Lorre White, The Guru of Luxury

New York Plaza Hotel sold for US$ 570 million

 

 

India's Sahara Group has agreed to buy a controlling stake in New York's landmark Plaza Hotel for US$570m, Elad Properties, an Israeli-owned real estate company, said on Monday.

The 105-year old luxury hotel overlooking New York's Central Park, is jointly owned by Elad Properties, an Israeli-owned real estate company, and Saudi-based Kingdom Holding, the investment vehicle controlled by HRH Prince Alwaleed bin Talal.

Elad, controlled by Israeli businessman Yitzhak Tshuva, said it would receive ILS1.6bn (US$400m) for its 60 percent stake, while Kingdom will receive the rest.

Kingdom, the investment vehicle of Saudi billionaire Prince Alwaleed bin Talal, will hold a 25 percent stake once the deal is completed, Elad said in a statement.

Elad said Fairmont Hotels & Resorts Inc, which has managed the hotel since 1999 and which is owned by the Saudi prince, will continue to operate the property.

Tshuva bought the hotel eight years ago for US$675m.

According to media reports, Elad had sold luxury apartments in the renovated hotel for US$1.5bn. The sale of the apartments alone netted Elad Group US$500m in profit.

adapted from arabianbusiness.com

Luxury travel continues to grow despite international economic instability

According to Boston Consulting Group, the sales growth rate of luxury travel is set to achieve a constant 14% in the next 2 years, surpassing the growth rate of all other luxury sectors, which is estimated at 7% annually.

Splendia, a specialist online reservations platform with luxury hotels estimates a 30% increase in its turnover this year, compared to last year. During the first 5 months of 2012, Splendia registered a 13% increase in the number of reservations, compared to the same period last year. An official of Splendia told Le Figaro that wealthy clients book more luxurious  room types, while spending less on transportation.

The head of Kuoni’s Emotions division dedicated to luxury travel confirms that there have been less wealthy customers, however, with higher spending. For this summer, rich customers spend on average 5.900 euros per person, for their summer vacation compared to 5.720 euros per person for the summer of 2011.

Four Seasons Resort, Bora Bora

Another premium travel operator, Donatello, told Le Figaro that sales of its luxury products (priced from 5.000 to 10.000 euros per person) have grown by 20% since November last year. A representative of Donatello added that the most affected has been the upper middle class, the company witnessing an ebb in buying power.

The CEO of Voyageurs du Monde has a different view, insisting that the niche of ultra rich travellers cannot make up for losing upper middle class customers. The company reports that even a segment of the rich, specifically those in top positions in the financial sector, is seeing a decrease in spending, once at a level of 50.000 euros per holiday. In the past 6 months, Voyageurs du Monde has seen its number of reservations decrease by 15%, which represents 20% of its turnover. The company’s CEO estimates that the increased marketing costs of reaching out to wealthy customers in emerging markets will weigh in heavily on the profits of premium operators.

 

 

 

 

www.cpp-luxury.com

Harrods posts record profits and pays 100 million pounds in dividend

 

The Qatari owners of London-based luxury department store Harrods have paid themselves GBP£100m (US$157m) in dividend payments after posting record annual profits. Qatar Holding, the investment fund of the Gulf state’s royal family, took more than four times the GBP£22.7m paid the previous year, according to accounts filed at the UK’s Companies House.

The Qatar-based investment fund has spent millions of dollars upgrading the famous Knightsbridge store since purchasing it from Egyptian businessman Mohamed al-Fayed for GBP £1.5bn in May 2010.  New additions include a watch emporium and a “room of luxury” for designer handbags and accessories. The retailer has also invested in a new head office in central London and a distribution centre.

Harrods saw pre-tax profits increase 15 percent to GBP£125.3m while revenue rose 11 percent to GBP£651.7m in the year ending January 28. Harrods said 2011 had seen a “very significant programme of capital expenditure” of GBP£107.8m, compared with GBP£32.2m in 2011.

Harrods, London

Qatar Holding earlier in the month announced plans to open a series of Harrods-branded hotels around the world. The first hotel will be a 300-room hotel in Bukit Bintang in Kuala Lumpur, while other cities will include New York, Paris, London, and locations in China and Italy. “Qatar Holding ultimately intends to grow Harrods into a global enterprise that defines the luxury retailer and leisure sectors,” the Doha-based firm said in a statement. Hotels are already planned for London and Italy and Qatar Holding said they are likely to be located in sites it already owns in Chelsea Barracks and Sardinia, the statement added.

adapted from arabianbusiness.com via http://luxurysociety.com

The luxury goods market continues to grow even though growth is slowing in other sectors in China, Ruder Finn/Ipsos China Luxury Forecast 2012 shows

Louis Vuitton's Sina Weibo site

Although spending growth is slowing down, there is still a huge potential for luxury marketers to form stronger ties to the affluent Chinese consumer through digital channels, according to a study by Ruder Finn and Ipsos China.

The Ruder Finn/Ipsos China Luxury Forecast 2012 shows that even though growth is slowing down, the luxury goods market is still growing. Brands need to continue to connect with the affluent Chinese consumer, who is more likely to spend on footwear, spirits and cosmetics than apparel and handbags this year.

“The big trend we see is that growth is slowing down,” said Elan Shou, managing director for China and vice president of Ruder Finn Asia, Beijing. “Growth continues, but at a much slower rate.

“We have seen rapid growth in the past years in the luxury sector in China and the China Luxury Forecast historically showed that respondents intended to spend more over the next year when asked in 2009, 2010 and 2011,” she said.

 

 

 

 

 

By Rachel Lamb

http://www.luxurydaily.com

“For the first time, we see that spending intentions are slowing down in some categories such as jewelry, watches and bags, which suggests more cautious spending patterns among middle class and affluent consumers.”

The Ruder Finn/Ipsos China Luxury Forecast was conducted in June.

East meets West
Although some experts interpret that China’s slowdown means that brands should focus on other emerging markets, Ms. Shou does not believe that this is the case.

“Even if the growth rate had slowed down to between 10 percent and 20 percent, it would still be significant compared to other markets such as Europe and the United States,” Ms. Shou said. ”Given the size of China’s market and the passion of Chinese consumers for luxury products, China will continue to be one of the most strategically-important markets for the luxury industry around the world.”

Cartier store in Shanghai

There are some categories where consumers say that they will be slowing their spending.

Approximately 54 percent of participants said that they plan on spending less on watches over the next 12 months.

Furthermore, 48 percent reported the same habits regarding handbags and 48 percent said that jewelry is not a priority this year.

However, 43 percent of respondents say that they intend on spending more on luxury cosmetics, 43 percent say they will spend more on high-end shoes and 40 percent intend to spend on top-brand wines, spirits and cigars.

Gucci’s YouKu channel

Another interesting aspect of the study was where consumers are spending.

“In previous years, Hong Kong and Europe were the top shopping destinations of mainland luxury consumers, but we are seeing a shift this year to mainland destinations,” Ms. Shou said. “We will be on the lookout next year to see if this trend continues, but this was a surprising finding for us in 2012.

“We attribute this to the fact that an increasing number of exclusive brand stores have opened in Chinese cities and exclusive brand stores remain the favorite location for consumers to purchase luxury items,” she said.

Channeling the brand
Luxury marketers should continue to market themselves in China, especially on digital channels.

There is a huge potential for luxury brands to form stronger ties through social media and mobile applications, per Ms. Shou.

Approximately 45 percent of consumers follow luxury brands on social media channels such as YouKu and Sina Weibo, and 33 percent plan to do so in the future.

Also, 38 percent have already downloaded a mobile app from a luxury brand and 33 percent plan to do so in the future.

Louis Vuitton, Chanel, Gucci, Hermès and Christian Dior were the most-recalled brands in the forecast.

Louis Vuitton’s Sina Weibo account

However, brands should not assume that consumers know the label name, even if it is a big brand in Europe and the U.S., Ms. Shou said.

Instead, brands should actually visit China to get a better sense of the customer, since they are culturally different from other countries.

Also, top luxury brands need to ensure that they have access to these essential audiences, so labels should get a clear understanding of who the customers are in China, what they will buy and why they will buy.

The best chance is to get a Chinese Web site and make sure that it is tailored for mainland Chinese customers.

A great Chinese Web site will have an impact beyond what the brands might expect, a step that can be taken even before entering the market, Ms. Shou said.

Boutiques are also very important in this market.

“Boutiques in China mean that you are indeed in the luxury industry, you are serious and you have a status, even though you might use dealers in other countries,” Ms. Shou said. “New entries in the China market face the challenge that their brand does not have the first-mover advantage anymore.

“As the market is slowing down, our advice would be to start small with a unique positioning,” she said. “But one thing is essential: be fully prepared for a completely different market.”

Final Take

Porsche first-half profit jumped 21 percent on demand for a new generation of its 911 model

Porsche profit rises ahead of imminent VW purchase

 

Porsche AG, the sports-car maker being purchased by Volkswagen AG, said first-half profit jumped 21 percent on demand for a new generation of its 911 model. Operating profit rose to 1.26 billion euros from 1.05 billion euros a year earlier, the Stuttgart, Germany-based company said in a statement on Friday. Revenue increased 29 percent to 6.76 billion euros.

Porsche 911 Carrera S

Volkswagen, based in Wolfsburg, Germany, agreed on July 4 to purchase a 50.1 percent stake in the brand from Porsche SE for 4.46 billion euros, assuming full ownership of the sports-car maker. The transaction is due to close next week, VW Chief Financial Officer Hans Dieter Poetsch said Friday.

Adding Porsche to its portfolio of luxury brands that include Audi, Bentley and Lamborghini may bolster VW Chief Executive Officer Martin Winterkorn’s effort to overtake Toyota Motor Corp.  and GM to become the world’s largest automaker.

Porsche posted a profit margin of 18.7 percent in the first half, beating VW’s 6.8 percent return on sales. VW said yesterday that Porsche’s profit contribution will mainly be consumed by charges this year. Deliveries climbed 23 percent to 68,940 vehicles on demand for the updated 911 sports car, which surged 43 percent. Sales of the Panamera four-door coupe jumped 31 percent, while deliveries of the Cayenne sport-utility vehicle climbed 25 percent. Porsche introduced a new version of the Boxster roadster in April. Porsche has forecast deliveries to rise at least 10 percent this year.

Volkswagen and Porsche agreed to combine in 2009 after Porsche SE’s failed attempt to take over Europe’s biggest carmaker. Backed by VW, Porsche plans to sell 200,000 vehicles a year by 2018. The brand will expand its lineup with the Macan compact sport-utility vehicle, which starts production in 2013. It will also add the 918 Spyder, a limited-run hybrid super car that will be Porsche’s most expensive model ever when deliveries start late next year.

The Porsche SE holding company still owns 50.7 percent of VW common stock and is considering investing in energy trading and other activities with the proceeds from the sale of the sports-car business.

 

 

 

 

www.cpp-Luxury.com

Luxury Fashion Brands and the Big Personalities Behind Them.

 

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Karl Lagerfeld at the fall/winter 2012 Chanel couture show

Brands such as Louis Vuitton, Gucci, Michael Kors and Marc Jacobs that have strong personalities behind their brand will be more likely to create an impression among consumers and achieve lifelong affinity from the public, something marketers should strive to do.

Some of the major luxury players today include Karl Lagerfeld, Marc Jacobs, Michael Kors, Alexander Wang, Sarah Burton and Frida Giannini, experts say. These personalities are beloved by affluent consumers because they show a human side to the brand and give it a strong public push that cannot be achieved any other way.

“The relationship between a fashion brand and its lead designer is a complex one,” said Molly Leis, principal of MRL Communications, New York. “In a moment where a high-profile designer can make or break a brand, fashion often looks to their designer to visualize not only the collection, but the brand’s strategy as well.

“There is an emphasis for the designer to stay on-brand and to leverage the heritage of the brand, but in some cases the designer trumps the brand,” she said. “This depends on the company’s own brand positioning, marketing and public relations plan and the personality of the lead designer.

 

“Do they love the limelight or shun attention, or do they interact well with consumers in-store or not?”

Face to a name
Private label Chanel probably has the most prominent personality behind the brand: Karl Lagerfeld.

Coming close behind are companies that have been built on the vision of their founders. These include Ralph Lauren, Donna Karan, Michael Kors and Marc Jacobs, per Ms. Leis.

Marc Jacobs has created a big personality for himself in the fashion industry for his designs and involvement with his brand.

Also, upscale brands such as Marc Jacobs and Michael Kors have their names at their helm, so the public knows exactly to whom to give attention.

Micheal Kors’ personal introduction to the Living the Kors Life campaign

Meanwhile, new designers such as Alexander Wang and Thakoon Panichgul are inspiration for a younger generation of fashion gurus.

Personalities can also assist in revitalizing luxury brands, per Alexandre Meerson, managing partner at La Boutique de Luxe, Paris.

Alber Elbaz at Lanvin and Riccardo Tisci at Givenchy gave these labels a makeover in the public eye.

“Look at how Lanvin has been revitalized by Mr. Elbaz,” Mr. Meerson said. “One can really say that his vision and direction has given a new life to this iconic brand.

“Furthermore, look at how Givenchy with Mr. Tisci and Kenzo saw their flames reignited,” he said. “There is absolutely no doubt in my mind that creative directors and designers are the essence of luxury brands.”

There are also behind-the-scenes personalities that are admired.

Alexander McQueen creative director Sarah Burton is known for her quiet creativity and good nature.

“It is most important that consumers can relate to them,” said Milton Pedraza, CEO of the Luxury Institute, New York. “These are affluent people who can relate to these personalities and it creates a much greater halo effect for the brand.”

More personality
Brands Louis Vuitton and Gucci have managed to keep the identities of their creative directors despite being under conglomerates Moët Hennessy Louis Vuitton and PPR, respectively.

In addition to his own brand, Marc Jacobs, creative director of Louis Vuitton, helps to point the French label in the right direct in the luxury sector through his personality.

Marc Jacobs introduces the Louis Vuitton Yayoi Kusama collection

Ms. Giannini, creative director of Gucci, is a quieter personality of the brand, but still embodies the label’s values.

Interestingly, Ralph Lauren and Miucca Prada are still the personalities behind their brands, but also the movers behind the name-labels of luxury conglomerates.

Also, Thomas Mayer of PPR’s Bottega Veneta is known for his creativity, while staying humble and kind to the public eye.

“The absolute genius of the likes of LVMH, Richmont and, to a certain extent, of PPR is to really understand the essence of luxury – that it is based on creation, scarcity, service and craftsmanship. and therefore its rhythm,” La Boutique de Luxe’s Mr. Meerson said.

“LVMH has managed to preserve the identity and even to recreate and reignite the spirit of some ‘maisons de luxe’ that had lost their luster and flame,” he said. “They even took what would have been considered incredible risks by appointing creative directors with very strong personalities that could ‘rock the boats’ and were successful in the end.

In addition, there are different mindsets in the luxury sector at the moment regarding the personalities behind conglomerates versus private labels, per Michael Silvia, partner at Evins Ltd., New York.

Conglomerates run the risk of letting an individual form their career at a major brand, and then taking a piece of that essence away when he or she leaves the pursue a private label.

“The first, which is very much a pro-conglomeration mindset, sees the involvement of a marquee personality as a detriment to the overall brand,” he said. “When one personality drives the ship, it is less about the brand’s name and more about the personality.

“Think Tom Ford,” he said. “At some point, he eclipsed the brand he designed for, Gucci, and so it really became about Ford.

“There is nowhere for someone like that to go but outside the organization, taking much of the brand’s cache with them.”

The second frame of mind is that personalities are vital to private labels.

“For them, there is a real interest in setting their own path and building their name and their brand as one single entity,” he said. “It is not an easy road, but it is one that is increasingly more viable with the birth of social media, bloggers and alternative channels for recognition beyond the traditional vanguards of style.”

Who are you?
Brands that are looking to create an identity in today’s luxury marketplace may want to rely on brand ambassadors such as creative directors, designers and CEOs to lead the way.

However, not just anyone should be put in the spotlight.

Brand personalities should be there to increase credibility by showing that the brand has a purpose beyond just selling products.

“The creative director helps to give a personality to a brand and shows the talent and genius behind a brand, whether that was the creator or a suitor to the brand,” Luxury Institute’s Mr. Pedraza said. “These people should be respected, known, human beings behind a brand.

“People want to know that these people have great talent and good values, and are customer-centric, admired, respected and socially-responsible,” he said.

“Because a lot of storytelling comes from these people, or stories can be told about these people, it makes a company stand out from competitors that are just known for products.”

Outside of apparel and accessories, brand personalities are less prevalent.

There are experts such as Wendy Perrin at Condé Nast Traveler who are personable, give good advice and are advocates for the consumer, but these are not the same as the creative personality behind a brand.

Indeed, it is not appropriate for every type of brand to have a public persona.

“If they are the creative palate behind the brand, then it makes sense,” Luxury Institute’s Mr. Pedraza said.

“Look at Steve Jobs at Apple,” he said. “He made up the creativity behind the brand, but not so much with Bill Gates. He was the leader of Microsoft, but not the creative mind.”

Many industries, as they have become dominated by corporate entities, have migrated away from the star personality, per Evins’ Mr. Silvia.

“The auto industry is no longer the province of Shelbys and Agnellis,” Mr. Silvia said. “Media companies are run by the board of directors rather than one namesake figurehead.

“In fact, advertising agencies are a perfect example – where are the Ogilvys and the Bernbachs?” he said. “Don Draper would be marginalized in today’s world for a fiefdom of talent to prevent any one person leaving with the agency business.”

 

 

 

By Tricia CarTricia Carr

http://www.luxurydaily.com

Bottega Veneta reports record 44 percent sales increase

Bottega Veneta flagship store, Madison Avenue New York

Italian luxury house Bottega Veneta owned by French PPR Group reported a 44% increase in its turnover for the first half of 2012 compared to the same period last year, reaching a total of 430 million euros. Bottega Veneta has also added 10 new stores in the first quarter of 2012, reaching a total of 180 mono-brand stores worldwide. The company has also announced plans to relocate its Milan flagship store to Via Sant Andrea, the former flagship store of Gianfranco Ferre, thus doubling its existing space.

 

 

 

 

www.cpp-luxury.com

In August the Jet Set Crowd Descends upon the Hamptons by Lorre White, "The Luxury Guru"..

Long Island’s North shore beaches with fluffy white sand are world renown.  The Hamptons are a summer staple to Manhattanites and jet setters alike.  When August rolls around the jet set crown shifts their attention from the southern coastline of Europe to the stately grace and more laid back experience of the Hamptons. 

Perhaps it is the American relaxed attitude after 3 months of all night parties or the fact that The Hampton’s has no big hotels and limited B&B’s requiring home ownership that makes this the hot spot the second half in Aug.  The Hamptons is a more sedate, kicked back, family friendly environment then most any of the other locations on the Jet Set circuit.  The days are spent at the beach.  Lunch an out door grilled fish that was swimming the Montauk coat just hours before, accompanied by the jumbo sized vegetables that grow on the island. The giant Hampton’s tomatoes and the all American grilled sweet corn on the cob are specialties of Long Island, lure fans the world over.  After a bottle of wine for lunch and a lazy nap in the hammock it is time to spruce up in sundress and hat and stand on your tip toes so your high heels don’t sink into the earth and watch the polo match sipping champagne and mingling with friends.  On cloudy days the quant shops of East Hampton fill, often there is an impromptu Jacuzzi party or a movie screening at an in home theater at someone’s estate and then the gentle push and tug of an in home masseuse before dinner.

The Hamptons is made of a series of little towns in a row each having its own distinct personality.  Old and New money mingle.  Artists flock to the Hamptons because of the pastel lighting reminiscent of the south of France.  Locals that spend 9 months of the year in solitude swing into gear to host the huge influx of summer residence.  Many locals make their years income over the course of the summer. The magnificent beauty of the beaches and spectacular mansions are found in magazines the world over.  This is surprisingly just about two hours (with no traffic) by car, 40 minutes by helicopter, and 25 by private plane from New York City.  The area offers a plethora of outdoor activity from kayaking, golf and tennis, swimming, volleyball, etc.  The sporting activity, healthy eating, laid back atmosphere, natural beauty, and amazing luxuries all create a temporary paradise. 

 

The Hamptons season is a steady flow of charity events at spectacular homes like Ron Pearlman, Stephen Spielberg, Denise Rich or one of the annual summer fetes of the many celebrities that make the Hamptons their summer retreat.  It is not uncommon to be in a small shop standing next to a media mogul, business giant, world renowned musician.  There are not many paparazzi; perhaps there are just too many socialites for them to know where to point the camera.  If Norman Rockwell painted the rich it would be set in the Hamptons.  The Hamptons is an incredible list of “Who’s Who” from all over the world gathered together, not to walk down a red carpet in long gowns but instead with their feet propped up on a table, their kids screeching in delight catch fireflies and their wet golden retriever, that just cooled of in their pool, begging to have someone toss a tennis ball.  After all, the super rich are just people too.

A Slice of History: Pizza from poverty to prosparity

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LauriPatterson/iStockphoto.com

Although voracious aficionados can suck down several sauce-laden slices in mere minutes, pizza didn’t develop in a vacuum—an Italian political vacuum, that is.

Founded around 600 B.C. as a Greek settlement, Naples in the 1700s and early 1800s was a thriving waterfront city. Technically an independent kingdom, it was notorious for its throngs of working poor, or lazzaroni. “The closer you got to the bay, the more dense their population, and much of their living was done outdoors, sometimes in homes that were little more than a room,” said Carol Helstosky, author of “Pizza: A Global History” and associate professor of history at the University of Denver.

Unlike the wealthy minority, these Neapolitans required inexpensive food that could be consumed quickly. Pizza—flatbreads with various toppings, eaten for any meal and sold by street vendors or informal restaurants—met this need. “Judgmental Italian authors often called their eating habits ‘disgusting,’” Helstosky noted. These early pizzas consumed by Naples’ poor featured the tasty garnishes beloved today, such as tomatoes, cheese, oil, anchovies and garlic.

Italy unified in 1861, and King Umberto I and Queen Margherita visited Naples in 1889. Legend has it that the traveling pair became bored with their steady diet of French haute cuisine and asked for an assortment of pizzas from the city’s Pizzeria Brandi, the successor to Da Pietro pizzeria, founded in 1760. The variety the queen enjoyed most was called pizza mozzarella, a pie topped with the soft white cheese, red tomatoes and green basil. (Perhaps it was no coincidence that her favorite pie featured the colors of the Italian flag.) From then on, the story goes, that particular topping combination was dubbed pizza Margherita.

Queen Margherita’s blessing could have been the start of an Italy-wide pizza craze. After all, flatbreads with toppings weren’t unique to the lazzaroni or their time—they were consumed, for instance, by the ancient Egyptians, Romans and Greeks. (The latter ate a version with herbs and oil, similar to today’s focaccia.) And yet, until the 1940s, pizza would remain little known in Italy beyond Naples’ borders.

An ocean away, though, immigrants to the United States from Naples were replicating their trusty, crusty pizzas in New York and other American cities, including Trenton, New Haven, Boston, Chicago and St. Louis. The Neapolitans were coming for factory jobs, as did millions of Europeans in the late 19th and early 20th centuries; they weren’t seeking to make a culinary statement. But relatively quickly, the flavors and aromas of pizza began to intrigue non-Neapolitans and non-Italians.

The first documented United States pizzeria was G. (for Gennaro) Lombardi’s on Spring Street in Manhattan, licensed to sell pizza in 1905. (Prior to that, the dish was homemade or purveyed by unlicensed vendors.) Lombardi’s, still in operation today though no longer at its 1905 location, “has the same oven as it did originally,” noted food critic John Mariani, author of “How Italian Food Conquered the World.”

Debates over the finest slice in town can be heated, as any pizza fan knows. But Mariani credited three East Coast pizzerias with continuing to churn out pies in the century-old tradition: Totonno’s (Coney Island, Brooklyn, opened 1924); Mario’s (Arthur Avenue, the Bronx, opened 1919); and Pepe’s (New Haven, opened 1925).

As Italian-Americans, and their food, migrated from city to suburb, east to west, especially after World War II, pizza’s popularity in the United States boomed. No longer seen as an “ethnic” treat, it was increasingly identified as a fast, fun food. Regional, decidedly non-Neapolitan variations emerged, eventually including California-gourmet pizzas topped with anything from barbecued chicken to smoked salmon.

Postwar pizza finally reached Italy and beyond. “Like blue jeans and rock and roll, the rest of the world, including the Italians, picked up on pizza just because it was American,” explained Mariani. Reflecting local tastes, toppings can run the gamut from Gouda cheese in Curaçao to hardboiled eggs in Brazil. Yet international outposts of American chains like Domino’s and Pizza Hut also thrive in about 60 different countries. Helstosky thinks one of the quirkiest American pizza variations is the Rocky Mountain pie, baked with a supersized, doughy crust to save for last. “Then you dip it in honey and have it for dessert,” she said.

The world of pizza has certainly expanded way beyond Margherita-ville.

 

 

http://www.history.com

 

In a rare interview, Miuccia Prada, co-owner of PRADA Group speaks about the rivalry between Italy and France in luxury.

Miuccia Prada: Made in Italy no longer guarantees success

In a rare interview, Miuccia Prada, co-owner of PRADA Group has spoken about the rivalry between Italy and France in luxury. With regret, Miuccia Prada said ”Made in Italy is no longer sufficient to guarantee international success, and can only contribute in part”, adding that ”Glamorous fashion has already said good bye to Milan, relocating to Paris, instead.”

Miuccia Prada at the Met in New York

”Success in fashion today very much depends on how connected the designer is to culture and the arts, and a social climate which sustains it” says Miuccia Prada. ”Here in Italy, we have an immense cultural heritage but the country has been failing to promote it abroad.” Asked about the changes in society, Miuccia Prada said she has been perceiving that glamour today comes from wealthy, from the mercantile power that money brings. I understand that but at the same time, I cannot feel guilty for investing in artworks for our Foundation (Fondazione Prada) instead of considering the financial difficulties worldwide, because this is the only way to progress and develop our society”.

When addressing the issue of leather manufacturing in which Italy excels, Miuccia Prada insists that the more Italian companies are bought by foreign investors, the more Italy risks to become a ”B series” manufacturer for the worldwide market (a third party manufacturer). Mrs Prada also added that there is an growing trend of artistic talents, especially designers to migrate from Italy to France and she provided the example of how Raff Simons has received worlwide recognition only after moving from Jil Sander (Italy) to Christian Dior (France). She also expressed her belief that Italian media is also, in part, to be blamed for not providing respect to fashion, as it does to other industries ”In Italy, media does not take fashion seriously…we are represented like something frivolous, like nudity and erotism. Media does not go deeper to analysis the subtle creative connections”

”Fashion shows and events are extremely important, unfortunately, in the past years, only the major luxury groups could afford such shows. It is important to give way and create a platform for younger, less known designers too”. Asked whether Italy has regain its once leading position, Miuccia Prada responded that ”not only there is less money but also those who have the money do not understand that fashion cannot exist isolated, but as part of an integrated system, which can generate ideas. We need to bring together philosophers, art curators, sociologists who can generate such ideas.

In order to promote Italy’s immense cultural heritage and to put it into value, Miuccia Prada suggests that some monuments such as Castello Sforzesco near Milan or other heritage sites in Italy can be developed into attractions ”which do not have to be the type of Disneyland”, adds Miuccia Prada. ”I understand the conservative approach of many Italian intelectuals who strive to preserve the patrimony, but resisting modernity can be as damaging. A system needs to be recreated, conceived.”

adapted from la Repubblica via cpp-luxury.com