LVMH has confirmed it has taken a minority stake in Young Italian Designer (we will not acronym that for obvious reasons) Marco de Vincenzo, making him the second such up-and-comer to receive such investment from the luxury behemoth, and underscoring the increasing competition among the established groups to identify, and potentially own, new talent. The terms of the deal were not disclosed, but there’s no question, it’s putting its money where its mouth is. At least some money. Read more >>
Today may be the day the big names – Marc Jacobs, Ralph Lauren, Calvin Klein – come out to play in New York, but in Paris it’s all about the new ones. The shortlist for the LVMH Young Designer’s Prize, which was launched last November by Delphine Arnault, has just been unveiled, creating much buzzing amid the fashion crowd. It includes most of the hot names in New York and London, many of which have also been finalists for the Vogue Fashion fund competitions in both countries, or the Dorchester prize, or sponsored by Giorgio Armani. And I wonder: is the competition greater among the baby brands vying for the awards, or among the mega brands bestowing them? I tend to think the answer may actually be the latter. I saw her first! No, I did! Read more >>
It just keeps growing! As Forbes pointed out, the Versace stake currently for sale would value the company at $5.8 billion – most likely vaulting Allegra and Santo Versace into the B-league. They would join fellow Italians Giorgio Armani, Domenico Dolce and Stefano Gabbana, Renzo Rosso, and Miuccia Prada and Patrizio Bertelli at the top of the luxury earners list – at least as of last year (this year’s rankings are still being tabulated). That makes Italy, as far as I can tell, the land with the largest amount of luxury industry billionaires. Interesting, no? Read more >>
Anyone else think this is a halcyon time for young designers? I mean, first the big luxury groups make their first investments in new names since way back at the turn of the millennium (back in the day when Tom Ford built Gucci Group by adding Stella McCartney and Alexander McQueen), with Kering buying a majority of Christopher Kane and a big minority of Joseph Altuzarra, and LVMH helping out Maxime Simoens, and reportedly scouting JW Anderson. But that’s just the tip of the iceberg. Read more >>
Oooh, the trash talk out of Milan. Having finally woken up to the fact that London Fashion Week is getting buzzier, and that such a development could be a threat to Milan, its collections, and the related economic windfall that comes to a city during showtime, Milanese designers are joining forces to defend their territory – but the infighting has already begun. The gossip and name-calling is fun to watch, but behind it is a real issue currently afflicting every fashion week: the tension between national industry interest and a brand’s self-interest. Read more >>
Not only did Hermès report notably good Q2 revenues today – sales growth was 21.9%, certainly more positive than the gloom from Puma and Burberry – but yesterday I discovered something even more shocking: they’re outfitting an Olympic team too! Specifically, the French Equestrian team. Who knew? Read more >>
Does anyone else feel like suddenly everywhere they turn, another erstwhile satisfied luxury brand is re-christening themselves a “luxury lifestyle” brand, talking about their “global universe” and otherwise attempting to own every aspect of a consumer purse? It’s like The Birds: you see one example circling and think, “oh, that’s interesting,” and the next thing you know the whole flock has obliterated the sky.
But here’s what I want to know: why? And what, exactly, do these brands mean when they attach the word “lifestyle” to themselves? Read more >>
If there were an Olympic medal for retail (and why not, given the ever-burgeoning sponsorship opportunities?) Stella McCartney would win the first one by a mile.
British athletes, triple jumper Phillips Idowu (L) and heptathlete Jessica Ennis (R) pose with designer Stella McCartney (C) as they unveil the new British Olympic Team GB kit. Getty Images
While the rest of London is complaining about queues at the airport, queues for the tube, and queues for queues, the “Creative Director” of Team GB’s kit is leveraging her moment in the athletic sun far beyond her competitors. Indeed, I’d venture to say a new record has been set that will be a benchmark for years to come. Read more >>
When the iPad 3 went on-sale at midnight last friday night it provoked the usual frenzy — miles of lines, ecstatic buyers — as well as one very interesting blog that somehow seems to have fallen through the cracks over the weekend. It takes a good, analytic look at the general perception that Apple is a luxury brand and points out that it does tick all the luxury boxes save one: exclusivity. But here’s what I wonder: is exclusivity really a luxury value these days?
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Adele in Giorgio Armani at the Grammy Awards (AP)
The perils of betting on celebrity dressing were potently illustrated at the Grammy awards. The night’s superstar, Adele, wore — wait for it — Giorgio Armani to accept her six gongs, before changing into Clements Ribeiro for her performance and Burberry for her finale.
I say “perils” because yesterday, as I made the rounds of New York Fashion Week, I heard two separate design camps claim she would be wearing them.
The first time was at the Zac Posen show, when an insider mentioned that, fingers crossed, Adele was going to be wearing one of their dresses. It wasn’t 100 per cent sure, she said, but it looked good.
Posen is a red-carpet favourite, and both Reese Witherspoon and Elle MacPherson wore him to the Golden Globes last month, so this seemed plausibe. Read more >>