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Rumor: Derek Lam in Financial Trouble

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Rumor: Derek Lam in Financial Trouble

Derek Lam

Page Six reported this morning that the New York-based designer label stands to lose between $12 million and $15 million by the end of the year. What's worse, apparently the CEO only came to work three times during the month of August.

Granted, fashion executives not working much during August isn't exactly breaking news -- most of the fashion industry takes vacations during that month, including designers. But rumors of that level of financial trouble are more worrying, especially for those of us who really love Lam's classic, pulled-together style. (Not to mention his python platforms for fall.) Apparently Lam's CEO (Jan Schlottman) insisted he'd only taken 10 vacation days and "always has his laptop." On the financial rumors, he said: "Everyone has had difficulty this year, but the actual [monthly] figure is far less than that." Hmm.

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