Stricken fashion house Escada will gamble part of its shrinking reserves on persuading bondholders to sign up to a debt restructuring before it runs out of money, a source with knowledge of the situation told Reuters.
Patek Philippe, one of the last major independent Geneva-based watch manufacturers, has seen resilient demand for its timepieces, but cautioned sales could fall as much as 15 percent in a worst-case scenario.
Swiss horologer Zenith, part of the globally leading luxury group LVMH, is negotiating with the representatives of its staff over new reductions in personnel, which will, according to a union source, translate to seventy redundancies, around a third of all employees.
Christopher Bailey has been decorated. The artistic director for Burberry has been “elevated to the rank of Member of the Order of the British Empire (MBE)”, recognizing his “services to the fashion industry”.
For those that did not know it yet, the economic crisis spares no-one. Not even the luxury sector. Actors in the sector know it and are coming up with new marketing line-ups. The ink is still wet on the proposals, but it seems like ostentation is out, emotion in.
From rare Japanese lacquers to Hopi Indian dolls and Chinese statues 2,000 years old, fashion icon Kenzo Takada waves off his personal art collection at auction Tuesday 16 June as he downsizes his Paris home.