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Saturday, 2 November 2013

Tamara Mellon's New Man



TAMARA MELLON has named a new CEO at the helm of her eponymous company, former St John chief executive Glenn McMahon. He succeeds Fritz Winans, who has left the company.
"Glenn has great experience managing global luxury businesses," founder, chairman and creative director Mellon said today. "That was the level of experience we were looking for. He understands my vision and how to execute my vision, which is very important to me."TAMARA MELLON has named a new CEO at the helm of her eponymous company, former St John chief executive Glenn McMahon. He succeeds Fritz Winans, who has left the company.
Before his six-year tenure at St John, McMahon was president of Dolce & Gabbana USA, president of Ellen Tracy, executive vice president of Giorgio Armani Collezioni USA and vice president of Donna Karan, WWD reports. He will be based at Mellon's New York offices at 660 Madison Avenue.
"Tamara represents the modern woman today," said McMahon. "She's a personality for sure, and she's well known globally. I'm pleased to work alongside her, and I love her business model of 'Buy now, wear now.'"
Tamara Mellon - featuring collections that are renewed monthly rather than seasonally - will launch next month with ready-to-wear, handbags and shoes in key stockists, with the launch of e-commerce and standalone stores come next year.

Nazir Razak compliments Najib Razak's Budget 2014

KUALA LUMPUR: The government has correctly prioritised fiscal consolidation, restraining expenditure while being prudent with income expectations for 2014.

CIMB Group Group Chief Executive Datuk Seri Nazir Razak said this when referring to the Budget 2014 which was announced yesterday by Prime Minister Datuk Seri Najib Razak.

“The financial markets will welcome the reaffirmation of the targeted 2013 and 2014 budget deficits of 4% and 3.5% respectively for the country's Gross Domestic Product (GDP).

“We compliment the government for showing its resolve by going ahead with less popular measures such as the goods and services tax (GST) and higher Real Property Gains Tax (RPGT) to underpin fiscal consolidation over the medium term,” he said in a media statement.

Nazir said despite the various measures, the Federal Government’s debt is still forecast to rise to 54.8% by the end of 2013 and the country’s current account surplus is expected to narrow further.

“It is imperative therefore that in the near term the government manages its spending meticulously and is agile enough to adjust to unforeseen events in a potentially volatile global economic environment while for the longer term it stays firmly on the path of fiscal consolidation.

“We expect global funds to be ever more discerning between countries based on the financial strength of governments.

“We specifically welcome the government's initiative to improve operations of the derivatives market which will reduce credit risk and cost of hedging for banks and corporate, and incentives to increase savings for retirement by young Malaysians,” he said.

Najib, when tabling the budget yesterday, said the government is committed to ensure that the Federal debt level would remain low and not exceed 55% of the country’s GDP.

Najib said the government was on track in reducing its fiscal deficit from 4.5% of GDP in 2012 to 4% of GDP this year and 3.5% of GDP in 2014.

According to Najib, who is also Finance Minister, Budget 2014 was formulated to ensure that Malaysia’s economy would continue to grow at a healthy pace while its fiscal deficit continue to decline.

Friday, 1 November 2013

CIMB's Nazir Razak Moots ASEAN Banking Masterplan

KUALA LUMPUR: Asean needs to work on a banking master plan to prepare its banks to move forward in building their business in the region, said banker Datuk Seri Nazir Razak, who leads CIMB Group Holdings Bhd, the fifth largest universal banking group in Asean.
He said the Asean Banking Integration Framework (ABIF), which is still in progress, is short on details of what is being planned for Asean banks in the next decade as the Asean Economic Community (AEC) draws closer.
The ABIF aims to identify banks that can be classified as "Qualified Asean Bank" - which will enable them to expand in the region and be treated as domestic banks in the host country.
Nazir said while the framework concept paper of ABIF has been issued, "it is still short on details and I hope regulators will work together and get a clear framework on a master plan for Asean banking, so we can all prepare".

"There is no such master plan for Asean (and) many of us have gone around the region trying to build our business and grappling with the changes that are going to facilitate us in building our Asean banks."
He said when Asean first touched on AEC, the plan was to build one Asean bank but now, there are multiple Asean banks across the region because there is not "enough momentum behind the idea of creating one banking market for Asean".
He cited Bank Negara Malaysia's financial sector master plan as an example that can be emulated as it allows local banks "to look 10 years ahead and know the pace of liberalization, the central bank's expectations of us, so we align our business accordingly".
Nazir was speaking after participating as one of the panelists discussing AEC's prospects by 2015 on the second day of the Securities Commission's World Capital Markets Symposium, here, yesterday.
In the discussion, he expressed worries over the outcome of AEC's targets come 2016, as some of these targets "are not achievable".
Asean governments, he said, should set realistic targets and inform their people accordingly should the targets not benefit the overall Asean population of 600 million.
"If the people at large do not buy into Asean, then when it is implemented, there will be disappointments and push back," he said, adding that Asean is in need of good leadership, which falls in Indonesia due to its large economy.
"Indonesia is the largest economy in Asean and is incredibly capable and its companies are strong. But I understand Indonesia's position, as to be a leader, you have to lead by example."
Nazir urged Asean leaders not to take the AEC lightly and avoid discussing the challenging issues as "at the rate we are going today, we are going to find something that is different than what was presented in the AEC charter dated in 2007".
The session on AEC was moderated by CNBC Arabia bureau chief for Kuwait and Cairo, Nagwa Assran. The other panelists were BNP Paribas Investment Partners Hong Kong senior strategist Chi Lo and Thailand's former PTT Global Ltd chief executive officer Anon Sirisaengtaksin.
Lo, who spoke on China's relationship with Asean, said AEC offers a lot of opportunities for China. The Asean economy, which has the biggest pool of offshore Renminbi, will benefit and Asean has potential to amass the Chinese currency and develop its offshore business.
Anon said Thai companies are looking forward to AEC, especially in the trading of petrochemical products, as AEC will be able to develop a bigger value chain for these products.
Responding to the moderator's suggestion that AEC be postponed if Asean members are not ready for it, Nazir quipped: "If the problem in the Gulf Cooperation Countries is that they never agree on everything, here in Asean, we agree on everything but we do something else."


Retreive from  http://www.malaysia-chronicle.com/index.php?option=com_k2&view=item&id=178822:cimbs-nazir-razak-moots-asean-banking-masterplan&Itemid=3#ixzz2jSzffnBP 

Wednesday, 30 October 2013

Don't hope for more handouts in 2014 Budget, says CIMB chief Nazir Razak

Malaysians should not hope for additional incentives or handouts in the upcoming budget, given the government's finances, especially in dealing with the current budget deficit, CIMB Group Chief Executive Officer Datuk Seri Nazir Razak said.
He said the government was facing the daunting task of getting the 2014 Budget right, based on the current gearing level, amid uncertain global conditions.
He said that now was the time for financial institutions, as well as the people to give priority to the government's agenda in managing the budget deficit.
"We've gone through a good period of incentives. The most important thing right now is the government's financial health.
"If the government gets that wrong, ratings will be negative, thus cost of borrowings will be impacted," he told a press conference after launching Plug n Pay, the bank's latest electronic payment system, yesterday.
Plug n Pay is Malaysia's first-ever chip-based mobile point-of-sale solution that offers businesses of any size an affordable yet secure way of managing electronic payments using Smartphones and tablets. The initiative was in line with government efforts to promote the adoption of electronic payment and to reduce dependency on the cash transaction for greater economic efficiency.
Bank Negara Malaysia hoped to boost the number of cashless transactions per capita from 44 to 200 and reduce the usage of checks by more than half from 207 million to 100 million by 2020.
Nazir, quoting a global research finding, said the world's point-of-sale solutions currently amounted to 30 million units and the figure was expected to more than double in the next three to five years, driven by new technology worldwide.
Based on the growth, he was optimistic that the take up rate for CIMB's Plug n Pay would be very strong.
"The availability and affordability of Smartphones as well as the tablets are widespread in Malaysia. Hence, the move away from a cash-only in a more cashless ecosystem is a natural step," he added.
Already available in the market, the Plug n Pay device is priced at RM250 each and can accept any MasterCard and VISA branded cards. 

Tamara Mellon: It's time to break the high-Maintenance Tamara Myth




If you ever doubted the power of clothes to sustain, cheer and support, Tamara Mellon, former president of Jimmy Choo, can put you straight. As a 12-year-old English girl leading an outwardly privileged existence in Beverly Hills in the Seventies, she found clothes were her sole diversion and one of her few solaces.


"If you looked in my bedroom there was nothing educational or cultural," she says. "Clothes were all my mother was interested in." Not that they ever provided a bond between the two.
These days Mellon's home is in New York, although she's spending increasing time on the West Coast where her boyfriend, Mike Ovitz, the formidable founder of Creative Artists Agency and a former president of Disney, has bases in LA and San Francisco. So we're sitting in her suite at Claridge's while she gets made up for a photo shoot.
Talk and pout: Mellon's the expert, having turned her glamorous lifestyle into the living embodiment of first Jimmy Choo and now, with her non-compete clause out of the way, her own brand. This is the woman who in 2007, during her daily appearances at Southwark Crown Court as a witness against her ex-husband Matthew Mellon (who was accused of hacking her computers), delighted the nation with her slick pencil skirts and ultra-high crocodile stilettos.
Looking back, Mellon says it was all she could do to put one foot in front of the other and thinks she took her eye off the ball style-wise during this period. To the outside world, however, she was the picture of Mistress-of-the-Universe gutsy composure, all the more remarkable given the melodramatic meltdown of her personal life, which by rights should have been confined to an airport blockbuster. Her beloved father died in 2004. She divorced in 2005 after one too many of her husband's drug-fuelled disappearances, had to deal with a hostile takeover in 2006 and found herself in court again, this time facing off her mother, in 2009.
Tamara Mellon at her marriage to Matthew Mellon; a Bianca Jagger-inspired look from her new autumn/winter 2013 collection at tamaramellon.com Photo: REX
Ah yes. Ann Yeardye. Mellon's relationship with her mother, a former Chanel model, was - massive understatement - not cosy. There were no thrashings with wire coat hangers, but according to Tamara there were plenty of barbed insults and cruel behavior that culminated in daughter suing mother in 2009 for around £6 million - money that had been accidentally paid to Yeardye after the first sale of Jimmy Choo, the company Mellon had done much to build, almost from scratch.
Her father, Tom Yeardye, who had taken Vidal Sassoon products to the United States and whom she idolized, seems to have kept the peace by distancing himself from the battles. "He very much wanted us to appear the perfect family outwardly, so it was important to look nice, always," says Mellon.
"My mother would say I was ugly and stupid. In a dysfunctional home like that, clothes are how you come to value yourself. Also, they were the only thing I had to play with."
British boarding school - Heathfield - came as a relief, although the food was stodgy and the girls all wore "granny knickers". That wasn't a bad thing though, because what with her Calvin Kleins, her curling tongs and her style knowledge (this was a teenager accustomed to hanging out with Rudi Gernreich, infamous designer of the topless bathing suit, and his model muse Peggy Moffitt), Mellon became an instant guru, dispensing advice and winning popularity.
Clothes continued their hold. At finishing school in Switzerland - the same establishment attended by Diana, Princess of Wales - it was all miniskirts and après-ski. At Browns, the exclusive London boutique where she went to work as a sales assistant, it was body-con Alaïa on which she spent far more than she earned. At British Vogue, where she eventually became an accessories editor, Tamara Style coalesced. The rest of us might have been doing Grunge (it was the early Nineties) but she was a short/tight-dressed, jewelled, sandalled party girl, permanently glossy, even when she'd been out all night.
She always had expensive tastes. In Beverly Hills it was Fiorucci and Gloria Vanderbilt. By her mid-twenties, she'd worked out her look - "sexy but not vulgar Helmut Newton". Back then this translated into Tom Ford's Gucci - she was never your bow-wearing, polka-dot-toting kind of girl.
For her wedding, which took place at Blenheim in front of Hugh Grant, Liz Hurley, Elle Macpherson and 400 other intimates (plus American Vogue ), she wore slinky Valentino couture - partly, she says, because she hadn't sorted anything out. She'd been so busy with Choo she hadn't had time to think about her own outfit until six weeks before the wedding. The dress cost her £15,000, the same as her annual salary at Jimmy Choo (a recurrent theme of In My Shoes , her compulsively candid, rip-roaringly readable autobiography).
Then again, dating from those picture-perfect days in LA, there was always dissonance between perfectly poised outward Tamara and the turmoil within. The only time the two states resembled one another was when she entered rehab in the Nineties, shortly after being "let go" from Vogue . "It's such a fight to stay clean, it's as much as you can do to put on a pair of jeans."
Hers would have fitted perfectly, though. She's a stickler for details. One of the many reasons she eventually left Jimmy Choo at the end of 2011 was over issues of quality ("A luxury brand shouldn't be using leather that costs less than £50 a square metre," she says). But she'd lost control long before that. "One of my worst decisions ever was to sell a majority stake in Jimmy Choo. I'll never do that again."
And this is how she comes to be the main stakeholder in her new venture, the eponymously named label that launches any moment and aims to challenge the sillier aspects of the current fashion system by delivering small capsule collections of clothes to stores every month, in the relevant season. "I don't know any woman who buys her coats in July," says Mellon. "This is buy now, wear now." It's also quintessential Mellon - super-slick leather pencil skirts, leopard-print boots and sexy silk shirts worn slightly oversized, because "that's modern now, as is wearing skinny drainpipes under slit dresses and fringes. It's classic but with an edge."
I ask her why she thinks the rest of the fashion world can't seem to operate along these delivery principles. "Maybe because it's easier to build something from ground up than turn around a supertanker."
Now 46, she seems happier than she has for years. After Choo, she was able to spend more time with her daughter Minty, 11, with whom she seems to share many interests, including a keen nose for business. Nor has Minty been put off fashion. Mellon often finds missing jackets turn up in her daughter's wardrobe. Tamara has finally found her bonding exercise.

Tuesday, 8 October 2013

Real Tamara Mellon

It’s been 14 years since Tamara Mellon, then an accessories editor at British Vogue, first partnered with a bespoke London shoemaker named Jimmy Choo in what would prove to become a watershed moment in the history of footwear, transforming every woman’s love affair with expensive stilettos into the creation of a global empire. Since then, the Jimmy Choo brand has gone on to infiltrate popular culture on a mass scale, becoming synonymous with a kind of feminine luxury lifestyle that Mellon herself—strong, smart, independent, and glamorously larger than life—has come to personify.
Mellon’s business savvy is well-documented: She was among the first to bring designer shoes to the red carpet at a time when dressing celebrities was still a new concept, and she set up camp in a hotel room before the 1999 Oscars for fittings. In 2001, Choo sold his 51 percent stake in the business.
Nevertheless, demand for the shoes only increased. Over the last several years, Mellon has driven not only the growth of the brand, overseeing collaborations with H&M, Hunter, and Ugg, among others, but also its creative development, and took an active role in the design aspects of Jimmy Choo’s shoe and accessory lines, as well as forays into new areas, including the launch of a fragrance.

From an East End cobblers to world domination: Jimmy Choo celebrates 15 years at the top with glossy new book

As one of the most renowned names in accessory design, there's barely a corner of the earth ignorant to the allure of Jimmy Choo. 
And this year, as the firm celebrates 15 years at the top of its game, the firm is set to publish a glossy coffee table book charting the journey to success.
Jimmy Choo XV, released to coincide with the firm's anniversary, goes back to the brand's roots to tell the story of Jimmy Choo's propulsion from the workshop of a niche cobbler to world domination, taking in all glitz and glamour on the way.

'Once upon a time there was a shoemaker working in the East End of London,' goes the foreword, penned by Colin McDowell. 
'In the West End of London was a beautiful and clever young woman who specializes in accessories - and especially shoes - in her work for a very famous and glamorous magazine.
The shoemaker was Jimmy Choo; the beautiful and clever young woman is Tamara Mellon; the magazine, British Vogue. The rest is, as they say, history.'
Jimmy Choo CEO Tamara Mellon OBE writes colorfully in the preface of her love for the brand she nurtured after purchasing the business from talented cobbler Choo. 
'My ambition for Jimmy Choo when I created this company was always to capture the hearts of women around the world and build it into an enduring world-class luxury brand that would inspire women everywhere,' she says.

When I think of the icons that have inspired me throughout my life, they are often women. Powerful, glamorous, confident women,' she says. 
'Cinematic and music icons such as Catherine Deneuve, Anouk Aimée, and Debbie Harry are among the many muses I have in my imagination when I am creating my collections for Jimmy Choo. 
'These iconic beauties hold an allure that is as much about their external style as their innate sense of self-confidence.
'I look to modern icons as well, and in business, I think of iconic women such as Michelle Obama, Diane von Furstenberg, Tory Burch, and Natalie Massenet, whose ingenuity, cleverness, and sense of humor set them apart as role models for me and for my daughter’s generation.
The icons that I set out to highlight in this book take their cue from the women that inspire me in my life, but they are the shoes themselves.
'Around the office, we refer to the shoe styles as ‘She,’ endowing them with a personality, life, and a story all their own. "Glenys" is attending an art opening before she hops the Eurostar back to London. "Macy" is headed into hair and makeup before she hits the step and repeat.
'"Fleur" has a board meeting this morning followed by lunch with her banker. Amongst the thousands of shoes that have been created, each has her own story. When they are launched into the world, the women that wear the shoes add their own stories.

Monday, 7 October 2013

Jimmy Choo sold to Labelux for £500 million


"Tamara Mellon, whose 17% stake in Jimmy Choo was recently valued at £85m. Photograph: Richard Young/Rex Features"

Its killer heels are de rigueur for Hollywood actresses on the red carpet - and this weekend luxury shoe brand Jimmy Choo was sold for an A-list price tag of £500m.
The business founded by the eponymous Hackney cobbler and former It girl Tamara Mellon is being gobbled up by Labelux, the luxury goods group backed by Germany's billionaire Reimann family, for nearly three times the sum paid by its private equity owners four years ago.
Mellon said the deal was "wonderful news for the women who are, or who aspire to become, part of the Jimmy Choo lifestyle".
It is also good news for the stiletto queen's bank balance. The sale will deliver a multimillion-pound pay day for the recently appointed government trade envoy who owns a 17% stake recently valued at £85m.
The entrepreneur started the company with Choo in 1996 with a £150,000 loan from her late father Tommy Yeardye who co-founded the Vidal Sassoon hair products empire. Choo sold his interest in the company that bears his name in 2001 but Mellon stayed aboard and her personal fortune is today put at £150m.
The deal marks the fourth time Jimmy Choo, whose shoes cost up to £1,000 a pair, has been sold in 15 years. It was acquired by TowerBrook Capital Partners for £185m in 2007 and under its ownership has expanded overseas and broadened its appeal beyond killer heels to include trainers - albeit leopard print and patent - as well as handbags, jewellery and perfume. It has also doubled the number of stores around the world to 120. Last year sales hit £150m and the company said sales were currently up more than 10% as it rode the boom in demand for luxury from Asia, especially China.
The glamorous Mellon, who is as famous for her rock and roll lifestyle as her business acumen, remains the face of the brand and will continue as creative director alongside chief executive Joshua Schulman who also stays on once the sale process is completed. Both are reinvesting in the business. With a flair for marketing Mellon once said every woman should have "a great open-toed platform shoe in a pale gold fabric, a chic wedge for any on-grass event, and a perfect flat shoe in a neutral colour for every day".
Last year she was photographed wearing only a strategically placed cat and a pair of her stilettos. She has had a string of famous boyfriends including Christian Slater and Kid Rock.
Jimmy Choo's rocketing value reflects the strength of the luxury goods industry. After a two-year hiatus caused by the financial crisis, global demand for designer handbags, watches and champagne is expected to roar to new highs this year. Last year global luxury goods sales recovered to pre-financial crisis levels and are expected to hit a record €185bn (£160bn) in 2011.
The Reimann family may not be a household name in the UK but their substantial fortune is derived from a consumer goods empire whose less rarefied products include Mr Sheen and Windolene. Labelux's other investments include Swiss luxury brand Bally and the Derek Lam fashionlabel. Its chief executive Reinhard Mieck said it saw "substantial potential" for the brand, particularly in Asia: "Jimmy Choo is an outstanding brand with enormous growth potential."

Jimmy Choo at H&M

Starting in November, select H&M stores will feature shoes that can claim parentage from the acclaimed British accessory line Jimmy Choo. H&M has been famous for snagging killer partnerships with designers such as Comme des Garcons, Stella McCartney, Karl Lagerfeld and Roberto Cavalli.
Jimmy Choo's collection of women's and men's footwear and accessories will launch in about 200 H&M stores worldwide on Nov. 14. Products will include some stilt-like shoes reminiscent of those that became objects of affection after many mentions on the TV show and movie "Sex and the City." There will also be handbags and a small evening wear line.
H&M plans to produce about a dozen shoe models for women and four models for men." Prices for most shoes will be pegged between 40 euros, or $55 at current exchange rates, and 100 euros, or $138, while the price range of the bags will be wider, reaching 200 euros, or $276, for some models," according to a report in Women's Wear Daily.
Retail prices for the Jimmy Choo line start at $175, but that's for a jelly thong or flip-flop.
The most expensive items top out near $2,500 for exotic-skin boots. Most items are about $600. The Jimmy Choo people sought to make it clear that this is not an attempt to launch a modest-priced line permanently. They just want to offer something to the boys and girls who dreams of owning something authentic from the brand without taking out a second mortgage on the house.

Debra Bass, McClatchy/Tribune news ( 23 August, 2009).  Retrieved from: http://articles.chicagotribune.com/2009-08-23/features/0908200258_1_jimmy-choo-h-m-stores-shoes

Questions for Dato' Seri Nazir Tun Razak to answer

"CIMB Group has had a presence in Singapore since 2005......... The Group has built strong credibility through its investment banking and capital markets-related offerings. In 2008, CIMB Securities (Singapore) were ranked as No. 1 Mergers & Acquisitions (M&A) advisor by value and number of deals in the Mid Market segment, as well as No. 1 M&A advisor in Asia (ex-Japan) by number of deals." ~ CIMB website

What Dato' Seri Nazir and his team have achieved in Singapore is something that all Malaysians can take pride in. To be able to capture the top rank in any area related to finance and investments in one of the largest financial capitals of the world, and that too in the space of just a few years, is a feat that deserves admiration and applause.

But, there is at least one question that must be put to Dato Seri Nazir and his team.


In that same year, CIMB in Malaysia paid RM 3.393 million in fees in PricewaterhouseCoopers Malaysia for  Non-Audit Services, and a further 4.644 million Ringgit to member firms of PwC International for the same, while the fees paid for the statutory audit to PwC was only RM 2.84 million and 3.04 million Ringgit respectively.


That would not have been allowed in Singapore now, would it?

















Will CIMB in Singapore, or any of its divisions been able to achieve any accolades if it had been found to use the services of an auditor like PwC in Malaysia, whose very registration under the oversight board is an enigma that remains unanswered to this day?


But why then does CIMB Malaysia allow all this? Does the fact that Malaysia is separated from Singapore by that trickle of a strait, mean that we can get away with standards which are miles below what is allowed in that Island Nation that was once a part of this country?

Should not the elder brother lead by example? So why then is Singapore, a nation that is younger that ours, leaving us behind in something as fundamental as corporate governance standards?

But for an entity like CIMB, which has a presence on both sides of the Tebrau Strait, to employ widely differing standards in something as important as auditor independence, just because the rules on the southern side of the Straits are closer to the norm amongst developed nations, is an affront to the aspirations of Malaysia to become a developed nation in less than a decade.