We all know menswear is seen as a Great Luxury Hope, what with the Chinese market being driven by male consumers with money. Hence the Kering acquisition of Brioni; LVMH focusing on Berluti and buying French made-to-measure tailor Arnys to make apparel; Hermes and Coach opening mensonly shops, and so on. Now, however, it seems the on-line folks are also thinking along these lines. Yesterday MenInvest, the slightly cringe-worthy-named Paris-based e-commerce group bought the even odder named upmarket UK site Oki-ni.com, which specialises in “cutting-edge” menswear, for an undisclosed sum.
Forget art collaborations – they’re so yesterday. Mobile phones, ditto. These days, it seems, the must-have accessory for a luxury brand (not, note, a luxury consumer) is a gig creating costumes for the ballet. It’s the newest stamp of high-art approval. The latest to join the club: Givenchy’s Riccardo Tisci. So what does it mean? Read more
LVMH, the largest luxury group in the world by an exponential margin, has a dumb blonde problem: it seems to be the winner in the sector, so it gets attacked and mocked most of all. For a long time, the Group’s reaction to the situation was frustration, retreat, and confusion (or sulking, depending on how you want to spin it). This week, however, they have gone on what appears to be something of a charm offensive.
Maxime Simoens' couture collection. Getty Images
It seems LVMH has taken a new approach to its investment in young fashion brands having made a minority investment in 29-year-old French couturier Maxime Simoens. The company has snapped up between a 20-30 per cent stake in the business, according to an LVMH spokesperson. This means Mr Simoens will not officially become part of LVMH (not yet, anyway), but that the group will act as advisers on the growth of the brand – in particular, Dior chief executive Sidney Toledano, who was the driving force behind the investment. Dior, as the group likes to point out, is the main holding company of LVMH.
Mr Simoens had been rumoured as a candidate for the Dior artistic director job, and though that went to Raf Simons, Mr Toledano and Dior deputy managing director Delphine Arnault were impressed. Their first move now: helping Mr Simoens hold his debut ready-to-wear show on March 3 (he already does couture, which may seem odd, but it does not require the same up-front funding for wholesale orders as RTW). Read more
Two interesting developments today: Louis Vuitton Moët Hennessy has announced that Bulgari, less a chief executive since Michael Burke was moved to Louis Vuitton last December, finally has a new leader: Jean-Christophe Babin, who for the past 13 years has been CEO of LVMH’s watch brand Tag Heuer.
And Hermès, which has publicly battled LVMH over the latter’s purchase of Hermès shares, has released news that 2012 sales (annual results are officially due out next month) were so good – up 22.6 per cent – that they predict “for the full year, given the excellent performance in the fourth quarter, the operating margin is expected to be slightly above the all-time high achieved in 2011″. Read more
It’s couture week in Paris; but we’re a show down on the schedule: Givenchy, which under Riccardo Tisci has held an up-close-and-personal presentation of a handful of elaborate pieces, is taking time out to, well, ease up on the pressure. Meanwhile, it has emerged that Alexander McQueen will also not be holding a show in March during the autumn/winter shows, as its creative director, Sarah Burton, pictured left, will be on maternity leave.
Instead they will have a small presentation; a variation on the tactic Celine’s Phoebe Philo used when she was last pregnant. Her show fell in her third trimester and decided to eschew the stress of a full show for small talk-throughs with tiny groups.
Could it be that both the corporate and creative sides of the business are beginning to think shows may not be the crucial component of a business they have been previously considered? Holy hemlines, Batman! Read more
I was struck, when reporting the PPR/Christopher Kane deal, by a comment from Hugh Devlin, a lawyer with Withers LLP who acted as a strategic advisor to Mr Kane. Specifically, Mr Devlin said, “We would anticipate that there will be other investment transactions involving London designers in the coming 12 months.” So let’s have some fun! Let’s speculate about who could be next. Read more
And just like that – OK, just like that with $750 million plus the assumption of up to US$250 million of pro forma net debt – Swatch becomes a major luxury jewellery player. Today they announced the acquisition of the luxury arm of Harry Winston Diamond corporation. It is an image-changing buy.
The Missoni family. Getty Images
As the search for Vittorio Missoni’s plane continues, four days after it was originally reported missing, the depth of public identification with – and affection for – the Missoni family is being revealed (pictured from left are founder Ottavio; daughter and designer Angela; founder and Ottavio’s wife, Rosita; son and CEO Vittorio; and son and creative director Luca).
Here, for example, are some of the Twitter posts in response to #findvittoriomissoni, which Vittorio Missoni’s son, Ottavio Jr, posted when the plane disappeared: Read more
The annoucement today that Michael Burke, one of LVMH’s longest-serving executives, would become chief executive of Louis Vuitton, LVMH’s biggest brand, was an interesting one. Not because it reflects any Machiavellian planning on the part of the Group — Mr Burke’s predessecor, Jordi Constans, who had joined Vuitton from Danone, was forced to step down for health reasons — but because it’s a very safe decision on the part of LVMH.