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Eighteen years after Kenneth Cole first burst onto the fashion scene with his own line of women's shoes, the designer known for his downtown, urban-chic styling stands on the brink of a huge breakthrough-emerging as American fashion's next megabrand.
As soon as this week, that new status will gain a powerful confirmation: announcement of a deal for an 18,000-square-foot flagship store on Fifth Avenue. Although Mr. Cole declines to specify the location, landlord Tishman Speyer Properties confirms that the designer will occupy one of the city's most prestigious retail addresses-610 Fifth Ave., at the formal entrance to Rockefeller Center.
"We are pleased to welcome Kenneth Cole to Rockefeller Center," says Geoffrey Wharton, senior
managing director at Tishman Speyer Properties. Newmark & Co. and Blatteis & Schnur represented Kenneth Cole in the transaction.
The deal is just one of several high-profile steps Kenneth Cole Productions Inc. Will take this year. Already well-established with shoes and menswear, Mr. Cole will make the leap this fall into womenswear. That move could-add another $500 million in retail sales in the next five years to his $950 million brand.
"We've grown up," says the 45-year-old designer. And Wall Street is paying attention. In stark contrast to other New York fashion firms, whose stocks were battered last year, Kenneth Cole Productions' shares soared 144% in 1999. On Feb. 24, the stock hit a new 52-week high of $52.88.
Breaking into the big leagues, however,...