Italy’s Fashion Houses See No Early Recovery From Sales Slump (Bloomberg)
"Italy’s fashion industry will take years to recover after the biggest sales decline in at least two decades, according to the country’s designers, who criticized the government for not doing enough to assist them."
Valentino Owners Say Company Will Survive Recession (New York Times)
"The finances of the Valentino fashion house will withstand the economic crisis, according to a partner in Permira, the private equity fund that owns the group. But current market conditions mean the investor will be sticking around longer than planned."
Future Looks A Little Brighter For The Luxury Goods Sector (Financier Worldwide)
"Earlier this year, consultancy firm Bain & Company reported that the luxury goods sector was facing a decline of 10 percent, estimating that by 2010 the sector’s value could shrink to €153bn from its 2008 level of €170bn. In response, a new report by KPMG has recommended steps that the sector should take in order to survive the global recession."
Gilt Groupe's Jetsetter takes off (CNN Money)
"Jetsetter tells Fortune Brainstorm Tech exclusively that it aims to bring high-end travel online by adopting the model of its parent company, Gilt Groupe, a members-only shopping site featuring daily deals, or 'flash-sales,' on limited quantities of designer goods."
Fast Fashion | +J at Uniqlo (The Moment)
"At 9 a.m., the line outside Uniqlo in SoHo was already stretching toward Dean & Deluca. By 10, it was around the block. Stores in London and Paris had already sold out."