Versace is a trophy brand and I can imagine many a green eye coming from the offices of LVMH, Kering and other fashion conglomerates asking why they hadn’t claimed this prize themselves. While the price isn’t a snip - approximately US$2.12 billion - and nobody knows the details of Donatella’s contract - it would have be something special in order to entice her to sell the family’s 80% stake - it is one of the few brands which resonates on to the lips and minds of everyday consumers. This happens for very few brands and is very hard to achieve.
Left - In Donatella's image? Versace advertising
Versace has a strong identity and tropes which are continually referenced - you only have to look at the continual ‘baroque’ collections from ASOS, Boohoo and River Island to see that - yet it never seems to fully capitalise on them itself. It can’t turn that into money. The profits are small - 15 million euro in 2017 - and it was always a brand which seemed to play musical chairs with its store portfolio; continually opening and closing stores.
On the other hand, Michael Kors is a well run accessorises company. The minute they knew their mid-market brand had peaked, and their market was saturated, they started closing stores - between 100 and 125 over two years. They knew the landscape changed, the brand was fatigued, and you need to make hay while the sun shines, which they’ve done. It’s knowing when to start putting your money into new areas and elevating. Everything is about ‘elevating’ ATM!
The confidence of buying Jimmy Choo, and that seems to be doing well, has maintained the momentum of this spending spree. While not likely partners, many groups have disparate brands and, if Michael Kors knows one thing, it’s how to grow.
John D. Idol, Chairman and Chief Executive Officer of Michael Kors Holdings Limited, said, “With the full resources of our group, we believe that Versace will grow to over US$2.0 billion in revenues (from 668 million euro currently). We believe that the strength of the Michael Kors and Jimmy Choo brands, and the acquisition of Versace, position us to deliver multiple years of revenue and earnings growth.”
“Donatella’s iconic style is at the heart of the design aesthetic of Versace. She will continue to lead the company’s creative vision.” he says.
It’s interesting to remember LVMH used to own a third of Michael Kors before he went for the masstige market and the company blew up and he was also the Creative Director of the LVMH owned Celine in the late 1990s.
The new group will be called ‘Capri Holdings Limited’. (Didn’t Michael Kors once do a mink beach towel with ‘CAPRI’ on it?) The new group says there is an opportunity to grow the group’s revenues to US$8.0 billion in the long-term, which would make it one of the largest fashion companies.
Right - Vintage Versace advertising - Gianni Versace is forever associated with the Supermodels
Donatella Versace says, “Santo (brother), Allegra (daughter) and I will become shareholders in Capri Holdings Limited. This demonstrates our belief in the long-term success of Versace and commitment to this new global fashion luxury group.”
Michael Kors’ expertise is accessorises. They say they want to expand Versace men’s and women’s accessories and footwear from 35% to 60% of revenues. Versace has never really resonated in these areas, often looking more tacky than desirable. Jimmy Choo will also offer synergies in luxury footwear and bags.
There’s also going to be a filip back to dressing up at some point and Versace is well placed, particularly in a sexually charged, Italian way.
As for more affordable products, they could expand underwear, home, sunglasses and perfume. The perfumes, since the very beginning, have never matched the quality and branding of the rest of the brand. Versace needs to choose areas and do them well, rather than the light licensing it has often achieved since its inception in 1978. Versace was one of those brands that had such disparate product - from cheap looking tins of perfume to the most luxurious Italian printed silk.
Capri Holdings say they want to “build on Versace’s luxury runway momentum”, - *books Supermodels* - and want to be less reliant on its home market of the US, grow in Asia and become more global.
Versace must have had numerous takeover offers through the years and it would be interesting to know the reasons of, why now? Why Michael Kors? The brand is 40 this year, so maybe the family want to fully maximise its potential, maybe it was pressure from the private equity investors to get out, or maybe it’s the realisation that you have to turn into a billion dollar brand to survive. Grow or die.
Below - The Versace ladies by Steven Meisel
Male Daisy Dukes
Putting the duke into Daisy Duke, okay, so they're usually denim, but these shorts are seriously short.
Top Left - Prada, Dior Homme, Fendi, Hermès
From Left - SS World Corp, Maison Margiela, Jacquemus, Prada
More Bad Denim
Is there any other type of denim these days? It keeps on getting worse and it ain't going away.
Above - Prada, Alyx, Balmain, CMMN SWDN, Off-White
Left - Valentino, Versace
Burnt neck? Don’t worry the summer roll-neck's got you. These were made for a British summer.
Left - Both - Prada
Brown Art Suit
I just love this. Simples.
Left - Dries van Noten
Verner Panton was the inspiration at Dries (left) and this carried over to Prada and Raf.
Left - Prada, Raf Simons
If you've seen more untucking than Rupaul's Drag Race, it's now time to let those French cuffs hangout. Goodbye cufflinks!
Below Both - Alexander McQueen
Caping was once massive eyeroll at fashion week, but, now, you can put your shoulders in!
From Left - Alexander McQueen, CMMN SWDN, Maison Margiela
The Scarf With Coat Attached
Trust Raf Simons do give us something we didn't know we needed. It won't blow away!
Below - Raf Simons, Raf Simons
How many green coats do you own? Exactly. Nothing welcomes spring like the Green Man. May Day alert!
Left - Dries van Noten, Raf Simons, Comme des Garcons
Left - Dunhill, Dolce & Gabbana, Thom Browne, Versace
Yellow hasn't mellowed, in fashion terms, it's just got brighter.
From Left - Raf Simons, Dior Homme, Ermenegildo Zegna
Left - Hermès, Thom Browne, Jacquemus, Versace
Don't be a dummy, get a bucket hat with the baby ties.
From Left - Ami, Fendi, Stella McCartney
The Longer DB
This season saw the beginnings of something more grown-up and less novelty. It starts with the double-breasted, longer jacket.
Above From Left - Ami, Dior Homme, CMMN SWDN, Dunhill, Versace
Below - Left - Kenzo, Louis Vuitton, Paul Smith, Stella McCartney, Thom Browne
We've had latex and leather trousers, now, it's time for the shiny, plastic looking shirt.
From Left - CMMN SWDN, Wooyoungmi, Dior Homme
Half & Half
Yin & Yang your look. It's as clear as night and day.
From Left - Maison Margiela, Alexander McQueen
You won't find this in any army surplus shop, but it makes you want to get in the big outdoors.
Below From Left - DSquared2, Neil Barrett
Just say 'Auntie Donatella knitted it for me, daarling!'.
From Left - Valentino, Louis Vuitton, Versace
This article isn’t a discussion on the pros and cons of real fur and offers no moral viewpoint on its use. I acknowledge that this contentious issue/material is divisive and has passion on both sides.
The real ‘fur’ industry has seen massive growth, since the beginning of this century, driven by international consumers and trims on accessories and coats. It is now a $40 billion industry. It was inevitable that it would have a backlash and there would be a reaction to it, most notably from younger consumers.
I put ‘fur’ into speech marks because it’s a very broad term and while some brands may no longer use mink they continue to use the skins of other animals and there’s no definitive reason for the choice of some animals making the used list and not the others. Read more here - ChicGeek Comment Fur Debate: You Either Use Animals Or You Don’t
Brands such as Gucci, Versace and Martin Margiela have decided to announce they will no longer use real fur. Donatella Versace recently said, “Fur? I am out of that,” she said. “I don’t want to kill animals to make fashion. It doesn’t feel right.”
“Naturally we were disappointed to hear that Versace has said it won’t use real fur in collections. However, the majority of top designers will continue to work with fur as they know it is a natural product that is produced responsibly. When Donatella Versace says ‘I don’t want to kill animals to make fashion.’ presumably her company will soon stop using silk and leather?” says Andrea Martin from the British Fur Trade Association.
“It is disingenuous to claim that leather is a by-product of the meat industry, a cow still had to die to provide the product. Silk cocoons are placed in boiling water to help unravel the thread with the silk worm inside,” says Martin.
Italian accessories brand Furla has formally declared that it will be banning fur from its collections from November of this year, which would coincide with the launch of its Cruise ’19 collections. This follows decisions by Michael Kors and Yoox Net-A-Porter, which has declared that all its stores and websites would be real fur-free zones.
“I think some of the brands have gone fur free under pressure from anti-fur trends, and some are genuinely concerned. If brands don’t want to use animals for fashion then they need to consider leather, exotic skins, silk, sheepskin, makeup and products, all of which use animals. I also think human welfare is important to consider when producing fashion, and this often gets forgotten.” says Rebecca Bradley, a London based fur designer.
So, why are luxury brands really dropping the use of real fur?
I think it is pure economics and the high margin greed of today’s luxury industry. It’s the same reason many restaurants are pushing vegetarian and vegan options: the margins are higher and therefore the profit. By charging slightly lower prices for something which is much cheaper to make, the margins increase. There are only so many €25,000 full-fur coats a brand will sell and the ceiling price is sensitive, so you can’t factor in the same margins you would on your other products. If you make it in faux-fur you'll get a higher margin and a bigger percentage of profit. You’ll also sell more and probably generate more money overall.
The irony is, the reason a real fur coat is so expensive is because of the high welfare standards of the European producers. Luxury brands wouldn’t be able to use cheaper real-fur from other sources witout criticism and scrutiny.
“Fur coats may seem expensive, however the price of a fur coat should reflect a high standard of animal welfare, and therefore with a beautiful, high quality fur, many skilled people are involved with production, including a furrier, and finisher to create a fur coat that will last for many generations, ” says Bradley.
Fur, for the majority of brands, is a very small part of their businesses and therefore it’s not difficult to heroically declare you’re no longer going to use it. It’s also easily replaced by a cheaper, synthetic alternative while not altering the price very much or at all. You can paint the use of a fake fur trim as an ethical choice rather than a cost saver to the consumer. It’s cynical I know, but it’s working.
PETA’s Director, Elisa Allen, says, “Fur is dead, dead, dead. As well as making sense for designers' conscience, ditching fur makes business sense, as today's consumers are demanding animal and eco-friendly clothing for which no animal has been electrocuted, strangled, or caught in a steel-jaw trap. From Armani to Versace, the list of fur-free designers is growing every day, and innovative vegan fashion is on the rise. The tide has turned irrevocably, and there's no going back.”
Many brands used the word ‘sustainable’ when announcing their decision to no longer use real-fur, but again, this is another term in fashion that is very broad and has little full meaning until you see the detail. I’m not sure a fake fur coat is particularly sustainable, but then again it does depend on the material.
But, you also have to acknowledge that nobody needs to wear a real fur coat. We could easily survive without real fur, but it’s interesting how, out of all the animal products we use, this is one of the most offensive to some and creates the biggest reactions and protests.
The real fur industry continues to grow in China and with other newly rich consumers and markets. It is now a US$17 billion-a-year industry in China and Haining, near Shanghai, is its hub.. Fur companies will be a bit like tobacco companies: the falling sales in established markets will be replaced by growing sales in new and even bigger markets in Asia.
Chinese animal welfare standards are very different from European standards. European producers have very strict regulations and it’s an industry which has to be transparent in order to ward off criticism.
“We respect the fashion industry’s attempts to become more responsible for the products they produce. Animal welfare is of critical importance and the fur produced is farmed to the highest welfare standards.” says Martin.
“With growing concern about the environment and plastics we believe it is more responsible to move back to the use of natural, biodegradable materials. Fur is the natural and responsible choice for designers and consumers.” says Martin.
Ditching fur is quite a lazy way for luxury brands to try to be more ‘sustainable’ and look like they care about the environment.
“I think that companies and consumers becoming educated and aware of origins of products and materials is a fantastic thing, but the focus needs to be across the board, ensuring standards of human, or animal welfare and environmental impact.” says Bradley.
Many brands are seeing real fur as something they live without and it’s more hassle than it’s worth if the profit and quantities aren’t there. You can pick holes into both sides of the fur debate. While a positive move for many, the decision to no longer use real fur is really a cleverly spun business decision and driven by their continued obsession for huge margins.
Read more expert ChicGeek Comments - here
Milan gave us handbags, more shiny coats and reasons to look like a tourist. Here goes AW18:
Ooooo, look at you! Bags have been getting smaller, so we may as well call a spade a spade.
From Left - Fendi, Palm Angels, Prada
The future is wipe clean and the quicker you get your head around this, the better.
From Left - Gucci, Fendi, Prada, Versace
Below - Both Moschino
Like a walking 70s airline logo.
Below - Both Fendi
This could be one of my favourite trends of the season. Not blurred lines, but distorted ones.
Above From Left - Fendi, Ermanno Scervino, Marni, Moschino
The new caping.
Left - Gucci
Nothing wrong with looking like a tourist in AW18. The worst the better. Just don't look up!
Below - Fendi, Prada, Prada
Any blanket looking design cut into a coat or simply just thrown over your shoulders.
From Left - Fendi, Gucci, No.21, Marni
Below - Marni
What did Oscar say about resisting temptation? Dress like you haven't.
Below From Left - Gucci, Dolce & Gabbana, Dolce & Gabbana
This is part normcore, part 80s, part 90s, part...
Fear & Loathing lenses. I wore these all last Summer and they ain't going anywhere.
Below Both - Dolce & Gabbana
The first episode of The Assassination of Gianni Versace: American Crime Story premiered last night, and, while we already who know whodunnit, we don’t know why? Will we ever know? Andrew Cunanan killed himself shortly afterwards.
Left - The Andrew Cunanan character in The Assassination of Gianni Versace: American Crime Story
One of the highlight looks from the first episode was a Sara Lee yellow, full look of slouchy 80s-style trousers, polo shirt and matching cap. Yellow can frighten many guys and is therefore quite difficult to find in the shops. This is a softer, more pastel hue.
Right - All about Sara Lee yellow this Summer
Look at it like a dose of wardrobe vitamin D. Okay, so this did have the backdrop of Art Deco Miami, but just imagine the palm trees when you’re rolling down your local high-street with your jacket slung over your shoulder and your big serial killer shades on.
Left - adidas Originals - Trefoil Cap In Yellow - £15 from ASOS
Below - Don't want to be recognised? Go for serial killer sized shades
Below - Lacoste Live - Unisex Slim Fit Petit Piqué Polo - £85
Left - Versace - Sunglasses - £96
Left - DSquared2 - Light Yellow Suit - £521 from YOOX
See Get The Look - Call Me By Your Name
Get The Look - Wild, Wild Country
The silk pyjama shirt has become a fixture in our wardrobes - it was one of the most popular men’s items in the recent Erdem X H&M collaboration - Read 'The Return of The Sexy Shirt' - and it was inevitable, in all its louche, open-shirtedness, that we needed something extra to decorate our chests with. Enter the medallion.
Left - Fashion week street style
This look hasn’t been cool since the seventies with the combined stench of Brut aftershave and porn-star taches. But we're peacocking again and this overt masculinity is the reason why it is back. It’s very Burt Reynolds, very Magnum PI and has a musky, hirsute sexiness to it.
Right - Alex Orso - Disc - Gold - £125
I’m loving a silk shirt ATM, see one of my favourites of the season here and you wear it open with confidence. It could be the “Call Me By Your Name” effect, where the medallion necklace is an important signifier within the film - see more Call Me By Your Name style here or it's the effect of guys being more flamboyant and wearing printed silk shirts.
Team with silk trousers and a smile. Have you got the swagger for a medallion?
Left - Black Dakini - Disk Pendant Sterling Silver Necklace - £355 from Matchesfashion.com
Below - Vintage Bruce Weber Versace
Below Right - Steve McQueen
Far Left -Ryan Gosling
Middle - The medallion draws attention to your chest
Left - More McQueen
Left - Tom Selleck being Tom Selleck
Below Left - Call Me By Your Name - the older character shows his influence on the younger one when he starts to copy him and wear the same necklace
Below - Chained & Able - St. Christopher - £22 from ASOS
You're going to need a silk shirt to go with this - see more here The Return of 'The Sexy Shirt'
In an age of increasing competition and saturation, anonymity is the death of any brand. People like to know the person or people behind the things they are buying. Ultimately, at all price levels, we are buying somebody’s taste, so, call it nosy, if you will, but we want to know who is making the decisions.
At the recent Marks & Spencer menswear fashion show previewing their AW17 collection, and by chance, I met their Head of Design, Menswear, James Doidge. Impressed by his relaxed and honest approach, I wanted to find out more, so I sent him a few ChicGeek questions:
Left - Marks & Spencer, Head of Design, Menswear, James Doidge
CG: Where are you from originally?
JD: I’m from Aldridge, a small town in the Midlands
CG: How old are you?
CG: You studied at Central St Martin’s, what did you study & when?
JD: I studied Menswear on the BA course, at Central St Martin's from 1997-2000. Before that I completed a Foundation Course at Chelsea College of Art & Design
CG: You’ve previously worked at Paul Smith, Versace, Asprey & Calvin Klein, what was your favourite brand and why?
JD: Each brand was exciting to work for as they have their own strong aesthetic. Versace and Calvin Klein may seem quite opposite – gold baroque to minimalist, pure simplicity, however, a designer can help to evolve the brand and create a product that is relevant to their customer.
CG: You spent over 11 years at Calvin Klein, what was that like? What do you think about what Raf Simons is doing there now?
JD: When I started at CK, Calvin was still working there and it was great to understand how he worked – to learn from him and understand his founding principles. He taught the world how to advertise in a modern, aspirational way – how to make clothing desirable and sexy - even a pair of jeans or white T-shirt.
I love what Raf is doing and am really excited to see the next few collections and understand his complete vision, and I’ve been a lifelong fan of his own label.
Right - My favourite image from Marks & Spencer's forthcoming AW17 season
CG: How have you seen menswear change over your career?
JD: Menswear has become a much bigger market over the past few years and continues to grow. Men want to have fun with clothes and enjoy what they are wearing, they want to express themselves, in subtle ways, through the clothes they wear – no matter where they are shopping.
CG: Was it an adjustment going to M&S from Calvin Klein?
JD: Both are huge and very distinct brands, with their own heritage and handwriting. A big focus for me has always been fabric and quality, which is extremely important for both brands.
CG: What are the strengths of M&S menswear?
JD: The quality of the clothing is key when designing for M&S, we have a rigorous testing and trialling process.
We travel the world for seasonal style inspiration and edit those findings down into concise stories that deliver a broad choice of colour and fit that works for everyone.
CG: What made you want to take the job?
JD: I’ve always wanted to work at M&S, as it’s such an iconic British brand, so when the opportunity arose I moved back to London to take on the role. It's like the BBC of the clothing world, an incredible British institution – everyone in the UK has grown up with M&S and has a point of view of what it means to them. M&S has a unique place both on the High Street and in our customers’ lives.
CG: What were the first things you did there?
JD: Visited the incredible archives in Leeds, which has a huge selection of clothes, packaging, advertising and photographs from the 133 year history of M&S.
CG: What is your favourite piece from the new AW17 collection?
CG: How does M&S compete in the 21st century?
JD: Firstly and most importantly, we listen to our customers - 18,000 per week (to be precise!), which informs how we design, create and displayed our collections. We create quality essentials that fit into our customers’ lifestyles and act as staples to shape our customers’ wardrobes.
Left - Limited Edition Parka Jacket - £129
CG: Are there any other men’s brands/designers/retailers you look to or admire?
JD: I love Tokyo Hands, in Tokyo, it has the best stationary selection in the world and things that you could only find in Japan, and Virgil Normal in Los Angeles has a great mix of brands.
CG: Where do you find your inspiration?
JD: As part of our inspiration at M&S, we visit various global cities to understand the different markets and trends to see how, globally, people’s lives are changing and evolving – what they are wearing, eating, experiencing and watching all contribute to our research process. We usually visit Tokyo, Seoul, NY and LA. Also Stockholm, Munich, Cape Town, Sydney and Rio are also fascinating cities for inspiration.
CG: Where do you see M&S menswear in 5 years’ time?
JD: Still as the UK’s number 1 retailer.
CG: What book are you currently reading?
JD: Eduardo Paolozzi by Hal Foster. He’s one of my favourite British artists who produced amazing work from the 50s through to the 90s
Right - Marks & Spencer - Autograph - Navy Leather Trainers - £39.50
CG: The last film you watched?
JD: The Genius and The Opera Singer – an amazing documentary about a mother/daughter relationship that also features a chihuahua called Angelina Jolie!
CG: The last piece of menswear you bought?
JD: Autograph navy trainers - here
CG: Favourite city, and why?
JD: London, it has the perfect mix – people, culture, museums, music, art, restaurants, parks and great shops.
The fashion business likes a ‘category’. The more categories the more product and the more money, hopefully. If only it was that easy.
Designers and brands like to enter a category, be it jeans, underwear or sunglasses, usually partnering with a manufacturing expert in that field, and expand their businesses one category at a time. Take Tom Ford for example, he is just about to go into underwear after mastering jeans, sunglasses, beauty and trainers, in no particular order.
Left - N/A Necessary Anywhere socks available at Oki-Ni & Harvey Nichols
Underwear is one of the biggest money spinners for brands. People will pay a premium for somebody else’s name on their waistband - not really sure why - and entire brands like Calvin Klein and Versace are built on their underwear categories. They can charge a premium for something that is cheap to make.
And while the underwear category has matured into a reliable cash cow for many, the sock business seems so much trickier. There aren’t many designers or brands who have owned the category. With the exception of Paul Smith, designers produce the odd sock for collections, but don’t fully enter or develop the category. It wasn't that long ago that Burberry pulled out of the category and they make everything.
It’s interesting how people are willing to spend on underwear, but not on socks. We do have quality sock brands such as the German Falke and the British Panterella and Corgi, but there seems to be a ceiling on the pricing. People think socks should be cheap and when brands like Vetements and Gucci do socks at high prices - think nearing three figures - they seem like one of the most frivolouss purchases you can make and are usually a one-off show piece rather than entering the category.
The branded sock market seems to fall into two categories: sports and colourful office-type socks. There’s definitely a gap for something in between. So, it was at the recent CIFF fashion trade show in Copenhagen that I found N/A from New York.
When I searched ’N/A New York’ I got plenty of Narcotics Anonymous meetings, but it actually stands for ‘Necessary Anywhere’ and is influenced by the ‘everyday grind’. To the British that's walking (thought Americans didn't do that anyway!). They believe it’s vital to get up every day with the aspiration to move ourselves forward.
Founded in 2015 by Nick Lewis with six socks, these premium knit socks marry innovative textures with classic colours and patterns. When people pay for socks they usually go for something colourful and playful, N/A seems to have produced a cool sock which marries sports and fashion. They’re about £15, which, while more than your average three pack, aren’t extortionate. They fit somewhere between your smart socks and your sports socks and could, potentially, signal a new category within this difficult category.
The Chic Geek's latest vlog celebrates National Grooming Day and includes grooming advice and the latest product from Clinique, Tom Ford, Versace, Diesel, Foreo and Gillette. Watch TheChicGeek video below and subscribe to his YouTube channel here