GOING GAGA FOR VERSACE

Has there been a Versace reincarnation? According to Reutors.com Versace has been vetting offers from investors who are interested in a minority stake, mainly to fuel growth for the brand. Versace was at its peak of interest in the 1990’s becoming the go to brand of the decade. We can all remember that notorious safety pin dress worn by Liz Hurley. The death of the founder Gianni Versace came as a great shock to the fashion world and the Versace family. Sister Donatella has been at the helm ever since in a steady climb back to the top. Recently the brand has hit the headlines with London based designer J.W Anderson designer the diffusion line ‘VERSUS’. Rapper M.I.A has also collaborated with the brand bringing the infamous 90’s style back to life and recently it has been announced Lady Gaga has become the face of Versace. It looks like the brand is back on top!

The rise of the fourth Conglomerate.

Hong Kong based Fung Capital, the investment company run by Li & Fung have announced the acquirement of tailoring house Kiljour. This is not the only Saville Row brand that the Fung family have purchased.  Gieves and Hawkes and Hardy Amies are a number of Saville Row brands to be scooped up by the firm. The New York Times reported “Gieves and Hawkes has its largest customer base in China and has been gathering a tailor’s knowledge of these new clients.” One could argue that supply should follow demand and if there is a larger market in east Asia for British heritage goods then perhaps investors in this region will have a better understanding on how to capitalise on their home market. This also breaks up the market share between the LVMH and Kerring power struggle, and about time too I say!

GFW ones to watch - Patricia Williams @ Ravensbourne

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The rise of luxury and the uber riche.

British Luxury brand burberry have released a better than expected pre-tax profit of 14%. This is heavily due to growth in Asian markets and other BRIC economies. It is also said that retail sales account for 71% of Burberry Revenue.There has become an increased an increased numbers of Middle Class families and single high income workers. Their spending behaviors differ as the new singletons have a higher percentage of disposable income than others, they are willing to spend £400 on a bag or shoes every couple of months and eat several times at restaurants as many of them do not have commitments to children of hefty mortgagees. In the BRIC econonies, countries that are all at new stages of an economic development, there has been a surge in the new middle class. Shangahi’s morning post reported that by 2020 China’s middle class will reach 700m, 48% of the entire population. Luxury brands are now committing themselves to expanding in these economies due to the strong demand for luxury goods.