Gisele for H&M Summer 2011 | Source: H&M

Fast fashion: Is the party over? (Telegraph)
“Following on from H&M’s shock results in the final quarter of 2010 which saw profits fall 11 per cent, fashion comparison website Stylecompare.co.uk has today reported that year-on-year sales of ‘low end’ retailers fell by 21 per cent, as consumers flock to ‘mid range’ and eco brands for their fashion fixes.”

Why Is This Man Smiling? (NY Times)
“Mr. Hsieh’s success has been built in part on his ability to anatomize the way people crave connections with others, and turn those insights into a business plan… Zappos is able to pay below market salaries for its more senior workers… Recruiters boast that it is harder to get a job at Zappos than to get admitted to Harvard.”

Bernard Arnault Goes to Washington (WWD)
“Bernard Arnault hit the nation’s capital Thursday like a politician on the campaign trail. The chairman… first met President Obama at the White House — where they discussed everything from globalization to employment — and then that night received the Corporate Citizenship award from the Woodrow Wilson International Center for Scholars.”

Alexander McQueen’s Haunting World (Newsweek)
“He’d never analyze what made sense or not. It was personal and emotional, and he never wanted to water it down.’ The stagecraft and technical wizardry showed off McQueen’s capabilities as a designer. He was a skilled tailor who could also drape a glorious gown without benefit of a pattern. And his personal story… made him a dangerous and magnetic presence.”

Lunch with the FT: François Pinault (FT)
“A self-made luxury goods magnate, Pinault is internationally acclaimed for his cutting-edge art collection… But in France he has never shaken off a reputation as something of a wide-boy who made his wealth through takeovers of ailing companies, aided by political friendships… ‘French people … look at Pinault as a pirate.’”

François-Henri Pinault and Salma Hayek

The new king of luxury (Fortune)
“Since taking the reins of one of the world’s biggest fashion empires, François-Henri Pinault has put his stamp on Gucci, YSL, and Puma. Now the luxury business is putting him to the test.”

Barneys Said to Weigh Debt Swap Amid Buying Interest (Bloomberg)
“Barneys New York is weighing a debt restructuring or bankruptcy filing that may wrest control from the Dubai government-owned firm …Hedge fund Perry Capital LLC, has been approached by Holt Renfrew, the Toronto-based department-store chain, about a joint offer for control of the 86-year-old luxury retailer, one of the people said.”

Escada needs to find buyer by early November-source (Reuters)
“Insolvent luxury fashion house Escada  has to find a buyer by early November because its financing will run out by December at the latest, a person close to the situation told Reuters.”

Samsonite Unit Seeks Chapter 11 (Wall Street Journal)
“The U.S. retail unit of luggage maker Samsonite Corp. has filed for bankruptcy-court protection with the goal of cutting its store count in half in a bid to boost earnings.”

Fashion Diary: Norma Kamali reinvents the runway (Los Angeles Times)
“Not only is the economy a challenge, so is the Internet. The speed with which photos of runway looks travel around the world is making the whole seasonal exercise of fashion weeks seem more and more ridiculous. So it’s no surprise that designers are rethinking how they can use the Internet to their advantage, including Norma Kamali, whose presentation titled “The Democratization of Fashion” will be held on Sept. 17 at the Soho Apple store.”

Bernard Arnault, Francois Pinault and Ralph Lauren, courtesy of Forbes

Fashion’s Billionaires (Forbes)
“If hemlines suggest whether the stock market goes up or down, most economic indicators say it’s likely we’ll be looking at longer skirts for the foreseeable future. But even if the economy doesn’t show us more leg for a while, the fortunes of fashion billionaires–who decide what we wear, where we buy it and what bag and shoes goes with it–should remain relatively flush.”

As Fashion Exports Drop, Hong Kong Refocuses on Design (Voice of America)
“Hong Kong’s Fashion Week features the usual parade of models on catwalks showing the latest designs, many of which end up in stores worldwide a year later. But as the global economic crisis lingers, exports of Hong Kong fashions are down more than 75 percent for January through April, from a year ago.”

CIT, Clients Scramble to Secure Lifelines (WSJ)
“Worries about the fate of CIT Group Inc. cascaded through the retail and manufacturing industries on Thursday, as companies stopped shipments and businesses worried about cash being tied up at the lender should it file for bankruptcy-court protection.”

Kellwood Extends Deadline For Debt Exchange Offer To Fri (WSJ)
“Kellwood Co. said it was unable to renegotiate and extend its bond issue that matured Wednesday and its board extended the deadline for acceptance of a proposed debt exchange until midnight Friday.”