Retail Shifts and Creative Leadership Changes: HBC’s Acquisition of Neiman Marcus and New Directions at Chanel, Bottega Veneta, and More
This week in luxury, the winds of change are sweeping across both retail and the creative front. Capri Holdings, the parent company behind Michael Kors, Versace, and Jimmy Choo, is reportedly looking to sell off Versace and Jimmy Choo as it zeroes in on turning around Michael Kors. After a failed $8.5 billion buyout by Tapestry due to antitrust challenges, Capri’s stock has taken a hit, leaving many to wonder about the future of these once-coveted brands. While Versace posted a 22% drop in revenue, Jimmy Choo fared better with a modest decline, making the sale of these brands a potentially lucrative, though uncertain, move for Capri.
The Impression sees licensing-leaning organizations, such as PVH or Authentic Brand Group, sharpening their pencils.
Meanwhile, retail mogul HBC, owner of Saks Fifth Avenue, is raising $2 billion in junk bonds to finance its acquisition of Neiman Marcus Group. Chairman Richard Baker’s knack for turning retail real estate into profit is well-known, and it’s expected that his approach will be applied to Neiman Marcus, too. With his track record, HBC is poised to play a strong hand in reshaping the future of Neiman Marcus in the competitive retail landscape.
Meanwhile, retail group HBC, owner of Saks Fifth Avenue, sold $2 billion in junk bonds to finance its acquisition of Neiman Marcus Group. Chairman Richard Baker’s knack for turning retail real estate into profit is well-known, and it’s expected that his approach will be applied to Neiman Marcus, too.
On the creative front, a flurry of high-profile creative changes has taken center stage here at the end of the year. Chanel, in a much-anticipated move, appointed Matthieu Blazy as its new creative director. Fresh off his tenure at Bottega Veneta, Blazy takes the helm at one of the industry’s most discussed houses, succeeding Virginie Viard. His appointment is sure to set the tone for Chanel’s future for the next several decades.
Meanwhile, Louise Trotter of Carven will step into Blazy’s shoes at Bottega Veneta in January, a move that’s sure to inject fresh energy into the already energetic brand.
Over at Dries Van Noten, Julian Klausner, former head of womenswear, will debut as the label’s new creative director in March, signaling an exciting new evolution for the Belgian fashion house.
And at Maison Margiela, the OTB-owned brand is mutually parting ways with the iconic John Galliano, whose time at the brand was marked by creativity and strong growth. While his departure leaves big shoes to fill (perhaps by Glen Martens), it also opens up new possibilities for the brand’s next chapter.
With all these shifts and moves, one thing’s for sure: it’s never a dull moment in luxury fashion. Here’s to seeing how these changes play out – we’ll be watching with bated breath (and a touch of popcorn).
