Frida Giannini and Patrizio di Marco of Gucci
Change is in the air at Gucci. Power couple Patrizio di Marco and Frida Giannini are to leave the luxury brand in a joint announcement issued by Kering this morning. Read more
David and Victoria Beckham arrive at the British Fashion Awards
Victoria Beckham, Simone Rocha and Nicholas Ghesquiere were among other designers honoured at last night’s British Fashion Awards 2014. Held at the London Coliseum and presented by Jack Whitehall, the star-studded event was attended by over 2000 industry figures including Alexa Chung, Kendall Jenner and Naomi Campbell. Read more
This morning’s news of the appointment of Johnny Coca as the new creative director of Mulberry ends months of speculation at the beleaguered British brand as to its creative future. More than a year since its previous director Emma Hill left, citing “disagreements with management over creative and operational strategy”, the news will be a welcome fillip to the house. The house issued a profits warning in October, with first-half sales down 17 per cent to £64.7m, and shares falling 10.1 per cent to 675p. Read more
Sienna Miller, Stella McCartney and Giles Deacon are among the many fashion power-brands opening up their wardrobes to donate coveted pieces to The British Red Cross’ pop-up designer shop, which opened in Covent Garden today.
The luxury M&A rumour mill has gone into overdrive yet again amid reports that LVMH is looking to acquire a minority stake in bright young New York fashion brand Proenza Schouler.
Although the terms of any potential deal have not been disclosed, people familiar with the situation said that LVMH was looking to take as much as 40 per cent in the label, which was founded in 2002 by designer duo Jack McCollough and Lazaro Hernandez.
Proenza Schouler’s current group of investors is spearheaded by Theory supremo Andrew Rosen and John Howard of Irving Place Capital, also the powerhouses behind cult contemporary label Rag & Bone. Read more
Earlier this week Hermès’ womenswear designer Christophe Lemaire announced his impending exit from the ultra-luxe label to focus on his namesake collection.
This news, coming just days after the company undershot expectations in its latest quarterly performance, got me thinking about the rapidly evolving status quo forming for one of the star brands in the luxury galaxy. Read more
Another day, another high-profile auction house hits the headlines with a juicy legal scandal. Weeks after a 6-month siege of the Sotheby’s boardroom by Dan Loeb ended in a trip to the courthouse and the activist hedgie getting a seat at the top table, Christie’s is facing a $60m lawsuit filed by a rival for allegedly poaching its luxury handbags experts.
Does this mean that accessories could be the new flashpoint in the fight for market share in the auction world?
Papers were filed in Manhattan last Friday by Heritage, a Dallas, Texas-based company that specialises in auctioning ultra-luxe accessories. It was behind the sale of the world’s most expensive handbag in 2011 (this $203,150 scarlet red crocodile skin Hermès Birkin bag below in case you are interested, and the price included a juicy buyer’s premium of almost 20 per cent.) Read more
Next week begins the pre-spring season, starting with Dior in NYC, followed by Chanel in Dubai, Louis Vuitton in Monaco and everyone else in their home towns. Everyone, that is, except Celine’s Phoebe Philo, who just released images of her pre-FALL collection (here’s a peek, sprinkled throughout this blog). Got that? Everyone is doing pre-spring, and she is doing pre-fall. In other words, Ms Philo did that very shocking thing that keeps getting discussed within the fashion world as a way to stop counterfeiting and satisfy consumers, who want what they want when they see it (not six months later), but never actually acted upon, which is: she did not let anyone see her collection until it was in stores. Read more
Reading all the (somewhat gleeful and ongoing) reports of the Nike Fuelband’s demise over the last few days, I’ve been struck by the fact that while they all seem to agree on the fact that it was maybe a defensive move in anticipation of the looming possible iWatch threat, they also seem divided as to what, exactly, Nike’s problem was: hardware (it didn’t have big enough margins)or software (it didn’t actually do enough). But let’s call a spade a spade: it didn’t look good enough. Read more
Big (literally) news today in the FT that yesterday, thanks to a government recalculation, Nigeria’s GDP has not become the biggest in Africa, and the 26th biggest in the world, valued at $509bn. Why do we (we luxury folks, that is) care? “The revision will have a psychological impact. It underlines to foreign investors that this country has a large consumer base. It validates the investment thesis,” said Ngozi Okonjo-Iweala, the minister for economy and finance. So will luxury, which has thus far been dancing around the edges of the country (only Zegna and Hugo Boss have stand-alone stores in Lagos, opened last year, and Diesel recently joined them), but which these days really loves a new consumer base, rush in? Read more