LUXURY PRESS DIGEST 8TH MAY
Luxury Fashion, Retail & Consumer Goods
CRAFTED AT FORTNUM & MASON
Harper's Bazaar reports that as part of London Craft Week, Walpole’s 'Crafted: Makers of the Exceptional' exhibition is being held at Fortnum & Mason in Piccadilly. The showcase features designs from 28 Walpole Crafted alumni, with works spanning homewares, leather, jewellery and millinery. Walpole's Crafted programme pairs under-the-radar makers with renowned industry experts, to help with their business strategy. For this display, Fortnum & Mason’s distinguished buyers worked with the 28 chosen craftsmen to hone their work for the commercial market, making their wares more accessible (every piece is available to buy) and helping them to build their brand in the luxury industry.
MICHAEL KORS' MISTAKE THAT "UNDERMINED ITS BUSINESS"
Business Insider reports that Michael Kors’ business is slipping. The company enjoyed an impressive rise in popularity in recent years thanks to its trendy handbags and watches. But growth has been slowing lately, and the company has reported a weak outlook for the future. Shares are down 34 per cent in the past year. Despite overall strength in the apparel industry, the fashion company is the only major specialty retailer no trading above the five-year median right now, according to a recent report by Morgan Stanley. Many of Michael Kors’ issues can be traced to one mistake: rapid expansion.
AT THE 2015 MET GALA: RIHANNA WEARS CHINESE COUTURIER GUO
Yahoo! reports that the 2015 Met Gala featured a lot of Chinese-inspired designs, from gold dragons on Justin Bieber’s Balmain jacket to Kendall Jenner’s high-neck Calvin Klein gown — but when it came to actual Chinese designers from the Middle Kingdom, there were far fewer appearances, though we did see designs from Chinese American designers like Vera Wang. For an exhibition and party meant to celebrate Chinese fashion and the impact that it’s had on the fashion industry, there was little actual output from China on the attendees. (Unless you count the Made in China tags.) Luckily for the legitimacy of the Met Gala, Rihanna actually did her homework — she stunned the red carpet in a gold fur cape and headpiece by Chinese couture designer Guo Pei, who designed the costumes for the 2008 Beijing Olympics.
CELEBRITY FRAGRANCES ARE STINKING UP THE EARNINGS OF BIG PERFUME MAKERS
Fortune reports that Elizabeth Arden and Coty’s results continued to take a hit as perfume buyers once again turned their noses up at celebrity fragrances. It used to be that all a perfume-maker had to do to have a hit was line up a top celebrity like Justin Bieber or Lada Gaga and slap their name on a fragrance. But times have changed, and Americans are increasingly turning up their noses at celebrity fragrances, inflicting a lot of pain on major companies such as Elizabeth Arden, maker of Britney Spears and Justin Bieber fragrances, and Coty, the name behind Beyoncé and Gaga’s perfumes, quarter after quarter.
Luxury Travel, Culture & Leisure
PANIC SELLING AND GAZUNDERING HITS THE LONDON LUXURY HOMES MARKET
The Telegraph reports that wealthy homeowners in central London yesterday resorted to slashing asking prices to offload their property, fearful of further price falls should Britain end up with a Labour-led government. Nearly 40 per cent of townhouses, apartments and mansions on the market in the affluent core of the capital were sold below their marketed value in the first three months of this year, as vendors reluctantly dropped their price.