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.
Having now spent an entire evening mulling over Nicolas Ghesquière’s move to Louis Vuitton – OMG! Time to think! Such a radical concept – I can’t help feeling a little tinge of regret that M Ghesquière ended up at another major brand, instead of opening his own house. Sure, I’m excited to see what he does at Vuitton, and how the brand gets re-imagined with a new team, both corporate and creative, but at the same time, the fashion world feels smaller, rather than larger: instead of adding a new brand, and maybe a truly new designer to an old brand, which would create two new opportunities, we’ve simply engaged in yet more musical chairs. And I keep wondering why?
Take that Kering. You have a hot young British designer? Now WE have a hot young British designer. Today LVMH announced it has purchased a majority stake in UK shoe designer Nicholas Kirkwood for an undisclosed amount (that’s actress Rooney Mara wearing his shoes, left), making him the second YBD this year to get snapped up by a big brand, following Kering’s acquisition of Christopher Kane. As one British style watcher said, “they’re buying like it’s 1999.” So what’s going on?