Net-a-Porter features Utility Chic | Source: Net-a-Porter

Net-a-Porter is being acquired for up to £350m by Richemont (Telegraph)
“The deal, expected to be completed this week, will see founder Natalie Massenet, a former fashion journalist, become at least £50m richer as Richemont acquires the remaining 70pc of the company it doesn’t already own.”

Phillips-Van Heusen Acquires Hilfiger for $3 Billion (NY Times)
“Phillips-Van Heusen, the clothing conglomerate that owns Calvin Klein, announced Monday that it would buy Tommy Hilfiger, once a leading purveyor of colorful preppy clothing, for about 2.2 billion euros, or $3 billion.”

Prada accused of maltreatment (Japan Times)
“A senior manager at Prada Japan has filed a legal complaint against the Italian fashion label, accusing the company of harassment and discrimination based on appearance and alleging it maltreated other employees in the past.”

Liberty back in fashion as store weighs up bid approaches (FT)
“Liberty, the listed upmarket London retailer, is in take-over talks with Marco Capello, the former managing director of Merrill Lynch Global Private Equity , in a deal that could value the group at about £40m.”

Gen Y Will End Luxury Drought — In ‘20 (Media Post)
“The last two years have permanently altered America’s relationship with the luxe life, says Pamela Danziger… While Gen Y definitely has champagne tastes, they won’t be able to back it up with real bucks for another decade or so.”

Salvatore Ferragamo Autumn/Winter 2010 | Source: Ferragamo

Revamping Richemont’s Wardrobe Search The Source (WSJ)
“A logical alternative to Prada, which has denied reports about selling a stake [to Richemont], would be Ferragamo, which has been mulling an IPO for a couple of years. The Italian company offers an opportunity for diversification–with a portfolio ranging from footwear and clothes to perfumes and accessories it could complement Richemont’s strengths.”

MOF rules out luxury goods tax (The China Post)
“Finance Minister Lee Sush-der assured foreign investors yesterday that there were no plans to impose a special tax on luxury goods… Lee said that while a tax on luxury goods had been considered, it would be ‘impossible’ to implement in the current economic climate.”

Boomers consuming more media (Biz Report)
“Don’t look to Millenials as the touchstone for how much time is spent online. According to a recent report from CPH Research baby boomers, those between age 42 and 64, are spending more time online and are least willing to give up Internet access.”

Art Couture: Theyskens’ Next Act (WSJ)
“Often heralded as one of the greatest designers of his generation, Olivier Theyskens has seen his wispily layered clothes enshrined at the Metropolitan Museum of Art and worn to the Oscars by Madonna. It’s hard to fly higher than that in fashion… Yet Mr. Theyskens has had a hard time keeping jobs.”

In Paris, Tempted by History (NY Times)
“Haute couture, what remains of it, is a little like a fragile ecosystem under siege by modern tastes and habits, and by couturiers who are stuck in the past.  Most women don’t pay attention to haute couture, and the reason isn’t the money… it’s because the houses don’t give people a reason to care and at least follow along.”

Cartier Panther | Source: Cartier

Richemont reveals recovery in demand (FT)
“Richemont, the world’s second-biggest luxury goods group, on Monday reinforced signs of a recovery in demand for expensive watches, jewellery and accessories with Christmas sales well ahead of expectations.”

Hopes for 2010 fashion recovery at Milan menswear (Reuters)
“Many executives and designers at Milan’s menswear shows said they were looking ahead with guarded optimism. ‘We are seeing positive signals. The [sales] haemorrhage seen at the end of 2008 and in the first half of 2009 has stopped,’ said Gianluca Brozzetti, chief executive of fashion house Roberto Cavalli.”

It’s 50 percent off…Well, maybe 35 percent (WSJ)
“Restricted shopping Web sites—which pitch steep markdowns on designer goods to its members for brief time periods—are soaring, growing by more than 400% last year … But there are complaints that some of these sites… are relying on an old sleight-of-hand: inflating retail prices to make their discounts larger than they really are.”

Russian appetite for bling put to the test (FT)
“As Russia’s oligarchs flirted with bankruptcy following the collapse of the stock market in 2008-2009, gallery owners, fashion labels, super-yacht brokers and Swiss watchmakers all held their breath.”

Tom Ford: Immaculate Conception (Telegraph)
“Tom Ford, Gucci saviour and one-man superbrand, has written, produced and directed his first film. Already an Oscar frontrunner, if A Single Man can be criticised for anything it is for being too beautiful – music to the ears of fashion’s most fabulous perfectionist.”

Prada Autumn/Winter 2009 | Source: Prada

Luxury jewelry maker Richemont eyes Prada stake (New York Post)
“Prada is close to a tie-up with Swiss watch and jewelry maker Richemont that could shake up the luxury landscape worldwide, sources told The Post. The Italian fashion house — whose ambitions to expand have been hampered for years by a crippling debt load — is nearing a deal to sell about a third of the cash-strapped label to Richemont.”

Luxury retailers see shoppers fed up with ‘frugality fatigue’ spend (Telegraph)
“Fortnum & Mason, the luxury department store on London’s Piccadilly, saw like-for-like sales rise by over 10pc in the first three weeks of December, as the weak pound and “frugality fatigue” caused shoppers to splash out.”

U.K. Retailers Post Strong Holiday Results (WSJ)
“Next and John Lewis, a department store operator, are the first of the U.K.’s big retailers to report Christmas trading results, and the results point to a strong result for the sector as a whole. However, both warned that the outlook for 2010 is still tough.”

The public image: Louis Vuitton’s ‘Savoir-Faire’ campaign (FT)
“‘Heritage’ and ‘hand-crafted’ have become catchphrases for the luxury industry since the recession hit, as old names that had embraced fashion during the consumption bubble attempt to shore up their credentials as investment-worthy brands. No campaign has made the connection quite so obvious, however, as that of Louis Vuitton.”

Meet Mr. Gaga | The Stylist Nicola Formichetti (T Magazine)
“Whether or not you know him by name, you’ll recognize the stylist Nicola Formichetti by his aggressively modern looks (Lady Gaga’s metal orb, anyone?). When it comes to his personal style, Formichetti attributes his unrestricted creativity to his multicultural upbringing, which was shared between Italy and Japan.”

Johann Rupert, CEO Richemont Group | Source: Connectingwatches

Rupert ready to resume the helm at Richemont (FT)
“Johann Rupert said yesterday that he would retake the helm as chief executive of Richemont from April, indicating that the world’s second-largest luxury goods group still expected storms ahead.”

Style bloggers take centre stage (FT)
“Also on the front row… sits a slender, less familiar figure dressed in grey T-shirt, jewelled necklace and tuxedo jacket. Meet Bryan Grey-Yambao, known as Bryanboy to the 215,000 unique users who visit his eponymous blog each day (British Vogue magazine, by comparison, sells just over 200,000 copies a month.)”

Tom Ford’s new focus (The National)
“From his single-handed revitalisation of Gucci to his innovative approach to the aesthetics of cinema, Tom Ford is a man of many accomplishments. However, his greatest achievement may be a much more personal reinvention.”

One step ahead: Prada the world’s most influential fashion label (Independent)
“From simple nylon rucksacks to willfully challenging shoes, one label has always been at fashion’s cutting edge. And that’s to say nothing of the yachts, architecture, art patronage…”

Fashion forward (Business Standard)
“For Singh, fashion is a minuscule part of a larger, more dynamic, and meaningful, world of design. He says, ‘I want to do products that are the very best. I want to achieve quality that one can say is great.’”

From the Cartier Collection, Richemont Group | Source: Cartier

Richemont’s Rupert to Take Over as CEO; Profit Slumps (Bloomberg)
“Richemont SA, the world’s largest jewelry maker, said Chairman Johann Rupert will replace Norbert Platt as chief executive officer in April, taking more control amid the deepest recession since the 1930s… Richemont’s first-half profit fell 60 percent.”

In downturn, luxury brand Bally eyes Asia and beyond (Reuters)
“Fresh from a makeover, luxury leather goods and clothing label Bally is out to woo fashionable Asians, but not at the expense of European and American customers who have been harder hit by the downturn.”

Bulgari shines after results, broker targets (Reuters)
“Shares in Italian jeweller Bulgari rise more than 4 percent after the company returns to a net profit in the third quarter and analysts raise their price targets on the stock.”

Lindsay Lohan at Ungaro a disaster: designer (Independent)
“Hollywood bad girl Lindsay Lohan’s first collection as artistic advisor for Emanuel Ungaro was a “disaster”, the founder of the French couture house said here, local press reported.”

Winner of Swiss Textile Award – Alexander Wang: Too cool for school (Independent)
“While some designers look to the past or future, Alexander Wang is as right here, right now as it gets. The American designer is zeitgeisty, he’s of the moment and in fashion-speak he’s also having a moment; quite an extended one to judge by his growing popularity.”

Christopher Colfer, CEO, Alfred Dunhill | Source: Dunhill

LONDON, United Kingdom — In 1893, at the age of 21, Alfred Dunhill inherited his father’s saddlery business in London and slowly but surely transformed it into a global business spanning several categories including timepieces, automobile accessories and clothing. In this way, it was the first global luxury men’s brand, paving the way for brands like Ermengildo Zegna, Dior Homme and Tom Ford to follow in its footsteps many years later.

But over the years, despite a strong product mix and rich heritage, Dunhill has lacked a clear creative identity. And while Dunhill has the most prominent presence of any men’s luxury brand in China with over 75 stores, its presence in the United Kingdom, its home market, has paled in comparison.

In 2005, Dunhill announced it was bringing in 36 year-old Christopher Colfer from elsewhere in Richemont, where amongst other things, Colfer had overseen the Swiss luxury group’s prescient early investment in Net-a-Porter. Upon taking the reins as CEO, Colfer embarked on a transformation strategy for Dunhill: buying back licenses, appointing Kim Jones as Creative Director, and launching a series of ‘Homes’ in key markets, including London’s Bourdon House.

Formerly the London residence of the late 2nd Duke of Westminster, who had wooed Coco Chanel within its beautiful walls, Bourdon House includes a private member’s club (modeled after the Hellfire Clubs) and is Dunhill’s London ‘Home,’ tucked away near the end of bustling Mount Street, the new epicenter of London’s luxury retail explosion.

I recently met Chris at Bourdon House to take stock of what has been a very busy few years and to look ahead into Dunhill’s plans for the future.

… Continue Reading

Aquascutum A/W 09 ad campaign, courtesy of Aquascutum

Tillman Buys Storied Clothier Aquascutum (WSJ)
“U.K. retail mogul Harold Tillman, chairman and majority owner of Jaeger Ltd., has purchased Aquascutum Group PLC, the luxury clothier and trench-coat maker that has dressed British elites from Margaret Thatcher to Sean Connery for 158 years.”

Fashion elite tries on stimulus for size (FT)
“The fashion industry in 13 countries will on Thursday attempt to do what central bankers have struggled to do: get consumers spending again.”

Debenhams to confirm Henry Holland deal (Drapers)
“Debenhams is expected to confirm that it has signed London Fashion Week designer Henry Holland to join its Designers at Debenhams range at its pre-close trading update next week.”

Neiman Marcus, Inc. Reports Fourth Quarter and Fiscal Year 2009 Results (Reuters)
“For the fourth quarter of fiscal year 2009, the Company reported total revenues of $768.0 million compared to $1.03 billion in the prior year. Comparable revenues decreased 23.4 percent.”

Richemont Five-Month Revenue Declines 16% as Rich Cut Spending (Bloomberg)
“Cie. Financiere Richemont SA, the world’s largest jewelry maker, said five-month revenue fell 16 percent as wealthy customers reduced spending on Cartier jewelry and Montblanc watches.”

Roberto Cavalli, courtesy of H&M

Cavalli agrees to sell 30 percent to Clessidra (Reuters)
“Italian designer Roberto Cavalli has signed a letter of intent with Italian investment fund Clessidra to sell 30 percent of his fashion house.”

New Look EBITDA soars 10 percent (Drapers)
“Total group sales in the year to March 28, grew by 14.9 percent to £1.32 billion and EBITDA rose 10.2 percent to £217.6 million.”

What Is Sugar, Inc. and Why Is It Worth $31M in VC Funding? (Fast Company)
“Sequoia Capital announced yesterday that it will give a third round of cash to a quick-growing media network, Sugar Inc., bringing the Valley-based company’s total VC purse to $31 million.”

Gucci, Richemont Seek $4 Million Sanction Against Bank of China (Bloomberg)
“Gucci, along with Chloe SAS and Alfred Dunhill Ltd, a unit of Cie. Financiere Richemont SA, said in court papers filed last night that Bank of China has refused to surrender records of companies against whom they won a $4.3 million judgment in a fashion-counterfeiting case.”

Jude Law for Dunhill 09, courtesy of Dunhill

Richemont Creates Post To Turn Around Ailing Brands (WSJ)
“The world’s second-largest luxury company by sales named Martha Wikstrom, 52, head of a portfolio comprising most of Richemont’s less-prominent brands, including Alfred Dunhill and Lancel, which market so-called soft luxury goods such as leather and fashion.”

Burberry eyes expansion in U.S. (Guardian)
“While other retailers apply the brakes on expansion, Burberry plans to open 10 to 15 stores this fiscal year, with five stores planned in North and South America.”

J. Crew Profit Falls 33 percent Amid More Markdowns (WSJ)
“J. Crew Group Inc.’s fiscal first-quarter profit tumbled 33 percent on inventory markdowns, but shares rose in late trading as its results exceeded estimates.”

Italy’s Della Valle says Saks stake strategic investment (Reuters)
“Della Valle has acquired a 5.9 percent stake in Saks and last week told Italian newspaper Il Sole 24 Ore he intended to increase it, without saying by how much. Reports have said he has an option to go to 10 percent.”