As fashion’s centre of gravity moves steadily south and east, driven by the changing global distribution of both wealth and fashion creativity, Paris’ monopoly on the dazzling couture trade is being challenged by a handful of new overseas events with their own ideas about couture.
BoF editor-in-chief Imran Amed recaps the week in the business of fashion.
PARIS, France — LVMH Moet Hennessy Louis Vuitton SA, the world’s largest luxury-goods maker, reported a 2 percent gain in annual profit as growth in fashion and leather-goods sales rebounded in the fourth quarter.
BEIJING, China — Lisa Yan is the new face of the Chinese luxury consumer: female and fashion-forward. The 26-year-old finance saleswoman checks social media daily to see what celebrities or friends are wearing. She wears Burberry coats, alternates between a light blue Valentino bag and a black Dolce & Gabbana one for work, and reads magazines such as Vogue.
STOCKHOLM, Sweden —Hennes & Mauritz, the world's second-biggest fashion retailer, believes there is no conflict between its mission to sell more budget clothes and a drive to improve the environment and working conditions at its suppliers.
While still at school, fashion students are increasingly working with brands and retailers to earn valuable experience and build their profiles. Meanwhile, brands and retailers, as well as the fashion media, are seeking to unearth and tap the raw creativity of undiscovered talents at a younger age. Susie Bubble reports.