What happens when you are a Russian designer who shows in Paris and imports all your materials (except hand-made lace) from abroad, and suddenly your currency falls 30% thanks to an international crisis, and your country’s image gets a little..shall we say…darkened in the eyes of the luxury consumer world? This is the situation currently facing Ulyana Sergeenko (left), the Moscow-based socialite-turned-designer who shows on the Paris couture schedule and who has made something of a mission of preserving and promoting traditional Russian dress and craft and selling it as high-fashion. She was in NYC the other day and stopped by the FT with her brand manager Frol Burimskiy to discuss it. For her, the potential damage is not just about expenses, but identity. Read more
The news that PVH has bought an undisclosed minority stake in Karl Lagerfeld’s namesake brand (otherwise owned by Apax), thus allowing them first dibs on the brand’s entry in North America, has got all my something-is-happening sensors twitching. Seems to me they are sneaking up on dominance of a market segment. Read more
The subject of feminism and fashion, with all its complicated associations, has been percolating along for a season now – ever since Rick Owens’ step dancer show for spring/summer — and for anyone who though it was just a trendy thing, a group of occurrences this week ought to put that idea to rest. If anything, the commitment is being upped. Read more
ack from Prada’s investor day, analysts are musing over the future of the multi-billion euro Italian brand. To recap, after three years of scintillating growth, Prada (which is run by Patrizio Bertelli, center left, and his wife, Miuccia Prada, near left — both pictured with Italian Vogue editor Franca Sozzani) last year succumbed to the malaise that’s hit the luxury goods industry at large. Net income was flat last year compared with a 45 per cent growth in 2012, and declined in the fourth quarter. So what’s the suddenly-beleaguered brand to do? According to the Prada people: let them eat cake! No, that’s not a joke. Prada plans to help shrug off its slowdown by tapping a new trend in luxury and expanding its recently acquired Milanese coffee house Marchesi. Read more
Recently a new ranking – you know I can’t resist a ranking! – was release by the Ethisphere Institute, a US-based think tank that encourages good corporate practice, entitled “The World’s Most Ethical Companies”. And guess what? In all the 144 companies and 41 industries included, the only luxury companies on it were Shiseido and L’Oreal. Yup: no luxury clothing brands. No jewellers. Nada. Given how much lip service and is increasingly paid, and investment made, by luxury in the realm of ethics, this struck me as — well, striking. What, I wondered, was going on? Had we all been green-washed? Or was Ethisphere missing something? Read more
All the kvelling and anticipation, all the oh-my-god-wait-for-it-game-changer rumours that have had both the tech and fashion worlds on the edges of their respective metaphoric seats since last summer, when Apple started poaching luxury executives supposedly with an eye toward developing an iWatch – well, it turns out that has all been something of a sleight of hand: while we were staring in one direction, and competitors were rushing THEIR smartwatch to market, the folks in the super-secretive headquarters on the West Coast had other things up their sleeves. In fact, forget the iWatch entirely. Think iWear. Read more
After two weeks in the mountains of Wyoming, come home and what do I find? Not only is Mulberry without a CEO (and still without a designer), but all that conventional wisdom about the super-duper high-speed growth of the Chinese luxury market (shock! Trauma!) slowing down may have been wrong. Or not wrong, exactly, but slightly misguided. Read more
L’Wren Scott, the celebrated American fashion designer, has been found dead in New York after committing suicide, police sources confirmed on Monday.
The 49-year old launched her haute namesake brand – renowned for its understated, womanly elegance – in 2006, after earlier forays into the industry first as a teenage model then later as a highly sought after Hollywood stylist. Her glamorous, alpha woman designs had most recently found a home on the London Fashion Week calendar, orbited by her make-up, fragrance and accessories partnerships with some of the biggest names in fashion. Read more
During the penultimate day of the Paris ready-to-wear collections, just before the Alexander McQueen show, was an event that, given the circumstances, might strike many as odd.
There’s an interesting report in the FT today about declining sales of China’s local-brand cars, and it’s got me thinking about the benefits and problems of “national” brands – which is to say, not state-owned brands, but rather the perceptions surrounding the name of a country, ie its own brand, when attached to product, and the way this can work for and against manufacturers. Blame it on the Made in Italy and Made in France strategy the luxury industry so cannily implemented back in the day (a recent BCG/Altagamma/Sanford Bernstein Global Consumer Insight study found a whopping 80% of consumers think “Made in is key”) but seems to me, when it comes to consumers, products don’t just have to be good, they have to somehow come to grips with national stereotype, and either neuter it or exploit it. But what they can’t do is ignore it. Read more