Oooooh, I sense another Fashion Week trend! After the Qatari sovereign wealth fund bought Harrod’s in 2010, and an un-named Qatari bought a large minority chunk of Anya Hindmarch in August – and following the Qatari royal Family’s purchase of Valentino the month before — now a private equity fund, AGC, backed by Middle Eastern investors, has taken the bulk of the minority stake in UK ready-to-wear brand Amanda Wakeley, a go-to label for the Duchess of Cambridge (that’s her, wearing AW, in both photos below). Does no one else think something significant is going on? Read more
Let’s do a quick recap here: in the last two years the Qatari soverign wealth fund has bought all of Harrod’s and a 5.2% stake in Tiffany’s; the Qatari royal family bought Valentino; and yesterday, it was announced that An Unnamed Qatari Investor had bought 38% of Anya Hindmarch. There’s a new luxury player in the land, and he – or she — is spending! But who is this masked man? And why are the Qataris suddenly making such a big play in luxury? Read more
The other day I got a nice email informing me that Marigay McKee, formerly Harrods’ Fashion & Beauty director, had been promoted to “Chief Merchant Officer,” a relatively new title in the luxury world as far as I can tell (and one not to be confused with that other CMO, chief marketing officer), but one that, I think, reflects not just a titular promotion, but a systemic change in industry thinking. Read more
Yesterday, for the first time, Antonio Tajani, the European Commission’s VP for industry, met with a bunch of luxury companies like Chanel, Dior, Pucci, MaxMara and Harrods to talk about what the brands and the EU might be able to do for each other. Wait — the first time? Yes, weird as that may sound, after two years of lobbying, the ECCIA (European Cultural and Creative Industries Alliance) finally succeeded in getting Brussels’ attention. Read more
The Jones Group, the American contemporary megalith that owns such brands as Nine West, Stuart Weitzman, and Dockers (plus 32 others), has just announced they have acquired Kurt Geiger from private equity group Graphite Capital for gBP 215 million. This is a big deal.
So eBay has gotten itself a creative director, in the form of ex-Lucky mag staffer Andrea Linett, to gloss-up its fashion offerings. At least we know they can recognize a trend when they see one.