By and  on February 22, 2002

KMART'S EXTRA CASH: Just because you're in bankruptcy doesn't mean you have to stop advertising.

Kmart will run a new commercial Sunday night during the closing ceremonies of the Olympics, shot by Spike Lee. Created by TBWA/Chiat/Day, the ad is part of a branding campaign for the embattled retailer, which filed Chapter 11 Jan. 22. The ad apparently has reassuring elements to it. The real question is, does Kmart have that kind of money to advertise during the Olympics? Thirty-second spots can cost around $600,000. It must be coming out of the $2 billion DIP financing package it secured when it filed for bankruptcy.

AND THE WINNER IS: You've heard of Time's Man of the Year, well now there's a shoe, coat, dress, bag and even a chief executive officer of the year. In a bid to boost its fashion profile -- and fashion advertising -- the European edition of Time magazine is coming out with a special, large-format fashion supplement that will feature its first-ever fashion awards. The supplement, known as The Fashion Issue, will be distributed next month at the Milan and Paris collections and will hit European newsstands on March 11. The winners -- chosen by a panel of judges including Simon Doonan, the creative director of Barneys New York, and Claire Kent, chief luxury goods analyst for Morgan Stanley -- are Burberry's Rose Marie Bravo as ceo; Fendi's fall 2001 cape as the coat; Yohji's sneaker as the shoe; Yves Saint Laurent Rive Gauche's strappy brown dress by Tom Ford and Louis Vuitton's Holly Hobbie bag. Time plans to publish The Fashion Issue twice-a-year, and is considering expanding distribution to the U.S. and Japan.

BLASS ADS GO YOUNG: Bill Blass is getting younger and hipper. Its new spring ad campaign, shot by Steven Klein, features Eleanora and Delphine. Created by Lipman Richmond Greene, the ads will run as singles and spreads in the March and April issues of W, Vogue, Harper's Bazaar, V, GQ, Esquire, Men's Journal, Details, Maxim and Town and Country.

The ads also highlight the men's collection, and rather then show guys in suits, they're styled as a group of guys in a band, said David Lipman, chairman and creative director of Lipman Richmond Greene.Bill Blass will reportedly spend between $1 million and $2 million on media for spring.

"We want to give it a sense of being modern, but using very classic roots," said Lipman. "The clothes are the stars."

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