Word: warnaco
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...call Warnaco boss Linda Wachner, 55, lots of things, and within New York City's viper-lipped rag trade many do--ruthless, cruel, abrasive, self-serving, vulgar. And then there are the people who don't like her. But no one ever accused her of being lazy...
...historic New England factories. "Wachner's decision to get out of the men's shirt business was smart and inevitable," says Faye Landes, a clothing analyst at Smith Barney. The news was hailed as continuing evidence of Wachner's devotion to the bottom line and her goal of transforming Warnaco into what she has called the "Coca-Cola of the bra business...
Sales have boomed in Warnaco's brands, which include Warner's and Olga lingerie and Calvin Klein underwear. The stock has soared nearly 200% in the past five years, increasing the value of Wachner's stake to roughly $205 million...
...driven performer, Wachner, 50, rose from a bra-and-girdle buyer at Macy's to head cosmetics giant Max Factor. In 1986 she masterminded a hostile buyout at Warnaco and took the company public in 1991. As a mogul, she helicopters from her Park Avenue headquarters to a mansion in the Hamptons, New York's summer-resort community. As a manager, Wachner once made a FORTUNE roster of "Toughest Bosses" for her low tolerance for underperformers. "You'd better start firing people," the magazine quoted her telling a newly arrived executive, "so they'll understand you're serious...
Wachner's mission to Maine last week struck a more compassionate note. She even pledged that Warnaco would retain an equity stake in Hathaway if necessary to help the local investors swing a deal. Workers applauded the news as their last, best hope. But former Governor McKernan has no experience in apparel and rates his chances of keeping the plant going no better than fifty-fifty. Wachner does have experience. That's why she's getting...