Yesterday Barneys New York averted yet another trip to bankruptcy court through a major restructuring deal that converted most of their debt to equity (http://bloom.bg/IUyHir). Unless you work at Istithmar--the PE firm that paid more than $940MM for Barneys in 2007 (oops!)--or owned Barneys debt, this is a big deal (pun intended). Barneys no longer … Continue reading Out of Barneys’ rubble: What’s next for luxury fashion’s biggest boutique
Thanks to the so-called flash-sales sites we now have a distorted definition of what being a member means. Before Gilt, RueLaLa and the myriad "private" e-commerce business wanna-bees, gaining membership in something typically meant you needed to actually do something more than have an email address and a pulse. By now it should be clear to … Continue reading Don’t confuse members with customers
With last quarter's improved earnings--and a string of positive same-store sales reports--many have declared that the luxury market is once again booming. While there is no question that business is on fire in developing luxury markets like China, the results in mature markets suggest a business that IS dramatically improved--and on a much more positive … Continue reading Luxury’s back!!! Uh, not so fast.
Hermes. Bulgari. Louis Vuitton. PPR (owner of Gucci and Bottega Veneta). Richemont. All have recently reported strong profits. Clearly, these firms have benefitted from their growing presence in the booming Asian luxury markets. But something else is going on. I believe this dazzling performance during a worldwide recession is about more than their global footprint. All … Continue reading Luxury’s Flight to Quality
If you missed the webinar that Jon Giegengack and I conducted earlier this week entitled Engaging Consumers and Growing Market Share in the “New Normal," the recording of the session and presentation deck are now both available. Webinar recording: https://cmbinfoevents.webex.com/cmbinfoevents/lsr.php?AT=pb&SP=EC&rID=2764867&rKey=b264f15e93796eb1 Webinar deck: http://www.cmbinfo.com/cmb-cms/wp-content/uploads/2010/10/The-New-Consumer-Report_2010.pdf [tweetmeme source= stevenpdennis http://www.URL.com]