Chaumet Attrape-moi...si tu m'aimes ring | Source: Chaumet

Jewelry With Stories to Tell (IHT)
“You don’t need 3-D glasses for the sculpted shapes to stand out and the colors to pop. But the high jewelry that had an open day during last week’s haute couture season is finely tuned to the latest fashion.”

Christian Lacroix’s New Creative Director is Up for the Challenge (Fashionista)
“Besides Sarah Burton at Alexander McQueen, there is no designer in the world with a more enviable/terrifying job than Sacha Walckhoff, the new creative director at Christian Lacroix.”

Armani Sales, Profit Fall Amid Downturn (WSJ)
“Italian fashion house Giorgio Armani said Monday its sales and profit dropped last year amid a consumer-spending slump brought on by the economic crisis… sales fell 6% to €1.52 billion ($1.92 billion) from €1.62 billion a year earlier.”

Prada says Chinese tycoon’s share-buying talk is unfounded (Chanelnewsasia)
“A Chinese tycoon has been quietly buying up shares in Italian fashion house Prada SpA in a bid to become the biggest shareholder, his company said on Monday, but Prada in Italy denied this as being completely unfounded.”

London Fashion Week prepares to welcome its second famous Rocha (Independent)
“With London Fashion Week just two months away, the hunt is on for the next British-based design star… the daughter of the designer John Rocha, among the young names hoping to catch the eye of international fashion press and buyers.”

Louis Vuitton Spring/Summer 2010 | Source: Louis Vuitton

Filching a Good Name for Internet Use? (IHT)
“A search for ‘Louis Vuitton’ on Google’s British Web site turns up an advertisement for ‘Designer Handbags 70% off’ — to the fury of LVMH, the French luxury goods conglomerate that owns the brand.”

Luxury earnings forecasts to rise (Reuters)
“Burberry, Richemont and Swatch Group touched a one-year peak on Thursday, but expectations about the sector’s recovery are still too low.”

Tiffany set to regain some sparkle (FT)
“Tiffany , the jeweller, was one of the first luxury retailers to signal that its US customers were beginning to emerge from recession shock, reporting a 12 percent increase in its US same-store sales.”

The Fall of the House of Lacroix (Newsweek)
“He never found his management match, a strategic alter ego—the Giancarlo Giammetti to his Valentino, the Robert Duffy to his Marc Jacobs…  He never had the CEO to transform the ideas into gold.”

Christian Louboutin: How killer heels conquered fashion (Guardian)
“He turned shoes into fetish objects, brought back the stiletto and counts Lady Gaga, Madonna and Oprah Winfrey as fans. But does he really think Barbie has fat ankles?”

Adidas Y3 Spring/Summer 2010 | Source: Adidas

Adidas Net Profit Drops 65 percent (WSJ)
“Adidas reported a sharper-than-expected 65% fall in quarterly net profit Wednesday, but said it expects a rise in 2010 sales and earnings.”

H&M plans two-for-one stock split (Reuters)
“The world’s third largest fashion chain by sales said on Wednesday its board would propose the split at its annual shareholders’ meeting on April 29 and it would take effect between May 20 and June 18.”

Tesco launches recycled clothing collection (Guardian)
“The news that Tesco have collaborated with an ethical fashion label to create a line of recycled clothing for the Florence & Fred label may raise a few eyebrows.”

Christian Lacroix eyeing comeback (Independent)
“Lacroix’s ready-to-wear and haute couture might be things of the past… but the label will be branching out into stationery, sunglasses, and home decoration.”

Fashion is still a feminist issue (Times)
“Did Miuccia Prada really say after last week’s show in Milan that she was a former feminist? I lent in closer.  Yes, that’s what she’d said all right. ‘Feminism?’ she sighed, ‘it doesn’t really exist anymore does it?”

Christian Lacroix by Annie Leibovitz, Vogue December 2003 | Source: Vogue

End of a fairytale: Christian Lacroix fashion house to strip down (Guardian)
“Christian Lacroix, the celebrated French designer whose fantastical creations and luxurious image captured the decadence of its age, was told today that the fashion house he founded over two decades ago is to cease making haute couture.”

J.C. Penney Is Betting Big By Adding A European Flair (WSJ)
“J.C. Penney Co.may be making its biggest fashion statement yet with the addition of a European fashion store within its own stores. J.C. Penney will begin selling merchandise by Barcelona-based retailer Mango in separate departments, or “mini stores,” within its own stores as a way of highlighting the trendy European merchandise for women.”

Fashion Entrepreneurs Capitalizing on High-End Rentals (Inc.)
“Companies that offer designer duds for rent are the saving grace of fashion-forward women who can’t afford such upmarket tastes in the recession… Membership-only designer rental companies that offer costly, elegant attire for just a fraction of the retail price have been experiencing a boom in the down economy.”

Fashion retailer Yoox prices IPO at 4.3 euros/share (Reuters)
“Italian online fashion retailer Yoox priced an initial public offering at 4.3 euros per share, towards the upper end of the indicated range, it said on Tuesday. Yoox will become the first company to float on Milan’s main MTA market after a 20-month hiatus caused by market turbulence. It will debut on Dec. 3.”

Stella McCartney to team up with Morrissey for vegan shoe range (Independent)
“Fashion designer and animal rights activist Stella McCartney has found the perfect collaborator for a leather-free shoe collection: cult singer and fellow vegetarian Morrissey. ‘I’m working with Morrissey on a line of leather-free shoes which I’m really excited about.’”

Christian Lacroix Autumn/Winter 08/09 | Source: Christian Lacroix

No firm buyer seen for Christian Lacroix fashion house (AFP)
“The outlook for beleaguered French couture house Christian Lacroix looked bleak at the weekend after potential buyers let a deadline pass to deposit cheques ahead of Tuesday’s bankruptcy court hearing.”

Upscale Retailers May Get Lift from High-Income Shoppers (USA Today)
“The holiday shopping season may just prove a little merrier than expected. Investors are betting that upscale shoppers will open their wallets this Christmas season after pinching pennies a year ago.”

Armani, Cavalli Target Online Shoppers to Boost Holiday Sales (Bloomberg)
“Italian fashion houses including Giorgio Armani SpA and Valentino Fashion Group SpA, which have traditionally spurned the Internet, are testing Web stores this holiday season in a quest for new sources of revenue.”

Mariella Burani sees agreement with banks on debt (Reuters)
“Italy’s Mariella Burani Fashion Group expects to reach a broad agreement with banks on its debt by the middle of next month with a formal deal seen by the end of the year, Chief Executive Gabriele Fontanesi said.”

Chinese big spenders have London’s luxury goods in their sights (Times)
“Four years after Britain was granted ‘approved destinations status’ by the Chinese Government, its newly affluent elite has already eclipsed the Americans and is challenging Middle Eastern and Russian tourists for the title of London’s most eager consumers.”

Christian Lacroix at Paris Haute Couture, July 2009 | Source: NY Daily News

One long-time designer is conspicuously absent from the Paris Fashion Week schedule for Spring/Summer 2010. Indeed, Christian Lacroix’s Haute Couture show in July (pictured above) was billed as possibly his last fashion show ever. But, while rumours continue to swirl of would-be white knight investors to save Lacroix — the latest is Hassan bin Ali al-Nuaimi, a nephew of the ruler of Ajman — BoF investigates the wider implications for protecting a ‘Culture of Luxury.’

PARIS, France — News this week about a potential rescue of Christian Lacroix brought to light the remarks France’s culture minister Frédéric Mitterrand made this summer, saying the loss of the couture house would be a “cultural disaster.” He added that he was willing to help find a solution for Christian Lacroix.

This may no longer be necessary. Still, it raises some interesting questions about the cultural role of luxury. European governments are, in principle, prohibited from supporting certain industries or sectors to the disadvantage of others. This follows from EU competition rules on state aid. However, the importance of promoting culture is recognised as an exemption.

High-end luxury items (be it clothes, leather goods, or jewellery) arguably form part of our cultural heritage. At the same time, they carry our heritage forward by reflecting today’s societal values. Just think about the line from Marie Antoinette to Vivienne Westwood. Luxury is also a source of ensuring European traditions in craftsmanship and artisanship are kept alive.

Indeed, the luxury industry is seen to seriously take on this role as a bearer of culture. There are numerous notable initiatives linked to the culture of luxury: Armani at the Guggenheim, Italian cinema at Le Bon Marché, “Silent Writings” at Espace Culturel Louis Vuitton, the Prada Transformer, the Chanel Contemporary Art Container, the Festival International de Mode et de Photographie à Hyères, just to name a few.

Luxury is by definition exclusive, with items accessible to a limited group. However, because of the inherent cultural aspect of these items, a slice of luxury is available also to a broader clientele through the type of initiatives mentioned above. They allow people to appreciate luxury as cultural objects displayed at museums, galleries, events, or in shop windows.

So with Frédéric Mitterrand’s remarks, might we be seeing an emerging readiness of European governments to recognise, and promote, the cultural values of high-end luxury products?

There does seem to be one interesting analogue. Governments have long supported audiovisual works, on the premise that they are both economic products, offering important opportunities for the creation of wealth and employment, and cultural products, which mirror and shape our societies.

The same could also be said of luxury products, which form an increasingly visible and rich thread of our cultural fabric.

Hanne Melin is a competition and IP lawyer based in Brussels.

Armani Names Group of Lieutenants But Succession Questions Linger (WSJ)
“Giorgio Armani, after recovering from a months-long bout of hepatitis, slightly loosened his grip on his fashion empire Wednesday, naming one of his most-loyal executives as deputy chairman, as part of a management reorganization.” View the Armani S/S 10 runway video here.

Sheikh’s position strengthens in Lacroix auction (FT)
“The sheikh of Ajman yesterday emerged as the frontrunner to buy Christian Lacroix, the loss-making French fashion house, after Italy’s Borletti Group dropped out of the auction.”

Hugo Boss signs Graeme Black to drive womenswear (Drapers)
“Hugo Boss has named London-based designer Graeme Black as creative consultant for the Boss Black women’s collection.”

Gucci Snake Bag Draws Ire in China as Wage Gaps Widen (Bloomberg)
“At China’s newest Gucci store, in Shijiazhuang, snakeskin purses sell for the equivalent of $4,390, about twice the city’s per capita annual income. Next door at Brooks Brothers, button-down shirts go for $190.”

Saks offers up to $100 million of shares (Reuters)
“Saks Inc is offering up to $100 million in shares of its common stock, the upscale store operator said in a regulatory filing on Tuesday, and its shares fell 4.6 percent in after-hours trade.”

Prada A/W 09 ad campaign, courtesy of Prada

Prada bankers contact Richemont on stake-paper (Reuters)
“Bankers for Italy’s Prada fashion house have contacted Compagnie Financiere Richemont SA about the Swiss company taking a stake in it, la Repubblica newspaper said on Saturday. In an unsourced report, the Italian daily said the banks, including Intesa Sanpaolo SpA and UniCredit SpA, would like an industrial partner for Prada with a stake of up to 30.”

Telegraph online Fashion Shop introduces Net-a-porter.com (Telegraph)
“The Daily Telegraph’s exclusive new online Fashion Shop is delighted to announce a very stylish marriage with luxury designer store Net-a-porter.com.”

A new muse: the Middle East in haute couture (The National)
“Middle Eastern-inspired fashion is currently en vogue around the world from the streets to the catwalks. But rather than merely dabbling in aesthetic exoticism, the designers and brands who are exploring the region’s sartorial traditions are drawing inspiration from a commercial viability that’s given the style such sturdy legs.”

The Fall of Christian Lacroix (WSJ)
“In 1987 the former art student stormed Paris’s staid haute couture scene with his warm colors and Mediterranean flair. Now after more than two decades of losses the brand filed for bankruptcy protection in May. Two potential buyers are being lined up, but as things stand the 58-year old once hailed by critics as savior of haute couture can no longer design clothes under his own name.”

Sexy’s back (Guardian)
“Roland Mouret, creator of the world famous Galaxy dress, knows how to make women – all women – look amazing. He talks to Polly Vernon about Spanx, Spice Girls and the power of the perfect frock.”

Christian Lacroix

Bidding for Lacroix Fuels Hopes of Survival (WSJ)
“Italy’s Borletti Group, an investment company that owns stakes in Europe’s La Rinascente and Le Printemps department stores, is one of four firms to have submitted bids for Christian Lacroix fashion house, raising hopes that the struggling French brand won’t be closed down.”

LVMH 1H Net Pft -23% On Distributor Destocking (WSJ)
“LVMH Moet Hennessy Louis Vuitton SA Monday reported a bigger-than-expected 23% decline in first-half net profit, despite a 0.2% gain in sales, hurt by heavy destocking at its third-party distributors at its wines & spirits and Watches & Jewelry businesses. Still, the Paris-based luxury goods and beverages group predicted it will increase market share in general.”

IT Holding unit signs Galliano fashion licence (Reuters)
“A unit of Italian fashion group IT Holding, currently in special administration, has signed a licence agreement with designer John Galliano to produce and distribute its Galliano menswear and womenswear lines.”

High street revival `unsustainable` (Drapers)
“A leading credit ratings agency has dismissed recent signs of life on the high street as unsustainable, predicting that the downturn may continue through to 2011.”

Site Wins Fashion Fans by Letting Them Design (New York Times)
“The fashion magazines Vogue, InStyle and Lucky may rule the newsstand racks. But online, they are also-rans, overlooked by the fashion-conscious in favor of Polyvore, an upstart Web site far from Fifth Avenue.”

Christian Lacroix sketches on display at the National Museum of Singapore

Bernard Krief Consulting bids for Christian Lacroix (Reuters)
“Turnaround investment group Bernard Krief Consulting is planning to make an offer next week for cash-strapped French fashion designer Christian Lacroix, it said on Monday.”

Hermès 2Q Sales Rise 12%, Keeps ’09 Guidance (WSJ)
“Luxury goods company Hermès International Tuesday stuck to its full-year target of flat revenue after posting a 12 percent rise in second-quarter sales, with demand for its traditional leather handbags and luggage offsetting much lower turnover for fancy tableware and watches.”

Licensed to discount as fashion designers sell their names (Gulf News)
“Globalisation has seen franchising and licensing of luxury brands explode, evidenced by some of Italy’s and France’s top fashion brands’ strong presence in Arabian Gulf cities. However, the difference between a franchisee of the European greats and a licensee is likely to startle the buyer as much as the labels’ bosses back in Europe.”

BRC calls for action on high streets (Drapers)
“The British Retail Consortium insists that a bright, post-recession future is possible for UK high streets if key recommendations are followed.”

Fashion Week 2010: Convention Center Reports Record Sales (Miami New Times)
“Despite the economic cloud hanging over the event, business was booming at the Miami Beach Convention Center. For the most part, vendors were reporting record sales, and the space was buzzing with business all weekend.”