Kenneth Cole, the rein man
Here’s the Kenneth Cole story that we did in the Bangalore bureau on Monday. We fleshed out the update with an old New York Times column in which the ousted CEO Jill Granoff talked about how wonderful it was to get recruited by Cole, something that I thought delivered some irony to the story of her departure. We also added some good comments from analysts and put together what I thought was a respectable day story. I missed one thing in the first paragraph, however: We made it sound like Kenneth Cole founded the company on an interim basis, when in fact he is taking “the reins” on an interim basis after getting rid of Granoff. Oh well. Next one.
American clothing designer Kenneth Cole surprised investors by taking the reins of the clothing and footwear company he founded on an interim basis, ending CEO Jill Granoff’s nearly three-year run.
Kenneth Cole Productions Inc <KCP.N>, founded by the designer in 1982, also forecast a first-quarter loss on costs related to store closures.
The news of Granoff’s departure and the weak forecast drove the New York-based company’s shares down as much as 13 percent to $12.23 Monday on the New York Stock Exchange.
(Click on the link upstairs for the whole story)