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Article: Mori cashmere put on hold. (Hanae Mori's cashmere venture)
- Article from:
- WWD
- Article date:
- July 5, 1988
- Author:
CopyrightCOPYRIGHT 1988 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MORI CASHMERE PUT ON HOLD
NEW YORK -- Hanae Mori's international cashmere venture is in trouble. The project has run out of money, production in Puerto Rico has ceased and spokesmen for two major partners, Kei Mori, executive vice president of Hanae Mori, and Richard Millman, chairman and chief executive officer of HM Transworld Textile, each blame the other for a stalemate.
The project has been put on hold indefinitely, with each partner urging the other to relinquish stock interest and withdraw, a course of action neither is prepared to follow. Interviewed Monday, Mori charged that the reason for the trouble was mainly financial.
"Millman has ...