The Japanese word "kimono", literally means a "thing to wear”. It’s almost like an order, and, oh, what a beautiful one. This exhibition at the Victoria & Albert Museum charts the kimono from the 1660s to the present day. From its early influence on shapes and fabrics, its absorption of ideas from the rest of the world when Japan opened up in the 1850s, up until contemporary fashion taking it as a starting point.
The exhibition's highlights are anything by Galliano at Dior - always - some stunning art deco Cartier jewellery and make-up cases, Freddie Mercury’s lounging around kimono, Madonna’s Nothing Really Matters video garb and Bjork’s collaboration with Alexander McQueen.
There is some menswear, though the kimono is very unisex, from Thom Browne (right), Duro Olowu, T. Michael and Yohji Yamamoto.
The kimono is the original silk robe and you only have to look at designers like Dries Van Noten or Edward Crutchley to see its influence today and the tradition being carried on.
The kimono is one of fashion’s closest things to a walking work of art and this exhibition is a worthy tribute to it.
Kimono: Kyoto to Catwalk runs from 29 February – 21 June 2020 - £16
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Trust Dries Van Noten to always give a refreshing theme each and every season. He really is a favourite of the fashion crowd for his beautiful and reliable collections. This season is all about flowers and chintzy florals. Florals for spring? Groundbreaking!
I was particularly taken by this bright green ruffled shirt. Nothing says 'dressy' like a ruffle, but you can wear this during the day, under a jacket, or jazz it up for a summer night out.
Left - Dries Van Noten - Green & Yellow Floral Ruffle Shirt - £565 from SSense
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When you can't see the wood for the Dries... it's probably time to step back, remember it's only August and just chill. We still have weeks of summer left.
For summer evening wear, team a nice shirt - this has a classic 1970s Verner Panton print - with a smart pair of loose trousers and sandals with socks. Who gives a French tuck?!
Credits - #Gifted Shirt - Dries Van Noten from Harrods, Trousers - American Vintage, Sandals - Grenson, Socks - Falke, Watch - Kronaby
Every year, the bluebells arrive to herald the end of spring, and TheChicGeek takes to the woods. The blur of blue and intoxicating smell are one of the miracles of the season and you should dress to match.
Gifted - Credits - Blue V-Neck - MG Rivers, Yellow Shirt - eBay, Tie - Dries Van Noten from Harvey Nichols, Trousers - American Vintage, Suede Loafers - Dune London, Watch - Kronaby
When Virgil Abloh devoted his latest AW19 Louis Vuitton men’s collection to Michael Jackson he never could have thought that the whole thing was going to disappear so quickly. Paying homage to the ‘King of Pop’, the entire show was inspired by his Billie Jean video with its light-up paving stones and litter-strewn New York street.
Left - Those famous Jacko sequinned gloves reimagined for the, now, cancelled AW19 Louis Vuitton men's collection
The designer and brand presumed that it would be as uncontroversial as the icon from the first collection, under his creative direction, Dorothy from the Wizard of Oz: her glittery red shoes being replaced by his glittery gloves. In a collection brimming with references to Michael Jackson, it was a celebration of Jackson the stage performer and musician.
All good, until the release of the recent documentary, ‘Leaving Neverland’, which focussed on the allegations made by two men who say Jackson had abused them as children. The energy around this film reignited the controversy surrounding Jackson, reminding people of his potential darker side.
The Louis Vuitton damage limitation machine kicked in and released the following statement: The documentary ‘Leaving Neverland’ featuring two men who allege they were sexually abused as children by Michael Jackson has caused us the greatest pain. It is important to mention that we were unaware of this documentary at the time of the last LV FW19 Men’s Show. “My intention for this show was to refer to Michael Jackson as a pop culture artist. It referred only to his public life that we all know and to his legacy that has influenced a whole generation of artists and designers." said Virgil Abloh, Men’s Artistic Director.
Right - Billie Jean trash can
“I am aware that in the light of this documentary the show has caused emotional reactions. I strictly condemn any form of child abuse, violence or infringement against any human rights.” added Abloh.
The collection, due to hit stores in July, has been stripped of any of the Jackson references and the label confirms that it will not produce any of the pieces that include Michael Jackson. Fortunately for Louis Vuitton, it was easier to cancel the collection in March, before too much had been expensively manufactured, and they were left with product they couldn’t sell. To cancel it before production was the safest option in a environment where brands are frightened to upset people or be controversial.
So, where does this leave us as an industry in relation to references?
The fashion industry is a huge business with a never ending conveyor belt of ideas and products needing copious amounts of references and inspirations. One minute it’s rainbows, then unicorns, then llamas, and whatever next, and who knows where these images come from and what they mean to different people.
In an era of ‘Cultural Appropriation’ and ‘Blackface’ controversies, brands will, now, always err on the side of guilty. This is guilty until proven innocent and a way of limiting the social media outcry and killing the thing stone dead. It’s just not worth the hassle.
From Katy Perry’s shoes to Prada’s figurines to Gucci’s roll-neck, we’re now clear on what should definitely be erased from the design vocabulary. But, won’t this limit the scope of references at the disposal of brands and designers and lead to boring collections frightened to reference motifs and cultural imagery? Won’t it be a case of collections designed by lawyers to satisfy the small print and devoid of anything challenging or different? Every moodboarded person will be researched and investigated in a Stasi-like, 1984 approach into finding anything controversial in their background. You just wonder how Coco Chanel gets away with it.
Dries Van Noten, the Belgian designer, famous for this Indian embroidery and ethnic motifs, told Business of Fashion in 2017, “For me, other cultures have always been a starting point. But I never took things very literal. Quite often, we take one element that we like...and mix it to be something very personal,” he said. “It’s like layering. Indian- or African-inspired or ethnic-inspired...it has to be clothes people want to wear now. Clothes that are used to express who they are. To me, that’s the final goal.”
Left - Louis Vuitton menswear referencing The Wiz, the sequel to the Wizard of Oz, which starred Michael Jackson and followed Abloh's first collection with Dorothy was the main inspiration
“I look now more to the art world, for several reasons, I still make elements and references to ethnic things, but it has become more difficult now.” In response to Cultural Appropriation he said, “The only ethnicity I could look at is Belgian folklore.… It’s not that I exactly copy them and it's not that I want to hurt people by using certain things,” he said. “It’s the alphabet of fashion, which I use to create my own things. Sometimes, especially with menswear, you have to work with recognisable things. You have to make things that men know.”
His latest collection references the Danish designer Verner Panton, but what if Panton turns out to a few skeletons in his closet? For example, imagine you created a collection around the much loved Beatles’ song, Penny Lane. Referencing the fireman, the banker and nurse selling poppies from a tray, but then somebody points out the famous street in Liverpool is named after James Penny, an eighteenth-century slave trader. It’s knowing when the line of history needs to be drawn or how far back you investigate the reference. Rather than seeing people celebrating these things, many are seeing it as a hijacking, and limit people to only use the culture they identify with; making a very boring and restrictive design vocabulary.
The world moves forward and things change. Everything needs to be judged on an individual case-by-case basis and the decision is an informed and instinctive knowing when something isn’t right, appropriate or we’ve moved on as a society. We’re all learning this, all of the time.
Different cultures think differently about things and being frivolous or decorative about things with deeper meanings should be used with caution.
Right - Pixelated Michael Jackson on Louis Vuitton accessorises
Brands make things to sell, not to upset anybody, but won’t our oversensitivity limit the references we have at our disposal. We’re in an era of seeing the negative in everything and blowing it up on social media and it could lead to a very bland and beige period of fashion.
It was while at the Copenhagen fashion trade show, CIFF, previewing the forthcoming SS19 collections, when I noticed Phipps International. It was a print featuring extinct animals and the quirky and current twist on Americana and the great outdoors that made me stop and take note.
Left - Phipps International - Cotton-terry track top- £620 from Matchesfashion.com
I soon discovered that the previous collection, AW18, had been bought by matchesfashion.com and is available now.
Phipps International was established in 2017 by Spencer Phipps. Born and raised in San Francisco, he studied at Parsons School of Design in New York City graduating in 2008 with a nomination as “designer of the year” for his final year collection - an initial exploration of sustainable fashion.
He started his career at Marc Jacobs as part of the menswear design team and after, relocated to Antwerp to work with Dries Van Noten.
Currently based in Paris, Phipps, was founded on the principles of respect and curiosity for the natural world.
“We are exploring the concept of sustainability and environmental responsibility in the realm of style. Our goal is to change the way we as a culture consume by creating products that are made with respect for the environment, that can educate and enhance lives. We are always striving to improve our practice as we move forward and, as a modern fashion company, we are simply trying to do the right thing,” says Phipps.
Right - Phipps International SS19 - The extinct species print shirt that caught me eye at CIFF
What started as a small T-shirt project between friends has rapidly grown to become a modern, globally conscious fashion brand focused on building a like-minded community with the goal of re-connecting consumers to nature and the world around them.
The products are said to be made with integrity and are created with consideration for the environment using sustainable manufacturing practices and eco-friendly materials. Many of its producers are certified by GOTS or other environmental certification organisations which help to ensure that our products are made ethically.
In addition, most of their garments are made in Portugal which, as a country, is a global leader in the development of sustainable practices. All of their manufacturers there are required by law to recycle their waste appropriately, re-use treatable water, use alternative energy as much as possible, and follow fair trade labour practices.
Left - One of the jackets of the season SS19
It 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.
“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
For those of us who want to express our taste, get something different and also, possibly, invest, vintage is the place to be, right now. I love a rummage around a vintage store or on eBay, but finding something decent, that fits, is tough, but that’s part of the fun and makes something good all that more special. Book -
One of the easiest ways of finding something special is to look at a specialist online auction and Kerry Taylor Auctions in Bermondsey is probably the best specialist fashion seller in the UK. Admittedly, it is reflected in the prices, but they aren't crazy, especially when you compare them to today's designer prices. I always have a look at their online catalogue, not only to look at what is in the sale, but also for style ideas from the past.
Here are TheChicGeek’s picks of the sale and why:
TheChicGeek says, “While I probably wouldn’t get into this dress… it’s the 1960s & 1970s optical prints that are all the rage at the moment. Just look at Dries Van Noten’s Verner Panton inspired collection for SS19 to understand how fresh these are looking right now. I'd love this print in a shirt.” See Thom Yorke in Dries Van Noten SS19 it here
Lot 202 : A Pierre Balmain couture printed organza evening dress, 1972
A Pierre Balmain couture printed organza evening dress, 1972. labelled and numbered 154665, boldly printed with 'target' medallions.
Estimate: £300 - £500
TheChicGeek says, “Vintage Tommy Nutter is very hard to come by. These aren’t particularly exciting, but, it’s the shapes you’re buying into: huge, exaggerated lapels and flared trousers. I particularly like the multiple vents on the back.”
Book - You need to read the House of Nutter here
Lot 252 : Two Tommy Nutter gentleman's wool suits, 1975-76
Two Tommy Nutter gentleman's wool suits, 1975-76. un-labelled, of similar design, the first in sage-green, the second beige, both jackets with exaggerated lapels, inverted pleat detailing to front pockets and rear; together with an original 'Nutters' hanger and photocopy showing the original owner.
Estimate: £300 - £500
TheChicGeek says, “These are a fashion museum piece, so I’d expect them to go for much more than the estimate. The late 1960s sci-fi/retro-future styles still fascinate and these are one of the iconic eyewear styles of that era.”
See more inspiration from 2001 Space Odyssey here
Lot 267 : A pair of Courrèges cream plastic 'eskimo' sunglasses, 1964
A pair of Courrèges cream plastic 'eskimo' sunglasses, 1964. signed along one arm, the solid lenses with horizontal slits, in a Courrèges plastic glasses case.
Estimate: £200 - £300
TheChicGeek says, “While this isn’t an original Pearly King outfit, and more a stage costume, the allure is the style’s place in London’s working class street culture. While an original East London ‘Pearly’ suit would be the dream, it would be hard to find one in as good condition as this one.”
Lot 381 : A good 'Pearly King' outfit for 'The Yorkshire Coster', English, circa 1910
A good 'Pearly King' outfit for 'The Yorkshire Coster', English, circa 1910. of dark grey herringbone tweed and covered entirely with pearlised buttons, comprising jacket, waistcoat and trousers with buttons by 'Scarboro Etches'; together with an original photograph and pocket map of London. Provenance: The Castle Howard Collection, ex lot 210, Sotheby's, 7th October 2003. This suit belonged to William Wedgwood Fenwick (1886-1960) who was born in Scarborough to Methodist parents. He wanted a stage career and went to London where he trained as understudy to the performer Albert Chevalier. Eventually due to pressure from his family he returned to Scarborough where he opened a draper's shop. He used to entertain friends wearing this suit.
Estimate: £350 - £500
TheChicGeek says, “Pre-20th century items have a preciousness knowing that the majority of clothing or accessorises fell apart through wear and never made it through the decades of time. These pairs of braces are really cute and show the whimsy in menswear going way back into history. These are pure dandy and would be fun to wear, if the condition allows.”
Lot 419 : Three pairs of men's braces, mid-late 19th century
Three pairs of men's braces, mid-late 19th century. comprising: petit point pair with motifs including matadors, galleons, native figures with feathers; another pair embroidered with forget me knots, both with elasticated and leather straps; a woven blue and white Edelweiss patterned pair; and a single poor condition petit point panel.
Estimate: £250 - £400
TheChicGeek says, “This is giving me pure Gucci vibes, especially the yellow one. Saying that, Michele’s probably already ticked these off his list of references and he’s already ransacked Northern India from the first half of the 20th century for SS17!!!!”
See more about this AW18 season’s trend of Balaclavas here
Lot 464 : Two quilted hats, Ladakhi, Northern India, first half of the 20th century
Two quilted hats, Ladakhi, Northern India, first half of the 20th century. the first of golden-yellow silk damask; the second in black velvet with fauna stems stitched in gilt thread; both lined in red cotton. This style of hat is worn sitting high on the crown of the head, with the flaps curving outwards, during festivals.
Estimate: £100 - £150
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.
“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.
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.
It’s September, which means new season, fresh ideas, shopping, putting more clothes on, having your eye on something and changing things up. Well, at the recent 75th Venice Film Festival, Radiohead’s Thom Yorke jumped forward all the way to next SS19.
At the premiere of Luca Guadagnino’s - the director of Call Me By Your Name - new horror film, Suspiria, he was wearing the latest collection from Dries van Noten. Inspired by the 60s designer, Verner Panton, the collection - see more here - is a beautifully kaleidoscope of wavy colour and was firmly on my must-have list for next season.
This inspired me to look at Thom’s other outfits during the festival to promote the film's soundtrack. From the natural tan sandals, which will change colour over time, to the nonchalant summer scarf to the honey coloured lensed sunglasses, you won't go far wrong by copying Thom for your next warm holiday wardrobe.
Left & Below - Radiohead's Thom Yorke in Dries van Noten SS19
Far Left - Style in Venice - Honey coloured lenses and matching frames and a double breasted jacket
Left - Move over Benedict, Thom is in town