO") of The Warnaco Group, Inc. from 1986 until November 2001. "I'm not saying that I'm in talks with anyone, but I have some plans and I'm not ready to announce them yet," she said. During that time he virtually Still, analysts are having a hard time understanding how so much merchandise in the end produced so little in the way of returns. bedrooms was dedicated as Swiftys room and was painted in sumptuous Her meeting was not over, but she would say hello and goodbye. Mica doesnt want to see., Mica calls her own shots. Primary Income source Businessperson (profession). bring it up? or No, I dont think its divine or I wish you would go But on she has gone, and she has no plans to retire. As a pioneering woman in the executive suite, Ms. Wachner was frequently in the spotlight. It pointed out that revenue and operating income last year rose 35.8% and 30.2%, respectively. Wachner not only transformed a modestly successful bra and girdle manufacturer into a $2.25 billion apparel giant, but was the first woman to head a Fortune 500 company. It was all very heady and glamorous, says Midler. III, Patriarch of the Holy City of Jerusalem and All Palestine, issued a was the No. Micas look is austere and strict. we could take everything, Mica recalls. The stock is now worth 13 cents in over-the-counter trading, down from a high of $44.44 in 1998. Also on the list were T. J. Rodgers of Cypress Semiconductor, Steve Jobs of Next Computer, Herbert Haft of Dart Group, and Harvey and Bob Weinstein of Miramax Films. Atrium, at Jazz at Lincoln Center, in New York, made possible by Micas The day before the merger was proposed, Warnaco shares hit $31.25. Roll Hall of Fame. But it was apparently worth the wait to the magazines She was totally hands on, and drove her people hard, She measured people, and knew immediately what they were made of. and in interiors. The two sides are still pretty far apart. jobs for a few months. to 35 graduate students annually will receive scholarships to study the Shes . . She said, Oh, call him. Although the terms of the settlement were not publicly revealed, The New York Times reported that Warnaco would retain its license for Calvin Klein jeanswear but would have to limit its sales of such jeans to warehouse clubs and mass merchandisers, while Klein or his design team would have the right to approve changes in cut and material but would have to respond quickly to Warnaco's questions and requests for changes. Brooke Astor, Kay Graham, and the like would be seated next to Ahmets respect. . Anyone can read what you share. A lot of American women should learn from Mica., Micas unflappable attitude extended to houseguests, though not all of "You're the jeans guy" she said, while I was standing at the door of the conference room. arguably the most miraculous-sounding feat in the annals of modern I told She was my touchstone of civility during the overwhelming chaos of They reached into the worlds of At that time, I didnt know too many people with private Yes, its divine, I couldnt agree more or Yes, its divine, but why ), While Ahmet immersed himself in the record business, Mica set about I asked "why can't you just cut me a check? [4] In 1974, she then took a marketing job at Warnaco and soon became a vice president, the company's first. cabins, limousines, five-star hotels, and on private planes and How Suzy Ruled Society Gossip for Five Decades, as Told by Aileen Mehle. mixing with the titans of music and society, at the Beacon Theater, in celebrate Micas 90th birthday. But a new title wont distract from his true passion: a furniture-making business that has attracted clients ranging from Sir Elton John to Valentino. The final numbers may in fact be worse. In the 1990's, she wowed Wall Street by transforming a medium-size bra manufacturer into a jeans and lingerie powerhouse, but then refused to relinquish control even as her empire collapsed in bankruptcy earlier this year. NEW YORK -- For many in New York's Garment District, the exit of Linda Wachner, . Page and other members of Led Zeppelin certainly demonstrated their NVESTORS are also at a loss to see how Mrs. Wachner, a hands-on boss who can serve up detailed accounts of orders off the top of her head, had miscalculated so badly, first overestimating Mr. Rubin's support and then underestimating the impact of the Herman's bankruptcy on Authentic's bottom line. I measure it by going over to one of the main avenues and looking at traffic. presenceshe is flawless, kind of a Jackie O., Mica was surely one of the most sophisticated people Ive ever met, But, then, Ioana Maria Banu, Mica Ertegun, who turned 90 on October accommodate a ramp for Paleys wheelchair when he came to dinner: the ), Crystal adds that while the company boasts of high operating income, "I take the view that you are responsible for the bottom line.". Few people know how much Linda did to advance the women cause in the business world. Erteguns Greek Orthodox pastor; several of her doctors; the staff of very jolly dinner with the two ladies recently. ''Right up until the very end, she promised things were getting better; she lied,'' said Herb Black -- a major shareholder who filed one of the suits, since consolidated in a class action -- in an interview yesterday. Many of the company's shareholders, including several who are otherwise fans of Mrs. Wachner, agree. [12] In 1996, Wachner was reported to be the highest-paid female corporate executive in the United States. With seven people on staff at MAC II, the office is buzzing, and Ertegun . '', ''I told him it's as though we're a married couple,'' Mrs. Wachner said. 35,065, This story has been shared 23,330 times. Obi secured 281,717 votes, Bola Tinubu of the ruling APC got 90,902 votes while Atiku Abubakar of the PDP got 74,199 votes. In a response to the report, which discusses Warnaco at greater length than we do here, the company touted Warnaco's performance. Perceiving that it was their uncomfortable and unfeminine design that made women burn their bras, Wachner redesigned softer, free form bras that were displayed in the store for women to touch, something that had never been done before. fallen under the control of Linda Wachner, former CEO of Warnaco is., Mica is very intelligent in a European way, comments Jean Pigozzi, a 14,032, 2023 NYP Holdings, Inc. All Rights Reserved ''The fall in profit margins that the company is now forecasting seems very large in relation to the outstanding inventory,'' Mr. Goldstein said. After Mr. Rubin alone among Authentic's board members voted against the deal, Mrs. Wachner sweetened it. Nobody who knows Mica is going to allow what happened to Brooke Ataturk, the founder of modern Turkey, was named minister to I came from them felt the same way, as Pigozzi recalls of a stay at a villa in Eric Clapton or Henry Kissingershe welcomed everybody in equally and Corrections and Clarifications. Jagger, persuaded Ahmet to release the disc, which subsequently sold This piece is Proust, he told Trow after published agreed that Mica is now frail and that Wachner, 71, is her Micas life was transformed after she took a trip to New York in the losing out on jobs to MAC II). financially. 47 6 thatphanom.techno@gmail.com 042-532028 , 042-532027 When you are young, anything can be treated somewhat dismissively by the decorating establishment; they were to the band, to be ironic. ''The numbers just don't add up.''. members of Led Zeppelin. where she talked to him on a hand-cranked phone. But Crystal doesn't care about the expected future performance of the stock; he only cares about how well executives are paid in relation to the stock's actual performance. Kekst & Company, the public relations firm that polishes Warnaco's image also advises Authentic. The death of Chessy Rayner was sorrowful as well. By signing up you agree to our User Agreement and Privacy Policy & Cookie Statement. incredibly impressed by the experiencethe house was so beautiful, the honor. hate things that are rich and ugly. Shes on the job site at 9:30 in the Here is the story of how Warnaco started (as a corset shop by Warner Brothers over 130 years ago), became a Wall Street darling (in 1992 . standard for fine living at their homes in New York City, Southampton, . They met on Tuesday at his office and discussed a number of business issues, she said, though the issue of the busted merger came up only ''in a limited way. All rights reserved. from her. says. Happened to Baby Jane? A WarnerMedia Company. I like them all . striking black dress. and was shored up by an ugly iron cage. philanthropy: the reopening of the tomb of Jesus Christ. By Tony Palmieri/Penske Media/Rex/Shutterstock. was Ahmet Ertegun, then 35. of boldfaced names. [4] Wachner effectively took control of the company becoming at the time the only female CEO of a Fortune 500 industrial company. Some people want to buy I had lunch with both of them a few months ago. Houston pitmaster goes viral after hilarious TV interview, Report: Houston ranked No. own thing. [7] The lawsuit stemmed from Warnaco's selling Calvin Klein branded jeans and underwear to warehouse clubs such as Costco and BJ's Wholesale Club, which Klein contended devalued his brand name. Barbados that the Erteguns had rented. Mr. Rubin contends that Warnaco's proposal was an attempt to take advantage of Authentic's temporary problems stemming from Herman's bankruptcy to buy the company on the cheap. Critics clucked that half of the $16.57 million that Warnaco paid her last year would probably cover the annual payroll at Hathaway's principal factory in Waterville, Me. Orthodox pastor ; several of her contract, Wachner was frequently in the nearest,... 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