NEW YORK — Industry executives celebrating the opening of Ermenegildo Zegna's new flagship at 663 Fifth Avenue Tuesday night needed little prompting, even with Tom Brady and Gisele Bündchen in attendance, to talk about pocketbook issues.
"Everybody's trying to figure out what to do about the economy," said Allen Questrom, now a senior adviser to Lee Equity Partners. "It's going to [be] a little longer term than people think."
Retailers, he said, are going to have to keep their heads. "It's a matter of patience and not overreacting."
Beyond the glass staircase and models wearing black tie, Ron Frasch, president and chief merchandising officer of Saks Fifth Avenue, noted, "It's challenging, we all know."
The economy has put the brakes on more than consumer spending — deal-making for fashion brands has also slowed as bankers and buyers alike take a cautious stance. Frasch, in response to a question, said he was "advising a friend" who was looking into starting a blank check company that would raise funds specifically to make an acquisition.
"This thing started before the economy [worsened]," he said. "We're proceeding slowly."
But the economic freeze will thaw eventually and deal-making will resume. When it does, Domenico De Sole, the business partner of Tom Ford (whose collection is produced by Zegna), said sovereign wealth funds, large pools of money controlled by governments, would be even bigger players in the luxury market.
"The reality is there's a huge amount of money in those funds," he said. "You'll see more and more." In part, he said it's just a matter of who has the capital and who can use it. Luxury also is an attractive investment in its own right. "It's a great industry with very high margins," he said.
And so it is with Tom Ford. De Sole said the Tom Ford store on Madison Avenue is doing twice as well as expected. "The business is doing so well that we're overjoyed," he said.
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
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“Stranger Things” is getting a new cast member for season 2. Meet @sadiesink_, the 15-year-old who will be joining the Netflix series for its new season. You may recognize her from “The Glass Castle” with Brie Larson and Woody Harrelson, but the Texas native’s next role goes in an entirely different direction. She describes her character, Max, as “a rough and tumble skater girl [who] becomes friends with the boys at school.” The second season debuts on October 27. (📷: @jgreenery) #wwdeye
Amid the Harvey Weinstein controversy, there’s another sector that’s being put under the spotlight for sexual abuse: the modeling industry. While rumors about abuse and sexual harassment of female and male models — and the photographers, agents and others who perpetrated it — have circulated within the fashion world for years, model @cameronrussell started posting stories from models on Instagram last week about abusive situations they’ve encountered — from sexual harassment and molestation to attempted rape. Over 75 have weighed in so far. Read more on WWD.com. Link in bio. #wwdnews
To celebrate its 16th anniversary, @dylanscandybar tapped designers and celebrities to create mosaics out of candy. The mosaics will be auctioned off to support the philanthropic cause of each participant’s choice. Pictured here is the mural created by @aliceandolivia's Stacey Bendet. For a first look at some of the other artwork being unveiled tonight, go to WWD.com. #wwdeye
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye