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.”
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
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
Burani to License Giambattista Valli Fashions (WSJ) “Italy’s Mariella Burani Fashion Group said it has signed a five-year contract to make and distribute the ready-to-wear collection of Italian fashion designer Giambattista Valli, a deal aimed at growing both companies as the luxury goods industry suffers through the economic crisis.” Haute Couture Faces Uncertain Times (IHT) “In the closeted world of satin
Christian Lacroix Files for Bankruptcy Protection (New York Times) “The French couturier whose artistic and exuberant pouf dresses propelled him to fame in the 1980s has become the latest victim of the global financial crisis.” Red or Dead founders offer free retail space to start-ups (Drapers) “Red or Dead founders Wayne and Geraldine Hemingway will offer free retail space to new businesses for two months via a
Fashion House Lacroix Seeks Partner (WSJ) “The owner of the iconic but unprofitable Christian Lacroix couture fashion house is in talks to sell a stake in the firm to private investors, people familiar with the matter said, as cutbacks by U.S. department stores take a toll on apparel designers.” Bamford, Pringle said to be restructuring (WWD) “Two British luxury labels—Bamford and Pringle of Scotland—are
[caption id="attachment_2450" align="alignnone" width="501" caption="Stefano Pilati of YSL, courtesy of Wallpaper"][/caption] Black is back at Yves Saint Laurent (Financial Times) After ten years of losses, Yves Saint Laurent breaks even amid the current recession. Net-a-Porter profits rocket (Drapers) Due to improved margins, Net-a-Porter's pre tax profits are up 300 percent to £9 million. Wal-Mart's Profits Attributable to Sad State of Economy (Seeking Alpha) "Wal-Mart is one of the few stalwarts to actually expand business amidst today's financial carnage and the glowing statistics are not to be mistaken for a grandiose harbinger of U.S. economic vitality." Christian Lacroix Heads Back to the Basics (WSJ) As a response to the economic tumult, Lacroix pulled back on his signature exuberance.