Luis Álvarez Renta appointment as part of his retirement, in order to effect positive change for the country by helping it negotiate a Free Trade Agreement with the European Union. However, after Governor José Lois Malkún of the Central Bank of the Dominican Republic’s announcement that Álvarez Renta was involved in the Baninter debacle, Álvarez Renta resigned the post in order to avoid a dispute between President Mejia and his advisors. In response to the announcement, Álvarez Renta took out full-page advertisements in the press, in which he declared he was innocent of all the charges made by the Central Bank. He also
Oscar de la Renta went to work for Jane Derby, an American fashion house. When Derby died in August 1965, de la Renta took over the label. From 1993 to 2002, de la Renta designed the haute couture collection for the house of Balmain, becoming the first Dominican to design for a French couture house. In 2006, the Oscar de la Renta label diversified into bridal wear. De la Renta's designs have been worn by a diverse group of distinguished women and celebrities. De la Renta's brand saw international wholesale growth beginning in 2003, under the direction of CEO Alex Bolen, from five to