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4 November, 2009 | by Imran Amed, Editor

CEO Talk | Christopher Colfer, Chief Executive Officer, Alfred Dunhill

Christopher Colfer, CEO, Alfred Dunhill | Source: Dunhill

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

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9 September, 2009 | by BoF Team

BoF Daily Digest | Aquascutum sold, Fashion stimulus, Henry to Debenhams, Neiman Marcus Q4 down 23%, Richemont declines

Aquascutum A/W 09 ad campaign, courtesy of Aquascutum

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.”

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3 June, 2009 | by BoF Team

BoF Daily Digest | Cavalli takes on investor, New Look soars, Sugar Inc. gets a cash injection, Richemont seeks sanction

Roberto Cavalli, courtesy of H&M

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.”

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29 May, 2009 | by BoF Team

BoF Daily Digest | Richemont appoints Wikstrom, Burberry expands in the Americas, J. Crew drops, Della Valle and Saks

Jude Law for Dunhill 09, courtesy of Dunhill

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.”

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14 May, 2009 | by BoF Team

BoF Daily Digest | Claiborne experiences loss, Richemont profits down, Anna Wintour in conversation, Men’s spending still on the rise

Liz Claiborne S/S 09, courtesy of Liz Claiborne

Liz Claiborne S/S 09, courtesy of Liz Claiborne

Liz Claiborne Results Raise Questions About Retailer’s Future (CNN Money)
“Liz Claiborne’s future is being questioned after the fashion retailer posted a sharply wider first-quarter loss and sees a similar performance for the current quarter as the company is stymied by a lack of customers, big markdowns and a low cash position while trying to reignite demand through efforts that include a new namesake line.”

Richemont FY Net Profit Down 31%, Extends Share Buyback (WSJ)
“Swiss luxury goods maker Compagnie Financiere Richemont SA Thursday said its net profit for the fiscal year dropped by 31% and reiterated a cautious outlook, but said it would extend a share buyback.”

Anna Wintour Addresses Rumors About Leaving Vogue and More (NYMag)
“In a rare public appearance, Anna Wintour spoke to Jonathan Tisch at the 92nd Street Y last night. Topics included how Vogue stays relevant in the recession and how to look good without spending a lot of money.”

When No One Wants to Look Like a Banker (New York Times)
“While double-digit declines have hit much of the retail sector, one of the few pieces of good news is one of the most surprising. In a reversal of every recession in the last 100 years, figures show that men have not cut back on buying clothes as much as women have. They’re not buying power suits – they’re replacing them.”

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