National: July 20, 2001
Designer Isaac Mizrahi has filed a suit against Chanel Inc., his former partner and financial backer of his apparel label that closed in 1998, and Chanel subsidiary American Fragrances Inc.; Mizrahi’s suit claims that Chanel breeched its partnership agreement, fiduciary duty, covenant of good faith and fair dealing with the designer; Chanel has dismissed the suit as being without merit...Donna Karan International CEO John Idol resigned from his post three months prior to his expected departure date following the company’s planned acquisition by LVMH Mouml;et Hennessy Louis Vuitton; he leaves the publicly traded company with an estimated $13 million compensation package.
