Chasing Luxury Dreams – A Tale from Chengdu (Forbes)
“It’s one thing that the Chinese government spearheads infrastructure projects such as massive railway development; it’s another thing that it promotes luxury consumption. Yes, that is exactly what the government of Chengdu, a second-tier city in south-west China, has proudly done… According to Chengdu Retail Industry Association, Chengdu is home to 80 percent of international luxury brands and ranked third behind Beijing and Shanghai in luxury sales.”
Tory Burch markets minority stake; could be planning IPO (FT)
“Tory Burch, the New York-based apparel company, is selling a minority stake… Chris Burch, company co-founder and ex-husband of its namesake designer, has been shopping part or all of his stake in the New York-based women’s fashion company… The move by Chris Burch, as well as the company’s reported search for a new COO and CFO, will pave the way for the company to IPO in 12-18 months, the two industry bankers said.”
Why the Wealthy Will Stop Spending (WSJ)
"Luxury (at least in the U.S.) is no longer a stable industry. It is increasingly becoming the most manic segment of our consumer economy, as it follows the hyper swings of the stock market rather broader economic growth. The new normal for luxury means there is no more normal. As financial markets, wealth and luxury spending become more intimately linked, luxury will be prone to more sudden spikes and crashes."
Nordstrom in New York to Use an Alias (NY Times)
"Called Treasure & Bond, the new store will open Friday in SoHo and will be less than a tenth the size of a typical Nordstrom department store. In fact, it is a big experiment that will not even contribute to Nordstrom’s bottom line, as the profits have been committed to charity... Retail analysts said it was sensible for the Seattle-based chain, which for years has been trying to figure out the New York market before formally opening a full-fledged department store."
Andrej Pejic, the top model who won’t get out of bed for less than $50 a day (Telegraph)
"Willowy, blonde-haired Pejic, 19, was catapulted into modelling high-end women's fashion by none other than Carine Roitfeld, the revolutionary former editor of Vogue Paris. 'Put him in Fendi!' is what Pejic recalls Roitfeld saying unexpectedly on the shoot she was styling for the magazine."