November 10th, 2009
Megha Mittal will buy the luxury fashion house Escada for an undisclosed price, the company said on Thursday and keep CEO Bruno Saelzer onboard.
Escada, an international fashion group for women’s apparel and accessories has 182 own and 225 franchise shops in more than 60 countries.
Earlier, in August the iconic fashion house filed for insolvency after declining sales had a negative impact on the balance sheet of the company.
October 9th, 2009
Bloomberg reports that Gianni Versace will shut down its stores in Japan as there is decline in the demand for luxury goods.
The fashion company has three stores in Japan, one in Osaka, one in Tokyo and one in Chiba according to the Versace website.
Versace, which entered Japan in 1981, isn’t the first brand to take this step. Last year Louis Vuitton scrapped its plans to open a store in Ginza, Tokyo.
October 2nd, 2009
The Financial Times has announced the launch of FT’s How To Spend It magazine’s standalone website www.howtospendit.com.
The new site will carry the core values of the luxury lifestyle magazine into a highly innovative and stylish digital format.
The site will debut Saturday. How To Spend It is the newspaper’s financial magazine, which appears 28 times a year.
August 20th, 2009
A new carbon offsetting service targeting the luxury-conscious set has recently launched.
Belgrave Trust calculates the amount of carbon users emit in a given month (partly from car and jet exhaust), and then offers them credits which are invested in projects that help the environment.
The site uses a unique carbon calculator that matches a user’s lifestyle with the amount of carbon they emit in a given month.
August 14th, 2009
The International Herald Tribune has announced that Claudia Schiffer will join the lineup of high-profile speakers at its annual luxury conference.
Titled “Techno Luxury”, the conference will take place at Berlin’s Ritz-Carlton, On November 17 and 18, 2009.
This year’s program will focus on how the technology and other marketing innovations can offer new creative direction and business opportunities for luxury goods.
August 14th, 2009
German fashion company Escada AG filed for bankruptcy after being unable to obtain sufficient financing, a Munich district court said Thursday.
The company carries around $100 million in debt and has struggled over the past year as the market for luxury goods has declined.
Founded as a knitwear company in 1976 by husband and wife Wolfgang and Margaretha Ley, Escada employs more than 2,300 people across the globe.
