And so the collective breath can be expelled: the thing everyone expected to happen has finally happened, and Nicolas Ghesquière has officially been named artistic director of Louis Vuitton womenswear. Oh, the drama! But will it have a happy ending?
Stay out of the office (more or less) for a month to attend to personal matters, and what happens? Strange things! I mean, first Burberry makes its designer CEO; then Jil Sander departs her eponymous brand for the third time; and now it turns out Permira, the European private equity firm, is in the running to take a minority stake in Versace. Yup – that same Permira that in 2007 achieved the dubious distinction of paying more for a luxury brand – EURO 2.6 billion for Valentino Group – than any PE firm ever, only to write it down by more than half two years later. That same Permira that became a poster child for why luxury and private equity don’t mix. That same Permira that now, apparently, begs to differ. The question is why? Hope springs eternal? Or something a little more strategic?