MR PORTER is pleased to launch DRKSHDW by Rick Owens. DRKSHDW by Rick Owens originated as a denim capsule in 2005 and has since evolved into a full extension of the main label. Designed by the same team and made in the same Italian factory, the line takes a more minimalist approach, while still retaining that dark, avant-garde aesthetic.
Left - Jason Fleece-Back Cotton-Jersey Zip-Up Hoodie - £455
Prices ranges from £190 - £845
If Christopher Bailey made a film it would be The Dig. The story of Basil Brown and his discovery of the ancient Anglo Saxon treasure of Sutton Hoo, it is a master class in washed out 1930s style. That end of summer, sliding into autumn feeling of swaying grasses and bleached out countryside.
The style takeaways are numerous from Robert Pretty’s rocket knit to Basil’s floppy gardening hat to Peggy Preston’s Roman coin necklace. Dig in!
Left - Robert Pretty in his intarsia rocket jumper
Left - Burberry ad. campaign circa 2009
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Between the ‘loungewear’ emails and the ‘we-give-a-shit-please-buy-something’ emails, some brands have been hoping to offset some of the losses of physical retail with online. Online has the potential to be many brands’ life support machines; keeping some form of cash flow ticking over and the lights on.
Left - Net-a-Porter has closed its American website & warehouse
Dixons Carphone has said sales surged by more than 70% as Britons rushed to buy laptops, games consoles and freezers to cope with the coronavirus outbreak. Online sales in the UK and Ireland surged 72% in the three weeks to 21 March.
“There will be some recovery through online operations but overall the loss of sales will adversely impact our full-year profitability and cash position,” it said. The group said as a result it would still miss out on about £400m of sales between now and the end of its financial year in April.
Fashion has a lot less ‘need’ and as such will be harder hit. Fashion brands have huge amounts of stock sitting in stores, not going anywhere anytime soon. These shops have now become in-town warehouses, but they still need manning and this has become a problem for some brands. Many consumers seem to think that online and offline is separated, robotically picked and magically appears on their doorstep.
The family owned department store chain, Fenwicks said in a statement: "Our people, both employees and customers alike, are at the heart of our business... Therefore, we have taken the decision to temporarily close our website as well as our stores, to ensure the safety of our teams and customers.” Fenwicks only went online in 2017 and pick the items from in-store stock.
Schuh, the footwear retailer, too has closed its website. Chief executive Colin Temple said: “At this point in time, the UK government guidelines include that online retail should ‘still open’ and ‘is encouraged’ along with advice that if staff cannot reasonably work from home, they should continue to go into work.
“However, with the Schuh head office and DC operations based in Scotland and Scottish Government advice conflicting with UK government advice, Schuh management have made the decision to close their website, in addition to their stores that already closed from the evening of Sunday 22 March.”
He added: “A number of DC staff continue to indicate that they want to work within the warehouse to support the Schuh online business, along with other departmental employees offering their support also. However, Schuh management have confirmed that the website and stores will remain closed until there is updated UK and Scottish government advice.”
No doubt demand has fallen overall with many people tightening their expenditure and only buying what they need. But, what about the exclusively online retailers? Most surprising is Net-a-Porter/Mr Porter has closed its American business. Customers visiting the US site are now met with a message that reads: “In line with local government guidelines, and for the health and safety of our community, we have temporarily closed our warehouse. We hope you are all staying safe and look forward to welcoming you back soon.”
This is a nightmare for fashion brands selling products with a shelf life. The discounts have already started, and they’re big, Liberty of London went straight in with 50% off. Some retailers are doing okay at online, but even the best figures won’t replace physical retail, representing a 20/80 split between online and offline. To shift all this stock they will need to discount heavy, eating into profit margins, and consumers, used to a never-ending supply of ‘Just In’ will have to adjust to a new shopping landscape with less choice.
Update - Next, River Island & Moss Bros have announced their websites will close.
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Why should the shirt have all the fun? This is the question the jean is asking this season. A new label on the radar is Casablanca. Designed in Paris and made in Casablanca, it’s a bright and creative contemporary brand bestowed with the rich dual heritage of Casablanca’s French-Moroccan founder, Charaf Tajer. (He was previously associated co-founder of Parisian label Pigalle and is also a collaborator of Mr Virgil Abloh).
His tongue-in-cheek and playful aesthetic, and not so silly prices, makes this a brand to have fun with. This print has something of the sunshine Hockney/Luke Edward Hall vibes about and I love it. Wear these with everything!
Not to be confused with the shoe brand, Casablanca 1942 - Read more here
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Moncler Genius is, well, genius. Eight small designer collaborations providing different high fashion, cold weather options for even the fussiest of fashion wanker. What's not to like?
Collection number 5 is by British designer Craig Green who has put his quilted spin on Moncler's quilting. This feels modern, clean and fresh in a market tired of the typical arctic type parkas with fur hoods. I know the daffodils are already out and we think we’ve escaped with a mild winter, so if you don’t wear this this year, then you can always park it and bring it out at the first sign of cold weather at the end of the year.
Left & Below - Moncler Genius - 5 Moncler Craig Green Coolidge Colour-Block Quilted Shell Hooded Down Jacket - £1,260 from MRPORTER
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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 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.
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.
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
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
David Morris, Senior Footwear Buyer, MRPORTER.COM
“Takahiromiyashita TheSoloist offers exceptional fits and expert attention to detail, and this cardigan is the perfect example. It’s been intarsia-knitted in Japan from smooth silk in a monochrome palette meaning it can be layered or worn with just a t-shirt - a versatile SS18 piece.”
Left - Takahiromiyashita TheSoloist - Slim-Fit Argyle Silk Zip-Up Cardigan - £1365
“Arc’teryx are specialists in performance clothing without the compromise in aesthetics and this shell coat from their ‘Veilance' line is the perfect lightweight spring addition. Made in Canada, it is water and wind-resistant to see you through spring’s tempestuous weather and if the sun does decide to appear you can simply fold it into its own internal pocket.”
Left - Arc’teryx - Veilance Monitor SL Packable Water-Resistant Shell Coat - £560
“Nothing gets you excited for summer more than a new pair of sunglasses and this handmade, round frame pair by Cutler And Gross are in my wish list. They have a timeless appeal which will leave you sipping pina coladas in style.”
Below - Cutler And Gross - Round-Frame Acetate Sunglasses - £310
“Sandals are key trend for SS18, these from Prada are amongst my favourites which we have to offer at MR PORTER. Made from durable black webbing on a contoured leather insole, these will look great with either a smart slim pair of trousers or a pair of well-fitting shorts.”
Left - Prada - Leather Trimmed Webbing Sandals - £415
“This Our Legacy silk yellow shirt has been dyed to give it a washed out, lived in feel, another key trend for SS18. It’s my top pick to master understated style for the warmer months ahead.”
Left - Our Legacy - New Silk Shirt - £190
Every man should be buying a silk shirt this season, read more why here
Launched in 2017, MARRAM Co offers a luxury, personalised natural shave with the finest of essential oiled infused foams and chrome hardware kits. Hoping to transform shaving into a pleasurable ritual, MARRAM Co believe that the preparation behind the shave is key and have created shaving creams to match your mood, all manufactured in the UK.
Left - MARRAM Co - "Power Up" - Metal tubes and quality fragrances makes this shaving to remember
Using organic essential oils sourced from 212 organic farms all over the world, the creams are therapeutic even for the man with the most sensitive of skin. Choose from “Wake Up Call”, “You’ve Got This”, “It’s Cold”, “Power Up”, “Night Out”, "The Morning After”, “Time Out” and “You Might Get Lucky”.
TheChicGeek says, “When you think about shaving products it’s interesting how, for something we literally put under our noses, quality fragrance hasn’t played a more dominant role.
Named after the grey-green tufts of Marram grass found on British coastal sand dunes, MARRAM, also a palindrome - the same forwards as backwards - is a collection of shaving creams offering distinctive and quality scents.
The brand centres on the traditional barbering routine of cream, bowl and brush. Most guys won’t be bothered with this faff on a daily basis, but it’s definitely for a time when you can enjoy the ritual.
The brushes, razor handle and bowls are really top quality and are priced to match. The razor takes a Gillette head and everything, including the shaving creams, is made in the UK.
Right - MARRAM Co - Brush & Bowl Set - £250
While the hardware is expensive, I like the way they’ve made the shaving cream realistic in pricing - in two sizes, £8 for 20ml and £20 for 100ml - it also means you can play with the fragrances and try a few.
There are 9 different scents, all with fun names, 7 are permanent and a couple are limited-editions. It’s light and foams up nicely and easy to apply with your hands.
I think people are willing to pay more for products with quality scents. I feel £20 is good for 100ml, here, and those essentials oils are the things that transport you, for a few seconds at least, to another place and makes shaving less of a chore and more of a pleasure. The heat and steam of shaving is ideal for these essential oils to really do their best work.
This reminds me of the shaving cream from Buly that smells like marzipan that I like - read more here - and my favourite is “Wake Up Call” with its earthy vetiver fragrance.
I think MARRAM & Co are onto something here. I like the branding, I like the metal tubes and I like the fragrances. I just need to shave more!”
Below - MARRAM Co - Shaving Cream - 20ml - £8 100ml - £20
Exclusive to MRPORTER.COM
Annoyingly, when practicality rears its head, design is often compromised. But not this time. I first noticed the ‘McCaffrey’ brand, very recently, in Paris at the men’s trade shows. What looked like a selection of beautifully made shoes was quickly shown to offer an extra, simple and effective detail for cyclists.
At the back of each shoe is a reflective tab you can simply flip up when on your bike. It would even work when worn as a pedestrian during the darker evenings.
Left & Right - McCaffrey - Suede Derby Shoes - £370 from MRPORTER.COM
Founded by Robert McCaffrey, and available exclusively at MRPORTER.COM, the concept arose on Robert’s first day as a design lecturer at Glasgow School of Art. His formal shoes were unsuitable for even the short journey by bicycle so development began on enhancing traditional shoes to become suitable for city cycling.
Robert's background includes roles as Design Chief for Belgian fashion designer Dirk Bikkembergs and senior footwear consultant for LVMH and Adidas Y-3.
McCaffrey footwear combines technical innovation with world-class craftsmanship - they are made in Portugal, near Porto, in the historic shoe making district, by a 3-generation, family run company - to provide performance and elegance for today’s smart city traveller. Said to be inspired by today’s zeitgeist movement of ‘active-travel’ which encourages walking and cycling, McCaffrey has developed and patented an exclusive range of features for pavement and pedal.
Left - McCaffrey - Leather-Panelled Suede Slip-On Sneakers - £275 from MRPORTER.COM
Right - McCaffrey - Leather Boots - £440 from MRPORTER.COM
Anti-slip soles and handy side zips increase their practicality and showcase Robert’s 20 years’ design experience in the fashion, luxury and sports industries.
It's not often safety looks this good. I don’t even own a bike and I want these.