You walk into the new Coach store on Regent Street and the first thing to confront you is Rexy, Coach’s T-Rex dinosaur. This isn’t the replacement for Dippy the Diplodocus, the Natural History Museum’s famous dinosaur, which is going on a regional tour, but it’s just as magnetic.
Left - Putting the sexy into Rexy!
The new store is impressive. It feels like a one-off. Coach has always been a perfectly acceptable, mid-market and luxury with a small l, brand.
Right - The handbags move around the Heath Robinson-type contraption
But, with this new store they’ve really stepped it up a gear. It shows a Creative Director - Stuart Vevers - putting himself into the brand and being allowed to do so. What they’ve done is thought about injecting personality and identity rather than focus solely on ‘luxury’.
So many brands get fixated on luxury and forget about identity and personality. For some, it’s all about the Carrara marble and shiny finishes and they’ve started to look soulless, empty and, ultimately, boring.
Left - Coach Regent Street's giant Rexy is going to be auctioned off
The new Coach store has a mechanical track with bags running along it, a giant pink neon dinosaur in the window and special product, downstairs, designed with British tourist badges and travel souvenir symbols. It’s fun without being gimmicky. It feels like somebody has thought about it rather than simply rolling out a format the world over. Yawn.
In contrast, I popped into the new handbag hall in Selfridges. The biggest in the world, when finished, it has all the usual suspects: Valentino, Celine, Balenciaga, Chanel, Burberry, all with their signature shop-fits. It all feels so predictable and formulaic. The only one of interest was Gucci with a mosaic floor featuring their, now, signature wasps.
Luxury needs personality. It needs a strong individual to lead with instinct and intuition. Brands need to create newness and not just consistency. Coach seems to not only made Rexy sexy, but also fun. It's approachable and welcoming. If brands are going to get us off our sofas, offline and outside, there needs to be something worthy of going out for.
I’m a believer that Black Friday is a good way for fashion retailers to get rid of stuff. Let’s be honest, if you haven’t got rid of most of this season’s fashion by the end of November it’s probably going into the sale anyway. Rather than wait until after the Christmas glut and the fatigue that takes the shine off most of these items, it’s a fresh and early sale that can still make the current season look alluring and new-ish. A late mid-season, maybe?
Left - Somewhere in the world there is a sale on
For an important season it is very short. It really only has between September and November to shift fashion. By the time you get to December fashion is dead and it’s all about Christmas. Many brands, now, deliver their new season in November, so again, another reason to mark down on Black Friday and ride the hysteria of, mostly, internet sales.
For some reason, unbeknownst to me, many retailers still think the clock strikes September and we all crave polo necks and thick tweed coats. Autumn is warm, now. Maybe a few more layers, but the idea that it nosedives to below zero the minute summer is over seems old-fashioned or stupid and people don’t want to plan or buy ahead, they want to wear now.
Men like discounts and a bargain and I think there’s enough time between Black Friday and Boxing Day to probably get the sale driven person twice.
Black Friday may not work for all types of retailers. but, for fashion retailers, it’s another sales opportunity basket to put their eggs in and they need as much help as they can get at the moment.
Something occurred to me the other day with regards to the watch business. Much like the oil industry which continues to pump out millions of barrels of oil, despite the price falling, in order to fend off or weaken the burgeoning fracking industry, (it’s a lost cause, btw, but what other options are there?) the watch industry is doing much the same thing: pumping out large volumes of product at all different price levels trying to keep themselves desirable and relevant.
Left - Are luxury watches sinking for good?
The smartwatch was a catalyst, and while it hasn’t really dented the traditional watch market, it was already under threat from people using their phones to tell the time and the slightly old-fashioned, pompous and alienating approach many Swiss brands/makers have.
Global Blue’s latest data for the third quarter of 2016 show global spending on watches is down -32%. The UK aside, which is experiencing a blip due to the weakness of the pound, Global Blue’s latest year-to-date data shows that the W&J (Watches & Jewellery) category has been hardest hit by the global luxury spending slowdown.
The reasons they give are: Chinese are buying fewer watches due to the conspicuous consumption crackdown, higher import duties are a major deterrent, as is the dual effect of less attractive product and lack of price differentials. Plus the landscape is dramatically different now that global shoppers are deterred from visiting Europe due to the persistent perception of reduced safety and threat of terrorism.
Like all industries that experience rapid growth it will inevitably lose momentum and stall. They are trying to offer something special, but in volume, which is an oxymoron. They are also not very transparent at helping consumers know what they are buying and paying big bucks for.
They’ve opened huge flagships to showcase their brands in insulation, so as not to be contaminated by any others, but it’s not sustainable. Recently, Mike France, co-founder of internet watch retailer Christopher Ward, said, when talking about mono-brand watch stores, the “Regent Street model cannot be economically viable”. He said: “Ultimately they will die. Some of them will remain, but most of them will die. At the moment stores are flags for the brands; most of them lose a fortune.”
The volumes the industry are churning out are unsustainable too and has taken the 'luxury' halo off the industry. They are in a damned if they do and damned if they don’t situation.
Lots of consumers are turned off by the prices and are turning towards the ‘pre owned watches’ or 'second hand watches' market for something different or if they still want a status symbol-type brand at a price that they can afford and justify.
I’ve also heard branded/licensed watches in the mid-market are struggling and many brands and fashion companies which don’t specialise in this area are leaving the category all together.
Luxury watches are at a crossroads. Will we look back in a few years and find it funny that people used to wear lumps of mechanical metal on their wrists? Only time will tell.
Traditional print publishers are having problems, we all know that. Seeing their traditional revenue streams shrink, and not replaced by the digital, has made many disappear or radically reduce their cost bases.
Left - Page from Carine Roitfeld's CRFashionBook by Bruce Weber
The future of publishers, and brands in general, is personality and while publishers have long had columnists and featured writers and contributors, it was all under the umbrella of a trusted masthead.
Hearst recently announced is will host Carine Roitfeld's CRFashionBook.com on its publishing platform, MediaOS, and oversee distribution and digital advertising. Business of Fashion reports that while all editorial content for both print and digital channels will continue to be produced by CR Fashion Book’s own editorial staff under editor-in-chief Roitfeld, Hearst will take on the task of monetising the title's digital and social media content and syndicate it across Hearst Magazines' digital portfolio.
Hearst has a similar agreement with Lenny, the newsletter launched by Lena Dunham and Jenni Konner in 2015: LennyLetter.com is hosted by MediaOS and Hearst has exclusive rights to monetise the content, which is also syndicated across its portfolio of sites.
Even if the content is produced by a team it is under the name of a personality. These personalities wouldn’t work for a traditional publisher or give as much of themselves if they did, so this is a good way for publishers to tap this market.
As a blogger, I could be called biased towards this type of publishing, but it’s the future. Anonymous posts without the confidence and voice of a single individual with experience and knowledge just don’t resonate. People want to know who they are listening to. Opinion formers with an opinion is the future and publishers are finally waking up to it.
Am I premature or too late, but does the closure of American Apparel signal the beginning of the end of the hipster?
Left - American Apparel is disappearing from British high-streets
This Terry Richardson-type wank fantasy of sports socks and short shorts, with a dash of the ethically made, didn’t quite make it. It had potential. It rode that early wave of ethical consumerism and sold items people need and use in volume. Basics.
It shoulda/coulda been a Gap for hipsters, but thought itself too cool for that and in the process shot themselves in the foot. If you didn’t wear gold meggings and a towelling headband you weren’t going to quite cut it in an average branch of American Apparel.
Right - Ironic? Were you cool enough to wear these?
You can aim for hipsters, but, ultimately, you want everybody, something that Uniqlo seems to have mastered. And, if you're charging a premium you need to remind consumers what the extra is for, in this case, it was made in the USA. Selling basics is a tough job, these days, as it is so price sensitive. Retailers, like Gap, are struggling to reinvent themselves in this post-hipster market. Maybe they should adopt the best bits of American Apparel and add some contemporary sex appeal to their image.
American Apparel was like one of those scowling cool kids who doesn’t say much, looks the part, but you realise, quite quickly, they have nothing to say.
To quote the supermarkets, the space race is over. Much like the frenetic expansion we saw in the food sector with supermarkets opening store after store in a saturated market, which didn’t increase sales and just cannibalised those they already had, the same could be said for social media.
We’ve seen a huge appetite for volume since its inception. Followers, subscribers, likes etc., brands and companies have spent lots of time, effort and money on growing their social following to as big as possible and, for many, continues to be the main focus of their attention. This isn’t sustainable.
Twitter has stalled in its growth of users at around the 300 million mark and Instagram, which just passed its 500 million users threshold, will no doubt start to slow or stall. There are only so many people in the world, after all.
This October, Condé Nast International’s chief digital officer, Wolfgang Blau, said, “You can’t win a race for reach,” at the Digiday Publishing Summit in Nice. He said that Vogue does not have to be gigantic to be very influential. For too long, too many were “drunk on reach” and forgot to focus instead on deeply understanding their readers.
This is a change in language and tactic from the one of the world's main digital publishers and a welcome one.
What is an 'acceptable' number of followers? Many people/brands look to others for this competitive and, sometimes not honest, number. It’s never enough.
The new age of social media will be healthy niches influencing people and rippling out into the wider population. Engagement will become key and producing content that is original, clever and contemporary will be the way to stand out. They'll be new ways to monitor engagement which don't require as much effort from the recipient.
What’s that inspirational quote about Jesus only having 12 followers? Okay, one did unfollow him! But, the space race is over and big isn’t always best.
TheChicGeek says ‘YAY!’ to Jaeger’s new home on Marylebone High Street. Situated on one of the smartest shopping streets in London, the new two-storey Jaeger store stocks the full menswear collection.
Jaeger asked TheChicGeek to pick his favourite pieces from the new store and their latest AW16 collection.
Right - A palette of navy, with highlights of orange, show Jaeger's expertise in knitwear and ease of dressing with a comfortable buttoned cardigan and large pocketed cargo trousers
TheChicGeek took to the streets of Marylebone to showcase his new look featuring a pair of Lou Dalton X Jaeger wool cargo trousers, a ginger coloured T-shirt (Obvs!) and soft wool cardigan.
It seems ginger and navy are the colours of the season as he bumped into his doppelgänger over at the Chiltern Firehouse! Twinning is most definitely winning.
Find out more here
Open now - 12 Marylebone High Street
Get involved #JaegerStyle
Left - Twinning is winning when TheChicGeek met the doorman at Marylebone local, Chiltern Firehouse
Below - TheChicGeek doing his best Gene Kelly impression - minus the rain - in new season Jaeger menswear