Two Financiers Take Control of Barneys, Ending Its Debt Struggles (NY Times)
"Barneys New York, one of New York’s bastions of high fashion, ended years of struggles with its hefty debt load by selling itself to the financiers Richard C. Perry and Ronald W. Burkle."
Global luxury goods sector continues to grow (Business Week)
"Monitor Altagamma said Monday that luxury spending in China is expected to grow by 18 percent to 22 percent this year, boosting global sales from an estimated (EURO)191 billion in 2011 to between (EURO)201 billion and (EURO)203 billion in 2012."
Amazon Leaps Into High End of the Fashion Pool (NY Times)
"Amazon has sold clothing for years. But recently it has focused on signing on hundreds of contemporary and high-end brands, including Michael Kors, Vivienne Westwood, Catherine Malandrino, Jack Spade and Tracy Reese, and it continues to prowl for more. "
The buying game (The Economist)
"A luxury handbag by Stella McCartney worth £600 ($960) is the prize in an online game to design the best virtual outfit featuring the accessory, using real items on sale in Matches, a real store. Players of a game created by Fantasy Shopper will pick the winner."
At Met’s Fashion Benefit, Stars Honor Two Designers (NY Times)
"Walking through the displays of ugly-chic dresses and slightly surreal designs in a new Metropolitan Museum of Art exhibition that compares the designers Elsa Schiaparelli and Miuccia Prada, many guests at this year’s ultimate fashion gala on Monday night observed some surprising similarities between two women whose work is separated by half a century."