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The Credit Crunch Moth – Why Fashion’s Super Brands Are Watching
Superbrands Burberry, Bulgari, Dior and Gucci are watching the demise of their high street counterparts with interest.
Despite spinning in a various orbit to shops such as USC and The Officers Club, the superbrands, such as Dolce & Gabbana, Dior, Gucci, Bulgari, Louis Vuitton and Chanel – synonymous with glamourpusses such as Britney Spears, Jessica Alba, Angelina Jolie, Christina Aguilera, and Beyonce – are keen to make sure damage limitation for their brands in the course of the financial downturn.
The credit crunch moth
When French women’s clothing store chain Morgan went into administration at the finish of 2008, it was just one more instance of the credit crunch moth eating into a properly-identified clothing brand (albeit French) with shops now set to close across the UK.
The proliferation of high street clothing stores biting the dust is just desserts, some argue, for some chains whose hefty profit margins had been exposed by far more competitively priced so-known as ‘disposable fashion’ shops such as Primark and Matalan, resulting in a dramatic switch in UK shopping habits (over the past eight years, these brass finish retailers have doubled their share of the market place).
No High Street miracle, regardless of the influence of Zac Efron and Miley Cyrus
With the demise of household names like USC and Mark One particular, Britain’s clothing retail sector, it seems, has never had it so bad. Despite several stores tapping into the High School Musical and Hannah Montana market with its American youth-inspired lines, it’s not been sufficient to cease the downfall of several of the mid-priced shops. What is a celebrity shopper like Jade Goody or Lindsay Lohan to do?
The uncertain future for superbrands like Gucci, Dior, Bulgari and Dolce & Gabbana
Traditionally, firms at the luxury finish of the market are hit hardest by a international economic downturn (Whittards, anyone?), so, surely, it is only a matter of time before these large names go underneath.
Following all, the firm at the heart of it all, Lehman Brothers, pointed out that up to 60 percent of the luxury goods industry’s clients stay in classic, developed markets, which are notoriously pummeled in a recession.
A worrying time of uncertainty for any American Idol looking to wow the red carpets in that knockout Versace dress. Is it lastly downsize time on the celebrity circuit?
Are we, the typical guys and girls of Britain, to be confronted (and affronted) by the sight of Britney in a heavily discounted sequined top rated (pack of 3) from Asda or have our eyes assaulted by the image of David Beckham stepping from his shiny Bentley in a hand-stitched white leather jacket (ethically sourced) for below £50 from TK Maxx (or, as my sister-in-law calls it for added chic mystique, Tee-kay-mah).
Editors and buyers, right after all, are saying we are now entering the age of minimalism and austerity.
Mamma Mia or Mamma See Ya?
o Gucci president Danielle Vitale says the credit crisis will affect the G brand in the short term but she’s not too concerned thanks to healthful international sales and the fact that Gucci is a genuinely international brand with a wide customer base and that it has seen off recessions ahead of
o Burberry has been particularly affected by the slowdown in the US economy, saying its US outlets are expected to spot smaller orders this year. Hopefully Burberry CEO’s selection to diversify the label, giving their signature plaid a backseat, will prove to be a sensible choice in 2009
o Yves Carcelle, Chairman and CEO of Louis Vuitton, has dismissed the financial downturn as getting ‘no impact’ on his firm. Explaining his bold claim, he states that when items are uncertain, Louis Vuitton thrives due to the fact it is ‘of eternal value’
o The move towards a much less ostentatious 2009 in the style world appears to have been reflected in Bulgari CEO Francesco Trapani’s selection to sell his classic 137-foot yacht, which was identified as the Bulgari yacht with Trapani occasionally conducting interviews on it
o Dior CEO Sidney Toledano is not worried about his superbrand or it’s survival during the recession, telling the Linked Press, “When occasions are tough, the mistake is to throw in the towel. I use this metaphor – when the youngsters are not hungry, you have to cook even nicer dishes to stoke their appetite.”
Ironically, it could be lower-finish retailers, such as H&M and Kmart, who give the lifeline for superbrands during the lean months of 2009, maintaining the link in between chic and high street. They are now providing the greatest of both worlds to customers.
These brass finish retailers have enjoyed wonderful good results with designer collections, such as Stella McCartney for Puma, Issac Mizrahi for Target, and Karl Lagerfeld for H&M.
And so the really like affair in between brass finish high street retailer and superbrand appears to be permitting each to endure for now. In the words of another well-known really like affair, Romeo and Juliet, “What is in a name?”
It appears, for now at least, the superbrands nonetheless smell as sweet…but alas, poor isolated Morgan is the most current to fall upon its sword.
Only time will tell if the Guccis and Diors of this planet will suffer a equivalent fate.
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