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Designer update

money talks

January 17, 2008  4:36 pm

Colors

Sao Paulo fashion’s first son, Alexandre Herchcovitch, hit the jackpot this season, as the sale of his signature and diffusion lines to the Identidade Moda holding company brought in a big infusion of cash—rumored to be to the tune of several million dollars. It must have been music to his ears as he designed the Fall collection he showed in his hometown yesterday, an artfully draped series of wool, satin, and jersey separates and minidresses paraded against a Rubix cube-like set. Beyond its implications for Herchcovitch’s individual efforts to build his label, the purchase of his company globalizes what has been until now mostly a trend for Western brands. As emerging markets account for an increasing portion of the luxury pie, the LVMHs and PPRs of the world aren’t alone in the search for a lucrative slice; local venture capitalists are investing resources in homegrown brands they believe in. Time will tell whether they’re on target, but in the short term it’s sure to make for a heady ride. One thing’s certain: Herchcovitch isn’t wasting any time implementing his plan for global domination. His New York fashion week show next month will be a bigger production, and this year the brand will open a store in Manhattan as well as a flagship in Sao Paulo.

—Sameer Reddy

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