The China Edit is a weekly curation of the most important must-read fashion business news and analysis from and about the world’s largest luxury market.
METZINGEN, Germany — Hugo Boss AG said first-quarter operating profit fell 11 percent as the German luxury-clothing maker changed its collection cycle and economic conditions remained difficult in Europe.
METZINGEN, Germany — Hugo Boss AG, the German luxury- clothing maker controlled by buyout firm Permira Advisers LLP, forecast operating profit will rise this year after it expanded its store network by a third in 2012.
New York’s Grimy Garment District Hatches Designers’ Dreams (NPR) “A recent survey found that 47 percent of New York’s designers say they have their samples — prototypes of what you eventually see in stores — made in the Garment District. According to a 2012 report published by the Design Trust for Public Space, apparel production is the largest manufacturing division in New York City. It provides 24,000
Balenciaga Taps Alexander Wang (IHT) “Alexander Wang on Monday became the first designer of Asian descent to enter the highest ranks of Parisian high fashion when he was named creative director of the storied house of Balenciaga.” Hugo Boss dresses in the fast lane (FT) “In the four years he has been in charge Mr Lahrs has reduced development times for collections, moved from two to four collections per year and
What Next For Balenciaga? (Vogue UK) “CEO Isabelle Guichot has confirmed that she has ‘a shortlist’ of potential candidates to succeed creative director Nicolas Ghesquière, following yesterday’s confirmation that he would be parting ways with the brand. The designer has acted at the helm of Balenciaga for 15 years.” Ralph Lauren kicks its ‘preppy look’ Rugby label into touch (Independent)
Why JC Penney Will Come Back (The Motley Fool) “Rome wasn’t built in a day, and no one said JC Penney’s turnaround would happen overnight either. Since Ron Johnson took the helm back in January, shares have been sliced in half and currently sit near 52-week lows.” It’s Karl’s world, we just live in it (The Independent) “Lagerfeld’s output is more diverse than any other
LONDON, United Kingdom — The Savigny Luxury Index (SLI) continued its sluggish performance this month, ending almost flat (SLI components actually fell an average of nearly 2 percent when expressed in local currency) compared to a drop of 0.7 percent in the benchmark MSCI World Index (MSCI). Newsflow was good overall, with strong results and two successful IPOs, but dampened somewhat by concerns about growth prospects. Big news
Aquascutum collapses into administration (FT) “Aquascutum has collapsed into administration, putting about 250 jobs at risk and threatening the possible demise of a classic British clothing brand. FRP Advisory has been appointed administrator to the 160-year-old company, owned by fashion entrepreneur Harold Tillman.” TA Associates fashions 30 per cent deal for Zadig & Voltaire (AltAssets) “The US-based firm’s
Out of fashion: Designers finding new ways to sell their style (Independent) “As the autumn 2012 collections are unveiled, more and more designers are questioning the format; seeking something new in an age where digital culture means every image is beamed straight to an audience at home and cloistered, exclusive runways are no longer the most practical way of promoting their labels.” New York Fashion Week Parades 328
PPR set to buy men’s wear brand Brioni (FT) “PPR, the French luxury goods group, has confirmed it will acquire Brioni, the Italian high end men’s wear group that has dressed Vladimir Putin and the fictional character James Bond in several movie outings. In a statement on Tuesday, PPR said it would be buying 100 per cent of the family owned group for an undisclosed sum… PPR is reorienting and expanding its
What Christian Lacroix Did Next (NY Times) “‘This is my couture,’ says Christian Lacroix, before his latest creations took to the stage in “La Source,” a magical realist ballet created in the 19th century and rarely seen since then. These fantastical costumes, mixing folkloric outfits with diaphanous pastel dresses, scattered with sparkling crystal, are for just one among a series of theatrical events across Europe that Mr. Lacroix
Gilt Groupe Targets Guys for New Luxury Retail Site Park & Bond (Forbes) “Internet retailer Gilt Groupe is straying from its tried-and-true flash sales model to launch Park & Bond, a full-priced menswear site without the limited-time component that’s been responsible for Gilt’s rapid growth since it was founded in 2007… But in order to really flex the buying muscle of its 400,000 male customers Gilt is going to