Luxury leaves 2010 on a high note. Most analysts see good things for 2011 – the folks at HSBC, noting the positive performance of watches and jewellery last month, even say: “It is hard to find industries with better fundamental prospects than luxury for 2011.”
Indeed, post-end-of-year auction on December 14, Christie’s reports they had “a record-breaking year for fine and rare watches” with an estimated “$91.2m in total sales – the highest annual total ever achieved for watches.” Meanwhile, Tom Murry, ceo of Calvin Klein, told me they were having a very good Christmas season, and plan to open double-digit stores next year, and Tamara Mellon, chief creative officer of Jimmy Choo, has world domination in mind, and plans to expand into ready-to-wear, watches, and jewellery, after launching mens’ shoes.
Fendi and Armani are pushing the brand extension boundary, moving beyond hotels and interiors to collaborate with Princess yachts, further creating the designer lifestyle.
As for the etail world, it continues to heat up as an investment prospect: hot on the heels of new VC money pouring into on-line men’s wear etailer Bonobos, Alex and Alexa, the children’s wear etailer, announced today it had secured £1.5m from MMC to expand internationally (they forecast turnover of $40m by 2014).
And just to bolster all this, Pantone, those colour people, announced the shade for 2011 is honeysuckle, which “emboldens us to face everyday troubles with verve and vigor. A dynamic reddish pink, Honeysuckle is encouraging and uplifting. It elevates our psyche beyond escape, instilling the confidence, courage and spirit to meet the exhaustive challenges that have become part of everyday life.” (Well, hooray. Given last year’s colour was turquoise, could this be the end of the blue power tie? That will be interesting to watch.) Maybe it will encourage more spending too. We’ll see in the new year.
Meanwhile, I’m off to the Canadian woods, where I plan to wear a skidoo suit that makes so much noise when I walk it scares away the coyotes. Talk to you in 2011.
Vanessa has been the FT’s fashion editor since 2003, and is based in New York, though she lived in London for 12 years.