52 posts tagged "LVMH"
So much for slow August news days. Today’s WWD is reporting that LVMH is said to be eyeing a minority stake in Proenza Schouler, the New York label founded by Parsons grads Lazaro Hernandez and Jack McCollough in 2002. The Proenza show, scheduled this season for September 10, is always one of the buzziest on the New York schedule, but this announcement will keep people talking all week long. LVMH and its rival Kering have been zeroing in on hot young designers lately. Alexander Wang landed at Kering’s Balenciaga in late 2012, and the company made a minority investment in Joseph Altuzarra’s burgeoning business last year. Christopher Kane is also in the Kering fold. Should the LVMH deal happen, Hernandez and McCollough would join recent recruits J.W. Anderson, now at Loewe, and shoe designer Nicholas Kirkwood in Bernard Arnault’s growing luxury empire.
Why should we care?
A minority stake in Proenza Schouler’s business would potentially secure Hernandez and McCollough for future posts at LVMH should any of its current star designers leave their posts. I could see Lazaro and Jack in Paris, but my first thought is I hope it doesn’t play out that way. In a four-collections-a-year system, managing two huge brands is more than a designer can handle successfully. Yes, there are two designers in this case, but with all the international travel now required of creative directors, not to mention the other duties required of the face of a brand, it just seems untenable to me. Sure, Karl Lagerfeld does it at Chanel and Fendi, but with Hermès nominating Nadège Vanhee to replace Christophe Lemaire, who had been dividing his time between Hermès and his own label, doing double duty doesn’t seem to be the way the industry is moving.
More likely, Arnault and co. see the value in building up the Proenza Schouler brand. And lucky for them. When Nicolas Ghesquière left Balenciaga, he seemed like an obvious candidate for investment. He had the talent and the name recognition. But at the time, it was said that launching a brand from the ground up was prohibitively expensive, as in eight-figures expensive. (Ghesquière, of course, landed firmly on his feet at Vuitton, Arnault’s crown jewel.) Hernandez and McCollough have been around for 12 years and have used the 40 percent stake Andrew Rosen and John Howard made in their business (acquired from the Valentino Group) to their advantage, opening two Manhattan stores in the last two years and really digging into their accessories business.
Timing, as they say, is everything.
Fashion loves a comeback, and since Olivier Theyskens parted ways with Theory, the contemporary American sportswear brand, back in June, industry insiders have been plotting his. Is the 37-year-old Belgian designer being considered for a role at Oscar de la Renta, as has been whispered in New York? Could Milan be an option? Sources say he has taken meetings in the Italian city this summer. Or will he return to Paris, where he enjoyed editorial accolades as the creative director at both Rochas and Nina Ricci?
Tastemakers began falling for Theyskens back in the late ’90s, when he dressed Madonna in haute gothic style for the Oscars. With a reputation burnished by stints at Rochas and Nina Ricci, he was an unlikely fit for Theory, a brand built on stretch pants, but his show quickly became one of New York fashion week’s must-sees. Approval ratings started out strong; there was excitement about scoring clothes with the designer’s famous name on the label without dropping four figures. Over time, however, the reviews became more skeptical. In February, Theyskens presented a Fall ’14 Theory show without his name attached, and four months later the brand and Theyskens severed ties. As it stands now, the designer’s track record is one of ups and downs. Does that jeopardize his prospects? Or could the fact that he has experience across different continents and different markets count as an asset? Now that Theyskens is a free agent, Style.com spoke to fashion influencers about his future.
As he dusts off his résumé, Theyskens is looking at a shifting designer landscape. LVMH and Kering are currently signing on designers both younger and greener than he is. LVMH crowned Jonathan Anderson creative director of Loewe at 29. Christopher Kane and Joseph Altuzarra were 31 and 30, respectively, when Kering made its investment in their burgeoning brands. Yes, Nicolas Ghesquière, at 43 and newly installed at Louis Vuitton, is older than Theyskens, but Ghesquière’s Balenciaga tenure was longer and more successful than Theyskens’ Paris gigs. The other trend he could be contending with: Brands are hiring relative unknowns. See Nadège Vanhee-Cybulski, recently hired away from The Row to replace Christophe Lemaire at Hermès, and Julie de Libran, the new woman helming Sonia Rykiel.
Insiders don’t see things quite so dimly and are hopeful that he will find
the right match this time.
“Olivier has a great design sensibility. At a time when many things look like other things, he really stays true to himself—that’s what I respect,” says Ken Downing, fashion director and senior vice president of Neiman Marcus. “I think if there were an opportunity in New York, it would be great for him,” he continues. “It’s not so much about location on the map as it is about a house that will understand his talent.”
Magali Ginsburg, head of buying & category management for The Corner, which sold Theyskens’ Theory “very well,” sees the designer as “the perfect candidate for a house,” especially because “he [is one of] those designers who when they come on board bring with them a more and more savvy crew of customer followers,” ultimately raising a house’s international reputation.
If not a position at an established house, why not his own label? “I know there are a lot of people who said he wasn’t commercially successful, but I was at Barneys and we sold it,” says Julie Gilhart, now a freelance fashion consultant. “He had a following, and it wasn’t the Nina Ricci or the Rochas customer, it was the Olivier customer,” Gilhart continues. “I’ve always thought that Olivier could do his own thing. When I met him, that’s what he was doing, his own thing. It’s what I want to see for him. He’s one of the great designers.”
As a designer accustomed to the machinery of a big brand behind him, starting out on his own could be daunting. But here in New York, Theyskens has watched other designers—Jason Wu, Prabal Gurung—launch careers by putting red-carpet dresses on the backs of celebrities. And anyone who remembers Irving Penn’s portrait of Nicole Kidman in Rochas knows that Theyskens makes a sublime gown. If he were designing at that level again, Kidman and co. would presumably line up to wear him.
Still, even with A-list endorsements, it can take a decade for a brand to come into its own, and even then it cannot live on eveningwear alone. Wu has branched out into accessories; Gurung counts knitwear among his biggest developing categories. This is where Theyskens’ experience at Theory could pay off, the thinking being that his design vocabulary is much broader than when he arrived in New York four years ago. And his comfort level with everyday is a lot broader now than it was when he arrived. “It broadened his range,” says Neiman’s Downing. “As we all know, he loves couture and does superlative evening pieces. Theory opened up a new vocabulary about sportswear, and living in New York was good for him to see how people on this side of the pond live, dress, and work. It’s a different sensibility than in Europe.”
Anne Slowey, Elle‘s fashion features director, says, “I like what he did for Theory—there is a place for luxury normcore. But I don’t know if it was right for the brand. Unfortunately, Olivier has been miscast all along the way. He’s either too ahead of his time or too far out in left field. Eventually fashion will catch up with him.”
With the industry firmly behind Theyskens—unlike, say, John Galliano, who, since leaving Dior amid a hate-speech scandal, has received support from some influential corners but has yet to redeem himself in the eyes of American retailers—he’s got a good chance of scoring a new gig. But even if he doesn’t land a job quickly, Theyskens isn’t about to fade from fashion’s collective memory bank anytime soon. An Olivier Saillard-curated exhibition set to open at the Palais de la Porte Dorée in December will feature a dress from one of the designer’s earliest signature collections. For now, there’s the virtual museum that is Instagram. #oliviertheyskens.
Marc Jacobs International has tapped a new CEO this morning, WWD reports. Sebastian Suhl, who has served as the chief executive of Givenchy since 2012, will succeed Bertrand Stalla-Bourdillon. During his stint at Givenchy, Suhl spearheaded ambitious retail efforts that have left the house poised to open roughly twenty-five new boutiques in the remainder of the year. Suhl’s appointment comes at a crucial moment for Marc Jacobs, as the designer refocuses efforts on his namesake brand and prepares for an initial public offering. Before heading to Givenchy, Suhl helped stage Prada‘s IPO on the Hong Kong Stock Exchange in 2011. He will be succeeded at Givenchy by Philippe Fortunato, another LVMH vet and Vuitton’s former North Asian president and CEO.
When Apple poached Angela Ahrendts last year, it marked a major turning point for the megabrand—the former Burberry CEO was enlisted to bring Apple back to its roots and make it not just a tech brand, but a luxury lifestyle label. Paul Deneve, the former CEO of Yves Saint Laurent, also made the leap from fashion to Silicon Valley to work on special projects at Apple. Today, Vanessa Friedman of The New York Times reported that yet another fashion exec has made the jump to Apple. The sales vice president for TAG Heuer, Patrick Pruniaux, has been tapped for an unspecified role with the company.
Though it has not been confirmed, it looks like we might have the man who will helm that iWatch everyone has been buzzing about. When it was first announced that Deneve was joining Apple, there were plenty of rumors floating around that he would be taking on that project. Those turned out to be false. But who better than a TAG Heuer expert to best the competing Samsung Galaxy Gear watch?
With the iWatch reportedly due out in October and a new version of fashion’s greatest accessory, the iPhone, coming out this fall, Apple is busy preparing for some big releases.
But the bigger question remains: What else does it have up its sleeves? It’s now got an all-star team of veteran luxury executives, with presumably more joining it soon. But Ahrendts, who is the head of Apple’s retail and online stores, is a turnaround artist, and like Steve Jobs, she’s an exec with a vision. Certainly, wearable tech is where the focus is these days, with everyone from Google to Opening Ceremony to Nike getting into the game, but Apple hasn’t made its mark in this niche. Yet. Might we see an Apple wearable tech piece make its debut on the runways at New York fashion week, instead of in a more traditional rollout? We wouldn’t be a bit surprised.
Bernard Arnault has finally announced October 27 as the official opening day for the Foundation Louis Vuitton museum in Paris. The 126,000-square-foot building, designed by architect Frank Gehry, will house the corporate art collection of LVMH, as well as specially commissioned works and temporary exhibitions. Fittingly, the debut show, on display through January, focuses on Gehry’s work for the foundation.
“We have a pretty eclectic mix, but it is true that I am quite involved in the choice,” Arnault told WWD of the art in the new museum. “This is a small payback to the public, and to our employees.” Estimated to cost more than $136 million at current exchange, this building is Arnault’s biggest architectural undertaking since 1999′s christening of the twenty-three-story LVMH Tower in New York.
Gehry’s other LVMH creation, a limited-edition monogram handbag for Vuitton, will also be unveiled this October as part of the label’s “The Icon and the Iconclasts” project, along with creations by Karl Lagerfeld, Cindy Sherman, and more.