The recent move by President François Hollande to make cabinet members disclose their holdings and net worth has created something of a ruckus in France, though it has also received enough positive attention that David Cameron is suggesting the UK does the same. We may get to know, as we do with some of Hollande’s crew, all about their houses, art, boats, cars, bicycles and jewellery. What we won’t know about, however, is their clothes.
And yet clothes, especially for those in public office, require real investment these days.
Yesterday Kering, the group-formerly-known-as-PPR, announced their Q1 results, and, as with rival LVMH, they were a little…slimmer than usual: up only 3.1% on a comparable basis and 1.0% on first-quarter 2012 (the luxury was up 6.4%, but the sports lifestyle side was struggling). To paraphrase the reaction: shock, horror, luxury slowdown! Except for one thing: the bright spot in the presentation was YSL. This is, of course, the first test of new creative director Hedi Slimane, and despite a large amount of angst surrounding his debut, at least on the part of the industry, he seems to have passed it pretty well. So how did everyone (except the guys who hired him) get it so wrong? Read more