Word: firm
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Dates: during 1990-1999
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...businessmen the outlook is less rosy; for investors it's rather scary. Profits will be squeezed by a combination of lower exports to Asia and rising wage costs. Chris Varvares, president of Macroeconomic Advisers, an economic forecasting and consulting firm in St. Louis, Mo., foresees an outright decline of almost 4% in after-tax corporate earnings this year, measuring fourth quarter against fourth quarter, and an infinitesimal 0.1 % increase...
Both Sinai and Varvares are raging bulls compared with Edward Yardeni, chief economist of the investment firm Deutsche Bank Securities. Formerly one of the stock market's biggest boosters, Yardeni now thinks the Dow may give one last spasmodic twitch up to 10000 by September, then fall 30% in 1999. That, he says, would be in anticipation of a global recession starting...
Last week her firm announced its intention to become a powerful business force as well. Under the careful eyes of Prada's husband Patrizio Bertelli, its managing director, the firm grabbed 5% of rival fashion house Gucci for a little more than $120 million. The acquisition, akin to Hyundai's biting off a tasty chunk of Honda, had many manicured hands scratching coiffed heads--including some at Gucci's Florentine headquarters, which released a terse statement: "No agreement has been entered into with the Prada group, and no discussions are contemplated. Gucci did not solicit this investment...
...idea of a Prada takeover of Gucci would have seemed risible 20 years ago, when Gucci was among the world's great brands and Prada was a leather-goods firm with a boutique in one of Milan's historic shopping arcades. But since Prada and Bertelli united--in marriage and business--in 1987, they have turned a respectable business into fashion's most watched house. They added footwear, women's ready-to-wear, a younger collection called Miu Miu, menswear, underwear and sportswear. Prada's design sense has made her the most influential designer of the decade, with a ripple...
...look sells. The single boutique in Milan has grown into a Prada empire of 120 shops around the world. Last year the firm opened 27 flagship stores and 13 in-store boutiques. This year it is planning 15 Prada stores (in such places as Chicago and Taipei) and five Miu Miu shops. According to Bertelli, Prada had a pretax profit of $130.1 million on revenues of $674 million last year. This year he expects $150 million on sales of $824 million--tidy numbers for a family firm...