10 December 2007

Par affection - Les Métiers d'Art

CHANEL Paris-Londres 6 december 2007

Repositioning the ready-to-wear collection up a level and catering to a local clientele, Chanel's Karl-of-all-media, makes his trades work for him.

Style.com : As Lagerfeld explained it, "There's a new clientele now, Russian, Middle Eastern, Chinese, South American, and they're young and they're all tiny—size 36, 38. They have no problem fitting into standard sizes." And many of them (thanks to Gordon Brown's favorable tax laws) happen to be discreetly domiciled in the U.K. capital, perchance on the lookout for something just a little more gorgeous to wear on London's now extremely dressed-up social circuit.

Exclusivity and creativity are the essence of this PARIS-LONDRES pre-collection. Inspired by the men that marked her life (and loves) Arthur (Boy) Capel or the Duke of Westminster spiced up with a touch of blues (Amy Winehouse-esque) , a pinch grande dame glam and a great big whallop of rock, this is one of the most iconic collections to hang soon in Chanel stores.

After Paris, in 2002 and 2003, Tokyo in 2004, New York in 2005 and Monte-Carlo en 2006 the London 2007 version of his "métiers d'art" collection is a showcase for PARAFFECTION haute couture ateliers (staff of 300 and 35 M € turnover in 2006).

PARAFFECTION (liberally translated means "for the love of") is a company created in 2002 by Chanel SA to house independant "satelite" atéliers d'art. 7 master craftsmenshops all preserved under one CC tiled roof. Long established suppliers to Chanel and many other fashion houses, who due to their hyper-niche products, and global delocalisation were doomed to hang their hat one day.


Saving them only for the love of savoir-faire? These companies still bill ca. 60% of their turnover to CHANEL. Only 60%!


All these workshops have the duty to function independantly and so, also supply the competition. They are encouraged and guided to find their own clientèle form new craftsmen, dust off the made-to-measure articles cluttering atelier shelves and start creating younger collections under their own banner (eg artistic director Eric Charles Donatien at Maison Lemarié and Goossens).


By saving the heritage of these ateliers d'art, Chanel is creating a laboratory for the future of (it's) luxury business.

Master Artisans:
LESAGE - specialist embroidery since (acquired in 2002)
DESRUES costume jewelry and button maker (acquired in 2002)
GUILLET - maker of fabric flowers since 1896 (acquired in 2006)
MAISON MICHEL millnery since 1936 (acquired in 2002- a great website underway by supergazol and a great mini documentary HERE)
MAISON LEMARIE feather-maker since 1880 (acquired in 1997)
ROBERT GOOSSENS gold- and silversmithing since 1960 (acquired in 2005)
MASSARO boot-making since 1947 (acquired in 2005)

Some people you just can't buy - Mme Pouzieux is passementière and supplies the most intricate braidings available in haute couture - her art, by french legislation, only exists as a mechanised process for home furnishings. She has never been able to declare her craft and so her official trade is breeding horses.

For further reading:
ENTREPRISES DU PATRIMOINE VIVANT

Supreme Luxury 2007

Who else but fashion high-priestess Suzy Menkes to host this event. She is absolutely hypnotizing (-ed) as interviewer of Tom Ford and C°

SUPREME LUXURY 2007

Barclays Wealth Insight

THE IMPORTANCE OF THE "WOW" FACTOR

Barclays Wealth (in partnership with the Economist Intelligence Unit) explores the "true value of wealth and the choices wealthy individuals make in seeking to enjoy it".

A very interesting report which highlights the challenges faced by the luxury industry in redefining their products to cater more directly to demands of high net worth individuals.

Regarding consumer habits - quality and service seem to be the main issues. Exclusivity and time being the absolute of luxuries.

BARCLAYS WEALTH INSIGHT

06 December 2007

IPO or not to IPO?

Wall Street Journal :
MILAN -- Salvatore Ferragamo SpA and Prada SpA, two of the world's biggest fashion names, are sticking to plans for stock-market listings in Milan next year despite signs the luxury-goods sector is heading for turbulent times.
For each, the planned listing of a minority of its shares is perhaps the best shot for the family owners to raise the cash necessary to fund expansion around the world without sacrificing control. But the desire to go public against the increasingly difficult market backdrop shows how critical the need for financing has become for Europe's family-owned fashion labels.

By Stacy Meichtry and Christina Passariello.

Prada has postponed it's IPO several times (especially in september 2001), and rumours have been running wild for years. The Italian company may need the cash to expand aggressively into China, Brazil, and India, as well as to increase its presence in the United States (especially with it's brand MIU MIU) and in Japan. Based on its sale of 5% of the company to Intesa Sanpaolo last year, the company is worth at least $2.7 billion.