For a man who’s just been given a new job, the detail that former Loewe creative director Stewart Vevers went into when talking to Women’s Wear Daily about his nascent arrival at Coach and what it means for the future of the brand was pretty impressive.
In The News(Page 5)
If you’ve ever walked along Canal Street, you probably have a good idea of just how big of a business fake handbags are on the black market in New York City. Even when you’re walking quickly, by yourself, with your sunglasses and headphones on (which are basically all the quick visual cues for “not a tourist, don’t bother me” in NYC), it’s hard to make it more than a few steps down that famous street without hawkers shoving price lists and stock cards in your face.
I’ve worked in the fashion industry for the vast majority of my post-college life, so occasionally, I forget what it’s like for people in more traditionally corporate or conservative environments, who likely constitute the bulk of women who have the funds to buy themselves designer handbags and shoes.
Luxury-industry insiders and moguls met for the Financial Times Business of Luxury Summit 2013 in Vienna, Austria, over the past few days, and lots of interesting tidbits of information came out of the event’s who’s-who list of speakers, which included luminaries like Alexis Babeau, Managing Director of Luxury at Kering, and Andrew Rosen, CEO of Theory and Helmut Lang (and a huge investor in Proenza Schouler, among others).
If you’ve been following this strange story since the beginning, you know that LVMH, the luxury conglomerate that owns Louis Vuitton, has been in some hot water with European financial regulators lately over CEO Bernard Arnault’s covert maneuvers to acquire a significant portion of stock from one of his company’s biggest rivals, Hermes.
As Christina Passariello wrote in a recent Wall Street Journal article, Louis Vuitton, with its flagging growth and logo-covered bags, now finds itself in the throes of the fashion business’ most baffling paradox – how do you sell bags to as many people as possible without becoming a company that’s associated with mass-market consumerism instead of rarified luxury?
[Editor's Note: In light of the very serious situation on the ground in Boston today, we didn't feel right going forward with business as usual. Our thoughts are with the people of Boston and the law enforcement officials who've worked tirelessly last night and today to make us all safer.]
We’ve tried to provide a bit of fluffy fun in the face of this week’s tragic events in Boston and Texas, but when we found out that our friends at Boston-based Rue La La had come up with a way for people around the country to raise money for the victim’s medical bills and honor the city simultaneously, we thought we’d be remiss not to let you guys know.
A long time ago, I ranted a bit about why terming the purchase of a bag as an “investment” was probably a bit silly, not to mention inaccurate, and the kind of marketing terminology that encourages consumers to overspend on goods that depreciate even more rapidly than cars.