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venture capitalists not always a designer’s best friend

June 23, 2008 2:34 pm

The big news out of Sao Paulo fashion week last season was the formation of the IM group, a fashion conglomerate that was (supposedly) buying brands and pumping them full of cash. Fast forward a few months later, and it turns out that all wasn’t as it appeared. Headlines have trumpeted Alexandre Herchcovitch’s claim that “I was lied to!” and the buzz is all about what’s going to happen next. Apparently, IM’s pockets weren’t quite as deep as they claimed and Herchcovitch had never actually signed a deal selling his company. Which was probably a smart move, considering that of two brands that did sign, Fause Haten still hasn’t received full payment and Zoomp, one of the country’s biggest and most-beloved brands, has seen cash flow problems and isn’t staging a show for the first time. Still, life goes on. Haten staged a dramatic show and was showered with roses as he took his bow. Herchcovitch’s tightly focused men’s collection didn’t appear any worse for all the melodramatic wear, while his women’s ranks among the best in his career. Stay tuned for a new set of twists and turns, sure to come by next season.

—Sameer Reddy

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