Displaying items by tag: Bottega Veneta

Wednesday, 04 November 2020 13:23

ChicGeek Comment How Will Fashion Wake?

how will fashion wake post covidHibernation, coma, mothballed; however you want to label it, fashion would have been in a very deep sleep before all of this is over. Even if we’re being optimistic, and life returns to a sense of normality in the spring, it would have been nearly a full year of disruption. Fashion would continue to be affected well into 2021, without fashion and trade shows in at that time to show AW22 and and we would be not fully back to normal until spring 2022 at the earliest, when the fashion cycle would have resumed.

Left - Sleeping Beauty woke up to something good, but what about fashion?

In the classic fairytale, when the princess was cursed to sleep for a hundred years she was awakened by a handsome prince, but what will be waiting for ‘fashion’ and what state or style will it be in?

Let’s recap where we were at the beginning of this disaster. All the Kering brands - Saint Laurent, Gucci, Balenciaga - were flying. Gucci was slowing but still steaming ahead and was hopeful on becoming the world’s largest luxury brand. Bottega Veneta was gaining momentum and hype was translating into sales.

At LVMH, Louis Vuitton was still the major cash cow, Dior seemed to be doing well in sales rather than critical success and Celine was doing a stealth commercialism which, I’m sure, was being reflected in sales and exactly what Slimane was hired for and what he did previously at Saint Laurent. The main style was a mix of Gucci’s dress-up maximalism and embellishment and contemporary sportswear based on fugly chunky trainers and overpriced loungewear.

So, what can we predict for the future?

It might be worth casting an eye back in history. We’re told by the Bank of England boffins that this will be biggest recession in 300 years. Based on the bank's own best estimate and historical data, the coronavirus crisis could push the British economy into the fastest and deepest recession not seen since the huge economic slump of 1706 and the Great Frost of 1709. This was a baroque period at the beginning of Georgian Britain when fashion designers became more recognisable and fashion magazines appeared for the first time. While we’re too far away to know the minutiae of hemline changes, but it was certainly the beginning of a new era of British style and design.

The most popular comparison has been with Spanish Flu in 1918-19. After that came the Roaring Twenties, one of the most modern and dynamic decades of the 20th century. After WWII we got Christian Dior’s New Look. And while it was a feminine look back, it propelled fashion forward into the next decade and was hugely influential.

China luxury fashion gdp

The troubles of the 1970s gave us punk and the recession of the early 90s was reflected in American Grunge.

The most recent 2008 financial crash was all about the rise of China, and, undoubtedly, the growth in billon dollar brands and the associated logos and status.

Right - GDP growth of the world's three biggest economies - USA, Japan & China

While this is all simplistic, it offers some form of hope.

During the 20th century many economists cited the 'Hemline Theory'. It being the current fashion’s skirt length are a predictor of stock market direction. According to the theory, if short skirts are growing in popularity, it means the markets are going to go up.

Probably lucky everybody is wearing tracksuits right now.

And then there’s the ‘Lipstick Effect’, which is when consumers still spend money on small indulgences during recessions, economic downturns. For this reason, companies that benefit from the lipstick effect tend to be resilient even during economic downturns.

Market research firm Kline found evidence for the lipstick effect through four recessions from 1973 to 2001. Though during the financial crisis of 2008 lipstick sales dipped disproving this theory. Add a face mask and it doesn’t look like lipstick sales will be picking up anytime soon...

So, where does that leave any predictions post-COVID?

Here goes:

1) China will dominate even more. GDP Annual Growth Rate in China averaged 9.23 percent from 1989 until 2020. China’s gross domestic product expanded by 4.9 percent over the third quarter of 2020 on rising trade and consumption. According to the Wall Street Journal, it is “putting China’s economy back toward its pre-coronavirus trajectory half a year after the pandemic gutted its economy.” Brands are using China and Asia to currently support their businesses and as such more products will be tailored to these markets. China will fuel the growth in ‘Power Brands’ owned by the big groups and events like the Christian Dior, Designer of Dreams exhibition opening in Shanghai, following its success in Paris and London, will help to further educate and create this branding magic within this market.

2) Fashion will be more woke when it wakes, but the progress we were making on greening fashion will slow as many firms fight for survival and any expensive new initiatives will be put on the back burner. This is a fight for survival so we’ll see inexpensive greenwashing.

3) We’ll see a whole raft of new start-ups in the middle of next year, to launch later on that year, or in 2022. Many will be kitchen table brands with a strong and individual personality behind them.

4) Local will continue to be a focus and we’ll see more ‘luxury’ Bond Street type brands consider smaller stores in affluent neighbourhoods and design them in a less international and generic style and more of the locale.

5) They’ll be a slower reaction to the bad quality of most ‘luxury’ fashion, which will further fuel ‘fast fashion’.

On a purely aesthetic level, will people continue to want the escapist approach from brands like Gucci and what we saw during the glam 1970s downturn, or will we see a more austere and minimal look mirroring the rise in unemployment and shrinking of people’s disposable incomes? Well just have to see. Whatever happens it can't be too literal or obvious. The consumer is more sophisticated than that.

Fashion is too big now to follow the dictatorial approach of hemlines and lipsticks theories of the previous century. But, what is positive is the desire for consumption. That hasn't gone anyway. While remaining, big brands will try and monopolise for a while, we’ll see fast growing start-ups, from the most unexpected of places, give them a run for their money in a less competitive landscape which will have plenty of scope for growth due to brands disappearing.

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Published in Comment

Diagou reseller DiorDespite the unprecedented turbulence in the world’s retail markets the luxury conglomerates reported strong bounce back results this month. Both LVMH and Kering, two of the world’s largest luxury goods groups, reported extremely strong sales in the third quarter of 2020.

Left - Dior AW20 - Many luxury brands no longer have limits on how much people can buy

Considering many people aren’t even leaving the house, letting alone travelling, it was surprising to see that LVMH saw sales at its fashion and leather goods division rise 12 per cent to €5.9 billion. This was much higher than market expectations and saw standout performances from the Louis Vuitton and Dior houses. The LVMH results said Christian Dior “showed remarkable momentum.” while Louis Vuitton “continued to display exceptional momentum and creativity”.

Kering too reported better than expected results. Revenue in the third quarter totalled €3.72 billion, a fall of 4.3 per cent, but representing only a decline of 1.2 per cent in comparable terms. This represented a sharp rebound after second-quarter comparable sales had plunged by 43.7 per cent.

Kering’s main cash cow, Gucci, saw revenues rise sharply in the third quarter, compared with Q2, with revenue only down 12.1 per cent, whilst retail sales were down 4 per cent on a comparable basis. Gucci reported a 43.7 per cent rise in North America and a 10.6 per cent growth in Asia-Pacific. LVMH too saw strong spending and growth in Asia and the US.

What could be behind this huge recovery surge?

Luxury companies always had a good ‘problem' in the Chinese phenomenon of ‘Daigou’. Daigou or 'Surrogate Shopping' is a term used to describe the cross-border exporting in which an individual or a syndicated group of exporters outside China purchases commodities for customers in China. Often these are luxury goods from big-name designer houses. The main reason Diagou exists is because of the price differential in the Chinese market and buying abroad is often far cheaper even after the middle men take their cut. There is a huge amount of money to be made because of the volumes and value of the goods.

Many luxury companies tried to limit the amounts sold to Diagou so as to preserve their exclusivity and not flood the market. Rarity and scarcity naturally make things more desirable. But, it appears that some of the biggest fashion houses have opened the floodgates to these buyers and organisations, no longer limiting the amounts they can purchase. Having buyers queuing up and wanting to buy as much as you can give them looks like a temptation few brands could resist as they saw their sales fall off a cliff due to COVID 19.

At the end of 2018 it was announced that Kering was ending its joint venture with Yoox Net-a-Porter and taking charge of the e-commerce for its brands including Alexander McQueen, Saint Laurent, Balenciaga and Bottega Veneta. The partnership was slated for renewal in 2020, by which time Kering’s digital operation, which looked after Gucci separately, would have, hopefully, matured to an advanced level.

Diagou reseller Dior

While many of the world’s busiest luxury streets have been quiet since the beginning of 2020, Kering has been using its stores to process online orders rather than its warehouse in Bologna, as it had done previously.

Right - Diagou sending Dior gifts to China?

These ‘distance sales’ are up 25 to 30 per cent throughout the group and, according to an unnamed source, they are now letting the Korean and Chinese Diagou traders buy everything they want.

“The fact that the traders are now allowed to get what they want definitely helps those brands. Even at Dior, they can buy without restrictions now.” they say.

“Some companies do it everywhere. Particularly Louis Vuitton. And Dior. For the Kering Group, before the confinement, they had vague procedures that were changing depending on what items were selling. For example, for whatever reasons, some stores were selling huge amounts of the same item (usually cheaper leather goods with a logo, like pouches). When that happened, some accounts were flagged by the directors. There is a system at Kering called ‘Luce’ where you can see who bought a particular item. Every time, a trader would come, the sales assistant had to check their purchase history.

"At one point, they also checked that the credit card they use matched their profile name. (Companies would send different people who would all use the same company card. That was flagged during audits). After the confinement, every company has relaxed the procedures. I know some traders and they told me that for instance, at Gucci or Moncler, there are no limits on items purchased.

“Even Dior doesn’t do limits of items anymore. Although I hear that Louis Vuitton and Goyard still check accounts. At Saint Laurent, there is a limit of 3 of the same item per transaction. (But they can come every day and buy 3 items - they couldn’t do that before). I understand it is happening everywhere. Also, brands like Dior have resumed doing export sales. But Saint Laurent still refuse export sales unless the client has a good reason (if there is no store in their country that carries what they want to buy). It used to be a huge market for the brands until about 2 years ago when they decided to stop it all ‘to protect the markets in Asia and the Middle East’ mostly.”

Export sales are by a foreign buyer asking for it to be shipped to their territory from a store overseas. The Korean and Chinese traders often buy closer to home in other Asian markets. The Koreans are now the biggest traders selling into China.

“When they used to call stores and ask for an export sale, they would be able to have the VAT off and the European price.” says the source.

Many Daigou are or work with sales staff, using their staff discount as an extra price differential. But, it is not really possible anymore at some brands, like YSL, because they've put a limit on staff purchases. However, the limits are not imposed throughout the Kering group and Gucci doesn’t have limits. I regularly see or hear of people buying the same products. The directors have started to flag it.” says the source.

“One would think the procedures would be the same throughout the group, but it varies drastically and depends on the CEO/ Director’s decision. There are so many odd decisions though. For instance, I heard that Gucci had cancelled the VIP discounts ... which doesn’t make a lot of sense.

Diagou reseller YSL China Chinese consumer Covid luxury brandsThere are limits in the stores but not online for Kering.... which is beyond stupid. Again, something that doesn’t make sense.

“At Kering, there is a separate online system called 'Sellsy' which is like ordering online, but through the store stock. The directors can check the accounts and stop some people from buying (if they suspect that it is for resale), but the traders can call the stores (if they cannot find items in the website) and use a different name. The credit card used cannot be checked by the stores.” says the source.

Left - Saint Laurent AW20

“Although they are starting to check the accounts again. I heard that one Korean trader got flagged and is not allowed to buy anymore. But I am sure he still does.... using various names. Some clients have more than a dozen profiles.... with same email but variations of their name. Quite surreal.” the source says.

Speaking to a Diagou reseller in China, via WeChat, they say they have direct cooperation with many of the brands, but nothing is ever ‘official’. Louis Vuitton is the best seller, followed by Dior, then Gucci. They say that COVID 19 has forced the luxury goods companies into this loose cooperation. 

As for the end consumer, “Most of the clients don’t know anything about luxury. They just want to show off”. says the owner of the Diagou store on WeChat. “They don’t even have passports.”

Asked which products were most in demand at the moment and from which brands. “Every season is different. Which one is best depends how we promote.” they say.

Diagou buy and then export the goods themselves with their commission priced in. It will be interesting how the UK Tax Free shopping changes - Read more here - alters things for Daigou buying in the UK. But, then, the vast majority of reselling sales are made in more localised markets to China, hence the huge uplift in Asia.

What it does signify is the continued huge demand for named luxury goods. Which is a good sign for the industry overall.

Daigou has always been a game of cat and mouse for the brands. In one respect, this great demand is flattering for any brand, but they also want to be extremely protective of their image and how their goods are sold. COVID 19 was a massive jolt for any business and it’s understandable why many brands panicked and became more relaxed about knowingly selling to Daigou for resale into China. It could explain some of the huge bounce back in Q3 sales.

COVID created a vacuum and distorted the balance between buyer and seller. The luxury brands have turned the taps on for the Daigou market. Just don’t expect them to be on for too long.

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Published in Comment
Thursday, 02 January 2020 17:56

The Chic Geek Style Awards 2019

The Chic Geek Awards 2015As we end the decade, it’s time to look back at the highs (& low) of its final year and acknowledge those doing great things in men’s grooming and fashion. Hype is still just as important and the mega brands just keep getting bigger, but the great thing about fashion, and the reason I love it, is good ideas can come from anywhere. 

Here’s to 2020 being the year of the Fashion Wanker - BUY TheChicGeek's new book - FASHIONWANKERS - HERE and owning it. Remember, it takes one to know one!

Chic Geek Style Awards 2019 Bottega Veneta best menswear brand

Best Label of 2019 Bottega Veneta 

Just as Gucci starts to slow, Kering has Bottega Veneta creating all the hype thanks to it’s new British designer Daniel Lee. A graduate of Central Saint Martins College of Art, he has worked at Maison Margiela, Balenciaga and Donna Karan. Prior to joining Bottega Veneta, Lee was Director of Ready-to-Wear Design at Céline and he’s created a strict yet sexy reinterpretation of the Bottega Veneta signatures such as their basket weave leather. 

It cools yet strict, minimal yet interesting and its influence is now everywhere.

Left - Bottega Veneta SS20

Chic Geek Style Awards 2019 Carne Bollente best menswear brand

Best New Label of 2019 Carne Bollente

Carne Bollente is an independent Paris-based brand established in 2014 by Hijiri Endo,

Théodore Famery and Agoston Palinko. They focus on the relationship between sex and positivity, to allow people to embrace their own sexuality and kinks through their clothes. By pairing straightforward streetwear staples with scenic sex illustrations, which manage to cover a wide scope of sexual taboos without verging on the problematic, Carne Bollente inject irreverence and provocation into no-frills basics.

Left - Carne Bollente - Bimbo Unchained 2 Blue Denim Jacket - €230

 

 

 

 

 

Chic Geek Style Awards 2019 Jaded London best menswear brand

Best High Street of 2019 Jaded London

The High-Street became something of a dirty word this year. It’s tough out there and menswear has been hit harder than most. While some brands ditched menswear entirely, others have taken the plunge and really gone for it. 

Fun and affordable, Jaded London gets on all the big trends without the price tags. The made for Insta clothes are by brother and sister team, Grant and Jade Goulden, who launched in 2013. Dior Saddle bag for £40, anyone?

Review 
Gillette Heated Razor Labs tried testedBest Grooming Product 2019 GilletteLabs

This year we were introduced to the first heated razor and its good. Part of the new ‘GilletteLabs’ stable, the stainless steel warming bar has adjustable temperature levels and a wireless magnetic charging dock to make this a revolutionary shaving sensation. Much higher than the usual Gillette price tag, it will be interesting to see how popular this has been.

 

Left - GilletteLabs - Heated Razor - £199

Best Grooming Brand 2019 Baxter of California 

It’s getting increasing difficult to stand out in the crowded men’s grooming market and with everybody jumping on the unisex band wagon anyway, where does it leave it? Baxter of California now has the expertise of L’Oréal behind it and is a reliable mid-priced grooming brand. Based on its Californian surf heritage since 1965, it was one of the first in men’s grooming. For an everyday easy product I swear by the Oil Free Moisturiser. 

Below - Baxter of California - Oil Free Moisturiser - £24

Chic Geek Style Awards 2019 Baxter of California best grooming brand

Review 
Ostens Patchouli No.1 perfume tried testedFragrance of the Year 2019 - Ostens Impression Patchouli Heart No.1

Ostens was a new fragrance brand this year and completely won me over to patchouli.

This scent by Domitille Michalon-Bertier includes rosemary, lavandin, lavender absolute, immortelle absolute LMR, ciste labdanum absolute and is gorgeous. Easily my favourite of the year.

Left - Ostens Impression Patchouli Heart IFF-LMR No. 1 - 50ml - £85

Chic Geek Style Awards 2019 Chernobyl best programme

Most Stylish Programme 2019 - Chernobyl

Possibly not the most stylish, but definitely the most memorable and impactful. Chernobyl took us on a jaw-dropping adventure in 1980s Ukraine charting the meltdown of the nuclear reactor. The wardrobe of drab Soviet suiting and military garments seemed to bookend the current trend of vintage dress down.

 

 

 

 

Chic Geek Style Awards 2019 best collaboration moncler genius

Best Menswear Collaboration 2019 - Moncler Genius 

Moncler did the clever thing for our short attention span times and commissioned a new designer to do a new collection every few weeks and keep dropping throughout the season. Designers have included Craig Green, Simone Rocha, Pierpaolo Piccioli of Valentino, Richard Quinn, 1017 Alyx 9SM and Palm Angels, along with two of the brand’s own labels, 1952 and Grenoble.

It has kept it fresh, reliable and is producing some of the best outerwear to suit every fashion wanker’s taste.

Left - Craig Green Moncler Genius

Drakes Savile Row cozy retail designSpecial ChicGeek Award 2019 - Drake’s

Charting its own preppy course, Drake’s has stealthy positioned itself as the bastion of contemporary classic British menswear. The new store on Savile Row shows they’re continued success and with Michael Hill’s tasteful eye over everything, it’s the most colourful quality menswear you’re going to find anywhere. Expanded far beyond its original silk ties and accessorises, it’s now a full men’s outfitters and the type of British label the Japanese and Koreans go crazy for.  

Right - Drake's new Savile Row store

best dressed timothee chalamet 2019Most Stylish Man of 2019 Timothée Chalamet

A best dressed person is somebody you can’t wait to see what they put on next. Anybody who leaves you guessing and then smashing it out of the park is always the most interesting and therefore crowned best dressed. 

This year I recognise Timothée Chalamet who famously said he doesn’t have a stylist. “I don’t want to work with a stylist or anything. I’ve been following designers like Raf, Haider Ackermann, Hedi Slimane—these guys are like rock stars. They’re artists.” he told Frank Ocean in a Q&A for VMan magazine in 2018.

Hi skinny frame and romantic locks have made him a youthful menswear pin-up who isn’t afraid to try something new.

Burberry turkey 2019

Turkey of 2019 - Burberry 

I just don’t get it. Riccardo Tisci has stripped all the personality out of Burberry. Rather than building on Christopher Bailey’s legacy and momentum, he seems intent on doing the opposite. Prices have gone up and the original ideas have gone down. It all just looks like it’s trying too hard and doesn’t have any identity. 

It’s seems intent on ignoring the hero product of the trench and opting for gimmicks. If the Chinese stop buying, they’re going to need to change things quickly. It will be interesting to see whether sales are sustained at a label that has lost its kudos amongst the fashion crowd.

Burberry - Large Logo and Kingdom Detail Nevis Backpack - £1090

 

 

Published in Fashion

boring mono luxury websitesWhen was the last time you felt truly inspired by a luxury brand’s website? Regardless of the cute little illustrations or achingly cool ad campaign flipping past, mono-luxury e-tail hasn’t really moved on over the past decade. It’s as though they still feel the brand is enough. 

People don’t dress like this, and just to replicate the physical store online is to create a glorified warehouse or catalogue, which doesn’t take into account the element of personality, pampering and leisure which makes physical shopping a pleasure for many and the reason most people desire these brands in the first place. It’s not seductive.

Left - Celine.com - Have mono-luxury sites moved on in the last decade?

During this same time period, multi-brand luxury retailers such as matchesfashion.com, Far Fetch and Net-A-Porter have grown their turnovers into the hundreds of millions of dollars thanks to their ability to tap into people’s desires for newness and vast amounts of choice. These retailers are basically online fashion department stores just minus the fridges and toasters. People like to skip between brands and cherry pick items across them in the most efficient use of their time. Going onto individual, mono-brand websites, especially if you don’t know what you want, feels like a blinkered process and like you’re not getting a full view of the fashion landscape. It also feels, on the majority of sites, as though there isn’t much on there. It is just isn’t very satisfying.

Last week, Farfetch Chief Executive, Jose Neves, predicted that brands would pull out of multi-brand retailers online and operate as e-concessions on marketplaces instead, much as they have done in bricks-and-mortar department stores. And, last year, Kering announced it would take some of its biggest e-commerce websites in house, by the first half of 2020, putting an end to a seven-year joint venture with Yoox Net-a-Porter (YNAP).

Kering’s online sales made up just 6% - this is against 18% of UK retail as a whole - of its 6.4 billion euro turnover in the first half of 2018, but it did grow by 80 percent in the third quarter, faster than revenue growth in department stores or its own shops. If these brands want to reflect general online retail sales they will need to double or triple the percentage of sales coming from online.

Taking back control of the Alexander McQueen, Bottega Veneta and Balenciaga websites will allow Kering full access to information such as client data.While this is great for the brands and the back-end, tech side, customers will notice little difference unless they have a radical rethink of how they present their brands on the front-end. Consumers are used to scrolling and discount incentives to drive sales which many of these brands, outside of sales season, won’t offer. It can also feel very clinical.

According to a report by Deloitte “Big data may help luxury brands to provide personalized and superior customer service through consumer segmentation, behaviour and sentiment analysis, and predictive analytics. Several luxury brands, such as Louis Vuitton, Burberry, Tommy Hilfiger, Dior and Estée Lauder, have already started to take advantage of these technologies, using AI-powered technologies, such as machine learning and analytics, to offer more personalized and timely customer services. They implemented their own AI-powered chatbots and now can sell products using targeted marketing, personalization, and timely automation.”

boring mono luxury websites saint laurent

In November 2018, Kering created a data science team at group level to improve the service and shopping experience of its clients. Kering intends to get real-time 360-degree view of its customers to deliver rich and personalised experiences and meet their specific needs. LVMH, doesn’t break out separate online sales information, but they did reveal that the group's online sales rose by more than 30 percent in 2018. Ian Rogers, the first ever chief digital officer of the LVMH group, told Wired, last year, that he doesn’t like the word "digital" and he has the very tricky job of matching the luxury online customer journey with the pampered, indulgent experience IRL.

“It’s not the case that luxury shopping becomes self-serve on the internet: if I do buy something I expect a high level of service, even if I’m remote.” he said “You can see it's definitely strategic for us to invest in remote customer support, and it's directly downstream of our Internet strategy. There's this nonsense land of digital transformation where people wave their hands and they talk in impractical terms. Keep drilling until you have something practical that works and then rinse and repeat. Lose these nonsense words like "digital", like "data", like "social media". You have to get rid of this digital umbrella because it's just too broad. When somebody says, "We're really behind on digital", my response is, "You're behind in every aspect of your business?” he said.

Right - Spot the difference - YSL.com

According to Kering’s Chief Client & Digital Officer, Grégory Boutté, “Digital can be many different things at once - a distribution channel; a platform for offering seamless omni-channel services to clients; a driver of brand image and visibility; and a tool for engaging with customers in a personalized way. Digital technology, data science and innovation provide a way of offering our customers the best possible experience – on every touchpoint” he said.

Online and off-line isn’t separate, most brands now offer services such as check availability, reserve in-store, make store appointment, pick-up in-store, return in-store, exchange in-store, and buy online in-store. Kering said it will continue to develop partnerships with third-party e-commerce platforms "when relevant", but we’re seeing the beginnings of a power struggle between brands and retailers. They both need each other.

Now these luxury groups are focusing on their websites they need to rethink the entire thing. Their rigid ‘aesthetics’ and branding doesn’t allow for personality. Mono-brand luxury sites are restricted by the volume of product and while it changes, it doesn’t change often enough to the levels today’s customers have become used to. 

Brands, such as Prada, Saint Laurent and Celine, also sell a lot of black, which doesn’t shoot well and doesn’t make the most inspiring of online images. Add in ‘collab. fatigue’ and these brands really need to develop a new idea for websites if they want to increase sales and move away from multi-brand sites.

Luxury brands have built themselves a boring digital straight-jacket and need to start thinking differently. They could offer FaceTime with sales associates in people’s local stores, or offer a live view way of browsing in-store and matching to items online. It’s going to be about making the virtual real and vice versa. There are many possibilities, but they need to unthink the “brand”.

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Published in Fashion

Bottega Veneta derby leather black shoes Daniel Lee Product of the week menswearBottega Veneta’s Daniel Lee is it killing atm. Move over Givenchy, as his new interpretation of the famous weaved intrecciato gets the fashion folk in a tizzy. Those new clutches turned messenger bags look fresh as, FYI. These classic lace-ups are getting in on the squidgy, cuddly and cushioned trend while referencing the brand and let those in the know - Fashion Wankers - that you know exactly what you are doing.

Left & Below - Bottega Veneta - Derby Shoes In Nappa Dream - £845

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Bottega Veneta derby leather black shoes Daniel Lee Product of the week menswear

Published in Fashion

menswear product of the week daniel lee bottega veneta 2019 leather black trousersIf you hadn’t already heard it’s time to start buying back into Bottega Veneta. The Italian luxury goods brand known for more weave than Beyoncé, they call it ‘Intrecciato’, has a new Brit designer at the helm, Daniel Lee.

The replacement for Tomas Maier, Lee, 32, was previously director of ready-to-wear at Céline, but a relative unknown. He is a graduate of Central Saint Martins and has worked at Maison Marginal, Balenciaga and Donna Karan, before joining Céline in 2012. 

His first full show of AW19 luxe-grunge caused a frisson when it was shown in February, but the pre-fall collection is available now.

Leather trousers are something that have been bubbling up for a few seasons. They fit into that naff, retro aesthetic pioneered by Balenciaga. These are subtly Bottega with the woven knees and will tell everybody you’re in the know with the hottest label right now. Wear with biker boots and oversized anything.

Left & Below - Bottega Veneta - Trousers In Lamb Satiné - £3825

menswear product of the week daniel lee bottega veneta 2019 leather black trousers

Published in Fashion
Thursday, 16 May 2019 14:33

ChicGeek Comment New Burberry Working?

Is new burberry working? Gigi HadidArguably the finest looking retail street in London, Regent Street’s sweeping thoroughfare is home to the world’s largest Burberry store. The former theatre and cinema is a huge, cavernous stage for the only domestic luxury mega-brand the UK has. What you’ll notice recently, as you walk past, there is never anybody in it. Worryingly, the store always looks empty of customers, and, as is often the case in fashion, you don’t need to see financials or figures to see whether something is instinctively selling or not. 

After two distinctly underwhelming, but vast collections under new Creative Director Riccardo Tisci, the first results are in and it doesn’t bode well. Sales are flat in a market that has seen stellar performances from Kering and LVMH. Burberry’s sales grew by just 2% to £2.7B over the year to March 2019 with an adjusted operating profit of £438m. According to Bain & Company, the luxury goods and experiences market grew by 5% in 2018 and to put this into further context, LVMH was up 10% and Kering was up an incredible 26.3% over the same period.

Left - Gigi Hadid in Burberry's latest campaign. The collection could easily be confused with Fendi

After Burberry’s huge growth under previous Creative Director, Christopher Bailey, the brand’s new strategy is to take the brand more upmarket and completely change the feeling and identity of the brand. Marco Gobbetti, Chief Executive Officer, who hired Tisci, puts a positive spin on it in the brand’s latest financial release, “We made excellent progress in the first year of our plan to transform Burberry, while at the same time delivering financial performance in line with expectations. Riccardo Tisci’s first collections arrived in stores at the end of February and the initial reaction from customers is very encouraging. The implementation of our plan is on track, we are energised by the early results and we confirm our outlook for FY 2020.”

The two stores Burberry had in Knightsbridge have closed and are now a trashy souvenir shop and while they said they are taking a new store above the Tube station, it is a long way off from opening with only the facade currently standing.

The only hope is that they are still selling in China. There was a report in Jing Daily, the leading digital publication on luxury consumer trends in China, in April, that said Burberry had shut down four retail stores in Shanghai since August 2018, with the latest closure occurring on March 31, when the brand ceased the operation of its flagship store at the city’s L’Avenue, which it opened in 2013. The article said “the company had been laying off Chinese staff in preparation for the closure until only seven of them remained”. The publication also said the permanent closure of the L’Avenue store represented a “landmark event” in Burberry’s perceived exit from Shanghai. 

According to the results, in Asia, it’s seen low single digit growth in Asia Pacific, Korea and China, stable in Hong Kong and declining in Japan. Which is worrying. Burberry is also cutting costs to shore up the balance sheet.

The company is pinning all its hopes on the new Tisci product. The statement said “The first deliveries of Riccardo Tisci’s products arrived in stores at the end of February. Although it is currently a small portion of our offer, the initial reaction from customers has been very positive with sales of the new collections delivering strong double-digit percentage growth.” It’s not clear what the growth is in comparison to.

The company says it is currently on a multi-year journey to transform and reposition Burberry. “FY 2019 and FY 2020 are foundational years where we will re-energise the brand, rationalise and invest in our distribution and manage through the creative transition, after which we will accelerate and grow.”

In retail, they say they are focused on refreshing flagship stores, with over 80 retail doors expected to be “aligned” by the end of FY 2020. "To ensure we are focusing our resources on the most impactful locations, we will also be closing 38 smaller, non-strategic retail stores in secondary locations. In wholesale, we stepped up our wholesale rationalisation in the second half of the year, phasing out non-luxury doors.” says the financial statement. In total, Burberry closed a net 18 stores (seven mainline, nine concessions and two outlets) in the year and new openings included the relocation and expansion of the Dubai flagship and openings in Shin Kong Place, Xian (China). Fourteen retail stores had been aligned to the new aesthetic by the end of the period. 

Tisci’s first collection ‘Kingdom’ hit stores in February, but it didn’t create the much needed desire within the fashion community which ripples out to consumers. In that period, we’ve seen Givenchy fly, Gucci continue to power on and Bottega Veneta get a new designer and start to make waves. Unless you make positive gains from the energy around a new star creative designer, the energy quickly falls flat and the new Burberry seems to have been striped of identity during its rebrand. 

Riccardo Tisci’s and Christoper Bailey’s Burberrys were always going to be very different. One was incredibly successful and turned the company into a global, billion dollar player, the other, was a fresh start, hoping to equal the growth and appeal of its predecessor but with a new, more street-like aesthetic while trying to elevate the brand. 

Burberry feels like a brand going into reverse and unless new collections start to create some form of excitement people won’t be willing to pay more. The momentum it has built up over the past decade will disappear and it will be a tough job to get that back. This feels like a brand to ‘sell’ before the evidence of the failure of this new strategy becomes even clearer.

Published in Fashion
Wednesday, 24 October 2018 09:56

ChicGeek Comment Only Billion Dollar Brands

Christopher Kane divesting from KeringIt was while watching the Alexander McQueen documentary at the beginning of the summer - Read TheChicGeek Review here -  when I wondered where the subsequent crop of young designer brands were. 

The British based designers who were the generation after McQueen and showed so much promise - Christopher Kane, Jonathan Saunders, Mary Katranzhou, J.W. Anderson etc. - and despite some investment, just haven’t been able to scale up their brands in the same way McQueen and Stella McCartney were able to.

Left - Christopher Kane's only permanent store on London's Mount Street

I realised that this was a signifier of how the luxury market has changed and the days of nurturing fledgling brands into ‘Mega Brands’ are over. It illustrates the saturation in the market and it’s all about making big brands even bigger, today. “If you’re not going to be a billion dollar brand, then it’s probably not worth our time", is the new attitude. It probably explains the reason why Michael Kors recently bought Versace. Read more ChicGeek Comment here

David Watts, Founder, Watts What Magazine, says, “I suspect that this is more to do with the parent company realising that these businesses are not scaleable - or to the extent of other portfolio brands and cutting their losses.”

“In the current very challenging retail market and designer wholesale model not being as robust as it used to be, brands need to shore up cash and also give themselves a buffer,” says Watts.

J W Anderson divesting from Kering

“For the larger groups though, bigger really is better,” says Sandra Halliday, Editor-in-chief (UK), Fashionnetwork.com. “When they take on a brand, they want it to have billion dollar potential, or at least to occupy a strong niche that will guarantee high profit margins. The stakes these days are too high to do anything else,” she says.

When the Gucci Group invested in McQueen, Stella McCartney, Bottega Veneta and Balenciaga in 2001, it signalled the moment the luxury fashion industry was in full expansion mode and opening stores all over the globe. Following that, there was a raft of investment in the generation after, with Kering - formally Gucci Group  -  investing in Christopher Kane in 2013 and LVMH investing in Nicholas Kirkwood and J.W. Anderson in the same year.  Everybody was billed “as the next…” but it just hasn’t materialised. Well, not in consumers’ heads anyway.

Now, brands are going into reverse; fashion’s answer to “Conscious Uncoupling”. Stella McCartney just bought back the 50 per cent she didn’t own from Kering and rumour has it, Christopher Kane, is in talks to buy back the 51 percent stake from the French group after a 5-year partnership.

Right - J.W. Anderson single store in East London

Halliday says, “I think in Stella McCartney’s case there was a genuine desire to run her own show and given the strength of her brand, that’s understandable.”

“For Christopher Kane it’s probably more about Kering focusing its resources and its time on its big winners, and that makes sense with Gucci, Saint Laurent and Balenciaga doing so well and Bottega Veneta needing lots of TLC,” she says.

“It give them a certain freedom and with the knowledge and experience learned (hopefully) as being part of a large group that they know how to be more careful with finances and astute with merchandising and keeping overheads down,” says Watts.

“Staying small, focussed and niche with a direct to consumer model could work for some brands, but it’s also very tough to make serious money at that scale,” says Watts.  “Of course, there are possibly different and extenuating circumstances for why these brands find themselves in their current predicament. What does it tell you that LVMH and Kering cannot make Stella McCartney, Christopher Kane, Edun and Tomas Maier work…..gonna be tough for them as independents however the chips may fall,” he says.

Announced this year, LVMH has severed ties with Edun, Bono’s ethical fashion brand, and Kering has closed Tomas Maier, previously the Creative Director at their other brand, Bottega Veneta. These brands will have to regress back to start-up mode and think small again if they are to survive.

“In many ways, the future prospects of small designers hoping to break into the big time are quite depressing as the barriers to doing that are very high.” says Halliday. “But, on another level, the internet offers opportunities that didn’t exist just 20 years ago. The combination of a well-run e-store and a physical flagship can actually be a very cost-effective way of reaching the maximum number of consumers.” she says.

“Even if smaller labels can build profitable businesses, the chances are that the end result will be a hoped-for takeover by a bigger group, or by private equity investors, as that’s the kind of investment that’s really needed to make the transition into bona fide big-name brand,” says Halliday. “And all of that doesn’t even factor in what might happen if the luxury boom runs out of steam at any point,” she says.

Those brands fitting somewhere between these smaller designers and the giant groups are making their play for their futures too. Versace has already taken shelter in a bigger American group and other Italian family brands are sensing this shift and deciding on which side of the billion dollar divide they aspire to be on. Missoni opened its ownership up to Italian state-backed investment fund FSI for a cash injection of €70 million, in exchange for a 41.5 percent stake and rumours continually circle around Ferragamo suggesting they are looking for investment or a new owner.

Belgian designer, Dries Van Noten, recently sold a majority stake in his eponymous fashion brand to Spanish cosmetics group Puig.

“Dries Van Noten is 60 and after 30 years if he keeps creative control and remains chairman of his brand, then cashing in a huge stake gives him financial security, and also Puig brings cosmetics, beauty and fragrance know-how,” says Watts. “It could be huge for a brand such as Dries Van Noten - it’s a win win for him on paper.”

“Most people who are outside of the fashion (production) industry really have no idea both how complicated it as and how hard it is to make money,” says Watts.  “Fashion wholesale is broken and fashion retail is in freefall,” he says.

Disappointingly, the focus has moved away from talent to bankability. Young designers who were previously given a leg-up with investment look too high a risk and expensive for today’s investors. It seems that only those brands breaking that billon dollar turnover ceiling are worth focussing on. You can increase profit margins by making less, but in larger volumes and become a more dominant force. It is more of a risk having fewer brands, but you can win bigger and Kering is clearly taking pole position right now.

Read more ChicGeek Comments - here

Published in Fashion
Tuesday, 31 July 2018 16:16

ChicGeek Comment The Rise of Sliders

The rise of the sliders footwear category

It wasn’t so long ago a ‘slider’ was something containing pulled pork and came in a mini brioche bun. Today, it’s one of the biggest categories in casual footwear.

It was our obsession with everything sportswear and retro that saw the return of Adidas’ ‘Adilette Slides’ which, arguably, started the whole mainstream trend. Teamed with white sports socks it became the default cool and comfortable warm weather shoe for fashionable geeks.

Slydes - 'Flint' AW18 - £25 

Fast forward a couple of summers and ‘Sliders’ has become a footwear category in its own right. Much more ‘on-brand’ than flip-flops, luxury brands have piled into the market attracted by the volumes and margins. This is their cool entry shoe and shows no signs of going anywhere and will, no doubt, be one of their biggest selling footwear categories this year.

“I love how fashion works in mysterious ways and the pool slide is a great example - five years ago it would have been a faux-pas and, now, it’s a must have summer shoe, trending globally. Since this humble shoe’s luxury makeover, at the hands of brands such as Bottega Veneta, Gucci and Prada to name a few, it has grown in popularity becoming a style to not only wear on holiday, but in everyday city life too. It’s also been a great platform for brands embracing the logo mania trend to position their logo.” says David Morris, Senior Shoes Buyer at MR PORTER.

The rise of the sliders footwear category Balenciaga leather sliders

Ben Carr, Buyer at MATCHESFASHION.COM, says, “Sliders can be a great way to buy into a designer brand because of their competitive price point and with celebrities like A$AP Rocky and Justin Bieber often wearing these styles we’ve definitely noticed an uplift in their popularity.”

“Sliders and sandals have become one of our biggest growth areas, the biggest fashion houses have made it their focus on runways and within their collections. Prada champion the sandal and have reintroduced a range of sliders. The competitive price point enables increased accessibility for a wider audience.” says Carr.

Right - Balenciaga - Logo-debossed Leather Slides - £435 from matchesfashion.com

The slider is the cheapest shoe for many luxury brands. The margin on a pair of £435 Balenciaga logo-embossed leather slides would be significant. That’s an understatement, I know. Just imagine how many £225 sliders Gucci has sold this summer to the Love Island wannabes. This is big business.

On the more affordable spectrum, and founded in 2014,  the footwear brand ‘Slydes’ specialises in, well, slides. Brand Owner, Juls Dawson, says, “Four years ago the founders spotted the trend as to was coming up over the horizon and jumped all over it. The rest, they say is history.”

He won’t reveal how many pairs of £16 sliders he is, now, selling, but says, “we can say sales are doubling year on year.”

Dawson highlights the versatility of the slider for its growth and popularity. “They are so versatile, worn from gym to pool and from beach to club, spanning not just most age groups and demographics, but the globe. They have been embraced across all genres of music, Influencers, clubbers, Millennials, keep fit fanatics, to name but a few,” he says.

The slider is part of the dominant sportswear trend and, of all the summer styles, the flip flop has probably taken the biggest hit from the slider. The slicker slider has managed to upstage the flimsy flip flop, which still looks somewhat underdressed, dirty and cheap.

“The flip flop, albeit a classic open toed sandal doesn’t have the scale of a slider. Limited to a narrow thong and a thin rubber outsole, where as the slider’s outsole can be raised, coloured, embellished and re-designed the upper of a slider. By its very definition, as long as you can slide you foot, it’s a slider, and, you can do pretty much anything with the silhouette.” says Dawson.

You also can’t wear flip flops with socks. So, what’s the future for the slider category?

“Every trend will reach a peak at some point, but Slydes have the capacity to move on and evolve as the uppers are like a blank canvas to add embellishment, print, texture, grahics, logos, materials…the possibilities are endless.” says Dawson.

“I think it will be less branded and graphic, moving into a more simple design. The rise of the logo focussed collections is down trending and we can see it already starting with footwear.” says Carr.

The slider looks set to become more subtle and lowkey. One brand introducing sliders for the first time is Grenson, which featured a couple of styles in their latest SS19 collection.

“I love looking at styles that are ‘on-trend’ and seeing if I can do a Grenson version, that makes sense. This was a challenge as most sliders are rubber with huge logos, but I found a way to do a leather version.” says Tim Little, Creative Director and Owner, Grenson.

“People needed a replacement for the flip flop for the summer, but also the ugly shoe trend made the slider the perfect choice. Added to that, of course, is comfort and convenience.” he says.

The rise of the sliders footwear category Tom Ford Churchill

Explaining the attraction to many premium footwear brands, Little, says, “The flip flop is very basic and cheaply made, whereas the slider allows more opportunity to create a crafted version. I can’t see us doing a flip flop as there isn’t much that we can bring to the party.”

While the slider is still cool, it’s grown to a size which makes it bigger than a fashion trend. The slider category will continue to grow and become more permanent as more and more people buy and wear them. Attracted by the branding, comfort and the infinite designs and finishes, the slider category will continue to see more brands enter the market. Much like the designer trainer trend before it, we’ll see more brands put their own DNA onto this simple shoe and happily price it to match. Even Tom Ford has done a dressy velvet pair named ‘Churchill’.

Left - Tom Ford - Churchill Chain Trimmed Velvet Slides - £370 from MRPORTER.COM

The rise of the sliders footwear category Grenson

David Morris, from MRPORTER says,  “Slides have never been as relevant as they are now, especially as we’ve seen a shift in the market as men continue to embrace casualwear and sportswear as part of their everyday wardrobe. Luxury brands such as Prada and Balenciaga have seamlessly incorporated luxury slides into their collections giving credibility to the footwear style, so they are now an option to team with the ready-to-wear. This footwear category will continue to dominate over the summer seasons whilst this sportswear trend is still key.” 

Right - Grenson's first sliders for SS19

 

 

Published in Fashion
Thursday, 29 March 2018 12:17

Label To Know CASABLANCA 1942

Raffia summer shoes Casablanca 1942

When I started in this business summer shoe options consisted of cheap flimsy flip-flops or jelly-sandals for those pebbled British beaches. There was little or no choice and there certainly wasn’t any style - even though jelly sandals are kind of bad cool ATM FYI!

Anyway, let me introduce ‘CASABLANCA 1942’ who are making some of the nicest and most beautifully crafted hot weather shoes I’ve seen. Started in May 2014 by Gabriela Ligenza, and inspired by the classic film and the year it was released, the shtick is raffia.

Left - Cesare

Raffia summer shoes Casablanca 1942 made in Morocco

The uppers are made from breathable natural raffia woven in Mogador, Morocco, and then construction takes place in Italy using the finest sustainable leather from French and Italian tanneries.

Right - The raffia comes from the raffia palm tree in Madagascar

The raffia fiber is obtained from the raffia palm tree, commonly found in Madagascar. The leaves of this little tree are cut into parallel lines resulting in the long fibers used in the weaving of the shoes. Unlike straw, raffia is stronger, hard-wearing and will mould to the feet when worn.

Polish-born Gabriela trained as an architect and interior designer at Fine Art Academy in Warsaw. She also designed hats before this venture. Based between London and her design studio south of Florence, Italy, she travels extensively for her inspirations and research. Gabriela has collaborated for the last 20 years with leading accessories and shoe designers for global brands like Salvatore Ferragamo, Bottega Veneta, Prada, Martin Margiela, Missoni, Paul Smith and Stella McCartney to develop hand woven raffia shoes produced using entirely traditional hand weaving techniques, but combining the craft with Italian know how and quality materials. 

Raffia summer shoes Casablanca 1942

The idea for Casablanca 1942 was conceived whilst sitting on a beach under the stars watching the film, Casablanca, with the background sound of the Atlantic and thinking “what would Rick wear in this intense and sweltering city?”

Each pair takes at least a day to make so the shoes are made in limited editions. After all, "true luxury should be not about the price, but in the uniqueness of the product," she says.

Left - Lace Up Trainers £260

Gabriela believes that helping local cooperatives to incorporate external developments and training improves the marketability of the local skills and products, respecting its identity, distinctiveness and preserving sustainability on a grass roots level.

Gabriela says the shoe styles are inspired by “trying to design the perfect summer shoe for my husband so he can get inspired to go on holidays more!”

Raffia summer shoes Casablanca 1942

There are a few thing to know to get the best out of your pair. You may find that the shoes are a bit tight when you wear them the first time, but they will soon give as they moulds to your feet. You might want to wear them with socks for the first time for your own comfort, but they are designed to be worn bare foot in very hot weather. 

Right - Woven Loafers - £228

If you feel that it rubs a bit too much on a certain area, it is recommended that you apply a wet cloth on this part of the shoe while it is on your foot, in order for the raffia to mould to your foot more quickly. 

Raffia, being a natural fiber, will feel very comfortable without socks as the fiber will keep your feet fresh and naturally ventilated. As they become yours, “they are even more special even when they start wearing in and fraying a bit,” says Gabriela.

These are really elegant and artisanal summer shoes and I don't think the photographs do them enough justice after seeing them in person at the recent Pitti Uomo show in Florence.

Available at Harrods in the UK

Published in Labels To Know
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