LONDON — The Ukrainian crisis will result in “only a short-term drop” in luxury spending in London and will have little impact on prime residential property, according to a note by Ledbury Research.
Ledbury, a London-based agency that analyzes the luxury market, said Crimea is likely to have a short-term impact on wealth and luxury, particularly in London, which has become a key destination for Russian wealth and spending.
“We expect the situation in Crimea and the Ukraine to have two effects: Firstly, luxury sales in London will fall — in the short term at least. Indeed, expenditure by Russians in the U.K. was already down by 17 percent in March,” said the report, citing Global Blue statistics.
Ledbury said the March decline was “probably largely driven by a dive in the value of the ruble, rather than antipathy towards the U.K. and the West,” as individuals with anti-Western views are much less likely to have traveled to London.
Ledbury added that Russians are “unlikely to lose their love of luxury brands, and will buy domestically instead.”
As reported, Luca Solca, managing director, luxury goods, at Exane BNP Paribas, said that according to an analysis of the Russian domestic market he carried out last year, there were 34 soft and hard luxury brands with a total of 121 monobrand stores in Russia. That represented less than 2 percent of the brands’ overall monobrand presence worldwide.
Among the hard luxury brands he found to be most exposed in the Russian domestic market were Lancel, Tiffany, Swatch, Louis Vuitton, Hermès, Gucci, Stefano Ricci, Loro Piana and Kiton.
Regarding London’s property market, Ledbury said it does not necessarily expect a negative impact on high-end London property, nor does it anticipate existing Russian owners of prime property in London to want or need to sell in a hurry.
“Many have come to the U.K. to educate their children, for the broader quality of life and for the long-term investment potential of London property,” Ledbury said.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast