Derek Lam Having Financial Management Issues

Derek Lam having cash-flow problems? A fashion industry insider tells PageSix the Chinese-American designer, who started his career working as an assistant for Michael Kors, has been losing $1 million a month and expects the Derek Lam label to lose between $12 million and $15 million by the end of the year. "It's only propped up by money coming from Italian investors," says our source. The worst part, according to the source, is that Lam's CEO, Jan Schlottman, only showed up to work three times the whole month of August. Schlottman told us, "Everyone has had difficulty this year, but the actual [monthly] figure is far less than that. -PageSix


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