FT : Thyssenkrupp Steel executives quit amid tension over Křetínský approach

Thyssenkrupp Steel executives quit amid tension over Křetínský approach
Chief executive Bernhard Osburg, chair Sigmar Gabriel and five directors go in row with group head Lopez

The head of Thyssenkrupp’s steel division has announced his departure as internal tensions over the future of Germany’s largest producer of the metal have broken out in public during a takeover attempt by Czech billionaire Daniel Křetínský.

Bernhard Osburg, the chief executive of Thyssenkrupp Steel, will leave the subsidiary along with Sigmar Gabriel, chair of its supervisory board, as well as five other directors.

Gabriel accused Thyssenkrupp CEO Miguel Lopez of an “unprecedented [public] campaign” against the executives of the company’s steel division, which he called “a serious breach of trust”, in a statement on Thursday night.

Former Siemens executive Lopez, who took the helm of the struggling German industrial conglomerate in 2023, earlier this year announced that Křetínský’s EP Group had bought 20 per cent of the steel unit, with talks of it taking a total of 50 per cent.

The accompanying discussions over restructuring, involving lay-offs, production cuts and the costs of the overhaul, caused deep clashes between Lopez and the steel unit’s management as well as with worker representatives.

The division employs 27,000 people, and the number of job cuts is currently under negotiation.

In his highly unusual public letter, Gabriel, a former Social Democrat vice-chancellor and foreign minister, said he could no longer act “responsibly” in his position as supervisory board chair due to a lack of “standards of professionalism” and “open discussion”. Two other executives at the steel unit and three supervisory board members are also leaving.

Gabriel noted: “I . . . appeal to all those involved to be aware of their responsibility for 27,000 employees, and to look for ways to de-escalate the conflict.”

In Germany, supervisory boards oversee the work of the executive board and appoint its members.

Knut Giesler, the regional leader of union IG Metall, on Thursday night accused Thyssenkrupp’s management of having “led this company into unprecedented chaos”.

Thyssenkrupp, once a symbol of German industrial might, has suffered for years, especially as its steel business has continued to struggle with lower demand from European carmakers and higher energy costs.

Former Thyssenkrupp chief executive Martina Merz resigned unexpectedly last year, after criticism over the delays to a long-promised restructuring and sale of the group’s steel unit.

Thyssenkrupp and EP Group declined to comment. Lopez did not immediately respond to a request for comment.

FT : Hungarian group withdraws Spanish train maker bid after Madrid veto

Hungarian group withdraws Spanish train maker bid after Madrid veto
The Ganz-Mavag consortium plans to take legal action against the Sánchez government decision

A Hungarian train consortium backed by prime minister Viktor Orbán is withdrawing its takeover bid for a Spanish train maker after Madrid blocked the transaction on national security grounds, according to people close to the bidder.

Two days after Spain vetoed the €600mn offer for train maker Talgo by the Ganz-Mavag consortium, the Hungarian group decided on Thursday to take it off the table while it pursues legal action against Madrid’s decision.

But the people close to the consortium stressed that it wanted to explore other ways to work with Talgo — and did not rule out the possibility of returning with another bid if its legal challenges succeeded.

The takeover attempt has become the latest flashpoint between EU member states and the illiberal Hungarian premier, who has maintained some of the closest relations with Russia of any western leader despite its full-scale invasion of Ukraine.

The withdrawal of Ganz-Mavag’s offer is expected to be confirmed in a disclosure to Spain’s market regulator to be published on Friday, the people close to the bidder said.

The government of Spanish prime minister Pedro Sánchez blocked the €619mn bid because it said it entailed “risks to national security and public order” — a highly unusual justification within the EU.

The Socialist-led government did not elaborate on those risks and said the analysis on which the decision was based was “classified”.

Ganz-Mavag, a consortium backed by an investment arm of the Hungarian state, has vowed to contest the decision in the Spanish courts and in Brussels.

Under EU law, member states can block deals on public security grounds in specific circumstances.

Both Spanish and Hungarian media have linked the decision to Madrid’s concern over Orbán’s ties to Russia and the potential threat to critical rail infrastructure.

On Thursday, an EU spokesperson said that it was the prerogative of member states to make decisions such as Spain’s but that they must be justified and proportionate.

The spokesperson acknowledged that the Talgo case could end up being decided at the European Court of Justice in Luxembourg.

About 45 per cent of the Ganz-Mavag consortium is in the hands of Corvinus, a state-owned development finance institution that co-invests with Hungarian companies abroad.

The other 55 per cent is owned by Hungarian trainmaker Magyar-Vagon, which is controlled by a private equity fund owned by an executive named Csaba Törő.

Talgo’s board of directors welcomed Ganz-Mavag’s €5-a-share offer when it was made in March.

Talgo’s share price dropped on news of the Spanish government veto. On Thursday, the stock closed 8 per cent below its level immediately prior to the government’s decision.

>>> US After Hours Summary: MDB +12.7%, MRVL +8.8%, ADSK +5.6%, LULU +4%, DELL +

After Hours Summary: MDB +12.7%, MRVL +8.8%, ADSK +5.6%, LULU +4%, DELL +2.8% higher on earnings; ULTA -6.3% lower on earnings; NCNA -38.9% as its NuTide:323 study to be discontinued

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: MDB +12.7%, MRVL +8.8%, ADSK +5.6%, DOMO +4.4%, LULU +4%, DELL +2.8%

Companies trading higher in after hours in reaction to news: LUNR +15.6% (NASA lunar contract award), MDWD +4.2% (stock offering by selling shareholders), ASTL +0.9% (Toronto Exchange approves co's intention to renew share buyback auth), NXPI +0.7% (increases share repurchase authorization by $2 bln), LRCX +0.6% (increases dividend), RTX +0.3% (awarded $1.05 bln U.S. Air Force contract), UVV +0.2% (Chairman/CEO to retire; names new Chairman/CEO), NVRI +0.1% (sells its Reed Minerals business to Speyside Equity for $45 mln)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: ESTC -24% (also announces open source license for Elasticsearch and Kibana Source Code), ULTA -6.3%, AMRK -2%, DDD -1.7%

Companies trading lower in after hours in reaction to news: NCNA -38.9% (update for Phase 2 colorectal cancer study; NuTide:323 study to be discontinued), BAP -0.2% (special cash dividend)

FT : Germany to cut benefits for refugees facing deportation

Germany to cut benefits for refugees facing deportation
Measures, which include a ban on knives at public events, follow outrage over terror attack in western city last week

Germany says it will cut benefits to refugees facing deportation, part of a package of tough new measures drafted in response to last week’s terror attack in the western city of Solingen.

Ministers also said they would introduce a ban on knives at big public events and allow police investigators to use facial recognition software to identify crime suspects.

“The Solingen attack has shocked us to the core,” said Nancy Faeser, interior minister. “We always said the government would respond to it with tough measures.”

Chancellor Olaf Scholz had come under intense pressure to overhaul immigration policy and tighten weapons laws as a result of the Solingen incident, where three people were stabbed to death and eight injured. Terror group Isis has claimed responsibility for the knife attack.

A 26-year-old Syrian refugee was arrested last Saturday over the incident after handing himself into police and has been remanded in custody on suspicion of murder and membership of a terror organisation.


Friedrich Merz, leader of the German opposition, called on the government to immediately stop accepting refugees from Syria and Afghanistan and start deporting criminals from both countries back to their homelands — a practice which current German law does not allow.

Public anger has focused on the fact that the suspected perpetrator was supposed to have been deported last year to Bulgaria, the country through which he had first entered the EU and where he first applied for asylum.

The deportation would have been conducted under the EU’s Dublin rules, which stipulate that refugees’ asylum claims must be assessed in the country in which they first arrive, not where they end up.

But authorities did not find the Syrian at his normal abode when they came to detain him, and never returned. After six months elapsed, the deadline for his transfer to Bulgaria expired and he became Germany’s responsibility.


Faeser said a refugee would no longer be entitled to welfare benefits if a country has agreed to take them back under the Dublin rules.

Marco Buschmann, justice minister, said this would help ensure that the person earmarked for deportation “would then get in touch with the authorities or might voluntarily move to the country responsible for him, for economic reasons”.

He said “tens of thousands of deportations” that were legally possible under the Dublin rules and practicable because other countries had agreed to their return “still don’t happen because it’s announced that the people cannot be found . . . That has to stop”.

Buschmann and Faeser presented a long catalogue of measures designed to prevent a repeat of last Friday’s attack.

People would not be allowed to carry flick-knives, and knives of all types would be banned on long-distance trains and buses, as well as at festivals and sporting and other public events, the ministers said, without detailing how the measure would be policed.

Germany’s 16 federal states will be given the power to ban all knives at train stations and also on local transport. Police will be allowed to use tasers against violent offenders, and authorities will be empowered to carry out more rigorous background checks on applicants for weapons licences.

Authorities will also acquire more powers to crack down on Islamist terror. Investigators will be allowed to use facial recognition software to identify suspects and to employ artificial intelligence to analyse police data.

Buschmann said any immigrant who attacks or threatens people with a knife “must be quickly deported”.

“Whoever attacks anyone on the basis of their gender, sexual orientation or their Jewish faith . . . whoever is motivated by Islamism, jihadism or other extremist ideas cannot receive asylum and be recognised as a refugee in Germany,” said Buschmann. Germany has seen an increase in antisemitic incidents since Hamas’s terror attack on October 7 and the ensuing war in Gaza.

The government also plans to set up a special task force to increase the number of deportations carried out under the Dublin procedure.

It will also ensure refugees who travel back to their home countries for holidays lose their right to asylum in Germany. Ukrainians, as well as people going home to attend the funerals of close relatives, will be exempted from the new rule.

The ministers also said they were working hard to allow for the repatriation of Afghans and Syrians who had committed serious crimes — one of opposition leader Merz’s main demands.

WSJ : Apple Is in Talks to Invest in OpenAI

Apple Is in Talks to Invest in OpenAI
Following partnership with the ChatGPT maker on Apple Intelligence, tech giant would join multibillion-dollar funding round alongside Microsoft and Thrive Capital

Apple AAPL 2.23%increase; green up pointing triangle is in talks to invest in OpenAI, a move that would cement ties to a partner integral to its efforts to gain ground in the artificial-intelligence race.

The investment would be part of a new OpenAI fundraising round that would value the ChatGPT maker above $100 billion, people familiar with the situation said. The Wall Street Journal reported Wednesday that venture-capital firm Thrive Capital is leading the round, which will total several billion dollars, and Apple rival Microsoft MSFT 1.57%increase; green up pointing triangle is also expected to participate.

It couldn’t be learned how much Apple or Microsoft will invest into OpenAI this round. To date, Microsoft has been the primary strategic investor into OpenAI. It owns a 49% share of the AI startup’s profits after investing $13 billion since 2019.

Apple in June announced OpenAI as the first official partner for Apple Intelligence, its system for infusing AI features throughout its operating system. The new AI will feature an improved Siri voice assistant, text proofreading and creating custom emojis.

Some of the new AI tasks Apple announced would be handled by Apple’s own AI technology. For more complicated AI tasks, such as generating a written message, Apple would use OpenAI’s ChatGPT.

Apple’s talks to invest in OpenAI underscores its dedication to ensure it maintains access to this technology. OpenAI faces intense competition from other AI startups and big tech companies, but ChatGPT remains a market leader.

Apple hopes to join with other companies and incorporate their generative AI into the new system. It is launching with ChatGPT because “we wanted to start with the best,” said Craig Federighi, Apple’s head of software, at the June developers conference.

At the conference, Apple mentioned Google’s generative AI model, Gemini, as a potential partner. The company also has held partnership discussions with Meta as well as AI startups Anthropic and Perplexity, the Journal previously reported.

Investing in OpenAI could complicate Apple’s efforts to be a neutral partner with other AI companies.

The move would be an unusual one for Apple, which typically doesn’t invest in startups. Over the years, Apple has made a number of investments in manufacturing partners, in part to secure supply of components for its devices.

In 2017, Apple invested $1 billion into Japan’s SoftBank’s Vision Fund because it “will speed the development of technologies which may be strategically important to Apple,” an Apple spokeswoman said at the time.

In 2016, Apple also invested $1 billion into Chinese ride-hailing startup DiDi Chuxing. Apple didn’t explain its motivation for the deal, but there was an intensifying battle over the future of driving. Apple was in its early stages of trying to build its own electric vehicle, which it canceled earlier this year.

Apple has ramped up its internal AI investments over the past year and a half as it attempts to build up its own capabilities, The Journal recently reported.

Apple is holding an event next month where it will likely launch its next-generation iPhones. New AI tools are expected to be the standout feature of the devices.

WWD : It’s Khaite’s New York Moment — How the Brand Is Defining American Luxury

It’s Khaite’s New York Moment — How the Brand Is Defining American Luxury
Designer Cate Holstein on how the city has shaped her, from Woody Allen to "Sex and the City"; her crazy experience being in labor at the Met, and her husband Griffin joining the family business.

Through the decades, New York fashion has had many defining designers: Bill Blass, Halston, Geoffrey Beene, Oscar de la Renta, Calvin Klein, Ralph Lauren, Donna Karan, and Marc Jacobs among them. This moment belongs to Cate Holstein. It’s her time.

The winner of two consecutive CFDA Women’s Designer of the Year awards has become a marquee name at New York Fashion Week, where she will show Sept. 7. With a recent investment from private equity firm Stripes, she is opening stores in Dallas’ Highland Park Village, on Madison Avenue in New York and at Costa Mesa, Calif.’s South Coast Plaza, and has crossed the $100 million revenue mark with her American luxury brand.

At the core of it is her vision of the New York woman. Not the working girls and office bosses of Diane Von Furstenberg’s and Donna Karan’s heydays, nor the society mavens and WASPs of Carolina Herrera’s and Tory Burch’s playbooks, Holstein’s New York woman is a rebel, at least in her mind.

For this issue, WWD Weekend spoke to Holstein about how the city has shaped her; what makes New York fashion so vital; the choice to make Khaite‘s Instagram inactive, and how the business is growing with the help of her husband, Griffin Frazen, who is now designing the retail stores and runway productions.

But first, a very New York story: Last May, Holstein was in labor with her child, Calder James Frazen, at the Metropolitan Museum of Art. This came up when she was asked about her favorite New York walk — Central Park, a solid choice.

She and Frazen decided to take the storied stroll — in the rain — after she’d gone into labor but wasn’t far along enough to check into the hospital. They headed to the museum’s Egyptian wing where he took “a really funny picture of me,” she says, laughing about it now. Then the pair ended up checking into the Mark Hotel, not wanting to fight traffic back downtown to their apartment and uptown again to Lenox Hill to the hospital when it was really, really time. “So I got through the throes of labor at the Mark and they were really lovely about it.”

Not even Woody Allen could have scripted that.

The youngest of five children, Holstein jokes that her parents gave up by the time she came around. “They were just like, here’s a toothbrush, don’t die. We had no rules,” she says. She grew up in New Canaan, Connecticut (and later London, England) with cable TV in her bedroom, and four movie channels, and can’t remember if her love of New York or her love of New York movies came first.

“I mean, I still love Woody Allen, sorry, I do. It’s the romance that he portrays of New York,” she says of holding on to the director despite his transgressions. She was also drawn to spicier movies. “I remember when I was 12 or 13, I brought ‘Christiane F.’ over to a sleepover. I got sent home,” she says of the 1981 cult German film that follows a 13-year-old’s descent into heroin addiction, and features David Bowie as the composer and as himself. “I was always attracted to darkness… I also looked like I was 25 at the age of 11. I kind of adulted too fast.”

Her earliest memories of the city were driving to the doctor’s office, coming in from Connecticut under a bridge or someplace equally gritty, and then getting to Park Avenue, she says. “As soon as I saw the Met Life building, I found it so exhilarating. It truly was the concrete jungle and I felt wide-eyed….I was so scared of New York and I was so seduced by it,” she says.

Before her high school senior year, she spent the summer in a Parsons pre-college program and was smitten. It was 2002, and the city was still coming off the ’90s. “That is the aesthetic of New York I really homed in on. You could still smoke in restaurants and bars, we didn’t really have any issues getting carded, and I’m not gonna lie, it was prime ‘Sex and the City,’ and that had a big impression on me,” she says, clarifying that she’s an ex-smoker now. “Downtown was just really buzzing…I knew I wanted to go to Parsons before but I knew I had to be there after that program.”

Her first fashion show was Proenza Schouler’s first show in 2003, held at the National Arts Club. Holstein was a guest of Victoria Traina, a muse to designers Jack McCollough and Lazaro Hernandez then and now. (Her sister Vanessa Traina is a brand consultant and stylist for Khaite.)

Out of school and straight into Barneys New York, Proenza Schouler’s trajectory was a fairy tale to Holstein, who was a freshman at Parsons at the time. “They were so talented and they represented this fresh perspective.”

Marc Jacobs was another influence (she also went to one of his shows as a guest of Victoria Traina’s). “Not only for his creativity, but the New York storytelling and the artist connections he made. I remember the Juergen Teller ads with Sofia Coppola in Central Park..John Currin and Rachel Feinstein…he really created a world so well.”

In her early 20s, she was shopping at the SoHo boutique Kirna Zabête, captivated by the clothing of the crop of young independent women designers who had their own labels at the time, including Alice Roi, Behnaz Sarafpour and particularly Katyone Adeli. “I think she captured how women wanted to look at that moment,” Holstein says. “And then Earl Jeans. I mean, that was the new wave of denim.”

In 2006, she launched a line of sailor dresses under her own name that Julie Gilhart picked up at Barneys. She quit Parsons to focus on the business, which had 40 retail accounts, except she didn’t focus enough and it shuttered two years later. She followed that with a succession of corporate design jobs at Evisu, Vera Wang and Gap, giving her experience in luxury and commercial product design, denim and knitwear.

The time she was most down and out in New York was just before she launched Khaite in 2016.

“I was getting out of a bad relationship. I was lost in terms of what I felt like I wanted to do. I didn’t have good experiences working with other people. I was put down and told that I was hard to work with but really, honestly, it was because I always had so many ideas. People in corporate environments do not like that person,” she says. “And I could have an attitude that came with that because I am very confident. I actually really loved the companies I worked for and they were amazing cultures, amazing environments, but it just wasn’t for me. I felt very much like I was caged.”

In 2015-2016, Alexander Wang, Marc Jacobs, Michael Kors, and Tory Burch were driving the American sportswear conversation. Wang had just come off designing Balenciaga and Jacobs off of designing Louis Vuitton, while Rodarte and Altuzarra were decamping to show in Paris. Meanwhile, Adeli and another hero, Daryl Kerrigan, had shuttered their brands, a rude awakening for Holstein about how hard it is to make it in this industry.

At the same time, she really believed “there was a need for fresh perspective on New York. I was 30 and all the woman I knew were coming into their own and becoming independent, and there wasn’t anyone serving them. It felt like it had become stagnant in terms of the storytelling..and I was very put off by, I’m just going to say it, by designers that were moving from New York to Europe. I felt like people were really down on New York and New York Fashion Week, so there was a lot of opportunity.”

But she also had a lot of self doubt, even though at every place she had worked, sales went up, she says.

Her friend Charlie de Viel Castel, the French investor married to Victoria Traina, sat her down and gave her some advice. “He said he thought I could really do this. I went home and thought about it, and it was a fork in the road….I knew that at that point, it was going to take a lot of work. I was going to need to raise a lot of money. And I was gonna have to change my mindset to be more business-oriented in terms of how to finance the company because I had to close a brand before. I’m actually kind of amazed with how brave I was. I don’t know if I’d be that brave today.”

The woman she envisioned as her muse was “fiercely independent, stealth strong and confident in her insecurities — understanding that she maybe isn’t totally comfortable in her own skin, but she’s trying to get there,” she says. “And discerning.”

The brand grew from must-have sweaters and denim to ready-to-wear, with much-copied bodysuits and sculpted bustier tops, hit bags and boots in its first few years, including the Aimee clutch, and the Dallas Western boots.

“People are attracted to familiarity and classic always works,” Holstein says. “That was part of my business idea from the start. I felt underserved. And I couldn’t find the things that I wanted to buy. And those things were very simple items. The brand has evolved since then, but in the beginning, it was about what you wear five days in a row and nobody notices.”

Historically, New York designers helped change the mindset that fashion had to swing every season, focusing instead on classic sportswear sold through powerful brand imagery and marketing.

“Calvin and Ralph really inventing global sexy marketing. And I think that’s lost on people sometimes, how impactful that has been and how it truly changed the industry forever,” Holstein says. “They thought that way first, and it’s like Warhol, there’s no coming back from that. Since then, there’s been a great shift in terms of building conglomerates and financial growth, but as far as how to get there with marketing, how to attract people, there hasn’t been such a huge shift from what they did,” she says.

To wit, Holstein will be amping up paid advertising both in media and on Instagram, but recently turned the Khaite Instagram account inactive, wiping the grid almost entirely.

“Social media, I want to be off of it so badly and this brand is such a message of how I’m feeling and what I’m sensing,” she says. “I felt like maybe true luxury is just giving people their time back. So I felt like we could just quiet it down.”

Holstein clearly spends a lot of time tuning into her emotions, which feed her creatively. Through the years, her collections have spun a dark glamour so potent it’s become an attitude. Her references are New York tried and true — noir films like “Taxi Driver,” “After Hours” and “Desperately Seeking Susan”; glamorous hangouts Studio 54, Max’s Kansas City, Bungalow 8 and The Grill. And she doesn’t create by concept, but by piece, choosing to design and redesign the jean, leather jacket and boot with just the right proportion season after season, which has led to some criticism that she has not developed a signature silhouette or look.

“People can say whatever they want…but it’s funny because what I hear from the outside is you can recognize a Khaite piece right away,” she says. And indeed, her designs do drive trends and dupes, whether it’s the Marcy mesh flats or the Benny studded belts.

But unlike many designers, she doesn’t personify her brand, and has been known to dress herself like a ’90s Gap ad, she joked backstage one season.

“I don’t want to ruin the mystique, but, um, no, she’s not a dark person,” says Frazen. “She has a dark sense of humor.”

Recently, Holstein has brought more vulnerability into her designs, playing with whisper-thin organza, second-skin ribbed knits and barely there sandals (with razor sharp pointed toes, natch). Holstein chalks it up to becoming a mother, wanting to explore more softness in her work.

And it’s up to Frazen, an architect who has created sets and spaces for Grimes, Oneohtrix Point Never and Thom Yorke, and designed Khaite’s Mercer Street store, to translate her feelings into a visual brand language that carries through retail and runway. So far, recurring themes have been the contrast between light and dark, austerity and lushness, industrial materials and nature.

“She’ll throw out an idea, it can be an image or thought…sometimes very abstract. I take it and interpret it and apply my more rigorous technical thinking to it, and bring it back to her,” he says. “And sometimes I hit the mark right away, and other times…we don’t always have the exact same opinions, but it’s a really fun kind of exquisite corpse game.”

“To have this creative partnership has really lifted the brand and I’m really grateful to him. I feel very much in good hands,” Holstein says. “It definitely feels like a family business now.”

The infusion of capital last year from Stripes has created new opportunities. And even that has felt like family, she says. “It’s a partnership and I could not speak higher of the level of humanity and understanding there. Yes, it’s private equity but it’s a very different kind of private equity in it for the long term and creatively led…not working solely for the bottom line.”


In the journey to really scale a brand, fragrance and beauty are key, and while Holstein knows what hers would look like, she says she hasn’t had a serious conversations about it yet.

“Right now, shoes, accessories and handbags are a large part of our focus because it represents 50 percent of our business, and we only launched those categories in 2019. I think we have a lot of work to do there,” she says.

Belts have been a growth engine recently. “This past year, some of the more aspirational pieces like denim and Benny belts we saw really take off. We saw belts grow 400 percent. Right now they’re 12 percent of our business. We are doing very well with leather and handbags, and have a lot of exciting things coming with shoes in the next few months.”

Would she like to make a sneaker one day? “I would,” she says.

Although she has yet to be asked to step up as a leader in the industry, Holstein is willing. She does have advice for young designers: “Get to work,” she says. “If somebody told me 20 years ago that it was going to take this long, I would have been so pissed. I would have wanted it all now…But it’s a lot of trial and error, even understanding clothes through the cycle of fabrics to wearing them is so much education, and then you put the politics and culture into it, which is so much education, and the financials which are tricky, very tricky, and very hard to get right.”

She reflects on a lesson from Ralph Lauren. “You always have to accept that you are going to fail, and that failure is extremely important to your story and probably more important than success in order to be successful down the road,” she says. “That is a very hard pill to swallow.”

Despite the economic headwinds, Holstein is optimistic. “We’re still opening up opportunity, so we’re not experiencing what everybody else is experiencing….We’re experiencing double-digit growth.”

And while there are a few open jobs at the top of European luxury brands right now, she’s staying put in New York. “I’m not looking,” she says. Has she had any interesting calls? “Dot, dot, dot…” she smiles.

“I very much recognize that right now we are in our major growth stage with amazing partners, with my new baby and my wonderful husband who works on the brand with me. I am happy. I hope this lasts forever.”

WWD : Casa Tua, the Swanky Miami Member’s-only Club and Restaurant, Expands to N

Casa Tua, the Swanky Miami Member’s-only Club and Restaurant, Expands to New York
The members club is opening inside The Surrey hotel on the Upper East Side.

Ever since Casa Tua’s founder, Miky Grendene, opened the exclusive private club’s first location in Miami Beach 25 years ago, members have been asking him to open an outpost in New York. Grendene first opened additional locations in Aspen and Paris, and now — at long last — he has found a home for Casa Tua in New York.

“I looked at countless locations,” Grendene says earlier this summer from his house in Aspen. “For me it’s quality, not quantity. And most of the time quality and quantity don’t go together. So it was very important, if we open in New York, to be in the right location,” he adds. “In The Surrey, in the Upper East Side, I found the perfect location for us.”

Casa Tua is located inside the newly renovated The Surrey hotel, and serves as the property’s official food and beverage partner. Located on East 76th Street and Madison Avenue, the Surrey features 100 guest rooms and suites, as well as 14 private residences and an on-site spa.

“Everybody asked me, ‘Why did you open on the Upper East Side? Why didn’t you go downtown?” Grendene says. “I never follow a trend. I never look at what other people do; I do what I feel is right for us and for the brand and for my customer. I think that the Upper East Side needs — more than downtown — new blood, new things, new energy. And I think that Casa Tua hopefully will bring that to the Upper East Side.”

Casa Tua will include a restaurant and lounge on the hotel’s ground floor, open to the public. Similar to the club’s other locations, the focus of the menu is Mediterranean: Italian cuisine with French influences. There is also a private members-only space on the second floor, which will offer exclusive programming and personalized service. The idea was to create a home away from home for its nearly 3,000 members.

“Each client of mine is a celebrity for me,” Grendene says. “The club allows me to know them better, to know exactly what they like, what they don’t like, and be sure that it’s a customized experience for them,” he says, adding that there is no distinction between service provided for members and nonmembers at the restaurant. “The only difference is they have a space where they have more privacy. For us, privacy is key.”

Casa Tua doesn’t promote its literal celebrity clients, although its locations are a popular spot for famous tastemakers. During Art Basel Miami Beach, the restaurant is a favorite location for VIP dinners and parties.

“Everybody wants to know about everybody,” Grendene says. “Everybody’s trying to show off what they do, the private plane, the huge boat. We’re trying to be the opposite of that: create a little oasis where you still have the sense of privacy, where we respect your privacy.”

The club’s New York space was designed in collaboration with architect and designer Michele Bönan, informed by Grendene’s own aesthetic sensibilities. “Casa Tua has always been and will always be a result of what our life is,” Grendene says. “Me and my wife, we travel the world and, like a sponge, we pick and choose and if we see something that we like, we integrate it in our design.”

And while many openings lean into hospitality design trends, Casa Tua aims to take a more singular approach. “We look at being timeless. We look at being soulful. We look at being elegant,” Grendene says. “We’re not looking to be trendy, because trend is by definition the beginning of an end,” he adds. “We always want to do a design that…is good now, could be good 20 years ago, and can be good 20 years from now.”

With Casa Tua settling into its New York digs, Grendene is already eyeing potential homes for a fifth location, with Madrid a leading contender. His son is currently studying there, which has given him an opportunity to get to know the city’s vibe. “When I’m there, I feel good, because there are great restaurants, the people are fun, and people like to dine out,” he says.

WWD : Relaunched Watchmaker Daniel Roth Unveils First Commercial Model

Relaunched Watchmaker Daniel Roth Unveils First Commercial Model
Retailing for 155,000 Swiss francs, this rose-gold timepiece will make its debut at the Geneva Watch Days on Thursday.

PARIS — It’s time for relaunched Swiss watchmaker Daniel Roth’s first commercial timepiece.

A follow-up to the inaugural Tourbillon Souscription, the 38.6-millimeter double-ellipse model — soberly titled Tourbillon Rose Gold — is another nod to the wrist-worn tourbillon design known as reference 2187/C187.

Originally a 25-piece commission from Asprey of London, the style was credited for funding the launch of Roth’s brand in 1988 and became a sought-after signature design.

“We wanted to remain faithful to the spirit of [founder] Daniel Roth, to the aesthetic codes and know-how he has defined since the creation of his eponymous brand,” said Matthieu Hegi, the artistic director of La Fabrique du Temps Louis Vuitton, the LVMH Moët Hennessy Louis Vuitton-owned watchmaking hub.


In his opinion, the house aesthetic is classic, with cases aiming to “dress up” the movement’s watchmaking technicality.

Used here were Roth’s signatures of a double ellipse “ellipsocurvex” case shape as well as the dial’s pinstripe guilloche, Roman numerals, and circular satin finish.

The dial was produced in collaboration with the engine-turning atelier of Kari Voutilainen, a Switzerland-based Finnish clockmaker whose designs have won 10 prizes at the Grand Prix de l’Horlogerie de Genève.

The overall design of the latest Daniel Roth also plays off the contrast between two rose gold and rhodium-plated elements, including sterling silver chapters and scales on the subdials. Indexes and hands are in black lacquer and add further visual appeal.

The choice of rose gold, in particular the warmer-tone 5N alloy, was driven by the balance between its modern appeal and wide use in classic watchmaking.

“It is a perfect evolution from the vintage feel of the yellow gold used for the Tourbillon Souscription,” continued Hegi.

While updates on the lugs and crown are perceptible to aficionados, the biggest change brought by this watch is the sapphire caseback that gives a view on the DR001 caliber.

Two years in the making, the caliber was developed by LFT’s master watchmakers Michel Navas and Enrico Barbasini.

“We approached [its] development with a lot of respect in regard to Daniel’s achievements and watchmaking philosophy. It had to be a movement that Daniel would love at first sight and feel connected to straightaway,” said Navas, revealing that the team shared updates with Roth throughout conception.

The veteran watchmaker was “very emotional” when they shared the final design with him, Navas added.

Keen as they were to respect heritage, both saw this redesign as an opportunity to take things further, particularly on thinness, with 206 components packed in 4.6 millimeters.

“While we stayed true to Daniel’s watchmaking philosophy, we of course incorporated a few elements that are from our own experiences as watchmakers,” continued Barbasini. “The first and main difference is the fact that this is a shape movement, of the exact shape of the double ellipse case, a feat we could achieve only as we were starting the design from scratch.”

Among the technical improvements to the original design are a flat 3-arm hand on the tourbillon cage, instead of the original curved ones.

Touch and sound were also carefully considered, with the duo choosing a linear winding click “to really emphasize that almost sensual feel that a collector has when winding up their watch, feeling and hearing that specific click,” Barbasini said.

Other details include very fine “côte de Genève” detailing on the bridges and mirror polish to highlight components within the caliber.

To further cement the idea of this model as a continuation rather than a wholly new entry, the numbering will start at 21, after the 20-strong Souscription run.

Retailing for 155,000 Swiss francs, or $183,600 at current exchange rates, the Daniel Roth Tourbillon Rose Gold will be sold through selected retail partners of the brand.

But don’t hold your breath if you’re hoping to just walk in-store to get one. While the brand’s watches aren’t limited editions per se, it is not expecting to produce more than 50 pieces a year.

The Tourbillon Rose Gold’s launch coincides with the first participation in the Geneva Watch Days for Daniel Roth since its 2023 relaunch under the aegis of La Fabrique du Temps.

The four-day event taking place in the Swiss metropolis until Sunday is aimed at media and retailers as much as consumers and collectors, with a city-wide program of product reveals, panel discussions — and parties.

Launched in 2020 by Breitling, Bulgari, De Bethune, Girard-Perregaux, H. Moser & Cie. and MB&F, which was recently bought by Chanel, in response to the cancellation at that time of the Baselworld and Watches and Wonders fairs, it has since attracted more than 50 brands.

These include Girard-Perregaux, Frédérique Constant, Jacob & Co., Swatch Group-owned Blancpain and Bréguet as well as newcomers such as Trilobe.