The fashion world continues to make waves. A designer here, a designer there, a retailer on the edge and major sell off. These days it is not boring covering the industry, just expect the unpredictable.
From Paris, Hermes Menswear now has a new creative head, Grace Wales Bonner. The English fashion designer takes charge of the prestigious house as the first female of color to head a major label. Since 2014 the South London born ran her eponymous with an emphasis on bridging sportwear and tailoring peppered with colors and prints. The 188-year-old uber luxury brand took a brave step at the time when many are corporations are running from DEI, firing Black Employees, or shunning any type of support for diversity.
Wales’s first runway collection debuts in January 2027.
From Milan, the big question is who will take the place of Armani? The biggest shoes to fill in fashion are still empty. Giorgio Armani passed away September 4th at 91 leaving behind a brand connected he ran for fifty years. The rumor mill speculated Hedi Slimane may take the reins. The French born certainly has the experience from heading YSL. Dior Homme and Celine. Slimane not only worked under Armani in his younger years, the 57-year-old has reach with many creatives in show business. The drawback for anyone taking on the assignment, reinterpreting Armani’s many collections from couture to menswear. The expectations will be high.
From New York, the news from Saks Fifth Avenue gets bleaker since our last post. The luxury retailer is headed for the rocks. After reporting a 13% percent drop in sales, as well as persistent inventory problems, the doubting chorus is getting louder. Since merging with rival chain Neiman Marcus, Saks continues to lose confidence. The survivor plan looks more like a Santa Claus Letter than a real plan.
The 123-year-old chain moves closer to the brink. If the past is a measurement, remember Sears, for the present, once a retailer goes into a tailspin, it is impossible to pull out. Customers and suppliers steer clear. With 48 US outlets, it will be a blow to the industry already reeling on many fronts.
Again, from Paris, Kering’s ambition to become a major force in the perfume and skincare arena came to an end. Two years the company bought the high-end fragrance maker CREED in the hopes of making Kering Beauty a serious competitor in the field. Not all shining goods are gold, the fashion group sold the 265-year-old scent imprint to L’Oréal along with licensing agreements for its other sought-after brands including Bottega Veneta and Balenciaga.
Sticking to beauty topic, from Los Angeles, a Kardashian backed label bites the dust. Heavens to Betsy! Beauty and skincare label SKKN from Kim was shut down after reporting a loss of $71.1 million. After only three years, COTY called it a day. Perhaps that $75 small jar of eye cream part of the $600 facial routine was a bit too much for the average reality show fan.
From Hamburg Germany, CLOSED, the affordable high end denim brand went belly up.
It is only October. What happens over the next few months? Who knows!