So marketing megalith IMG has just been sold to private equity firm Silver Lake Partners and talent agency William Morris Endeavor for more than $2.3 billion – which means, as those of us who follow these sorts of thing know, that assorted fashion weeks from New York to London, Berlin, Tokyo, Moscow, Miami, Toronto and Sydney have just also been sold, IMG owning the rights to those events (among others). Which has interesting implications for the debate currently raging in fashion about the purpose of fashion weeks itself: namely, are they for the trade (for buying and selling clothes) or, as fashion becomes more and more a part of pop culture and a driver of social media, are they entertainment for the public and marketing for the brands? Read more
Skirts are not the only thing getting longer this season; so, apparently, are job titles. Tom Florio, the ex-VP of the Vogue Group (which once consisted of four magazines but shrank during the recession to two magazines and some web sites) has just landed at IMG, the sports/fashion management monolith, as “Senior Advisor for Fashion to the Office of the Chairman.” It’s a mouthful.
It also sounds awfully like those Minister Without Portfolio titles beloved by so many heads of state, and almost always disliked by everyone else (like cabinet ministers), who feel said minister is spending too much time interfering in other people’s official and titular business.
Certainly the fact that Mr Florio’s job “will be…identifying new, high margin product offerings across all of IMG’s Fashion related businesses” (this from the press release) cannot be encouraging for the folks currently at IMG’s fashion-related business, who apparently were not so good at identifying those opportunities themselves. To allay such fears Florio told the New York Post that when you work with an entrepreneur like IMG chief Ted Forstmann, titles were “irrelevant.”
How reassuring. If you believe that, you might be interested to know Hermes is for sale. Read more
Today Mayor Bloomberg is going to open New York Fashion Week. This is an exciting thing. Not so much because breath is bated as to what suit he will wear, or because of the nominal reason for the executive appearance (the move of the shows from Bryant Park to Lincoln Centre), but because of what it says about money and politics. You didn’t think he was just doing it for the skirts, did you? Read more