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.
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)