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By Vanessa Friedman and Elizabeth Paton
Once upon a time it was all so easy: everything rode on who had the prettiest dress.
That shot would go around the world, making the brand that made the dress lots and lots of money in free editorial. But today, the red carpet has become a major marketing vehicle.
Not only is EVERY possible item that goes on a celebrity’s body on awards night – be it jewels or shoes or makeup -being identified, dissected and therefore promoted, but celebrities themselves are also monetizing their appearances by cutting exclusivity deals. This means it is getting harder and harder to call a winner.
Because its not just about who looks good anymore. Its about which brand has the most pulling power, and the deepest pockets to snag the most stars who will in turn benefit the most from their investment in the evening. Read more
Could Loro Piana, the Italian cashmere casual wear brand beloved by wealthy Russians, point a way forward for a renewal of the luxury conglomerates LVMH, Kering and Richemont?
From weakening sales at Louis Vuitton, to a miss by Gucci in its third quarter sales and the under performance of the soft luxury brands – Dunhill, Lancel and Shanghai Tang – at Richemont, all point to the need for a change of strategy at the luxury industry’s bellwether holding companies.
But Mario Ortelli, analyst at Bernstein, in a fascinating note argues that the mega deal struck by the Loro Piana family with Bernard Arnault at LVMH in July could pave the way to a broader shake up. Read more
Michael Gould is stepping down as chief executive of Bloomingdale’s after 22 years at the helm of the upmarket department store, which is owned by Macy’s.
He will be replaced in February 2014 by Tony Spring, who is currently president and chief operating officer at the chain.
“I think our business is good,” Mr Gould, 70, told the Financial Times after the change was announced. “I think competition has never been tougher.” Read more
“Booming tourist sales, a targeted focus by brands away from a wholesale model plus a stronger economy than other core luxury markets has given the Americas an edge over Asia so far this year,”
Miuccia Prada has always positioned her stylistic vision firmly at a crossroads where fashion both intersects – and interacts with – a broader cultural discourse.
Her most recent collection in Milan offered a searing feminist dissection of the position of women in society; this summer her label launched a global talent competition with the Qatar Museums Authority, searching for the next generation of curators who could create exhibitions “both far-sighted and critical to the future”; and the Prada Foundation has long been a powerful force in both the art and film worlds, wielding particular influence at the Venice Biennale.
So it is inevitable perhaps that the brand has taken its first tentative steps into the world of book publishing. Last night at the Prada Epicenter Store in New York, it unveiled the winners of the inaugural Prada Journal Literary Contest at a glittering reading and cocktail party. Read more