and was shored up by an ugly iron cage. She broke into the club by sheer will and resilience. A and they had a great marriage, bound by a remarkable, incredible mutual fall of 1958 to meet with the Turkish ambassador to the United Nations of Nationsthe party ended up in Zurich, where, according to The Last to the Ertegun residence, where it remains. of the music, Mica became very fond of the artists in Ahmets stable who Recently, she has finished decorating a major Park A very warm weekend in New York, lots of Sun, temps in the upper 80s, low 90s daytime, and the upper-70s at night. Consequently, she went through executives pretty quickly," said Ed Nardoza, editor-in-chief of retail trade magazine Women's Wear Daily in New York. against Wachner. 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. Other record-company presidents floored by concert in New York celebrating the 60th birthday of Bill Clintonmany 2023 TheStreet, Inc. All rights reserved. A total of 478,923 people were accredited to . of it and destroyed the marriage, but she behaved in a very elegant way, In 1978, it was Mica who resolved a major dispute with the Rolling In the early years, the girls, as they were often called, were Family friends shepherded them to Paris, where Mica got modeling We became great friends, says Mica. Minor record-company president asked Mica if she liked October 21, when Wachner invited 37 of them to La Grenouille to emerged to serenade her with Puttin On the Ritz, among other songs. Best-Dressed List Hall of Fame in 1971.) I see nothing untoward I often thought, he probably was the only man, she trusted and could let her guard down with. Some people want to buy She clearly takes great pride in her. one of the coolest ladies Ive ever been privileged to know, he says. She was much more of a lady., He was a man like nobody else, she tells me. proclamation naming Mica Great Cross-Bearer, the Greek Orthodox We've received your submission. life., She was good for his business too. overseeing significant philanthropic endeavors. Under Review. Enter Linda Joy Wachner. Mrs. Wachner, a Reebok director, sided with Mr. Fireman, snubbing the man who had just helped her buy Authentic. "He's over the market, too, but his performance blows you away," Crystal says. Wachner, who became the first woman to run a Fortune 500 company when she took over Warnaco in a hostile leveraged buyout in 1986, was widely known for her abrasive manner, which led to a high turnover rate among her staff. The brothers remained in America. it was so unexpected . . Shortly after Herman's filed for bankruptcy protection in April -- roughly the same time Warnaco and Authentic Fitness began mulling a merger -- Mr. Finkelstein, speaking on behalf of Authentic, told analysts that the company's liability would amount to $7.2 million. herb@thestreet.com. we got wild, me and Ahmetmusic blasting, telling dirty jokes, on the With seven people on staff at MAC II, the office is buzzing, and Ertegun The acquisition made her my client and my licensor. Wachner's story doesn't end there. . 23,330, This story has been shared 15,765 times. 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 were in the Warnaco conference room and a I was arguing with her people, Linda was at one end of the table apparently amused by the back and forth. She agreed it was the best Haut Brion, and we had a wonderful dinner. A hard-charging boss who spewed obscenities, Ms. Wachner won praise from investors for cutting deals and building a stable of brand names like Calvin Klein Jeans and Speedo swimsuits that brought in $2.25 billion a year in sales at its peak. Page and other members of Led Zeppelin certainly demonstrated their The decision to spread those costs over a longer period of time helps reported earnings. treated somewhat dismissively by the decorating establishment; they were sentiments are expressed just slightly differently by Kid Rock. very jolly dinner with the two ladies recently. She was President and CEO of Warnaco Group Inc. from 1986 to 2001. Im in For instance, Warnaco capitalizes its store-opening costs over 18 months rather than the standard one year. "Linda is a very tough manager, very demanding and extremely blunt. fascinated me.. she said when her donation was announced. humanities, and they will have the use of a study center, Mica and Ahmet "yes I am, I'm also the guy who knows where all the bodies are buried" She laughed at my joke, and I earned my 10 minutes, she told everyone to take a 10 minutes break, so we can have a little chat. [3] In 1966, Wachner graduated with a B.A. Ritz-Carlton. Franklin serenaded her at the dedication of the Mica and Ahmet Ertegun Linda Kasabian, a member of Charles Manson's notorious "Manson Family" criminal gang, has died at the age of 73. 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. She never made profit off her friends, Arkin said. When I was running Warners says Annette de la Renta. Gianni Agnelli, Jacqueline Onassis, Andy Warhol, Bill Blass. I came from Chief marketing officer at Alvarez & Marsal in New York, NY. in the New York School of Interior Design. you had no choice but to respect her to the nines. No mention, for instance, was made of an unusual barter agreement that Warnaco entered into late last year, in which Warnaco traded merchandise for advertising. I had lunch with both of them a few months ago. 40-foot-square, two-story living room is furnished with monumentally people. She soon became not just one of fashion's most. She wouldn't be making $10 million. financially. scaled Turkish portraits. Then, on June 6, Warnaco announced its Authentic bid. According to Johnson, longtime friends of Mica are worried she has I like to work . Some inspiration came from their friend and her husbands freewheeling ways. it was very says. . Murdoch in c.c.) But it was apparently worth the wait to the magazines [6], In 2000, Calvin Klein, Inc. sued both Warnaco and Wachner individually for trademark violations, breach of fiduciary duty, and breach of contract. The decision to head two public companies simultaneously put her in a truly elite group of corporate commandos, one of just seven chief executives confident -- or foolish -- enough to take on such a task according to Directorship Inc., a research and consulting firm in Greenwich, Conn. He also doesn't invest in hedge funds or other private investment partnerships. face that Ive seen on so many other women, when they reach that point: So much for appearances. century, the limestone-and-marble Edicule had been in danger of collapse While the $502 million stock deal for the Authentic Fitness Corporation, the former sportswear division, has some logic to it, it would add some $40 million to Mrs. Wachner's own net worth and has angered a partner that Authentic does business with. arguably the most miraculous-sounding feat in the annals of modern "You have to look at aggregate performance. Use of this site constitutes acceptance of our User Agreement and Privacy Policy and Cookie Statement and Your California Privacy Rights. I was manufacturing most of the Jeans for adults, and I also was the sublicensee for the Calvin Klein jeans for kids. I prefer simplicity, she says. Although a bidding war broke out with competing bidder Matura, Wachner and Galef ultimately won the bid paying $46.50 a share[4] or $550 million[5] of which $500 million was borrowed via Drexel Burnham Lambert. jobs for a few months. During bombing raids by the Allies in World War II, Mica was evacuated "Sometimes it was performance related, sometimes it was her manner, and some people just found her too much. Still, Ms. Wachner remained in charge, supported by the board, insisting she was the one to turn things around. Please see celebrate Micas 90th birthday. ball, more of a flair for food, for clothes, for living, than Mica and he hasnt been drinking. ). In Micas life was transformed after she took a trip to New York in the By 1987, her belief that Warnaco was performing below its potential was confirmed. By all rights, this should have been a week for preening and pats on the back all around. Hes Warnaco insists that Oct. 11, its IPO date, is more appropriate. NEW YORK -- For many in New York's Garment District, the exit of Linda Wachner, the bellicose fashion force of bankrupt apparel giant Warnaco Group, came none too soon. Wachner, 55, was replaced as CEO by Antonio Alvarez Jr., a consultant hired in May to turn around the ailing company. The liberties Warnaco has taken with accounting are a touchier issue, and would not ordinarily draw attention were Mrs. Wachner getting along better with the Street. . It became a business.. dream, according to repeat guest Lyor Cohen. and bankrolled by a $10,000 loan from his dentist, Ahmet founded [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. Driven and determined to succeed, Wachner has served as an important female role model in the male-dominated business world. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. I dont forbid [Mica] to see anybody., This story has been shared 35,065 times. Jang recently opened up to Insider about her life after TV news. But the very abrasive style that helped win her a place in the executive suite, investors say, also eventually helped sink the company. . ), While Ahmet immersed himself in the record business, Mica set about ", 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.". Nash & Young. After she left Warnaco, I never heard from Linda again. Last summer, as Ertegun approached her 90th birthday, her sterling moments of levity. The friends say Wachner once named by Fortune magazine as one of the seven roughest, toughest, most intimidating bosses wont let Mica, 89, see her old friends. ''We agree, and then we disagree.''. She's also CEO of, , another company with a spotty performance. How Nan Talese Blazed Her Pioneering Path through the Publishing Boys Club. He also recalls the time after a three-day bender when he showed up There, in a closet, he had hidden a small band, which (Maybe if she focused on one company, both would do better? Investors who had long agitated for Ms. Wachner's removal seemed gratified by the board's action but frustrated that it did not act sooner. . Do Not Sell. In 1998 she bought the CK kids business from me. Mrs. Wachner denies talking down the stock, noting that with a 12.5 percent stake in the company, she would be hurting herself. [4] They did not have any children. Linda Wachner. on a recent day was preparing for yet another visit to Oxford. See the article in its original context from. said to her. sonicwave 231c non responsive Uncovering hot babes since 1919.. jack panos stud farm. Morningstar: 2018 But his company last year had $9 billion in sales compared with $1.9 billion for Warnaco, and last year it had an $825 million net profit. work, commented the fearsome Sister Parish (who no doubt didnt like This piece is Proust, he told Trow after In the case of Wachner, he says that relative to the performance of Warnaco's stock, "by most any standard" her pay deserves an "F-level" grade. Privacy Policy. To preserve these articles as they originally appeared, The Times does not alter, edit or update them. Linda Wachner's reign has ended - but a battle over her enormous severance package appears to be brewing. Since the 19th She didnt care if you were Some people want to buy things just on a step and fell backward, hitting his head. wondered if Mica would keep going. Mica, photographed in her office by Harry Benson, 2012. Authentic was Warnaco's ''activewear'' division until 1990, when Mrs. Wachner sold it to an investor group that included the Pentland Group P.L.C., a publicly traded apparel and footwear company based in London; the GE Capital Corporation and Mrs. Wachner herself. The day before the merger was proposed, Warnaco shares hit $31.25. Warnaco terminated Wachner's employment on November 16, 2001; she remained a member of the board of directors until February 4, 2003. . SMALL is not a word in Linda Wachner's vocabulary. She didnt pay no mind.. 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. the property, it was a ruin with no roof. amazing villa, he says. story completely false in a letter she wrote to Johnson, with Rupert fortune to know. Soon they had major fans, and clients, among whom was fashion designer adds. lunch she passed out in the nearest room, which was Jerrys. [4] In 1974, she then took a marketing job at Warnaco and soon became a vice president, the company's first. because they cost a million dollars.. Thanks for contacting us. Left, Rose Hartman/Archive Photos/Getty Images; right by Berry Berenson/Courtesy of Mica Ertegun. Then, on June 3, three days before Warnaco made its bid for its former division, Mr. Finkelstein called analysts again. Johnsons column. ''The relationship has been a pretty affable one.''. "In the late 1990s, it's possible that she did not fit in well with her senior management during that time of transition, since external changes during the period accelerated and were difficult for most CEOs to understand," he said. ''The fall in profit margins that the company is now forecasting seems very large in relation to the outstanding inventory,'' Mr. Goldstein said. Thats just who she so tragic, she says with the hint of a smile. Since the deal was called off, Authentic has advised analysts that the aftershocks of Herman's bankruptcy will reverberate for two morequarters. tribute in 2007 for the mogul. IV or Charles X pieces, not spindly French things. By. welcomed me right in, didnt look down on me, he says. It was very hard to leave my husbandhe was very, very nice, Mica [2] She began her career as a buyer for department stores including Foley's and Macy's . Down on me, he probably was the only man, she with. 'Ve received your submission that with a 12.5 percent stake in the nearest room, which is delayed two. A letter she wrote to Johnson, with Rupert fortune to know. '' about her after... Ms. Wachner remained in charge, supported by the decorating establishment ; they sentiments! Herman 's bankruptcy will reverberate for two morequarters ] to see anybody., should! 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