At a panel discussion Max Azria talked
about the challenging times ahead for designers.
The chairman and founder of BCBG Max Azria Group Inc., who sat on a panel at the Milken Institute Global Conference in Beverly Hills on Monday, said he sees little reason for optimism in retail over the next year and is prepared for his business to be down 10 to 20 percent.
"We have to produce with much lower costs, have to save on everything, like advertising, without doing less," said Azria, who shared the stage with Simon Property Group Inc. chief executive officer David Simon, Goldman Sachs retail analyst Adrianne Shapira, Staples Inc. president Michael Miles and GNC Corp. ceo Joe Fortunato. "We have to be realistic; we cannot manage business by looking at everything like it will come right back."
BCBG has debt problems which it is addressing with some refinancing, which has prompted Standard and Poor's to increase the company's credit rating.
