Thursday, 14 March 2019 17:39

ChicGeek Comment Time To Buy?

Anya Hindmarch up for saleSome of Britain’s best known, mid-sized fashion brands are up for sale. French Connection, Pretty Green and Anya Hindmarch are all rumoured to be looking for new owners. Put LK Bennett into the mix, which recently when into administration, closing five stores and making 55 redundancies, and you have a slew of established British brands trying to forge the next chapter of their existence.

While Anya Hindmarch is more in the luxury pricing category, the others are all premium high-street; asking consumers to stump up more cash for their products in a mid-market squeezed between fast-fashion and ‘luxury’ brands. This is an area that has suffered the most over recent years. Hooked on sales and discounts, many of these brands operate an unsustainable retail network, flabby business model and have suffered due to the demise of the traditional department store.

Putting themselves up for sale is timely. If you’re a foreign investor, British companies have never been so cheap, due to the weakness in the pound and Brexit, but there’s also a watch and wait attitude for most of the retail market at the moment, with many companies, particular private equity, being burnt, over the last few years, and only investing in strong, bankable billion dollar brands.

Left - Anya Hindmarch bag with her quirky sticker designs, but does the brand need to make more conservative product?

French Connection has been on the block for a while now. A brand that reached its zenith in the late 90s, thanks to their provocative and attention seeking FCUK slogan, it had lost its way. It recently went into the black, thanks to an ambitious store closure programme. Recently reported, French Connection made a slim profit of £100,000 for the year to January 31, 2018, compared with a £2.1million loss the year before. Revenues edged up 0.2% to £135.3million but its same-store sales fell 6.8%. French Connection said it will continue to close stores, having shut down more than half of its sites in the past five years. Mike Ashley’s Sports Direct has a 26% stake in the business with founder Stephen Marks, who is also chairman and chief executive, owning almost 40% of it and they say talks were “ongoing” with several potential buyers.

French Connection has done the correct and drastic decision to close the majority of it stores and department store concessions. Truly international, it is not wholly reliant on the UK market, but needs to remind people of their USP and make people feel good about paying more. It needs to decide what the sustainable size of the business is.

Liam Gallagher’s menswear brand Pretty Green, which is named after a song by The Jam, has called in Moorfields Advisory to help look at options for the company. Founded in 2009, Pretty Green channels British Mod culture into branded basics, linking the brand to music heroes and a strong Made-in-England feeling for its more premium ranges. The company said that it was “not immune to the challenges currently facing the UK high street as customers migrate from purchasing in store to online.”

It currently has 14 standalone UK stores and numerous concessions within House of Fraser department stores. The brand lost £500,000 when House of Fraser feel into administration in August 2018. “The growing overall demand for the brand, coupled with a strong online customer base, position the company well to navigate these changes and we are therefore considering all options,” they said with regards to a sale. In the 16 months to January 2018, turnover at Pretty Green rose to £38.2 million and pre-tax losses narrowed to £1.5 million following a £5.6 million loss the year before. Private equity company, Rockpool, invested £11m into Pretty Green in 2017 for a minority stake.

Pretty Green up for sale Liam Gallagher

Pretty Green has a very distinctive British look, and, while it has its core Mod audience, it needs to develop and reintroduce itself into the larger men’s market. It has to define what it sells and make men more aware of this. Its small retail network will probably be trimmed further and it’s good they are starting to narrow their losses, but they need to tap into that rich vein of cult British style that Fred Perry and Dr Martens do so well. This cool also translates internationally. Any investor would probably want Liam Gallagher to have a more prominent role at the brand and increase his visibility in it.

Right - Liam Gallagher in Pretty Green

The British luxury goods brand, Anya Hindmarch, has been put up for sale. Mayhoola, the Qatari royal family’s investment fund, which also owns Pal Zileri, Balmain and Valentino, has decided to sell the brand it started buying into in 2012. The fund has grown its stake from 39.9% in 2012 – Mayhoola bought a controlling stake in the company for £27million - to at least 75% by the middle of last year.

Founded in 1987, Anya Hindmarch has become known for her quirky and colourful designs. The brand lost £28.2 million and reported a 10 percent decline in revenue to £37.2 million for the year in 2017, the latest year for publicly available accounts. The selling decision is said to be “mutual”.

Anya Hindmarch has plenty of fun ideas, but, they, as a brand, just need to establish who the customer is. It has a lot of potential, but, unusually for a leather goods company, it needs to focus on more conservative product. Sometimes it’s hard to find a plain, elegant black bag, which means they are missing out on a huge amount of sales. The prices are premium, so the high-fashion, seasonal and quirky fashion product has a limited audience, while more classic and trans-seasonal product would sell well too. 

Their £40 stickers were a surprise hit, but, as an example, their candle range has a strange disconnect between customers. I don’t think many of the older women carrying the bags want cartoon eyes and rainbow decorated candles on their coffee tables. It needs to balance the fun with the sophisticated.

This brand would sit well with Burberry - there are rumours they are looking to buy something - or maybe a Mulberry, and drill down into that affordable luxury market more. I think they will have plenty of interest, possibly from the Americans - Tapestry, Capri Holdings - growing their brand portfolios.

If retailers can survive 2019, there is a strong chance they’ll be okay. Investors will want to see that losses are stabilising, or reducing, and there is a clear strategy for the future. Skeleton retail networks, offering enough brand awareness while pushing people online with good product will be the future for these brands. Being less reliant on the department store model and taking your quality product direct to consumers will be the only way to make these brands profitable. You need a point of difference to make people pay more and a feeling they can’t get what you offer anywhere else. The days of chucking huge amounts of money at growing brands is over and private equity will opt for more realistic, tidy returns rather than huge growth.

These brands have that problem of being too big to be nimble and streamlined, while not big or glamourous enough to catch the eye of the big investors to take it somewhere big. Mike Ashley can’t buy everything. Or can he?!

Read more of TheChicGeek's expert comment here

Published in Fashion
Tuesday, 08 January 2019 19:38

ChicGeek Comment LFWM: Less is More?

LFWM Menswear comment AW19 Alex MullinsLondon Fashion Week Men’s - LFWM - was stripped back in more ways than one, this season. While the bones of the skeleton schedule were showing through, it was the lack of themes on the catwalks that really raised questions. What we were given was a genderless, season-less and sex less display of menswear: a casstratrated men’s fashion week. The rumour mill was flying that LFWM will soon be merged with the women’s London Fashion Week. It’s worth noting, there were as many female models as men, so, if gender is becoming less of a differentiation, then London Fashion Week will become just that, and the two separate halves could make a whole. 

Left - Alex Mullins AW19 - Girls for Boys?

If the men do return to the women, it needs to be as equals and not just a day tagged on at the end. Menswear is outgrowing womenswear, and is always seen as the less established and important sibling from brands who see ii as an add-on and not a priority. It’ll be interesting to see which brands are brave enough to give menswear equal billing.

Men’s fashion needs stereotypes to challenge, it needs boundaries to push and lines to blur, if all the lines have been erased, aren’t you just floating into nothingness? And that’s what it felt like a bit here. Menswear collections entirely shown on females models - Alex Mullins produced an entire men's show featuring only female models - more non-binary club kids dressing up in dated womenswear or six pack revealing T-shirts for the coldest months of the year: it was the male minimised.

As for gender, the whole big reveal of a chick-with-a-dick is no longer shocking, nor interesting, nor original. Art School showed a collection that didn’t look good on either gender and, Charles Jeffrey, the Uri Geller of the London scene, continued with more theatrics, but, in his defence, when the feathers stopped flying and the smoke and mirrors were turned off, the collection looked more accomplished and could hold its own alongside any other designer in-store.

This lack of focus made for a schizoid season, and it was brands like E. Tautz, which didn’t do anything particularly new, that created a pull and yearning for collections featuring something beautiful again. Bored with sports, bored with fugly, the next men’s movement will be a return to something you want to enjoy and cherish rather than Instagram and discard.

That most British thing of all, the weather, was totally missing during LFWM. It’s all about “drops”,  and “Autumn/Winter” is delivered in the middle of the summer, but, before, many brands and designers would start with this idea of “Winter” or, rain, which made Burberry. That probably had something to do with bigger budgets and fancier staging. Larger and more established brands used to like to ram home the cold weather feel, already visualising the windows, and while this idea is dated, at this LFWM, many of the clothes could have been for any month, anywhere, at anytime. So, what makes it 2019?

LFWM Menswear comment AW19 Art School

Sex was missing too. Even the hyper masculine muscle boys at Astrid Andersen were covered up for a luxury pyjama party. It was as though men were getting ready to go into hibernation until all this woke madness blows over. Though, Per Götesson, showed T-shirts pulled up to reveal the stomach, perfect for those social media body fascists. “It’s about equal parts vanity and fragility.” he says. “Each piece is designed three dimensionally around the body. We are applying techniques perhaps more common in womenswear and couture where lines and proportions in movement are taken into consideration. The jersey pieces are developed using this process, it is about finding a balance between strength and fragility.” And, there was me just thinking it was about likes on Instagram. Back to creating a male pecking order, As soon as one thing disappears, a new line or goal is revealed to differentiate the masses: that unattainable 8-pack separating the men from the boys.

Right - Art School AW19 

Fashion is about selling change and, as a designer or brand, you need to create desire for that change into what you are presenting at that moment in time. Genderless, season-less, sexless, can equal nothingness. Just please don’t make men redundant.

Published in Fashion
Tuesday, 01 January 2019 12:58

2018 The Year of the “ReBland”

reblanding Burberry logoAt the end of a tumultuous year for traditional retail, and at the start of another, which doesn’t appear to offer much respite, there’s been a distinct trend in rebranding for both luxury and high-street brands. While you’d expect them to want to stand out, it seems as though they all want to blend into one another. This homogenisation is a case of an expensive “reblanding” exercise. Rebranding means creating a different identity for a brand, from its competitors, in the market, which, in fashion, is even more important especially when you're trying to flog luxury goods and the idea of difference and individuality. This feels like the opposite.

The recent rebland list is long: Belstaff, Celine, Calvin Klein, John Lewis, Burberry, Berluti and Balmain have all gone for simple and bolded logos without any of the details and distinct serifs. Playing it safe, what these new logos and fonts say is a lack of confidence and often change for change’s sake.

Left - The recent logo "reblands"

In August, Burberry unveiled its new logo. Replacing the Burberry Equestrian Knight logo with its bespoke Bodoni font, which had been used by the clothing company since 1901, the new logo is the work of celebrated British graphic designer, Peter Saville. It’s also worth noting he rebranded Calvin Klein with a similar font when Raf Simons took over and wanted to refresh.

reblanding Burberry logo

"The new logotype is a complete step-change, an identity that taps into the heritage of the company in a way that suggests the twenty-first-century cultural coordinates of what Burberry could be," Saville exclusively told Dezeen. Somewhat cryptic and full of marketing speak, he describes what he and Riccardo Tisci, the new Burberry Creative Director, settled on as “modern utility,” adding, “It looks like it’s been there forever, but it’s still contemporary.”

Right - Hedi's masterstroke?!

Tisci said on Instagram ‘Peter is one of our generation’s greatest design geniuses. I’m so happy to have collaborated together to reimagine the new visual language for the house.’

Burberry are in the throes of changing everything way before the new Creative Director’s impact has been proven. As his first collection hits stores to a rather muted response by the fashion press, it’ll be interesting to see how it sells, especially the items with this new logo on.

Seb Law, Fashion Copywriter & Journalist, says, “I really hate that they’ve added’ ENGLAND’ to the Burberry logo after London. As if it’s London, Texas or something.”

It “Seems like an attempt to look ‘international’ and more premium, but also it’s now becoming an established way of a new designer starting at a different house to mark the start of their chapter. Does the general consumer care about this, or is it dive behaviour? Also rebrands cause plenty of chatter in fashion circles and build publicity – see Hedi’s previous rebrand of SLP. All press is good press, apparently.” says Law.

Hedi Slimane is a designer who likes to put his mark onto a brand and in September it was announced that the French house, Celine would be, controversially, losing its accent. Law and others have been defacing the brand’s posters by returning the accent to the first e.

“For me, it’s a matter of good use of language. As a copywriter and journalist (with a degree in French), diacritics aren’t just a pretty typographic tool to be played around with at the will of a designer, they’re an integral part of the word.” says Law. “‘Celine’ and ‘Céline’ are different words, pronounced differently (‘sell-een’ and ‘say-lean’, respectively).  he says.

reblanding Burberry logo Celine Hedi Slimane

“It’s a continuation of the cult of personality over brand, in both cases. Causing a splash, in whatever way possible, seems to be the aim of the game. With Burberry, I’m disappointed that the logo doesn’t have a more uniquely British feeling, which the old one did IMO – I do love the interlocking TB print though.” says Law. “With Céline, it’s a classic case of Hedi doing whatever he wants. Brands should be aiming to exercise their unique personalities; this uniqueness is what attracts customers and maintains a brand’s personality. Homogenisation might attract sales, at least initially, and while change is obviously necessary, and often good, these two rebrand exercises feel like they’re a bit half-arsed. They’ve succeeded at building publicity, but is that what a logo redesign should do?” he says.

Left - The new logos are all very similar

On the high-street, John Lewis, in September, rebranded as John Lewis & Partners at a reported cost of £10m. Its first rebrand in 18 years and inspired by the company's 1960s "diamond pattern" motif, John Lewis managed to not only complicate its name but also lose its trademark dark green. Opting for safe black, it was yet another example of this reblanding trend.

In an age when these brands should really be trying to expressive confidence in themselves, these boring logos show a striving for safety and an anti-criticism blandness. It’s hard to be critical and negative about something so simple, yet they aren’t memorable or standing out. These aren't utility companies. Fashion’s current love of the sans-serif is definitely missing something.

Published in Fashion
Wednesday, 03 October 2018 13:47

ChicGeek Comment Bye Bye Sales

Sewbots ending sales due to automation and manufacturingWhile the dust continues to settle on the hoo-ha regarding Burberry burning product - who have, miraculously, stopped burning product, BTW - the whole thing is a reminder of how brands deal with waste and what they should do with it. 

Brands don’t want waste. Waste costs money. It also takes time and energy to get rid of it. Waste is a sign of over ordering, and being left with a mountain of stock to dispose of. This is basically what sales are: the motivation to shift unsold stock, shoving it all out the door hoping to make some form of profit, or, at worst, cover its costs.

In an ideal world, they’d be zero waste. What if brands only made exactly what they needed? No more sales, no more outlets, no more burning. Welcome to the future. 

Janice Wang, Founder & CEO of Alvanon, a fashion tech business specialising in helping brands with fit and reducing returns, says, “Our industry is blighted by oversupply. Some 60 percent of the garments we supply are sold at discount, which means we are making too much of the wrong thing.”

Left - The Sewbots are coming

Sales and discounts are hurting retailers. Not only does it negatively affect profits and margins, it also has created an environment where consumers are hooked on discounts and never want to pay full price. It’s a race to the bottom for many retailers and this is putting many out of business. At the beginning of this year, H&M announced it had a $4.3 billion pile of unsold stock. What do you do with it?

“Sales are bad for brands and retailers because they reduce margin and damage a brand's credibility. It makes people question whether products are worth the price they have paid for them.” says Petah Marian, Senior Editor, WGSN INSIGHT.

Fashion retailers are always pushing for efficiencies, but there’s a disconnect, currently, between the speed of ordering and the making to order window which many consumers will not tolerate.

“To become competitive, fashion retailers and brands need to embrace new production strategies and technologies, such as data and intelligence, robotics and digitalisation, to use customer data to provide tailored, on-demand items.” says Wang.

“A responsive supply chain enables brands to react quickly to consumer demands and changing trends. The vision is to reduce lead times from months to weeks to days or hours.” says Wang. “Consumers today live in a constantly changing world. This shapes their behaviour and expectations. They demand newness and immediacy without compromise.” she says.

Sewbots ending sales due to automation and manufacturing

Marian says, “It means less wastage of resources and also the possibility of personalising items for an individual consumer. Less wastage means a more sustainable supply chain, and people value things more when they have participated in their creation.”

Fashion is currently stuck in the past. Buyers have to guess what people will buy and in which sizes, many months in advance. It’s guesswork, and, while they have got faster and more efficient, there is huge margins for error and then you’re left dealing with your mistakes. On the other hand, you could also not make enough of something popular: missing out on full-price sales and leaving disappointed customers.

Right - The type of robots soon to be making your clothes

“Regional and localised sourcing allows retailers to be more responsive to actual customer buying behaviour.” says Wang. “Styles can even be adapted in-season and delivered to stores while consumers still want to buy them. And, at the end of the day, smaller runs of garments that sell at full-price are better than cheaper cost volume runs of garments that have to be sold at discount.” she says.

How many retailers blame the weather for having the wrong product at the wrong time when publishing their financial results? It’s also really bad for the environment.

“Eventually technology will allow us to go from producing things by the millions to producing them by the ones. Everyone is talking about customisation and there’s no doubt that will eventually happen.” says Wang. “It’s the most efficient and sustainable way of manufacturing.” she says.

“You used to go to the tailor and they would make one item for you.” says Wang. “I can visualise that you will customise one unit to order. Bespoke, customised, perfectly fitting items made just for you and only when you order them – it sounds just like a Savile Row offering, only this time it will be purchased from your smartphone.”

Fashion businesses are looking at making items ‘on-demand’, but to make these cost effective and fast we’re going to need automation. Amazon has just patented an ‘on demand’ system: making the clothes once an order has been placed, not before.

It will be robots or ‘Sewbots’, situated closer to home, which will, eventually, be making our clothes. SoftWear Automation, based in Atlanta, introduced ‘Lowry’ in 2015, a sewing robot that uses machine vision to spot and adjust to distortions in the fabric. Though initially only able to make simple products, such as bath mats, the technology is now advanced enough to make whole T-shirts and much of a pair of jeans. According to the company, it also does it far faster than a human sewing line.

SoftWear Automation’s big selling point is that one of its robotic sewing lines can replace a conventional line of 10 workers and produce about 1,142 T-shirts in an eight-hour period, compared to just 669 for the human sewing line. The robot, working under the guidance of a single human handler, can make as many shirts per hour as about 17 humans.

“Retailers will push for this when it becomes cheaper to manufacture products using robots than using offshore labour.” says Marian.

Retailers, factory owners and brands will make huge savings. It will also mean things can be made closer to home so left time and expense in travel. They’ll be no more sweatshops and the robots can run 24/7.

Currently, brands are starting to explore this new idea, but it’s still quite niche and can be more expensive. Under Armour has its new Lighthouse Project, Nike has a new partnership with Apollo Global Management and Adidas' Speed factory.

Adidas currently has a ‘Speedfactory’ in both Germany and Atlanta. The factory is completely automated, and designed to be able to speedily produce limited runs of customisable product or replenish the hottest product selling quickly during the same season. Adidas said it can get shoes to market three times faster in a Speedfactory than with traditional means and hopes the two factories can produce one million pairs of shoes a year by 2020. Adidas will continue to experiment with the Speedfactories, adding new technology and more automated processes to get to a goal of 50% of shoes made by with 'speedier' methods.

This is the future. The future will be shops as showrooms, where you order the item in your specific size and then an automated robot, closer to home, will be able to manufacturer it within an acceptable window of time. Just imagine, something will never sell out. They’ll always have your size. Your better size even. You’ll be able to order something to fit perfectly.

The brands or shops that will thrive will be those with the best ideas or styles. Consumers will be able to customise, within reason, and brands will no longer have to hold vast inventory which ties up capital and kills cashflow. Sales will be a thing of the past and the waste and environmental pollution will be reduced hugely. Clothes could also become cheaper as the labour costs are reduced.

This fashion automation is part of the forthcoming ‘Fourth Industrial Revolution’. It will revolutionise what we buy and how we look. The machines are definitely coming because the industry wants it. 

Read more ChicGeek Comment pieces here

Published in Fashion
Thursday, 20 September 2018 15:21

ChicGeek Comment Is Farfetch a Worthy Investment?

Farfetch IPO should you invest?As luxury online marketplace, Farfetch, debuts on the New York Stock Exchange, I ask, is it a worthy investment?

This isn’t particularly scientific, but, recently, I was looking for a particular AW18 Dries Van Noten jacket I’d seen, in store, in Selfridges. It wasn’t on their website, so I tried Mr Porter. Nothing. So, then I thought I’d search FarFetch. With over 600 boutiques said to be affiliated to their network, and 375 luxury brands, you’d expect a decent selection to come up. Nothing again. 

Left - Is Farfetch high on the list of your luxury searches?

Dries Van Noten isn’t the most ubiquitous of fashion brands, but without a large network of own brand shops, it is usually sold wholesale to designer boutiques and is found in the majority of luxury department stores. It’s big enough. It felt strange nothing was on Farfetch. This isn’t the first time this has happened and the reason why it wasn’t my first place to search.

Farfetch just had its valuation lifted and is set to be valued at between $4.9bn and $5.5bn in its initial public offering in response to investor interest in technology stocks. The shares have a price range of $17 to $19, according to an updated regulatory filing published this week. The original range was $15 to $17. 

Joseph Wong, an investor in luxury fashion stocks such as Burberry, ASOS, Bvlgari and Mulberry, says “Farfetch assimilates some of the best independent boutiques into a common platform. What’s valuable is the technology and the list of stores they represent. For that diehard enthusiast, he/she can do a quick search for that elusive Off-White piece or vintage Chanel piece, with a click to buy option.”

The majority of IPOs are often overpriced. They are filled with hot air to give healthy profits to the founders and early investors. Not to mention the fees to the money men to maximise the price and get the listing on its way. Farfetch, established in 2007, is being marketed as more of a tech company, where the prices are higher, rather than a retail marketplace model which takes a percentage from each transaction sold through its website.

The most recent Farfetch results show revenues of $267.5m in the six months to June 30, 2018, and losses before tax of $68.4m. Farfetch had total revenues of $910 million last year.

To put this in the context of the market, Yoox Net-a-Porter (YNAP), which was acquired by luxury conglomerate Richemont recently, valuing the business at €5.3 billion, and matchesfashion.com was sold to private equity firm Apax for over $1 billion last September. In the 12 months ending Dec. 31, YNAP saw year-end preliminary sales reach 2.1 billion euros ($2.5 billion). Matchesfashion.com recorded group revenue of £293 million ($393 million) to 31st Jan 2018.

“From our research of the luxury fashion market, FarFetch led in terms of traffic capture between 2015 and 2017, and maintains a good reputation. It has a sound business model, good commercials and no flagged operational or customer issues.” says Fleur Hicks, Managing Director of onefourzero, a data analytics and digital research agency based in London.

Farfetch IPO should you invest?

“It is an ambitious listing price, but in the context of the growing luxury fashion market, this could see returns within the next months and years, depending on how ambitious your investment strategy.” she says.

The global fashion industry is, according to a 2017 McKinsey report, valued at $2.4 trillion. If it were ranked, alongside individual countries’ GDP, it would represent the world’s second largest economy. From 2014 to 2018, the luxury fashion industry was expected to grow from 3% to 17% of the total fashion market. Annual online sales growth was expected to be 17% in the US, 18% in the UK, 12% in Germany and a whopping 70% in China, according to the report.

“It’s a good business model within a growing marketplace.” says Hicks. “The return risks of minimised stock and holding outlays look to outweigh the risks associated with reliance upon 3rd party operations, such as delivery. It averages a 30% mark up and thus a 50-odd% margin on operations. Incredible for the fashion industry. Also, the growth rate - 60% this year - is impressive.” she says.

Right - Is the value in Farfetch in its tech?

“Of the competitor set we analysed, Farfetch represented 3.8% of the captured online traffic market, representing the market lead. This competitor set only represented 17% of the potential traffic available (based on digital demand and traffic) and therefore the headroom for brand and revenue growth is huge.” says Hicks.

Farfetch’s future growth is potentially going to come from its ‘White Label’ service supporting brands such as Manolo Blahnik, Christopher Kane, DKNY and Thom Browne in their e-commerce offerings. 

Farfetch have announced many strategic partnerships recently to further enhance the value of the company. These include Chanel, Chalhoub Group, one of the biggest distributors of fashion and luxury goods in the Middle East and the modesty luxury retailer, The Modist. They have also partnered with brands such as Harvey Nichols and Burberry. This is spreading their risk and also leveraging their technical expertise. It’s what Ocado has done in food.

Wong says, “You also need to consider what they will be using the cash raised from the flotation for. When Prada was listed, it was to relieve the billion Euro debt, open more stores and provide an exit plan for the founders.”

Farfetch are investing heavily in technology and this does explain some of the losses. They hope they will be able to charge other brands handsomely for this and the ever important 'big data'. 

Are there any potential waves on the horizon? “Digital commercial disruptors are most likely to threaten large behemoths like Farfetch.” says Hicks. “This would most likely come from Amazon or AliExpress fashion lines and/or new ways to purchase fashion in a more interactive way.  It’s unlikely that this will be a quick transition, so if FarFetch remain on pulse with technological change and consumer movements then they should be agile enough to move with the technical and operational trends as well as fashion trends.” she says.

Wong says, “Businesses are keen to connect directly to consumers, and cut the middlemen: think Kylie Cosmetics, Pat McGrath. This is happening to media industry too: Netflix originals instead of via Sky or Virgin Media. Not sure if Farfetch have addressed such concerns before.”

“There is also the downside for retailers: I once noted a £1500 price difference on a stunning new season McQueen coat: the result of a weak sterling and import taxes levied by a store from the Far East.” he says.

According to Bain & Company, the luxury goods market reached a record high of €262 billion in 2017. Online sales jumped by 24%, reaching an overall market share of 9%. Bain & Company predicts the market will be worth $446 billion market by 2025. Online’s share is expected to be its fastest-growing segment, rising from about 9% to 25% by 2025.

Farfetch IPO should you invest?I think you need to look at Farfetch in the context of being a major player in a fast growing market. The valuation seems to be based upon its potential and the appetite for this type of technology stock. 

I don’t think the name ‘Farfetch’ is particularly well known with general consumers. They need to work on the parent brand and getting its name into the luxury consumer’s head for that initial search. They also need to feel like the Amazon of luxury: all the choice on one site, which takes me back to my disappointing Dries Van Noten search. They could do better with packaging and more Instagrammable things to raise awareness of the consumer side of the brand. 

There also have a lot of variables. They have different stores buying different things in different currencies and it loses something of that personal touch that other retailers seem to nurture and one of the reasons you go to a retailer. 

Left - The online market is growing massively and is set to grow from 9% to 25% of the luxury market

As for selling the tech. to other brands, I think this is where the long-term value is, but they need to be careful not to overstretch themselves and have too many fingers in too many pies. It’s better to do fewer things well. It feels like they are still working out the direction they are going in. They could easily focus on either sides of this business and quietly reduce the other. They need to grow revenues while keeping the costs constant or reduced. They just don't want to lose the momentum.

The price seems, initially, far fetched, (soz), but the long term prospects for luxury online is looking good.  

Published in Fashion

Burberry SS19 review Riccardo TisciBurberry has opted to put all its checked eggs into Riccardo Tisci’s basket. Before a single collection, except for a couple of teaser T-shirts, they’ve changed the logo - 2018 is the year of the bland, officially - found an old monogram in the archive - plastered London (& the world) with it - and really committed to this creative director before a single industry or customer reaction.

Unlike Gucci, who rushed out a quick collection with Michele, and tested the water, this has had a six month build up. Need I remind you what happened at Roberto Cavalli or Brioni when they changed everything for a new creative director.

Left - Burberry's new monogram from the archive

Following the departure of Christopher Bailey - more here - whose rainbow swan song ended an era when Burberry was a fashion leader. The winds of fashion changed, Burberry was no longer as relevant and it’s been playing catch up recently. 

Control, alt, trenchcoat?! The new Chief Executive, Marco Gobbetti, previously at an accented Céline, inserted Tisci, whom he worked with at Givenchy. and proclaims to want to ‘elevate’ the brand and take it away from ‘accessible’ luxury. I’m not sure how accessible the current £1500 trench coats are, btw?

Burberry review Riccardo Tisci

The stock market likes the idea - the share price is up 20% so far this year - and is salivating at the higher prices and bigger profits these more expensive items should generate. If only fashion was that simple.

Cut to Vauxhall, and the first show from Tisci’s new ‘B Series’ Burberry. You can shop his first pieces now – available for 24 hours, only on Instagram.

Right - New Burberry projected onto Global Harbor, Shanghai

First impressions is, it’s big - 133 looks (crazy) - but doesn’t have a clear viewpoint. I would have done a smaller collection - say 40 looks - and kept its message very focussed, strong and styled. 

It looked like a Parisian’s take on Burberry, and maybe something Phoebe Philo would have done, if she’d got/wanted the job. It’s probably too tasteful for the current Burberry customer; they want more check and logos. People go to Zara for these types of clothes, these days. When people buy ‘designer’ they want a statement, they want a recognisable piece and there didn’t seem to be much of that here. 

If Burberry wants to do clothes like this, at these prices, then the quality and cut needs to be flawless. There was a couple of nice takes on the trench. I liked the silk scarf details on one.

Burberry menswear SS19 review Riccardo Tisci

Brands need to highlight something they’re getting behind for that season, be it a bag or a type of coat, and really ram it home. I couldn’t see any key bag styles, and, if they’re going to elevate the brand, like they hope, then it will all be from accessorises to drive the revenue growth.

The male models, with their 80s gelled back hair, had touches of Tisci’s Givenchy in the baggy sweat shorts and luxury sportswear, but there was nothing here you couldn’t get at Boss or Louis Vuitton.

Left - Armed with an umbrella, but where was the Britishness? Burberry SS19 Menswear

I was expecting the new monogram to be on everything, it wasn’t. I feel like that’s a mistake, no matter how tacky it could be. It would be a major sales driver in the all important Asian market and I’m sure we’ll see more in these ‘drops’ of collections we keep hearing about. There could have easily have been a logo segment in this huge collection.

It was chic, at the beginning, with some nice detailing, then the men’s section arrived, and then it got all confused towards the end. Sadly, these aren’t the type of clothes you’ll be thinking about until they come out, there’s just too much good competition.

Published in Fashion
Tuesday, 29 May 2018 21:58

Film McQueen

Is the fashion documentary replacing the book Alexander McQueen filmIt would be hard for a documentary about Alexander McQueen not to be good. His talent was such that, twenty year’s later, the clothes and production can still hold their own against anything produced since.

I can remember watching CNN Style with Elsa Klensch - fashion, beauty and decorating! - this was the 90s remember: no internet and hardly any fashion on TV or in the media - when the ’13’ show with Shalom Harlow being sprayed by the robots was shown and I can remember looking at the TV and feeling the energy through the television. This was fashion as performance, as art, yet relatable and totally modern and contemporary. It opened my eyes and raised the bar.

This documentary is much more personal than the sell-out exhibitions at the Met and, subsequently, at the V&A, and that’s the joy of fashion documentaries - read #ChicGeekComment Is ‘Peak Fashion Documentary’ Killing The Fashion Tome?

The ‘brand’ doesn’t dominate and this is McQueen’s life story split into different sections while highlighting specific shows. His family features heavily - his sister and his nephew - who talk open and honestly about McQueen and things that shaped him, affected him and motivated him.

It was interesting to be reminded of the raw yobbishness of 90s McQueen. The Burberry check shirts, the gold necklaces and the complete lack of self image. For somebody with such good taste in designing and cutting clothes, it never really moved onto him or around him He didn’t seem interested in dressing the part or living that kind of life surrounding by beautiful things and I think this is where Isabella Blow came in. She was everything he wasn’t: obsessed with how she looked, aristocratic, living surrounded by antiques and beautiful heirlooms in her country house.  

Opposites attracted, but they had an affinity with their darker sides. Both committed suicide and would use their creativity as a mask as well as a crutch.

This documentary is intense and it’s comprehensive - about 95 minutes - I think by the time it hits Netflix I would split it into 2 episodes. People like looking forward to watching a second instalment.

What Alexander McQueen had was not only imagination, but the technical skills to make clothes worth spending money on. As Tom Ford says in the film, when the theatrics and show-pieces were stripped back what was left on the hanger was some of the best cut and more stylish clothes ever.

Eight years after his death we’re still just as fascinated by his life and his place in the fashion history books alongside people like Yves Saint Laurent and Balenciaga is assured. It’s just a shame his career wasn’t as long, because, being selfish, I wanted so much more.

Published in Fashion
Friday, 23 March 2018 14:16

Style Icon Tate Britain’s The Squash

The Squash Tate Britain Style Icon Anthea Hamilton

A mysterious style icon has suddenly appeared. Inhabiting the hallowed halls of Tate Britain, this new character looks like a badger from a Shakespearean fantasy. Called ‘The Squash’, it is an immersive installation combining performance and sculpture by 2016 Turner Prize nominee Anthea Hamilton. 

The Squash Tate Britain Style Icon Anthea Hamilton loewe shirt matchesfashion.comThe Squash has been created for the annual Tate Britain Commission, supported by Sotheby’s, which invites contemporary British artists to create new artwork in response to the grand space of the Duveen Galleries.

Left - All about the stripey Squash

Right - Loewe - Striped Asymmetric Cotton-Canvas Shirt - £795 from matchesfashion.com

The Squash Tate Britain Style Icon Anthea Hamilton

Anthea Hamilton has transformed the heart of Tate Britain into an elaborate stage for a continuous 6-month performance of a single character, dressed in a colourful squash-like costume. Over 7,000 white floor tiles have been laid to span the length of the galleries encasing a series of large structures that serve as podiums for a number of works of art from Tate’s collection, chosen by Hamilton. 

Right - The Squash has seven costumes designed in collaboration with Creative Director Jonathan Anderson at the fashion house Loewe

The artist is influenced by the early 20th century French writer and dramatist Antonin Artaud and his call for the ‘physical knowledge of images’, it is this bodily response to an idea or an image that she wishes to examine in The Squash

The Squash Tate Britain Style Icon Anthea Hamilton Dsquared2 white ruffled menswear Far FetchHamilton has designed seven costumes in collaboration with Creative Director Jonathan Anderson at the fashion house Loewe, that incorporate the colours and shapes of varieties of squash or pumpkin. The performers get to select a costume each day, informing and reflecting their individual presentation of the character as they inhabit the space. 

On trend, The Squash is rocking vertical stripes and ruffled shirts in his clinically tiled play area. Get the look with a striped shirt or go for white ruffles; the bigger, the better.

Left - DSQUARED2 - Ruffled Bib Shirt - £415 from FarFetch.com

 

The Squash Tate Britain Style Icon Anthea Hamilton burberry riding shirt matchesfashion.comRight - Burberry - Herringbone Cotton Tie-Neck Riding Shirt - £495

The Squash Tate Britain Style Icon Anthea Hamilton

Left & Below - The Squash gets to play in Tate Britain's Duveen Galleries 

Like Stripes? See The Beetlejuice Striped Suit

The Squash Tate Britain Style Icon Anthea Hamilton

Published in Fashion
Thursday, 01 March 2018 11:01

ChicGeek Comment Riccardo Tisci @ Burberry

Riccardo Tisci Burberry Creative Director The Chic Geek

Burberry announces Riccardo Tisci as Chief Creative Officer effective 12 March 2018. 

Well, the cat is out of the bag and Christopher Bailey’s replacement isn’t Phoebe or Kim, but Riccardo. Something of a Creative Director curve ball, he was speculated to go to Versace, this is an exciting signing - how Premiership?! - because he could take Burberry in any direction.

Left - A sign of things to come? Tisci's Burberry Cromwellian warts 'n' all portrait

While it was all about luxury sportswear at Givenchy, during his 12 years there, his style was more American, masculine and darker in feeling, but it all started to look a bit done when Vetements arrived with its dress-down aesthetic. I think Givenchy wanted to make the brand more feminine and focussed on women’s accessorises. While he grew the ready-to-wear he seemed to neglect the beauty and accessory side.

Burberry is more slanted towards ready-to-wear, so this could be good, but I thought they wanted to grow their accessorises business?

So, Burberry opts for an Italian. Tisci’s studied and worked in Britain before, he used to be a branch manager of Monsoon, which I love, so he’ll have some idea on Britishness and also bring a fresh perspective to it. Out go the Rottweilers and sharks, and in come Corgis, Greyhounds and Beagles maybe?!

I think ‘See Now, Buy Now’, will be shelved and his first, proper full collection will be for SS19. It’ll be interesting to see whether he takes on everything like Bailey did. If the Creative Director does the stores, windows, campaigns, beauty, everything… you get a feel, faster, of how the brand is changing and its new direction. He'll give menswear as much focus as womenswear which is good.

Burberry has a big, new store opening in Knightsbridge, so it’ll be interesting to see if Tisci has time to have any input and make changes before that opens. 

Burberry is Britain’s biggest luxury brand. It’s strongest market is arguably the Chinese, at home and abroad. Keeping these consumers happy, buying and increasing will be the main future goal of any Creative Director. But, if he can please the fashion crowd, and instil much needed excitement, then it’ll keep the business growing and the shareholders happy. I think his window to make this happen will be much smaller at Burberry than at Givenchy and they’ll want to see positive change and fast. Will an Italian do it better?!

See TheChicGeek's Ode To Christopher Bailey - here

Published in Fashion
Tuesday, 02 January 2018 18:07

The Chic Geek Style Awards 2017

Happy New Year, Chic Geeks. What a crazy year. Things all went a bit Back To The Future II with our Trumpian dystopia, jaffa cakes got reduced from 12 to 10 in a box - the tragedy! - and online started to really eat into, and effect, traditional retail models. 

It feels like we’re in an in-between period, right now, looking to the past, while waiting for the future. Prepare yourself, it’s definitely coming. Here’s a bit of TheChicGeek looking back, rewarding and remembering the past year. 

Join in on social media with #TheChicGeekAwards 

Chic Geek Menswear Style Awards Balenciaga Brand of Year 2017

Best Label of 2017 Balenciaga

You had me at ‘rubber car mat skirt’. Anybody who can make a blue leather Ikea bag, at £1800, desirable, is on to something. Demna Gvasalia, the Georgian fashion designer, has made looking drab and unglamorous an art form. While not a massive fan of Vetements - his own label - Balenciaga still has some of the luxury polish left which makes something desirable. ‘Interesting’ could be the word, but what he does with this label is make you think about what you are looking at. It makes you question what you like and what you don’t, and that has to be interesting, no?

Left - Balenciaga Lookbook SS18 Glamour!

Chic Geek Menswear Style Awards Martine Rose Menswear Brand of Year 2017

Best New Label of 2017 Martine Rose

Before you scream 'it’s not new' at me, I know, but this year Martine Rose broke through. After 10 years on the margins, and, I’ll be honest, I never really quite got it, everything changed and fashion turned towards her style. 

She also started working at Balenciaga, above, and, used their manufacturing, giving her collections the polish it needed. She's making some of the best items of the season and if you’re into fleeces and cycle shorts, you’ll be in 90s heaven.

Left - Martine Rose SS18 - One of the must-have menswear pieces of the season - more about that later

Below - Boohoo has just launched activewear for men

Chic Geek Menswear Style Awards high street brand boohoo man 2017

 

 

 

 

 

 

 

 

 

 

 

 

Best High Street of 2017 Boohoo Man

Manchester based Boohoo has expanded hugely over the last few years. It was founded in 2006 by Mahmud Kamani and Carol Kane who previously supplied high street chains such as Primark and New Look. 

Boohoo recently announced plans in June 2017 to build a 600,000 square feet (56,000 m2) warehouse, costing £150m over the next three years, and would offer the capacity to deliver annual sales of £3 billion, alongside their existing Burnley warehouse. 

One of the most successful British online retailers, Boohoo has massive potential and is doing really well in the US. In fashion terms, it’s fast and cheap, and this is the only way to survive and thrive in this market, aimed at 16-24 year olds.

While they nod to the trends, Boohoo makes clothes these people want to wear and while they aren’t all hits, there’s enough choice to be able to make a selection to reflect your personality or the character you want to be that day. Affordable, yes, disposable, yes, but this market is fickle and you’re only as strong as your last product, but there’s plenty here to get excited about and it’s only going to get bigger.

Chic Geek Menswear Style Awards La Roche Porsay Anti Shine Mist SPF 50

Best Grooming Product 2017 La Roche-Posay Anthelios Anti-shine Invisible Fresh Mist SPF50

Anything that protects, is easy to use and you’re not conscious of wearing, is the Holy Grail of grooming products. This spray goes on like a light mist and offers a high SPF protection. Sun damage is the biggest factor in visible ageing and anything that makes it simple and quick to add a layer of protection has to a good thing. You’ll actually enjoy using this and it shouldn’t just be restricted to the summer months.

Left - Get one of these for your holiday and then carry on using it - more here

Chic Geek Menswear Style Awards Grooming Brand of the year 2017 Perricone MD

Best Grooming Brand 2017 Perricone MD

The best grooming brands are those which make you feel like you’re in a knowledgable and safe pair of hands. Dr Perricone’s MD brand launched this 3-part men's CBx range, this year, containing a face wash, post-shave product and a moisturiser.

The 'CBx' part is a reference to Phytocannabinoids. Phytocannabinoids are non-psychoactive cannabinoids derived from the cannabis sativa plant - hemp. 

Expensive, but it feels like you’re getting more than fancy packaging here and with a new supplements range out this year - 2018 - and twists on his cult products, I think I’m going to carry on being a big fan. 

Above - Dr Perricone's first men's range - read more here

Chic Geek Menswear Style Awards men's fragrance of the year Tom Ford Fucking Fabulous

Fragrance of the Year 2017 Tom Ford’s Fucking Fabulous

Picture the scene: Tom Ford walks into Esteé Lauder’s New York headquarters. He’s here to talk about the future of his cosmetics and fragrance business. It gets to new fragrance names. We have a new ‘oud this’, ‘something leather’ that, it’s all very predictable, and then, suddenly, somebody suggests, how about ‘Fucking Fabulous’? The room laughs. We all say it, don't we?!

The execs at Esteé Lauder look at each other, want to carry on laughing and then move over the joke. But, Tom’s feeling cheeky and he wants the name to stick. 

No other brand would do it and that’s the power of having your name, and the power that goes with it, on the product. Nobody is going to question Mr Ford. What he says goes and this is why many fashion companies struggle. It’s all bit beige, a bit done by committee, nobody is willing to stick their neck out. Especially in conservative America. 

Okay, so I’ve made this story up. But, this will be the fragrance people will remember from 2017. It’s just a shame the actually scent doesn’t live up to the name and is a cult for more than its name. If this had a memorable and individual scent it would be unstoppable. I just love how they have to blank out the f-word on the adverts.

Above - More than a name? Fucking Fabulous by Tom Ford 

Chic Geek Menswear Style Awards Most Stylish TV Programme The Deuce 2017

Most Stylish Programme 2017 The Deuce

If you know me, you’ll know I love a bit of 70s style. Think the pimps from ‘Live & Let Die’, and you’ll get an idea about the wardrobe for The Deuce. James Franco, annoyingly, and unnecessarily, plays twins in this, but Maggie Gyllenhaal steals the show. It’s a mix of mafia, prostitutes, pimps and punters in this grimy yet quite glamourous take on bankrupt 70s New York.

Left - The Deuce's pimps getting pimped

Chic Geek Menswear Style Awards Topman Stranger Things Menswear Collaboration 2017

Best Menswear Collaboration 2017 Topman X Stranger Things

The right product, at the right time, driven by a massively popular Netflix series made this a big success for Topman and Topshop. It’s been a tough year for Topman and they need to think clever in order to take on the ASOSs and Boohoos of this digital world. Think ringer tees and washed denim in a collection of early 80s teen-wear.

Left - Taking a trip to Hawkin

Chic Geek Menswear Style Awards Christopher Bailey Special Award Menswear Brand of Year 2017

Special ChicGeek Award 2017 - Christopher Bailey

Bailey is Burberry and Burberry is Bailey. The giant luxury goods company we see today has been created thanks to his creative design, direction and his attention to detail. This doesn’t mean it can’t change, it just means, in my opinion, it will never be as good.

For many years, Burberry was flying high. It tightened up its licensing and became a must-have for the newly rich Chinese. 

It’s hit the buffers recently, so it’s probably time for something new, but some of those Bailey/Burberry collections were some of the best of their time. Leather sleeves on jackets? Yes, Mr Bailey. He made heritage Britishness modern and exportable and gave it a gloss that made you proud that Burberry was British. Read more here

Left - 2018 is the year Burberry waves goodbye to Christopher Bailey, what will he do next?

Chic Geek Menswear Style Awards 2017 Jeff Koons Louis Vuitton Turkey Bags Da Vinci

Turkey of 2017

Jeff Koons for Louis Vuitton was a double take when it first appeared on Twitter. What looked like a collection of bags straight from the back of a Chinese counterfeit operation, was, in fact, a collaboration with one of the world’s most successful artists. This tacky collection hijacked some of the world’s greatest artists and their most famous paintings and then emblazoned their name all over it: as if you were too dumb to recognise them. If you need a gold “DA VINCI” on your Mona Lisa then this collection was for you.

Left - Never actually seen one on the street, maybe rarer than the real thing?!

What are your thoughts? #TheChicGeekAwards

Published in The Fashion Archives
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