As the fashion world moves along its topsy turvy twists and turns, the latest news makes a person’s head shake.
MET GALA
The MET Gala is coming up. The New York City Soiree is the Red-Carpet event for the rich and famous. Anne Wintour’s grand showcase is where fashion labels pay a celebrity to show up looking gorgeous. The proceeds from this “charity” go to the Metropolitan Museum. The irony, Vogue, along with parent company Conde Nast is planning to lay-off 100 workers. As the magazine struggles for footing, the fashion powerbrokers are having a ball while saying” No money to pay the workers”. The term “Out of Touch” comes to mind.
Conde Nast staff is taking this laying down. The soon to be ex-employees are planning an action. Workers are planning an action to circulate flyers near the venue with the slogan “Anna wears Prada/Workers get nada.” NewsGuild of New York announced the intention is to bring attention to the ongoing negotiations. While the Queen of Fashion is toasting many of her subject writers may need to open GoFundMe accounts to pay rent.
Reality
In the “Was it ever real” category, luxury online shopping has imploded. Until recently, once the darling of investors, the so called “savior the fashion world” is going out of style faster than bell bottoms. E-commerce sites hit valuations of $25 billions and higher, those days are gone. Matchesfashion went belly up with a heavy debt load owing 200 vendors, including luxe labels Victoria Beckham, Gucci, Max Mara and YSL. Administrators are selling office furniture. Customers will not get refunds or have orders finished.
Farfetch, the Paris base digital shopping giant has fallen on hard times as consumers cut back on high-end spending.
While attending fashion events in January and February buyers from these platforms were going around trying to convince brands all was good, no need to worry. Please keep doing business with us. How did they do this with a straight face?
It is only April.