Commercial Loans: Which Bank? |
Are you window shopping for business loans? The Industry looks at which banks SMEs should be approaching.
Lloyds has promised to sink £5 billion into the SME sector this year, encompassing fashion companies
There has been a fair amount of controversy in the press recently regarding small business loans and lending from big banks, with news flooding in that radical cuts have been made. In light of this, António Horta-Osório's recent promise to increase lending, reduce borrowing costs, and help start-ups was music to small businesses' ears.
"Small and medium sized businesses are the bedrock of the UK economy and I am determined to give them all the support they need," said the Lloyds chief executive after the highly publicised pledge was made. "This reassurance is critical if we are to help rekindle confidence and spur economic growth and that is why I want to give my personal commitment to supporting the sector."
Putting money where his mouth is, the chief executive has vowed to lend at least £5 billion to his one million small business customers by the end of the year.
Pledge aside, if you're a small business looking to secure external capital, Lloyds and the Royal Bank of Scotland should be the first ones on your hit list, taking the two biggest majority stakes in the SME lending market today.
By The Industry's features editor, Harriet Bowe
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Harriet Bowe |
António Horta-Osório, Harriet Bowe, Lloyds, Royal Bank of Scotland, The Industry |
How Fashion Investors Are Finding Value In The Unexpected |
The Industry investigates the way fashion investors are making unlikely acquisitions in a bid to branch into new markets and better understand their customers.
Condé Nast are moving away from the newsstand and dipping their toes into the world of e-commerce
The relationship between consumer goods and editorial is becoming ever more seamless, something that became particularly pertinent in the last few weeks as two industry giants sank their money into new and somewhat unexpected markets.
On Monday one of the world's most famous publishing houses, Condé Nast put $20 million into online fashion marketplace, Farfetch.com. The news was seemingly surprising, coming from a company primarily made up of branded glossies such as Vogue, Glamour and GQ. However according to the chairman the move makes complete sense: "Farfetch has a unique position, connecting boutiques around the world by e-commerce to sophisticated fashion customers like our magazine readers and website users. It's a natural for Condé Nast," explains Jonathan Newhouse. Condé Nast have also made two other e-commerce aquisitions in the last month, investing in Germany companies ReneSim and Monoqi.
LVMH made unforeseen movements in February too, investing in online news publication founded by The Industry's Imran Amed, the Business of Fashion. The prestigious luxury goods company – best known for its ties with high end designers like Louis Vuitton, Marc Jacobs and Céline – had a minority hand in raising a cool $2.1 million for the publication. In many ways, the win makes perfect sense for LVMH, no doubt looking to stake their claim into Imran's global community of fashion savvy professionals.
The highly publicised acquisitions perhaps underline the fact that traditional business models (and their corresponding investment models) are changing in a new age of digital media. This recent trend in purchasing patterns illustrates the way in which the fashion industry is cross-pollinating, as savvy entrepreneurs look to connect with their customers in new and more intelligent ways.
By The Industry's features editor, Harriet Bowe
Would you like to join the premier members group for those shaping the future of fashion? Visit our JOIN page. |
Harriet Bowe |
Business of Fashion, Céline, Condé Nast, Farfetch.com, Glamour, GQ, Harriet Bowe, Imran Amed, Jonathan Newhouse, Louis Vuitton, LVMH, Marc Jacobs, Monoqi, ReneSim, The Industry, Vogue |
Forbes Rich List: Fashion's Biggest Winner |
We might be in the middle of a global economic crisis, but the Forbes rich list has got over 200 new members.
Profits of 50% year-on-year have helped fashion entrepreneur, Amancio Ortega climb to third place
Published yesterday, the Forbes annual inventory of the richest people on the planet revealed that we now have a record number of billionaires in the world. The list, now 1,426 strong, includes 210 new ten figure fortunes.
Sitting on an astronomical combined wealth of $5.4 trillion, these social powerbrokers and business magnates are pivotal to the world economy, with fashion taking its rightful place in the top three. As the founding chairman of the Inditex group, fashion retail tycoon Amancio Ortega came in at third place. Ortega moved into one of the top spots for the very first time this year, representing the sector with a net wealth of $57 billion. As a self-made billionaire, Ortega is proof that when armed with a robust business model such as Zara, serious money can be made in fashion.
Aside from regular fixtures on the Forbes rich list such as LVMH's Bernard Arnault, fashion made huge gains on last year with new entries from the likes of Tory Burch (creative director of her namesake brand), Renzo Rosso (the president of the holdings group responsible for Marni, Viktor & Rolf and Diesel amongst others) and Dolce & Gabbana founders, Domenico Dolce and Stefano Gabbana.
By The Industry's features editor, Harriet Bowe
Would you like to join the premier members group for those shaping the future of fashion? Visit our JOIN page. |
Harriet Bowe |
Amancio Ortega, Bernard Arnault, Diesel, Dolce & Gabbana, Domenico Dolce, Forbes, Harriet Bowe, Inditex, LVMH, Marni, Renzo Rosso, Stefano Gabbana, Tory Burch, Viktor & Rolf, Zara |
The Lending Crunch: Banks Remain Reluctant |
British banks have continued to cut lending, leaving one of fashion's biggest outlets in a state of flux.
A Louis Vuitton concept store in Selfridges
Whilst it's true that the government's been calling on banks to improve lending, the reality is that the number of loans actually granted has continued to fall. Net lending plummeted by £2.4 billion in the final quarter, leaving an increasing number of businesses stuck within an impossible funding gap.
"Some banks are reducing parts of their lending activities, consistent with the continued adjustments of their business models in the wake of the financial crisis," explained the Bank of England.
Fashion firms have been hit particularly hard due to their inextricable links with the retail sector, with the high street securing 18% fewer commercial loans in the last three years. And this isn't for lack of trying. At the start of 2013 this reluctance to lend perhaps instigated one of the worst collapses that the modern high street has ever witnessed, with stalwarts such as HMV, Blockbuster and Peacocks all going into administration after being denied external funding.
"The recent retail sector insolvencies will have added to the view amongst banks that they are still over-exposed to this struggling sector," says Anthony Cork, a partner at accountancy and business advisory firm, Wilkins Kennedy.
By The Industry's features editor, Harriet Bowe
Would you like to join the premier members group for those shaping the future of fashion? Visit our JOIN page. |
Harriet Bowe |
Anthony Cork, Bank of England, Blockbuster, Harriet Bowe, HMV, Louis Vuitton, Peacocks, Selfridges, Wilkins Kennedy |
Mobile Functionality: Do Or Die |
We look at why there's a time bomb ticking over fashion websites that aren't mobile optimising.
Mercedes-Benz, the sponsor of a multitude of fashion weeks around the world, has integrated its fashion content onto an array of hand held devices
Current trends established at the Drapers Ecommerce Summit on Wednesday have shown that 50% of fashion related search queries will be made via mobile or tablet come June. Only three months away, this statistic highlights how quickly time is pressing down on fashion websites to implement mobile and tablet functionality.
Whilst consumers might be choosing to surf the web from the comfort of a hand held device, the uptake from business has been comparatively slow. According to mobile marketing specialist Alex Kozloff, a massive proportion of brands are still yet to make the leap. "Our research shows that the industry is moving in the right direction, however with over 40% of the top 100 brands still not optimised there is still more to do to encourage brands to integrate mobile into their wider strategies," explains the senior mobile manager at IAB.
Search engines generate by far the biggest source of traffic for fashion websites, and with hand held devices soon set to monopolise that market, the race is on for the industry's brands to keep up.
By The Industry's features editor, Harriet Bowe
Would you like to join the premier members group for those shaping the future of fashion? Visit our JOIN page. |
Harriet Bowe |
Alex Kozloff, Drapers Ecommerce Summit, Harriet Bowe, IAB, Mercedes-Benz, The Industry |
Fashion Monitor Journalism Awards: One Week Left To Vote |
There's only one week left to vote for the Fashion Monitor Journalism Awards.
One of our meetings at SWAROVSKI CRYSTALLIZED™ where you can spot one or two of our members, who will be moonlighting as FMJA judges
Our event partner, Fashion Monitor has developed the first ever journalism awards to span exclusively across the fashion and beauty sectors. The awards opened for nominations almost a month and a half ago, and entries have been flooding in ever since. Now, with the closing date looming, we quickly look at what Topshop's Sir Phillip Green said about the FMJAs to show what this award initiative means for the sector and why you should take the time to vote.
"From the considered glossies monthlies through to the young bloggers creating exciting content by the minute, our writers have authority and style, and play a crucial role in ensuring that British fashion, and opinion, is at the heart of the global fashion industry," explained the retail mogul. "I am delighted that the Fashion Monitor Journalism Awards have been launched in 2012, and see these as a credible and relevant way to celebrate the vast array of talent in fashion writing that we have in the UK."
As the premier members group for fashion professionals, naturally many of our Industry members have been drafted in to offer their expert opinions. As the publisher of Fashion Monitor, our Hannah White has been spearheading the whole project. Fellow Industry members, Courtney Blackman, Nik Thakkar, James Joseph, Lauretta Roberts, Maurice Mullen, Martyn Roberts and Frances Card are also sitting on the judging panel.
Winners will be announced at the black tie awards ceremony on Tuesday 2nd July at London's The Brewery. If you'd like to submit any last minute nominations, click here or if you would like to book a table for what is surely set to be one of the most lucrative networking events of the year, click here.
By The Industry's features editor, Harriet Bowe
Would you like to join Hannah, Courtney, Nik, James, Lauretta, Maurice, Martyn and Frances in the premier members group for those shaping the future of fashion? Visit our JOIN page. |
Harriet Bowe |
Courtney Blackman, Fashion Monitor, Fashion Monitor Journalism Awards, Frances Card, Hannah White, Harriet Bowe, James Jospeh, Lauretta Roberts, Martyn Roberts, Maurice Mullen, Nik Thakkar, Sir Phillip Green, Swarovski Crystallized, The Brewery, Topshop |
Launch Of The First Fashion Mba |
The fashion industry's long overdue wait for its very own MBA is finally over.
The Industry's Caroline Issa entered fashion armed with an MBA from Wharton, one of the best business schools in the world
"The fashion industry is not like working in a bank," said George Bouvier, on why the University of the Arts London has decided to offer its first ever fashion MBA programme. In fact, the business titan turned course director couldn't be more right. Business and creativity are two forces that famously oppose, especially in a boardroom full of fashion executives. This one of a kind course, straight out of the London College of Fashion, aims to bridge that gap.
Although other industries, not necessarily any more profitable than fashion have run MBAs for years, this is the first time a domestic university has curated a business administration degree exclusive to fashion. "It is a trillion dollar industry, far ahead of the music industry in earnings, yet there is a shortage of high calibre executives," the course director told The Times. "There is a strong demand for a broader skill set."
So what will a masters degree in fashion business administration cover that an ordinary MBA does not? "Fashion has characteristics that other industries don't have […] Life cycles in fashion are much shorter than in other industries. Trends crop up in different areas around the world and it is impossible to predict what will happen in six months' time." The MBA will look to cater to these sophisticated needs, with a view to foster the industry's future in good solid financials.
The fashion executive MBA course will launch in September to encompass the new academic year, spanning a period of 18 months. For more information on the course or to apply, click here.
By The Industry's features editor, Harriet Bowe
Would you like to join Caroline the premier members group for those shaping the future of fashion? Visit our JOIN page. |
Harriet Bowe |
Caroline Issa, George Bouvier, Harriet Bowe, London College of Fashion, The Industry, The Times, University of the Arts London, Wharton |
How Fashion Can Overcome The Loss Of The Aaa Rating |
The Industry looks at why the cut of the UK's AAA credit rating flags up an opportunity for fashion businesses to pursue export sales more aggressively.
London Fashion Week attracted more international attention than ever before this Autumn/Winter 2013
As the world's centre of economic gravity continues to shift towards emerging markets, the treasured export market seems to be moving in accordance. Historically the UK used to supply 40% of the world's trade, making it the fifth biggest exporter on the planet. Today it has dropped down six places to eleventh, with markets such as China and India surpassing former kingpins of the European Union.
"The stagnant economy may provide just the necessary incentive to awaken the country to the potential of exporting goods, and not just services, to the world's growing middle class," explains William Chase, an entrepreneur whose surname is pinned to luxury British company, Chase Vodka. "Unless that happens, the UK will continue to lose it's standing in the world economy, eclipsed by those countries more aware of the value of exports."
Never have these words been more poignant to a product based sector such as fashion. With the loss of the UK's AAA credit rating on Friday, the British pound took a tumble to become one of the weakest currencies of 2013, hitting a two and a half year low against the dollar and a 16-month low against the euro. Whilst this could be perceived as bad news, on the other hand it provides British businesses with a timely opportunity to capitalise, as foreign markets eye up their seemingly cheap products.
By The Industry's features editor, Harriet Bowe
Would you like to join the premier members group for those shaping the future of fashion? Visit our JOIN page. |
Harriet Bowe |
Autumn/Winter 2013, Chase Vodka, Harriet Bowe, London Fashion Week, The Industry, William Chase |
Lc:m Dates Herald Another Fashion Week Clash |
Yesterday the British Fashion Council announced the official dates of London Collections: Men – but will this fuel the start of another calendar conflict?
This LC:M will encompass the first menswear fashion week to be managed under new BFC chair, Natalie Massenet
Three years ago menswear was a London Fashion Week afterthought. Partially thanks to former British Fashion Council chairman, menswear meastro and Industry member, Harold Tillman, only a year on and a seat at London Collections: Men is as highly sought after as a standing ticket at Burberry.
Running from 16th until 18th June, LC:M's Spring/Summer 2014 show schedule will welcome in the international menswear calendar with a breadth of British menswear. Official locations will once again comprise of the Hospital Club and the Old Sorting Office. However for the second consecutive season, the last day of LC:M will overlap with the first day of Pitti Uomo, the long established men's tradeshow located in Italy.
Last season the press heavily debated the potential outcome of buyers and journalists having to split their time between London and Florence. However visitor numbers were reportedly up in each city, a testament to the fact that this almost $400 billion market is big enough for the both.
By The Industry's features editor, Harriet Bowe
Would you like to join the premier members group for those shaping the future of fashion? Visit our JOIN page. |
Harriet Bowe |
British Fashion Council, Burberry, Harold Tillman, Harriet Bowe, Hospital Club, London Collections: Men, London Fashion Week, Natalie Massenet, Old Sorting Office, Pitti Uomo, Spring/Summer 2014, The Industry |
Government Calls On Banks To Improve Lending |
With a view to how it could help fashion businesses, The Industry looks at the latest news from the Enterprise Finance Guarantee Scheme.
A model from Industry member, Eudon Choi's Autumn/Winter 2013 collection with makeup by Industry member Jana Ririnui's AOFM Pro
Have you heard of the Enterprise Finance Guarantee Scheme? According to new research, if you're an entrepreneur looking for funding, you certainly should have. Since May 2010, the EFG has helped over 10,000 businesses secure loans between £1,000 and £1 million in value. The system is run by the government, who act as a guarantor for those that would otherwise struggle to obtain bank finance.
In light of this success, the government's business and enterprise minister is calling on banks to increase lending via this method. "Clearly the demand is there for this type of financial support so we must start to see an increase in take-up," explains Michael Fallon. "I have already begun publishing EFG lending by each bank, because businesses should know which bank they are best off approaching and I will continue holding the banks to account until lending levels improve."
The EFG is just one scheme implemented by the government that helps small companies access growth equity. Other options include the Seed Enterprise Investment Scheme (an initiative that offers individual investors tax relief if they buy shares) and Start-Up Loans (provided by the government for young entrepreneurs between 18 and 30 years old).
To better implement initiatives such as this within fashion, The Industry's Alison Lewy has recently secured a strategic partnership between her business mentoring service and Start-Up Loans. For more information on Fashion Angel's Start-Up Loans scheme, click here.
By The Industry's features editor, Harriet Bowe
Would you like to join the premier members group for those shaping the future of fashion? Visit our JOIN page. |
Harriet Bowe |
Alison Lewy, AOFM Pro, Autumn/Winter 2013, Enterprise Finance Guarantee Scheme, Eudon Choi, Fashion Angel, Harriet Bowe, Jana Ririnui, Michael Fallon, Seed Enterprise Investment Scheme, Start-Up Loans, The Industry |
Maria Lau Delves Into E-commerce |
The Industry's Maria Lau is dovetailing the launch of a celebratory collection with a brand new online shop.
Industry member, Maria Lau's latest offering entitled 'Classicology'
Oversized necklaces are bang on trend, therefore we weren't surprised to hear that The Industry's statement jewellery designer, Maria Lau was launching a celebratory collection. Combined with the launch of her very own e-commerce platform, this Industry member has a big year ahead of her – we catch up to find out more.
What's new with Maria Lau?
We've just launched a new e-shop where all collections and exclusive items are available to purchase. It mixes a range of avant-garde statement pieces with the more classic wearable items, so there's something for different tastes. Also for the first time, I'll be launching a new type of collection which celebrates key moments from my archive – the first of these is called 'Classicology'.
Can you give us a sneak peek into your new collection?
'Classicology' is my new collection and it will run across the entire year, as a celebration of signature pieces from the Maria Lau brand since birth. The result is a timeless collection that updates the key elements that have attracted so many fans. There won't be an Autumn/Winter 2013 collection as such, just a single collection for 2013. It's really exciting, as making an annual collection gives it more weight in such a fast paced industry.
I am currently exploring and focusing on other projects too, such as working with other brands. I want to expand my design repertoire beyond my eponymous line, as I have designed for other fashion houses in the past including DKNY. And I'm currently looking for more future projects too!
A big focus for 2012 was taking on PR and sales representation, something that the business achieved. How do you feel this has benefited the brand?
We have been able to build on those areas in-house, developing connections with industry and obtaining more stockists. The press reaction has grown from strength to strength, and the label continues to receive more exposure to and interest from exciting companies and opinion formers. The brand is still small, exclusive and niche, so working with Bloody Gray for their Spring/Summer 2013 press days has been fantastic and a more appropriate way for the brand to be represented.
Direct highlights have included working with talented stylists, including Anna Trevelyan, Katia Bololia and The Industry's Rebekah Roy as well as my jewellery gracing a few celebrities.
What's next for 2013?
The plan is to keep the balance between creativity and commerce going, which means creating special pieces specifically for projects such as press and collaborations. And also to put Maria Lau on the international map. I already know there is a good reaction to the brand in areas such as New York, Saudi Arabia and East Asia. I would love to sell further afield.
Get in touch with Maria via The Industry Directory
By The Industry's features editor, Harriet Bowe
Would you like to join the premier members group for those shaping the future of fashion? Visit our JOIN page. |
Harriet Bowe |
Anna Trevelyan, Autumn/Winter 2013, Bloody Gray, DKNY, Harriet Bowe, Katia Bololia, Maria Lau, Rebekah Roy, The Industry |
Emerging Designers Become Investment Target |
After yesterday's news broke that LVMH has bought a stake in Maxime Simoëns, we look at why, all of a sudden luxury conglomerates are eyeing up emerging designers as profitable business models.
Christopher Kane fits a model in his studio, abetted by his long standing business partner, Tammy Kane
On the back of PPR's highly publicised acquisition of Christopher Kane this January, rival holdings company, LVMH has announced that it has bought an undisclosed stake in the two year old business of Maxime Simoëns. This represents the second consecutive time a major luxury fashion investor has entered into a deal with an emerging fashion house since the recession – and according to the managing director of PPR's luxury division, it won't be the last.
"We cannot rule out further acquisitions," Alexis Babeau has said. Going on to hint at their prospective growth strategy, Alexis pointed out the following: "What really matters to us is not size or profitability, but what a brand can become tomorrow […] we are looking for small to midsized brands with a strong identity, a strong expression, with strong growth potential and with the ability for PPR to add value."
In light of the Maxime Simoëns transaction, LVMH are clearly tapping into the same train of thought. In many ways, emerging designers are much lower risk than the more established names. They're easy targets, often willing to offer up huge stakes for small sums. And although they require massive capital injections to fuel growth, once and if they do grow, PPR and LVHM can clean up with a much more impressive return.
According to Vanessa Friedman, fashion editor of the Financial Times, the Christopher Kane investment could herald the start of an emerging designer, supermarket style sweep: "Other groups should beware," she warns. "PPR is on its way to becoming the go-to group for all new talent. Their rivals should take care, lest they get left in the archives."
Que Maxime Simoëns, as LVMH officially joins the race to snag a stake in the future of fashion.
By The Industry's features editor, Harriet Bowe
Would you like to join the premier members group for those shaping the future of fashion? Visit our JOIN page. |
Harriet Bowe |
Alexis Babeau, Christopher Kane, Financial Times, Harriet Bowe, LVMH, Maxime Simoëns, PPR, Tammy Kane, The Industry, Vanessa Friedman |
Drapers Ecommerce Summit 2013: One Week To Go |
With London Fashion Week out of the way, there's only one event British fashion professionals will be at next week.
Over 150 e-commerce professionals are set to attend this year's event at the Waldorf Hilton
The Drapers Ecommerce Summit, taking place at London's Waldorf Hilton on Wednesday 27th February, is a must attend business conference for all those dipping their toes into the brave new world of internet shopping. This January, the collapse of high street giants such as HMV and Blockbuster proved that no one is safe, and that keeping up with e-commerce is essential in the business plans and balance sheets of nearly every successful retail venture left.
In this way, the Drapers Ecommerce Summit couldn't be timelier. With the British high street in a state of decline, more and more businesses are turning to e-commerce to keep their cash tills ringing. The range of curated discussions set out by Drapers next Wednesday will provide a deep look into some of the world's leading online businesses, covering every question imaginable and placing it in a fashion related context.
On the day, movers and shakers will offer invaluable insight into the inner workings of those pushing forward. Martijn Bertisen (industry head at Google) will discuss future trends in e-commerce technology, Streisan Bevan (head of fashion at Facebook) will dissect the ways in which social media maximises online presence and Chris Poad (director of Amazon) will look at how to create a unified site experience.
For more information or last minute tickets, click here.
As an event partner, Industry members are entitled to an exclusive 25% discount off the full ticket price. Drop an email to membership@theindustrylondon.com for more details or follow our lives tweets direct from the event at @INDLondon.
By The Industry's features editor, Harriet Bowe
Would you like to join the premier members group for those shaping the future of fashion? Visit our JOIN page. |
Harriet Bowe |
Amazon, Blockbuster, Chris Poad, Drapers, Drapers Ecommerce Summit, Facebook, Google+, Harriet Bowe, HMV, Martijn Bertisen, Streisan Bevan, The Industry, Waldorf Hilton |
Industry Members Work With Tagmag |
There's a new e-commerce concept trending with Industry members – we investigate.
Industry member, Hannah Kane has been working with TAGMAG on an exclusive basis
The Industry's Hannah Kane, Jonathan Saunders, Mark Fast, Eudon Choi, Sarah Curran, Tom Chapman, and Annette and Daniela Felder are all names on the client list of TAGMAG – a relatively new piece of free kit that allows online publications to 'tag' fashion brands into their editorial imagery. "For years we've been reading the suggestions of fashion editors […] this technology gives you the tools to immediately shop those suggested items by turning every editorial image into a shopping front," explains the product's CEO, Aaliyah Ansari.
As editor-in-chief of PHOENIX magazine, Hannah's website has been working with TAGMAG on an exclusive basis since their launch at the end of last year. "The combination of retail and editorial is surely the future of fashion publishing," explains Hannah. And if there's anyone that can spot a trend, it's Hannah whose magazine focuses solely on the very best of London's emerging talent. "For us at PHOENIX, the first step towards this was a pop up shop on Carnaby Street last fashion week. The second was the exclusive use of TAGMAG which integrates shopping functionality very effectively into our online content."
Since signing with Hannah, TAGMAG has managed to rack up over 40,000 affiliate fashion brands including London Fashion Week favourites and Industry members, Jonathan Saunders, Mark Fast, Eudon Choi and Felder Felder, alongside larger retailers such as Matches and my-wardrobe.com, run by fellow members Tom Chapman and Sarah Curran.
Operating via a simple plug-in, the advertising solution is not only free and looking to take on new press; it offers publishers the opportunity to earn revenues of up to 70%. No wonder it's been such a big hit.
By The Industry's features editor, Harriet Bowe
Would you like to join Hannah, Jonathan, Mark, Eudon, Sarah, Tom, Annette and Daniela in the premier members group for those shaping the future of fashion? Visit our JOIN page. |
Harriet Bowe |
Aaliyah Ansari, Annette Felder, Daniela Felder, Eudon Choi, Felder Felder, Hannah Kane, Harriet Bowe, Jonathan Saunders, London Fashion Week, Mark Fast, Matches, my-wardrobe.com, Phoenix, Sarah Curran, TAGMAG, The Industry, Tom Chapman |
A Trip To The Fashion Monitor Style Lounge |
Brought to fruition by our Hannah White, the Fashion Monitor Style Lounge is back for a second season – The Industry checks it out.
Manolo Blahnik outside The May Fair Hotel, where our media partner's Style Lounge serves as a stopping point between shows
Jam-packed with journalists typing at rocket speed, the cramped London Fashion Week media hub is a far cry from the serenity of Fashion Monitor's Style Lounge. Located at The May Fair Hotel, this professional pop-up is specially curated for press and stylists; and whilst it might only be a short tube ride from the cobbles of Somerset House, it feels a million miles away with its selection of exclusive beauty treatments straight out of the Harrods spa.
With a whole host of beauticians on tap for Leighton Denny manicures, Guinot facials, styling by UNITE hair and makeovers from Bourjois, one can be in, out and onto the next collection within an hour. The Style Lounge even offers eye massages from a brand called Thalgo, should tired eyeballs need a well-deserved break after back-to-back show watching and constant feature writing.
The Autumn/Winter 2013 collections of Aubrey, Danilo Gabrielli, 88Style.Me and Sarah Angold are also on display. So pop down, grab a beauty treatment and meet The Industry's Hannah White – and the rest of the Fashion Monitor team – at the Style Lounge this London Fashion Week.
By The Industry's features editor, Harriet Bowe
Would you like to join Hannah in the premier members group for those shaping the future of fashion? Visit our JOIN page. |
Harriet Bowe |
88Style.Me, Aubrey, Autumn/Winter 2013, Bourjois, Danilo Gabrielli, Fashion Monitor, Guinot, Hannah White, Harriet Bowe, Harrods, Leighton Denny, London Fashion Week, Manolo Blahnik, Sarah Angold, Somerset House, Style Lounge, Thalgo, The Industry, The May Fair Hotel, UNITE |
St Martins Lane Joins Forces With Vogue Paris |
The French fashion editors at Vogue are taking over our event partner's Twitter this London Fashion Week – we find out more.
Editor-in-chief, Emmanuelle Alt between shows with fellow Vogue Paris editor, Capucine Safyurtlu
For the very first time Vogue Paris are taking over a hotel brand's Twitter account, and it's not just any old hotel. This London Fashion Week, our event partner is handing over their Twitter password to Emmanuelle Alt and her team of editors at the French publication, in a bid to provide St Martins Lane followers with an exclusive insight into their lives during one of the world's biggest and more recognisable fashion events.
"St Martins Lane has always been associated with London Fashion Week, but we're really pleased to take it to the next level with such a prestigious partners as Vogue France," explains St Martins Lane's social media manager, Nick Bain. "We're really looking forward to getting an insiders view of what life is really like in the world of fashion and what really happens in those front rows."
Vogue Paris will officially take over the St Martins Lane Twitter account on Sunday 17th February and will be live tweeting up until Monday 18th February. Follow @StMartinsLDN and #VogueParisforSML for updates.
By The Industry's features editor, Harriet Bowe
Would you like to join Industry members and attend fashion events at Sanderson and St Martins Lane. Visit our JOIN page. |
Harriet Bowe |
Capucine Safyurtlu, Emmanuelle Alt, Harriet Bowe, London Fashion Week, Nick Bain, St Martins Lane, Twitter, Vogue Paris |
Tom Chapman On The House Of Grazia At No. 23 Collaboration |
In an exclusive London Fashion Week partnership christened the House of Grazia, The Industry's Tom Chapman opens his doors to Grazia.
Matches five storey Georgian townhouse, No. 23 is situated in the heart of Marylebone close to Somerset House
Industry member and CEO of Matches, Tom Chapman knew that the Grazia girls would be run ragged bringing readers live, up-to-the-minute action direct from the catwalks of London Fashion Week this season. That's why he's invited the whole editorial team to set up base at his exquisitely curated central London townhouse, also known as No. 23, until the marathon of shows comes to an end on Tuesday.
"We are delighted to host the House of Grazia at Matches No. 23 – the perfect partnership as we both strive to support and nurture talent wherever possible in our home city," explains The Industry's Tom. "This five day event celebrates the strong relationships we have built with London Fashion Week and provides an innovative insight into the workings of the fashion industry."
Whilst the girls write, snap and social media the shows, Tom has invited some of the biggest names in British fashion round for meet and greets with Grazia readers and Matches clients. The Industry's Jonathan Saunders, Sophie Hulme and Henry Holland will be popping around for a chat after their shows, along with some of the countries top fashion bloggers. To get in on the action click here for exclusive video content, pictures and catwalk fashion reports, which will also be shared via Twitter, Facebook, Instagram and YouTube as they happen. All social activity will use the hashtag #HouseofGrazia and @matchesfashion.
By The Industry's features editor, Harriet Bowe
Would you like to join Tom in the premier members group for those shaping the future of fashion? Visit our JOIN page. |
Harriet Bowe |
Facebook, Grazia, Harriet Bowe, Henry Holland, House of Grazia, Instagram, Jonathan Saunders, London Fashion Week, Matches, No. 23, Sophie Hulme, The Industry, Tom Chapman, Twitter, YouTube |
Deryane Tadd Crowned Queen Of Shops |
Industry member Deryane Tadd has bagged another illustrious award, taking home first prize at the Drapers Inspiring Independents this week.
Winner of Drapers Inspiring Independents, Deryane Tadd of The Dressing Room
"This year's number one certainly deserves the top spot," explains Drapers' deputy editor, Ana Santi after crowning The Industry's Deryane Tadd winner of this year's best 100 independent retailers. As founder of The Dressing Room, a humbled Deryane has explained feeling both "shocked" and "honoured" upon collecting her sixth award from the team at Drapers; however The Industry wasn't the least bit surprised.
Deryane's independent boutique The Dressing Room has strummed up support from customers far and wide in the past eight years. Her bricks-and-mortar store was voted one of the best outside London by the Telegraph and Vogue in 2012, and online sales have soared 89% year-on-year.
"Run by an inspiring woman, this exemplary independent continues to drive exclusivity, offer unrivalled customer service and deliver a great multi-channel experience," adds Drapers' Ana. Taking all of this into consideration, it's little wonder that Deryane fought off stiff competition from the likes of Coggles and Browns, fellow Industry members, Donna Ida Thorton of Donna Ida and Tom Chapman of Matches.
With nothing stopping this Industry member, Deryane offered a sneak peek into the future: "New brands, customer events and brand exclusives are in the pipeline. I never stand still for long, so I have plenty up my sleeve for 2013."
By The Industry's features editor, Harriet Bowe
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Harriet Bowe |
Browns, Coggles, Deryane Tadd, Donna Ida, Donna Ida Thornton, Drapers Ana Santi, Drapers Inspiring Independents, Harriet Bowe, Matches, Telegraph, The Dressing Room, The Industry, Tom Chapman, Vogue |
London Fashion Week To Offer Global Perspective |
London Fashion Week seeks to expand its international offering, as the British Fashion Council and the British Council add 20 new countries to its International Fashion Showcase.
Croatian fashion designers show at London Fashion Week
The British Fashion Council has invited another 20 countries to London Fashion Week this season, displaying a total of 110 emerging designers from 27 embassies around the world. The initiative, run in co-ordination with the British Council which and started last September, has asked each country to show the designers with which they feel best represent the future of fashion in their region.
"London has developed its reputation as a supporter of the future of fashion by being open to ideas and innovation from everywhere – as a city we are multi-cultural, our art colleges are a magnet for international students and we are always thrilled to be able to get the first glimpse of the new," explains Sarah Mower, the BFC's ambassador for emerging talent and contributing editor for at American Vogue.
Participating countries include Argentina, Austria, Bolivia, Bosnia and Herzegovina, Denmark, Estonia, Jamaica, Luxembourg, the Netherlands, New Zealand, Nigeria, Norway, Pakistan, Panama, Philippines, Portugal, Romania, Serbia, Slovakia, Slovenia, Sri Lanka, Sweden, Switzerland, Tanzania, Trinidad and Tobago, Uruguay and Vietnam.
By The Industry's features editor, Harriet Bowe
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Harriet Bowe |
American Vogue, British Council, British Fashion Council, Harriet Bowe, International Fashion Showcase, London Fashion Week, Sarah Mower, The Industry |
Alison Lewy Partners With Start-up Loans |
Industry member, Alison Lewy has pioneered an exclusive partnership between Fashion Angel and Start-Up Loans.
The Industry's Jonathan Saunders shows his Spring/Summer 2o13 collection at London Fashion Week
"We are delighted that we can help fashion start-ups get funding and business mentoring to help make their dream business a reality," says Fashion Angel founder and Industry member, Alison Lewy. Alison has just secured a ground breaking partnership between her fashion business mentoring service and Start-Up Loans. The initiative offers access to unsecured funding ranging between £2,500 and £5,000, and is now exclusively working with The Industry's Alison to help fashion businesses free of charge.
With corporate lending hitting an all time low last year, the government backed partnership couldn't come at a better time. "Traditional lenders are often unsympathetic to lending to creative businesses, so it's exciting to be able to offer an alternative funding route," explains Alison. "As the only delivery partners specialising in this area, we are looking forward to playing an integral part in the success of these young entrepreneurs."
As part of the initiative, Alison and the Start-Up Loans team have developed a simple online application and Fashion Angel mentors will be on hand to support applicants during the process.
Fashion Angel will be promoting the initiative at their free talk and networking event on 26th March. To sign up for the 'Finance and Fashion Start-Ups' event click here, or to apply for funding click here.
By The Industry's features editor, Harriet Bowe
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Harriet Bowe |
Alison Lewy, Fashion Angel, Harriet Bowe, Jonathan Saunders, Spring/Summer 2013, Start-Up Loans, The Industry |
Recession: Business Confidence Fights Back |
The British economy might have contracted at the end of last year, but business confidence is soaring.
Vivienne Westwood showing her Spring/Summer 2013 offering at London Fashion Week last season
With all this talk of a triple dip recession knocking businesses left, right and centre, it's great to hear that British positivity is stronger than ever. A new study by ICAEW and Grant Thornton has shown that despite the contraction, business confidence is at its highest rate since 2011, soaring from 4.2 to 12.8 on the Business Confidence Monitor all in the space of one quarter.
"There was a risk that, combined with the traditional January blues, the bad weather and some high profile retail collapses, talk of a triple dip recession could become self-fulfilling," explained the chief executive of ICAEW, Michael Izza. "These results show that we are set to avoid a third period of technical recession, but no one should be complacent. There is only one way out of our economic malaise, and that's to increase our economic output. Such a task isn't going to be easy, or indeed quick."
According to the study, companies are reporting an increase in turnover of 3.3% and a 2.5% rise in profits throughout the past 12 months. Growth is hereby set to resume, with turnover and profits expected to escalate by 4.6% and 3.9% respectively in 2013.
If confidence is the key to success, then perhaps the economy is well on its way out of the red.
By The Industry's features editor, Harriet Bowe
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Harriet Bowe |
Business Confidence Monitor, Grant Thornton, Harriet Bowe, ICAEW, Michael Izza, Spring/Summer 2013, The Industry, Vivienne Westwood |
Fashion Week: Is The Catwalk Losing Influence? |
Whilst various fashion weeks across the globe are rounding up Twitter followers by the nanosecond, we ask whether this long running tradition is losing influence?
Alexander McQueen shows their latest Spring/Summer 2013 catwalk collection at Paris Fashion Week
First Givenchy announced they were taking a break from seasonal couture, making the seemingly audacious decision to sit the Paris shows out and filling their slot with a presentation. Then news broke that Alexander McQueen's ready-to-wear line would be doing the same this Autumn/Winter, reportedly a direct result of Sarah Burton being on maternity leave.
It doesn't take a rocket scientist to figure out that more and more designers are choosing to circumvent the conventional catwalk in favour of a more intimate, and no doubt more economical presentation space; however it does invite a rush of new questions as to what lies beyond the horizon.
Catwalks date back to the 1800s. So why now, after two centuries, would fashion want to break this age-old tradition? "Could it be that both the corporate and creative sides of the business are beginning to think shows may not be the crucial component of a business they have been previously considered?" ponders Vanessa Friedman, fashion editor at the Financial Times. Whilst times are hard, fashion week has lived through many a recession in that time, so is it purely a case of saving money or is something bigger going on?
With so many ways to communicate nowadays (proliferations in social media have undoubtedly had their hand), do fashion designers still have to tell their story via the catwalk? Only time will tell.
By The Industry's features editor, Harriet Bowe
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Harriet Bowe |
Alexander McQueen, Financial Times, Givenchy, Harriet Bowe, Spring/Summer 2013, Twitter, Vanessa Friedman |
Nik Thakkar On Working With Marc Jacobs X Diet Coke |
Marc Jacobs has got a new gig, and our Nik Thakkar has been working with Diet Coke to bring it to life – The Industry investigates.
Marc Jacobs, head designer of Louis Vuitton, Marc Jacobs and Marc by Marc Jacobs takes on a new role with Diet Coke
The Diet Coke man is back, and this time it's in the form of Marc Jacobs. This week Jacobs was named creative director of the fashion industry's most stylish soft drink giant, a role that previously belonged to Karl Lagerfeld and Jean-Paul Gaultier.
Naturally The Industry's Nik Thakkar has been working on the Diet Coke campaign – this will be his third consecutive year – specifically helping to strategise fashion brand partnerships that look to increase growth across the European market. "Working with Diet Coke for the last three years on the brand's fashion strategy – signing Lagerfeld in 2011, Gaultier 2012 and Marc Jacobs in 2013 has been an incredible experience,” explains The Industry member. "Stay tuned for the bottle designs, ad campaign images and more short film content coming in March!"
The new signing marks Diet Coke's 30th birthday in Europe, constituting three bottles, three cans and three ad campaigns. The designs are scheduled to roll out in 11 continental markets next month, incorporating fashion illustrations, repetitive prints and a change in the legendry Diet Coke logo.
For more information on the partnership click here to read KARL IS MY UNKLE, the globally recognised pop couture blog edited by Nik.
By The Industry's features editor, Harriet Bowe
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Harriet Bowe |
Diet Coke, Harriet Bowe, Jean-Paul Gaultier, KARL IS MY UNKLE, Karl Lagerfeld, Louis Vuitton, Marc by Marc Jacobs, Marc Jacobs, Nik Thakkar, The Industry |
Eudon Choi Partners With Swarovski |
Industry member, Eudon Choi has joined the revered list of designers to be selected for the Swarovski Collective programme.
Industry member, Eudon Choi being interviewed by WGSN's Lauretta Roberts when he spoke for The Industry at SWAROVSKI CRYSTALLIZED™ last year
The Industry works closely with Swarovski, which is why we were delighted to find out that member, Eudon Choi had been cherry picked for their Autumn/Winter 2013 Collective after a hugely successful talk at The Industry late last year. Receiving the highly selective partnership package from the luxury crystal company, the deal will see him experiment with the world's finest and most reputable crystals in a completely new way this London Fashion Week.
"It is such an honour to be chosen to collaborate with Swarovski. As an emerging designer, to be part of the Swarovski Collective alongside big name international designers is beyond amazing. Swarovski is one of the most innovative forces within fashion; so to be recognised by such an influential brand is hugely important to me," Eudon exclusively told The Industry yesterday.
However whilst Eudon might be joining the likes of Marios Schwab, Mary Katrantzou and Giles, he forewarns us that he won't be following in anyone's footsteps: "This has been a very fulfilling collaboration: we have pushed each other to realise something new for both of us; the Swarovski crystals have informed my design process and are an integral part of the clothes they embellish, they are not solely decorative. The results may surprise quite a few people – who perhaps think that I am not an obvious choice for Swarovski – but all will be revealed on Friday 15th at 3:45."
To find out more about the Swarovski Collective and other fashion based initiatives with the company, click here.
By The Industry's features editor, Harriet Bowe
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Autumn/Winter 2013, Eudon Choi, Giles, Harriet Bowe, Lauretta Roberts, London Fashion Week, Marios Schwab, Mary Katrantzou, Swarovski, Swarovski Collective, Swarovski Crystallized, The Industry |
Life In The Fast Lane: Vogue.co.uk Meets Mark Fast |
The first Industry session of the 'teens' brought knitwear pioneer Mark Fast to SWAROVSKI CRYSTALLIZED™ – where he was interviewed by Jessica Bumpus, fashion features editor at VOGUE.CO.UK.
Jessica Bumpus of VOGUE.CO.UK talks fashion business with Mark Fast
"London is the spirit of McQueen and Galliano," muses Mark Fast with his softly spoken Winnipeg inflection, "it has a raw, dark, mysterious energy." Relocating to the capital to study at the hallowed halls of Central Saint Martins, he was attracted to knitwear as it meant "being in control of everything, from the yarn, to the thread, to the stitch." Graduating with an MA in 2008, he went to work with Turkish designer Bora Aksu."He taught me how to be a free spirit."
Industry members are out in full force for the Mark Fast meeting at SWAROVSKI CRYSTALLIZED™
Since then Fast is the man credited with "bringing sexy back" to knitwear. 'Body-con' and 'cobweb knits' are phrases that appear again and again in catwalk reviews: open weave stitches reveal flesh underneath, and swishy fringes emphasises the wearer's rhythm. It's no surprise his designs have found favour with singers such as Nicki Minaj, Jessie J, Ciara, and Rihanna. Though of all the celebrities to wear his clothes, his highlight was the altogether more otherworldly Tilda Swinton gracing the cover of AnOther magazine. "When I found out I ran around my mum's kitchen counter. We're less reserved in Canada" he told The Industry.
The VOGUE.CO.UK team, Tilly Macalister-Smith, Ella Alexander, Lucy Hutchings, Scarlett Kilcooley-O'Halloran & Lauren Milligan enjoy a glass of bubbly
In February 2010 he launched his Faster line, born out of an experiment with trying to mass-produce a stitch – now a big hit with the LA and New York hip-hop scene: "they like getting it out – no shame," he laughs. On the other hand his main line of bespoke knits is popular with Russian oligarchs: "they are couture like in a ready to wear world." And it's not just women he has his eye on, he's also thinking about designing for men. "I'm waiting for the right time," he revealed exclusively. "There's a lot to do in menswear at the moment."
Networking in full swing at SWAROVSKI CRYSTALLIZED™
In an industry often berated for its lean models, Fast famously made the unusual choice to use statuesque girls such as Hayley Morley and Crystal Renn in his catwalk show, both size 14. This personalisation of dresses, fitted for the model's shape, has made him the poster boy for a healthy, positive body image in fashion. It also kickstarted a trend, "I can't book my favourite girls any more" he laments, "I remember thinking, 'what do you mean you're casting in Milan? No!'"
The Industry's MD and founder of Forward PR, Courtney Blackman with fellow member, VOGUE.CO.UK's Jessica Bumpus
"I want to create dresses that create dreams," the designer concludes. And that's his genius – he allows you to fantasize about being 'that' Mark Fast kind of girl, which is really any girl with the balls to wear his designs.
By The Industry's contirbutor, Hannah Kane, editor-in-chief of PHOENIX
All photos by The Industry's photographer, Sam Atkinson
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Harriet Bowe |
Alexander McQueen, AnOther, Bora Aksu, Central Saint Martins, Ciara, Courtney Blackman, Crystal Renn, Faster by Mark Fast, Forward PR, Hannah Kane, Harriet Bowe, Hayley Morley, Jessica Bumpus, Jessie J, John Galliano, Mark Fast, Nicki Minaj, Phoenix Magazine, Rihanna, Sam Atkinson, The Industry, Tilda Swinton, Vogue.co.uk |
Why Apprenticeship Schemes Are Out Of Fashion |
The Industry investigates why apprenticeship schemes aren't working for fashion right now.
Mulberry's Somerset factory is one of few in luxury fashion utilising apprenticeship schemes
Whilst the government has been blowing their own trumpet about the success of apprenticeships in 2012, they've been keeping quiet about how irrelevant such schemes are to the creative industries.
Whilst 520,600 people started an apprenticeship in the 2011/2012 academic year, a mere 0.2% of these worked within the spectrum that represents fashion (also known as arts, media and publishing). In fact in comparison to all the other industries, this sector performed the worst, by a margin of almost 6,000.
Mulberry are one of the few fashion companies that employ apprenticeships and they say that it has been worth its weight in gold. "The Mulberry apprenticeship scheme has been a huge success for our UK factory and has transformed our business by developing the craftsman of the future," says Ian Scott, group supply director of the luxury handbag brand.
So why can't more fashion businesses follow in their footsteps and replace unpaid volunteer roles with apprenticeship schemes? The long and short of it is that many businesses operating within fashion simply can't afford to. Mulberry are an exception to this rule, with a £173 million turnover. So whilst apprenticeship schemes are a cheap and heavily subsidised alternative to labour, they're still not free. In an industry basically run on unpaid interns, it looks like the government still has a long way to go before they convince the fashion pack to try something new.
By The Industry's features editor, Harriet Bowe
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Harriet Bowe |
Harriet Bowe, Ian Scott, Mulberry, The Industry |
PrÊt-a-couture: The New Trend In Bulk Buying |
With Chanel struggling to meet demand, and profits increasing seven fold at Dior, it's safe to say that couture is back in business.
Backstage at the Chanel Spring/Summer 2013 Haute Couture show
Recently legendary fashion critic, Colin McDowell questioned whether haute couture was poised for reinvention or irrelevance. A debate that was quickly settled when Karl Lagerfeld spoke: "Couture is not dead," the designer confirmed at the shows last month.
"Don't ask me where the money comes from. As long as they spend it and make everybody work, everything is okay with me." One thing is for sure, there's a superstrata of exceptionally rich emerging, and their not afraid to flash the cash. But in the middle of a global economic crisis, who can afford to snap up a £70,000 designer price tag like their shopping in Zara?
The answer hails mostly from the Middle East, then markets such as China, Brazil and Russia. In fact this new breed of couture buyer is so wealthy, their spare change buys up to 30 dresses at a time, fueling a boom unprecedented in couture since the 1950s.
The Sunday Times head of fashion, Claudia Croft explained the movement in the Style supplement this weekend: "For years couture was considered a lost leader, a lavish marketing exercise designed to sell lipsticks and perfume, and its dwindling clientele seemed ever more irrelevant. But the spending power of the new superrich is changing all that and bringing the client sharply back into focus."
Couturiers all over Paris are back to doing what they do best, and long may their tills ring.
By The Industry's features editor, Harriet Bowe
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Harriet Bowe |
Chanel, Claudia Croft, Colin McDowell, Dior, Harriet Bowe, Karl Lagerfeld, Spring/Summer 2013, The Sunday Times, The Sunday Times Style, Zara |
“software Eats Retail”: The Future Of Commerce |
If Silicon Valley's most powerful venture capitalist told you that retail would be dead by the end of the decade, would you believe him?
Marc says that the high street is dead – all brands will eventually move to business models centered around e-commerce
As far as Marc Andreessen is concerned, this is a cold hard fact. "You are not going to have a choice," he forewarned this week. "Software eats retail." Having established several, now multibillion dollar start-ups, his voice is a force to be reckoned with in the technology sector, and he's got an uncanny knack for predicting future trends.
"Retail guys are going to go out of business and e-commerce will become the place everyone buys," said Marc. "Retail chains are a fundamentally implausible economic structure if there's a viable alternative. You combine the fixed cost of real estate with inventory, and it puts every retailer in a highly leveraged position. Few can survive a decline of 20% to 30% in revenues. It just doesn't make any sense for all this stuff to sit on shelves. There is fundamentally a better model."
Marc foresaw printed publications folding to online magazines back in 2008, controversially advising the New York Times to shut down their printing presses immediately. Whilst his words lead to backlash at the time, newsstand sales hit rock bottom last year, proving his vision of the digital landscape to be bang on target.
By The Industry's featured editor, Harriet Bowe
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Harriet Bowe |
Harriet Bowe, Marc Andreessen, New York Times, The Industry, World Wide Web of Fame |
Fashion Week: The Burgeoning “big Four” |
It's that time of year again, and this season the month long marathon of shows is set to be bigger than ever.
Annette & Daniela Felder after their last London Fashion Week show
Autumn/Winter 2013 could be fashion's biggest season yet. Whilst the economic crisis is far from over, the fact that New York Fashion Week is starting four days ahead of schedule suggests that entrepreneurial zeal is still alive and kicking within the fashion sector.
A whopping 287 labels have registered to present collections at NYFW this season, with clashes becoming increasingly difficult to dodge (Tory Burch and J.Crew are just one example). This will be swiftly followed by London's five day installment, running from Friday 15th until Tuesday 19th February. The schedule is set to be more eclectic than ever, showcasing everything from Burberry's premium collection to Rihanna's collaboration. Industry members, Mark Fast, Jonathan Saunders, Felder Felder and Eudon Choi will also punctuate the main London Fashion Week show schedule.
Moving on to Milan, their calendar will host the usual line up of Italian names – Gucci, Prada, Dolce & Gabbana – from Wednesday 20th through until Tuesday 26th February. As per tradition, the season will be finished off with a nine day extravaganza courtesy of the Parisian crème de la crème. Expect to see Marc Jacobs and Karl Lagerfeld ruling the runways with their Louis Vuitton and Chanel offerings.
By The Industry's features editor, Harriet Bowe
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Harriet Bowe |
Annette Felder, Autumn/Winter 2013, Burberry, Chanel, Daniela Felder, Dolce & Gabbana, Eudon Choi, Felder Felder, Gucci, Harriet Bowe, J.Crew, Jonathan Saunders, Karl Lagerfeld, London Fashion Week, Louis Vuitton, Marc Jacobs, Mark Fast, Milan Fashion Week, New York Fashion Week, Paris Fashion Week, Prada, Rihanna, The Industry, Tory Burch |
The Industry's Sarah Curran Is Looking For £3 Million |
International mover and shaker and Industry member, Sarah Curran has put the word out that she's looking for a third round of investment to fuel triple digit growth.
The Industry's Sarah Curran is the founder of my-wardrobe.com
In order to speed up my-wardrobe.com's international expansion, The Industry's Sarah Curran is launching a third fundraising round in as many years. Looking for a cash injection of £3 million in return for an undisclosed stake, Sarah has employed the services of Hawkwood Capital to try to broker an exclusive deal.
Fashion e-commerce sites have been the investment model of choice in recent years, given the success of ASOS and Net-a-Porter. Sarah first turned to private equity in 2010, when one of Europe's largest venture capitalist firms eyed my-wardrobe.com as a lucrative catch. After Balderton deposited almost £6 million into the company's bank account, existing investors pumped an additional £2.3 million into the deal.
So far the investment has proved worth its weight in gold, generating triple digit growth in new markets such as Australia and Scandinavia. Last year overall revenues totted up to almost £13 million, a figure that has been lifted by 75% year-on-year thanks to non-domestic markets. Although the UK still accounts for the bulk of my-wardrobe.com sales, international customers are set to contribute to more than two-thirds of the business's revenue within the next three years.
Get in touch with Sarah via The Industry Directory
By The Industry's features editor, Harriet Bowe
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Harriet Bowe |
ASOS, Balderton, Harriet Bowe, Hawkwood Capital, my-wardrobe.com, Net-a-Porter, Sarah Curran, The Industry |
Changes To The Tax System: What, When & Why |
The Industry investigates new tax breaks set to be introduced to the system this year.
The tax amendments will come into force come 1st April 2013
Tax avoidance was the subject of some controversy throughout 2012, with one too many stories unfolding that cunning corporate businesses have been declaring less than their fair share.
Which is why the British government has made cracking down on evasion one of its key objectives for 2013. "Any businesses who think that they can carry on dodging that fair share or that they can keep on selling to the UK and setting up every more complex tax arrangements abroad to squeeze their tax bill right down – well, they need to wake up and smell the coffee," the Prime Minister told business leaders as they gathered at the World Economic Forum at Davos last week.
However such revolutions won't just affect the big boys. Legal changes are set to come into play this year that will help businesses of all capacities, including those of smaller size. These encompass tax breaks for those that patent their products and a lower rate for those that have offshore finance arms.
From the 1st April 2013, British businesses will be able to claim a break on patented profits in what is called the 'Patent Box' scheme. The relief will be phased in over several years to achieve a tax rate of 10%, whilst the standard corporation tax rate will drop to 23%. Internationals will also be able to further reduce this percentage by a quarter if they bank abroad.
By The Industry's features editor, Harriet Bowe
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Harriet Bowe |
Harriet Bowe, Prime Minister, The Industry, World Economic Forum |
British Businesses Lose Stock Market Cachet |
287 profit warnings were issued last year, the most since the height of the economic downturn – we look at how fashion companies faired.
In terms of stock market value, Burberry's Spring/Summer 2013 offering came with lack lustre results
Ernst & Young's quarterly report counted 86 profit warnings in the last few months of 2012. This totted the yearly total up to 287, the highest annual proportion since 2008 - that being the year that the financial crisis hit home. Companies riding on China's wave of prosperity have been hit particularly hard, as emerging growth has eased and stocks consequently plummeting.
Quintessentially British companies and anchors of London Fashion Week, Mulberry and Burberry were among the fashion companies to take a tumble, with the announcement swiping £1 billion off the latters stock market value. Alan Hudson, head of Ernst & Young's restructuring unit cited mounting risks abroad as the main cause: "Slower than expected demand from China in particular landed heavy blows on companies reliant on emerging market growth, which would have cancelled out declining sales elsewhere."
So what does this mean for the coming year? According to Ernst & Young, the amount of profit warnings issued is likely to fall in 2013. Barring any further economic shocks, British businesses are expected to factor weakness into their forecasts for 2013. A warning that can be applied to companies of any size, whether FTSE listed or not.
By The Industry's features editor, Harriet Bowe
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Alan Hudson, Burberry, Ernst & Young, FTSE, Harriet Bowe, London Fashion Week, Mulberry, Spring/Summer 2013 |
Industry Member Nik Thakkar Judges Fashion Tv Show |
Style arbiter and Industry member, Nik Thakkar flirts with fame as the judge of a brand new fashion TV show.
Industry member, Nik Thakkar on set with two contestants battling it out for the winning spot
If you tune into Fashion One television on Tuesday at 9pm, you'll see our Nik Thakkar cherry picking fashion's answer to Fearne Cotton. As one of the judges on reality TV show, Correspondent Search: London, he uses the witty charm and discerning eye he is famous for, to select fashion's newest television presenter. We get the scoop from The Industry member himself.
How has being on the judging panel of a new TV show helped with your personal branding?
Being on the judging panel for Fashion One's Correspondent Search has been such a great honour. I've had the pleasure of meeting some really creative and talented people from the producers, to the crew and directors – particularly Thibault Brière and Maurizio Von Trapp, who were amazing to work with. Having such immense exposure to a global fashion audience is priceless and I'm really excited about what it will lead to.
What has such an opportunity thrown up for your companies, Nephew London and KARL IS MY UNKLE?
I'm already fortunate enough to have been working with incredible brands such as Louis Vuitton, Gaultier and all of Diet Coke's high fashion portfolio; and having an unparalleled network of creatives and influencers is something that my consultancy Nephew London prides itself on. Being on the judging panel for Fashion One will hopefully open even more doors for the consultancy and lead to many exciting opportunities for my creative content site, KARL IS MY UNKLE.
Airing to a global audience, the Fashion One correspondent will report directly from some of fashion's most exclusive events and parties. In your opinion, what will this level of commercial exposure mean for the industry?
Fashion One is growing so rapidly and has millions of viewers worldwide already. The fact that the channel is launching in the UK and focussing on London is not only a testament to the power and influence that this city holds, but is also a great opportunity for British designers – both established and emerging – to be exposed to a wider audience, particularly the BRIC markets where Fashion One is already strongly established.
Where do you see Nik Thakkar, the brand in five years?
Doing exactly what I am already doing, but on a bigger scale. I also have a creative charity initiative that I am working on launching, so I'm looking forward to developing that over the next few years.
Correspondent Search airs on Tuesday 29th January at 9pm in the UK on Fashion One and at 10:30pm in other parts of Europe. The show can also be viewed online. For more information, click here.
By The Industry's features editor, Harriet Bowe
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Harriet Bowe |
Correspondent Search: London, Diet Coke, Fashion One, Fearne Cotton, Harriet Bowe, John Paul Gautier, KARL IS MY UNKLE, Louis Vuitton, Maurizio Von Trapp, Nephew London, Nik Thakkar, The Industry, Thibault Brière |
Forecasts Of Triple Dip Recession Loom |
Fears of a triple dip recession are raised, as news comes in that the UK economy officially contracted by 0.3% in the last quarter.
Fashion sits at the centre of David Cameron's economic policy
According to experts, if the UK economy shrinks in the first three months of this year, it will be back in recession for the third time in five years. Results from the Office of National Statistics have shown that the UK economy is once again in decline, contracting by 0.3% in the last few months. Even though the economy grew by 0.9% in the third quarter, these results prove that it flatlined throughout 2012 as a whole. In other words, Britain produced zero growth.
Whilst these results are disappointing, the government insists we are on the right track. "The official forecast was that the UK economy would contract in the last quarter of 2012 so this figure is not unexpected. It confirms what we already knew – that Britain, like many European countries, still faces a very difficult economic situation," a spokesperson for the Treasury said yesterday. "While today's data confirms the scale of the challenge facing the British economy, this week has also seen the strongest yearly increase in jobs for over 20 years. A million new private sector jobs have been created and the deficit is down by a quarter."
In terms of growth prospects, the Prime Minister recently expressed his confidence in the British fashion industry, explaining that it is "absolutely at the heart of the vision that this government has."
By The Industry's features editor, Harriet Bowe
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Harriet Bowe |
David Cameron, Harriet Bowe, Office of National Statistics, Prime Minister, Treasury |
Fashion Week: The High Street Takeover |
First River Island, then Whistles and now H&M – The Industry debates whether the high street is encroaching on fashion week.
Topshop Unique's offering at London Fashion Week last season
Alexander McQueen, Givenchy and Industry member Corrie Nielsen cancelled their catwalks last week, a revelation that was only heightened when River Island, Whistles and H&M announced plans to show at London and Paris. Are the foundations of luxury fashion institutions falling, and if so what will these high street brands bring to a new, more modernist and seemingly democratic schedule?
Topshop first showed their premium line, Unique on the London Fashion Week schedule back in September 2005. The decision was initially met with skepticism, leaving even Vogue wondering what this meant. In their official review they wrote: "Topshop was more than capable [...] to sit alongside the big names on the runway, but begged the question why would you want to do it?" The business model obviously worked, because 13 seasons later and it's now one of the hottest tickets on schedule. They've convinced even the most discerning of fashion editors that they're worth their salt, with the general public lapping up their edgy, cool and somewhat progressive credentials generated as a direct result.
More recently, River Island, Whistles and H&M have jumped on this very same bandwagon. For Whistles this is a relatively unsurprising move, seeing as Jane Shepherdson had a hand in pioneering Topshop's initial move onto the LFW schedule eight years prior. "I am delighted and excited that Whistles will be debuting at LFW," the Whistles chief executive explained. "It has always been our intention to take the brand in this direction."
That direction happens to be Dover Street, where the business is building a brand new flagship store beside the likes of Acne, McQ and Wolf & Badger. Essentially the strategic shop move and the LFW marketing push positions the brand with the types of labels that it would like to be associated. This is sure to resonate with consumers, however whether or not luxury design houses will be happy rubbing shoulders with the high street is yet to be seen.
By The Industry's features editor, Harriet Bowe
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Harriet Bowe |
Acne, Alexander McQueen, Corrie Nielsen, Givenchy, H&M, Harriet Bowe, Jane Shepherdson, London Fashion Week, McQ, River Island, The Industry, Topshop, Unique, Vogue, Whistles, Wolf & Badger |
Business Leaders See "no Growth" For 2013 |
CEOs at some of the world's strongest organisations have predicted no significant revenue growth this year – The Industry explores.
With the global economy stationary, how will some of the world's top fashion brands afford to keep moving?
With the European economy largely flat and the US remaining fragile, more than half of the world's business leaders have said they are not expecting to see growth throughout 2013. Professional services firm, PwC recently quizzed over a thousand CEOs in 68 countries, finding that 52% cite "no growth" as the most likely economic trend.
For the BBC's business reporter Anthony Reuben, this general consensus alone could prove detrimental to the global economy. "That's part of a problem, because if more than half of 1,330 global business leaders reckon there's going to be almost no growth this year, it may be self-fulfilling," explained Anthony. A further 28% of CEOs foresaw further decline. Coming from some of the world's most established companies – with the most resilient business models – this statistic is somewhat worrying for smaller companies with far less resources.
PwC also asked CEOs to reveal which non-domestic markets best reflected their overall growth prospects for 2013. The US was cited as the most important by 24%, followed by China, Germany and then France.
By The Industry's features editor, Harriet Bowe
Would you like to join the premier members group for those shaping the future of fashion? Visit our JOIN page. |
Harriet Bowe |
Anthony Reuben, BBC, Harriet Bowe, PwC, The Industry |
Stylenoir Expands With Collectable Edition |
The world's first and largest dark style magazine has unveiled plans to produce a limited edition collectors issue of Stylenoir.
The Stylenoir collectable will harness the somewhat ephemeral nature of the internet in a paperbound edition
Stylenoir is treating its 750,000 strong readership to a special printed edition of the online magazine this May. For the first time ever, the online magazine will reimagine itself in a glossy format to encompass the theme of 'retribution'.
"The collectors edition is a real milestone for Stylenoir. It will celebrate what Stylenoir has grown to become, and offer a glimpse into its own future," explains Industry member, James Joseph. "As editor of the publication, dark fashion and creative expression is something that I am deeply passionate about and the collectors edition will be the absolute pinnacle of this."
The Stylenoir Media Group – founded by The Industry's James Joseph back in 2008 – has rapidly expanded in the last couple of months. Alongside news of the collectable issue, Stylenoir has catered to its avidly growing readership with two new complimentary websites: The Noir Carpet and a live London Fashion Week AW13 blog. The first chronicles the ways in which the 'noir' aesthetic is employed at red carpet events and film premiers, whilst the latter will report in real time on all things Stylenoir from the front lines of London Fashion Week.
By The Industry's features editor, Harriet Bowe
Would you like to join James in the premier members group for those shaping the future of fashion? Visit our JOIN page. |
Harriet Bowe |
Harriet Bowe, James Joseph, London Fashion Week, London Fashion Week AW13, Stylenoir, Stylenoir Media Group, The Industry, The Noir Carpet |
The Death Of The Employment Tribunal |
The Industry takes a look at the new employment contract set to reduce the amount of work related disputes that end in tribunal.
Settlement agreements work in the interest of both employer and employee
Employment tribunals have spelled the end of many a small business. In excess of 186,000 claims were filed last year, costing businesses an average of £8,500 each. Whilst this sum might seem nothing to a FTSE company, for a small business this could be the difference between life and death.
In order to reduce the amount of claims that go to court, the government last week revealed the next phase of an alternative. A new arrangement – called a settlement agreement – has been designed to make it easier for employers to agree terms with a departing employee, therefore terminating their contract without having to seek costly legal advice. Whilst corporations have had the legal capacity to offer employees such contracts in the past, the new system will now be readily available to businesses of all sizes.
"We are committed to finding ways to support both businesses and employees when a working relationship breaks down," said employment relations minister, Jo Swinson. "Settlement agreements can be a helpful tool and work in the interest of both employer and employee. Creating a code and simple guidance will mean that these arrangements are more readily available to those in small business, not just large corporations."
Not only is a settlement agreement attractive for an employee, it also diminishes the risk of large legal fees and protects an employer in the future. To build confidence in the new system, the government will introduce template letters and a code of conduct for businesses to follow.
By The Industry's features editor, Harriet Bowe
Would you like to join the premier members group for those shaping the future of fashion? Visit our JOIN page. |
Harriet Bowe |
FTSE, Harriet Bowe, Jo Swinson, The Industry |
Fashion Scout Rebrands To Cast Net Global |
Vauxhall Fashion Scout has rebranded as Fashion Scout to encompass showcases in China, Scandinavia, Eastern Europe, the Middle East and Asia.
The Industry's Martyn Roberts has prepared Fashion Scout for new markets with a timely rebrand
Industry member and director of Fashion Scout, Martyn Roberts is ready to take on the world, as he announces plans to expand his business internationally. Celebrating with a new logo, the platform now goes by the universal name of Fashion Scout and will include key international markets inside its search for the very best in emerging fashion.
"This is an exciting leap forward for Fashion Scout. The UK produces some of the most creative fashion talent in the world, and Fashion Scout will always show the best of them, but there is also a generation of fantastic new talent coming through from other countries," explains Industry member, Martyn. "Whilst Fashion Scout's aim stays the same – to show the best creative fashion talents – our vision is now global."
After 14 seasons in London and Paris, Fashion Scout has built a reputation for excellence and is regarded as the leading fashion showcase for emerging design talent. Its front rows attract the likes of Suzy Menkes, Angelica Cheung and Susie Lau season-to-season, whilst its influence has propelled the careers of many emerging names onto the London Fashion Week schedule (including Industry members, Felder Felder and Eudon Choi).
Fashion Scout's global presence will initially be reflected with the addition of new international names to the schedule, whilst further growth initiatives include a partnership with Kiev Fashion Days in Ukraine and a new showcase in Istanbul.
By The Industry's features editor, Harriet Bowe
Would you like to join Martyn in the premier members group for those shaping the future of fashion? Visit our JOIN page. |
Harriet Bowe |
Angelica Cheung, Eudon Choi, FAshion Scout, Felder Felder, Harriet Bowe, Kiev Fashion Days, London Fashion Week, Martyn Roberts, Susie Lau, Suzy Menkes, The Industry, Vauxhall Fashion Scout |
Mobile Payments To Streamline Accounting |
Sending and receiving money is set to become far simpler, as the first all-inclusive mobile payment service is set to be introduced to the UK in 2014.
Eight banks have already signed up to the new scheme set to be introduced next spring
Businesses are regularly moving money, big companies often have a dedicated accounts department whilst in smaller companies, that person usually goes by the name of managing director. With the Payment Council announcing a new mobile payments service, soon that job will become as easy as sending a text, revolutionising the act of transferring money.
The new service will enable secure payments to be made directly to or from an account in the blink of an eye, without the need to disclose or remember a lengthy account number and sort code. This will bring SMEs greater flexibility, allowing those managing cash flow to do so on the move. Eight financial institutions have already signed up to the scheme, representing almost all of the UK's current accounts. Customers banking with Barclays, Cumberland Building Society, Danske Bank, HSBC, Lloyds Banking Group, Metro Bank, Royal Bank of Scotland and Santander will be able to use the service next year, with more expected to follow.
Whilst there are existing ways to pay using a mobile phone, the new service is the first with the potential to link up every bank account in the country through a mobile number.
By The Industry's features editor, Harriet Bowe
Would you like to join the premier members group for those shaping the future of fashion? Visit our JOIN page. |
Harriet Bowe |
Barclays, Cumberland Building Society, Danske Bank, Harriet Bowe, HSBC, Lloyds Banking Group, Metro Bank, Payment Council, Royal Bank of Scotland, Santander, The Industry |
Retail Crisis: The Administration Domino Effect |
In the first two weeks of 2013, three nationwide retailers have fallen into administration like a house of cards – The Industry investigates.
Three major British retailers have gone bust in the second week of the January sales
Traditionally Christmas is a happy time for retailers, with many taking a major proportion of their profits in the run up. However recent retail casualties from HMV, Blockbuster and Jessops, all sinking into administration within a few of days of one another, suggest otherwise.
So why have so many retailers gone bust in the second week of January? Whilst December might seem like the ideal time for businesses to recover losses, January is also a prime time for creditors looking to pounce. Banks especially know that retailer's tills will be full with Christmas takings, plus any additional revenue they may have made in the busiest week of the January sales.
Although the Office of National Statistics has not yet published the official sales figures, it is thought that Christmas 2012 counts as the worst the British high street has ever seen. In fact trading reports so far suggest that online is the only thing that has kept successful retailers' numbers rising. The common theme is that those without an adequate online sales strategy have suffered. Times this with poor trading figures, and you get a very empty looking high street.
"The big question is how many more retailers are struggling out there to the point of administration?" asks Matthew Hopkinson, director of retail analytics firm, the Local Data Company. "Those who are not will no doubt be looking to reduce their store numbers significantly as consumer trends continue to reduce the need for large store portfolios."
Statistics from the LDC predict that 1,400 stores are either at risk of closure or have just closed, compared to 807 only four years ago.
By The Industry's features editor, Harriet Bowe
Would you like to join the premier members group for those shaping the future of fashion? Visit our JOIN page. |
Harriet Bowe |
Blockbuster, Harriet Bowe, HMV, Jessops, Local Data Company, Matthew Hopkinson, Office of National Statistics, The Industry |
Member Interview With Lara Fossat Of Morgans Hotel Group |
Regional sales manager, Lara Fossat of Morgans Hotel Group tells us more about the fashion pack's second home.
Lara Fossat is the regional sales manager of five star hotel group, Morgans
Home to international fashion professionals throughout London Fashion Week, St Martins Lane and Sanderson are without a doubt two of the most stylish hotels in London. Their function rooms accomodate many a catwalk come LFW, whilst our exclusive partnership with them means that all The Industry's Master Classes are held within their fashionable walls. We catch up with member, Lara.
All the properties owned by Morgans Hotel Group are hugely influenced by fashion, from the interiors to the events you put on. How is this incorporated in your job?
I am responsible for all fashion client bookings at Sanderson and St Martins Lane in London. I am also heavily involved with our events during LFW, so the industry is a huge part of my role! I am constantly out meeting representatives from fashion brands, model agencies and designers to introduce them to the hotels and forge good relationships.
Lots of people stay in Morgans Hotels throughout fashion week, especially London and New York. How do you seek to serve this client?
As with all our guests, we seek to make sure all fashion week attendees are comfortable and relaxed; and that we provide an efficient and friendly service for them to return to after a tiring day at the shows. We often host presentations and parties at the hotels during fashion week, so guests don't have to leave the comfort of the hotel to keep up with the action.
At St Martins Lane – the closest of our hotels to LFW – we run complimentary rickshaws from our hotel to Somerset House and back again, to provide easy access to all the shows. To add to this, we run a special range of low-calorie cocktails which are available in Light Bar. At Sanderson, Agua Spa offers specifically selected treatments for the fashion focused, as well as a lunch menu and an extensive range of smoothies for the health conscious.
The company offer special rates to people who work in the fashion industry, can you tell me more about this?
We have a special rate available to everyone involved in the fashion industry from photographers to designers, models to fashion brands. This is available throughout the year and constitutes 20% off the best available rate. Morgans Hotel Group has a commitment to supporting upcoming talent in the fashion industry and this is one of the ways in which we do this.
Morgans Hotel Group and The Industry are venue partners, how do you think London locations such as Sanderson and St. Martins Lane are suited to members?
Both Sanderson and St Martins Lane are located in prime areas of London, just off Oxford Street and Covent Garden respectively. With easy access to varied and flexible event and meeting spaces, the hotels are great venues for innovative fashion events. In addition, Philippe Starck's iconic design is a great complement to the creative fashion world.
In what capacity are you looking forward to working with other members?
We recently hosted an industry event with Drapers which was a great success. We're really looking forward to building strong relationships with all the other members, working together to help the fashion industry.
Get in touch with Lara via The Industry Directory
By The Industry's features editor, Harriet Bowe
Would you like to join Lara in the premier members group for those shaping the future of fashion? Visit our JOIN page. |
Harriet Bowe |
Agua Spa, Drapers, Harriet Bowe, Lara Fossat, Light Bar, London Fashion Week, Morgans Hotel Group, Philippe Starck, Sanderson, Somerset House, St Martins Lane, The Industry |
Introducing The Drapers Ecommerce Summit 2013 |
Our event partner, the Drapers Ecommerce Summit is back for 2013. We find out who and what has made this year's line-up and how Industry members can benefit.
The Drapers Ecommerce Summit will take place at the Waldorf Hilton
This winter, Drapers will bring the likes of Google, Facebook and my-wardrobe.com together for their annual Ecommerce Summit. Taking place at the iconic Waldorf Hilton in London on Wednesday 27th February, members of The Industry are invited to attend at a substantial discount.
Explosively growing at 13% annually, attendees will be brought up to speed with one of the fastest expanding markets of the last five years. Promising to pick the brains of some of e-commerce's most successful business leaders, the 2013 Ecommerce Summit will exclusively map the direction of fashion's online retail market over the coming year and beyond.
Martijn Bertisen from Google will discuss future trends in technology and how they are predicted to enhance the customer experience online, whilst Tracy Yaverbaun of Facebook will answer the million dollar question: how retailers can most effectively maximise sales through social media. David Worby will talk about the my-wardrobe.com business model in more detail, sharing the company's international expansion strategy and revealing tips on consumer behavior within these markets. Seminars on attracting and retaining specialist skills, the changing nature of logistics and how to provide a more personal user experience will also take place.
With time scheduled in for networking, the Drapers Ecommerce Summit also doubles up as the perfect place for Industry members and the wider fashion industry to connect.
As The Industry's event partner, we are pleased to offer our members 25% off ticket prices. If you're a member, drop an email to membership@theindustrylondon.com for more details.
By The Industry's features editor, Harriet Bowe
Would you like to join the premier members group for those shaping the future of fashion? Visit our JOIN page. |
Harriet Bowe |
David Worby, Drapers Ecommerce Summit 2013, Facebook, Google+, Harriet Bowe, Martijn Bertisen, my-wardrobe.com, The Industry, Tracy Yaverbaun, Waldorf Hilton |
Corporation Tax: Firms Pay Less |
We take a look at corporation tax, as it emerges that an increasing number of limited companies are taking their taxes overseas.
Burberry is one of fashion's most successful FTSE 100 companies
The amount of tax paid by the UK's largest listed companies has fallen for the fourth consecutive year, as more and more businesses look to pay their taxes offshore. An investigation conducted by accountancy group, UHY Hacker Young has found that the average tax rate of FTSE 100 companies is now 24.5%, down from 35.8% in 2009.
The increasingly international nature of the FTSE 100 means companies are now generating greater profits overseas, allowing them to take advantage of lower prevailing tax rates in those jurisdictions. Additionally reductions in corporation taxes around the world – including tax cuts in the UK – have helped multinational companies reduce their tax payments. By 2014, British businesses will pay no more than 21% in corporation tax.
"Companies are always exploring ways to make their tax payments as efficient as possible, which has helped chip away at their effective tax rates," says Roy Maugham, head of tax at UHY Hacker Young. "It can be perfectly legitimate for UK companies to pay parts of their tax bill in overseas jurisdictions with lower tax rates. The rules on the taxation of multinationals are very clear though, and if companies did cross the line with the movement of profits overseas, HMRC would be on them like a flash."
More than 20 companies left the UK for tax reasons between 2007 and 2011. Countries including Canada, Finland, Greece, and New Zealand have all recently cut their headline corporation tax rate. Meanwhile Italy has increased the generosity of the tax reliefs available to businesses. Even after changes in the UK's tax policy, very few companies have returned. However 2014's tax reform has been welcomed.
By The Industry's features editor, Harriet Bowe
Would you like to join the premier members group for those shaping the future of fashion? Visit our JOIN page. |
Harriet Bowe |
Burberry, FTSE 100, Harriet Bowe, HMRC, Roy Maugham, The Industry, UHY Hacker Young |
Fashion Monitor Launches Journalism Awards |
With faces from The Industry punctuating the judging panel, we find out more from fellow member and event organiser, Hannah White.
As Fashion Monitor's publisher, The Industry's Hannah White has been at the centre of the FMJAs
For the very first time, our media partner is honouring the best in fashion and beauty journalism this year. As the leading contact provider for both industries, the highly anticipated Fashion Monitor Journalism Awards couldn't be better positioned. With Industry members already in on the action, and nominations opening for entry today, Hannah White tells us more.
Why did Fashion Monitor decide to launch the FMJAs this year? And how have you been at the centre of its conception?
We decided to launch the FMJAs this year as a direct reflection of our position within the industry. Over the past few years the entire team have been striving to become the must have fashion and beauty tool for the industry and we have now accomplished that. Our central position at the heart of the industry allows us to independently host the awards maintaining impartiality throughout the entire process. I have personally been spearheading the project from the original ideas stage all the way through to launch. Fashion Monitor is now part of Centaur Media and I have been working extremely closely with the events team to create an awards for the industry that is unique in its offering. A key drive behind this was to bring together the fashion and beauty industry so that journalists across the two sectors are awarded side by side.
Quite a few Industry members are on the judging panel, how did you select the judges?
It is a great honour to have so many of the Industry members on our judging panel. Out of 26 judges, seven are Industry members. Courtney Blackman (managing director of Forward PR), Frances Card (managing director of Frances Card Consultancy), James Joseph (editor-in-chief of Stylenoir Magazine), Maurice Mullen (head of fashion and luxury goods at the London Evening Standard), Lauretta Roberts (brand extensions director at WGSN and former editor-in-chief of Drapers), Martyn Roberts (director of Vauxhall Fashion Scout) and Nik Thakkar (the voice behind KARL IS MY UNKLE and director of Nephew London) all sit on the panel. My main aim in selecting the judges was to have a fair representation of the entire industry. Our panel will ultimately determine the winner of each award and therefore their expertise will be relied upon heavily. Terry Mansfield is our chairman and will sit in on each judging panel to ensure consistency throughout the judging process.
Sponsoring the FMJAs is a fantastic opportunity for both members and the wider fashion industry alike. How do you see partnering with the FMJAs directly benefiting their businesses?
The FMJAs provides a variety of unique sponsorship and exposure opportunities for brands and companies. It is important to preserve and reward the great journalism that the UK is famous for and the awards provide the opportunity to do that. Journalists have a direct impact on a brand's commercial success and this in itself highlights a key reason for brands to sponsor and support the key journalists within the industry. The Industry's Frances Card is one of our judges and captured this entirely when she said: "Retailing is incredibly competitive today and great journalism is integral to both the brands and businesses success."
Where do you see the FMJAs in five years?
In five years time I envisage that the awards will be the must have accolade within the industry. I am extremely excited for the prospect of the awards and what they will mean for journalists across the fashion and beauty industry.
How can Industry members nominate journalists to win an award?
Nominations are open now and Industry members can visit the awards website to nominate the journalists they feel should be making the shortlist for each award. Once all of the nominations have been collated we will announce the shortlist to the industry and then our judging panel will step in to decide on the winners!
The FMJAs will take place on Tuesday 2nd July at The Brewery on Chiswell Street, London. Industry members will have the opportunity to purchase a table at the black tie event to celebrate the award winners. Fashion Monitor will be opening table sales in March.
For more information regarding the awards click here or for sponsorship opportunities contact Hannah on hannah.white@fashionmonitor.com or call 020 7970 4236.
By The Industry's features editor, Harriet Bowe
Would you like to join Hannah, Courtney, Frances, James, Lauretta, Martyn and Nik in the premier members group for those shaping the future of fashion? Visit our JOIN page. |
Harriet Bowe |
Centaur Media, Courtney Blackman, Drapers, Fashion Monitor, Fashion Monitor Journalism Awards, Forward PR, Frances Card, Frances Card Consultancy, Hannah White, Harriet Bowe, James Joseph, KARL IS MY UNKLE, Lauretta Roberts, London Evening Standard, Martyn Roberts, Maurice Mullen, Nik Thakkar, Stylenoir Magazine, Terry Mansfield, The Brewery, The Industry, Vauxhall Fashion Scout, WGSN |
Which Retailers Were Hit Hardest By The 2012 Recession? |
2012 was the year that brought many fashion businesses down – The Industry looks at which were worst affected and why.
Aquascutum showed their Autumn/Winter 2012 collection at London Fashion Week before entering administration in 2012
Whilst many economists now claim the recession is officially over, 2012 brought many businesses to the brink of collapse, including some of fashion's most established names. After four years of low profits and even lower losses, many a retail giant succumbed to the recession's icy grip. Aquascutum infamously entered administration in April last year, whilst the much-loved Betsey Johnson filed for bankruptcy a month later. But which were hardest hit?
A recent study by Real Business Rescue surveys the ten retailers hit hardest by the recession, including La Senza and Peacocks within their findings. Both operating within the peripheries of fashion, the high street lingerie chain and fast fashion giant respectively owned 146 and 611 stores nationwide, before falling into administration in January 2012. Together they employed over 12,000 people and their vacant spaces have left British high streets one shop down all over the country.
Experts claim that La Senza was affected by bad trading conditions resulting in a dramatic drop in sales, whilst Peacocks was reportedly struggling to refinance debts worth £240 million. Both companies have since been bought out and the British Chambers of Commerce predicts modest growth for the UK economy over the next two years.
By The Industry's features editor, Harriet Bowe
Would you like to join the premier members group for those shaping the future of fashion? Visit our JOIN page. |
Harriet Bowe |
Aquascutum, Autumn/Winter 2012, Betsey Johnson, British Chambers of Commerce, Harriet Bowe, La Senza, London Fashion Week, Peacocks, Real Business Rescue, The Industry |
VerÓnica Moncho Lobo Launches Menswear Line |
Industry member, Verónica Moncho Lobo has expanded her business, with a new luxury menswear line showing at Pitti Uomo.
VML is showing FER's Autumn/Winter 2013 at Pitti Uomo this January
Following four successful years in womenswear, Verónica Moncho Lobo (VML) and co-director, Fernando Moncho Lobo are growing their business with a menswear line named FER. After a soft launch encompassing the Spring/Summer 2013 season, the duo are now showing their Autumn/Winter 2013 to wholesale buyers, setting up camp in Florence at Pitti Uomo.
With menswear now more significant to the market than ever before, the brand explains the thinking behind the business plan. "The evolution impacting menswear – led by men's even faster developing interest in fashion – means that menswear now accounts for 50% of the luxury market. The feedback at Pitti Uomo this week has been excellent and we are looking forward to seeing our jackets in stores come summer."
Like VML's womenswear range, which focuses almost exclusively on evening dresses, FER will concentrate mainly on blazers. Top quality fabrics, neo-classic cuts and unexpected finishings align FER perfectly with VML's red carpet aesthetic, doubling the brand's luxury credentials as the business moves from strength to strength.
For more information about FER showing at Pitti Uomo, click here.
By The Industry's features editor, Harriet Bowe
Would you like to join Verónica in the premier members group for those shaping the future of fashion? Visit our JOIN page. |
Harriet Bowe |
Autumn/Winter 2013, FER, Fernando Moncho Lobo, Harriet Bowe, Pitti Uomo, Spring/Summer 2013, The Industry, Verónica Moncho Lobo, VML |
Start-up Loans: David Cameron Ups The Ante |
Why it is now even easier for young entrepreneurs, especially those operating within fashion, to secure government loans.
David Cameron is joined by the likes of Dylan Jones, Natalie Massenet, Tom Ford and Industry member, Jonathan Saunders
Thousands of more budding entrepreneurs will be able to get their businesses off the ground thanks to David Cameron, who recently announced the UK government would invest an additional £30 million into Start-Up loans. The scheme, which allows young people to consider enterprise as a viable career option, was launched last year and has since allowed many young people between the ages of 18 and 24 to access financial support to bring their business ideas to life.
To add to this news, the government has also broadened the age limit from 24 to 30 years old. This opens the scheme up extensively and means that thousands more business owners can apply.
In the three months that the scheme has been live, over £1.5 million worth of loans have been approved. This has helped over 460 new businesses, with 100 new businesses a week expected to reach approval stage this month, and thousands more in the months ahead.
"It is by backing our entrepreneurs and championing small business that we can drive forward and grow the economy, and equip this country for the highly competitive era that we are in," said the Prime Minister.
Such words carry great weight, especially after David's recent praising of the British fashion industry. "As far as I'm concerned, fashion is not some add on – it is not some accessory to British economic policy," the Prime Minister told the sector at the launch party of the second season of London Collections: Men. "You are absolutely at the heart of the vision that this government has." With this in mind, perhaps fashion entrepreneurs are more likely to secure a Start-Up loan than ever before.
By The Industry's features editor, Harriet Bowe
Would you like to join the premier members group for those shaping the future of fashion? Visit our JOIN page. |
Harriet Bowe |
David Cameron, Dylan Jones, Harriet Bowe, Jonathan Saunders, London Collections: Men, Natalie Massenet, Prime Minister, Start-Up, The Industry, Tom Ford |
Member Interview With Fashion Stylist, Kristine Kilty |
With the London Collections shows now in full swing, we catch up with menswear maestro and Industry member, Kristine Kilty.
Industry member, Kristine Kilty styling for Boys by Girls – image courtesy of Cecile Harris
Established fashion stylist, Kristine Kilty goes by many titles. Whilst her experience spans far and wide, her penchant for a masculine aesthetic has made her a regular on the menswear fashion circuit. We find out more about her enviable styling portfolio, how she juggles freelance and contractual work, and what her plans are for London Collections: Men.
You're fashion editor at Beige Magazine, mens fashion editor at FAULT Magazine and a freelance creative director and fashion stylist. How do you manage it all?
It can be really hectic at times so needless to say there's a lot of advance planning involved. I would be lost without my iPhone calendar reminders and my iPad notes, as I constantly make 'to do' lists when I'm on the go. I try to stagger the deadlines between the two magazines and any freelance work has to happen somewhere in between. I'm really lucky to work with such wonderful creative teams at both Beige and FAULT – as they are so supportive. And I also have a fantastic assistant, Arndt Stobba, who makes sure everything runs like clockwork.
I also think it's important that life is not always about work, work, work – even though I love what I do. It's easy to become overtired, burnt out and unable to see the wood from the trees! I try to get a good work/life balance – walking my chihuahuas for an hour each day, jogging, doing yoga and meditating. Without taking a break and some downtime, I don't think I could manage everything else.
What has been your career highlight to date?
There's been a lot of highlights, all for various reasons. Growing up I was always a huge No Doubt fan – Gwen Stefani was my style icon (yes, I used to rock a bindi with baggy skater jeans and belly tops). Getting to undertake a private appointment with her when I worked for Vivienne Westwood was pretty huge and I was thrilled that she was so professional, easy going and cool.
More recently I've worked on a project with Issey Miyake Men which will come out next spring. It was a privilege to be able to use the showpieces which were sent to the UK especially for the shoot.
Fashion week is coming up, what are your plans?
I'm really excited about London Collections: Men being straight after the Christmas and New Year holidays. I get back to the UK on Saturday 5th January, a day to rest and then straight back into fashion! I'm going to be attending as many shows as I possibly can. I love fashion week as you get to bump into lots of people you haven't seen for ages and meet so many interesting new contacts.
Where do you see yourself in five years?
I would like to still be living in London as its a great base for traveling to Europe and LA, not to mention only being an hours flight away to see my family in Ireland. Work wise, I would like to do more red carpet and styling for fashion week shows. Also perhaps something that combines my background of fashion design (I did both BA and MA at Central Saint Martins) with styling, undertaking the overall direction of stage costumes for a musicians's tour, that would be amazing!
Beige is most definitely my baby as I've been with them as a freelance stylist since they relaunched almost a year and a half ago and I became fashion editor last summer. We have so much in the pipeline, its just beginning to snowball and take off. I'd still love to be involved with Beige in five years time as I can see big things happening there in the coming years. Apart from that who knows, if I see opportunities I jump on them!
How can Industry members get involved with what you do?
I'm always on the look out for photographers, stylists, designers and other creatives to work with, be it for editorials, fashion features, fashion films or other exciting projects. I love meeting new people and sharing ideas. I also love connecting people, I'm a firm believer in word of mouth recommendations. I'm happy for Industry members to get in touch with a view of working together, or if I can offer advice or an introduction then I'd be more than delighted to help other members. So don't be shy, come say hello!
Get in touch with Kristine via The Industry Directory
By The Industry's features editor, Harriet Bowe
Would you like to join Kristine in the premier members group for those shaping the future of fashion? Visit our JOIN page. |
Harriet Bowe |
Arndt Stobba, Beige Magazine, Boys by Girls, Cecile Harris, Central Saint Martins, Fault Magazine, Gwen Stefani, Harriet Bowe, iPad, iPhone, Issey Miyake Men, Kristine Kilty, London Collections: Men, No Doubt, The Industry, Vivienne Westwood |
A Year In Fashion: The Industry's Best Bits 2012 |
Looking back on 2012, we review our members biggest moments.
Industry members make the winning line-up at the British Fashion Awards last year
Whilst The Industry might have brought members inside intelligence in the form of Tom Chapman, Caroline Issa and Eudon Choi this year, we also kept a close eye on our members as their businesses moved from strength to strength. With this in mind, we take a look at their most notable achievements through 2012.
Jonathan Saunders wins BFC/Vogue Designer Fashion Fund: 2012 was a big year for this Industry member. After scooping the BFC/Vogue Designer Fashion Fund in early February, Jonathan and his clothing label were everywhere. Success followed him throughout the year, designing London's Spring/Summer 2013 fashion week graphics for Spring/Summer 2013. Read more.
Corrie Nielsen designs star studded dress for the Household Cavalry: In March, Industry member Corrie Nielsen was commissioned by Hilary Alexander to design the iconic Fashion for the Brave showpiece. Such an honour has undoubtedly secured the designer's fate, and bookmarks Corrie in history with designers such as Jasper Conran. Read more.
First Vogue Festival a ‘resounding success’: Industry member, Alexandra Shulman launched Vogue's first ever festival in April, somewhat aptly named Vogue Festival. Tickets sold quickly for an all-star line-up including the likes of Christopher Bailey, Tom Ford and Stella McCartney. The event is back for 2013. Read more.
The Dressing Room scoops another national award: Deryane Tadd, founder of The Dressing Room and long time Industry member, met 2012 with strings of praise. In May, Drapers awarded her independent boutique with another award, later making the Industry member a judge at their prestigious Drapers Fashion Awards. To add to this Vogue touted the retailer one of the best outside of London whilst Glamour voted them in their 25 top UK shops. Read more.
Reemé Idris co-produces TEDxHOP: Reemé, founder and director of We Are {The Collective}, brought fashion to the Houses of Parliament in June. Famous for bringing together some of the world’s most fascinating thinkers, Reemé worked with TEDx to explore ideas of democracy in fashion, amongst other newsworthy topics. Back in 2013, The Industry's Reemé will once again be at the centre of the event. Read more.
Fashion Monitor's Hannah White promoted to publisher: In a strategic move that has prompted a whole host of new initiatives, The Industry's Hannah climbed the Fashion Monitor ranks in July. Now sitting at the helm of the company, Hannah has had a firm hand in launching new products such as their press release intelligence service and their highly anticipated Fashion Monitor Journalism Awards. Read more.
Harold Tillman's last London Fashion Week: Industry member, Harold completed his final fashion week as chairman of the British Fashion Council in September, achieving his dream to make LFW one of the most important events on the international fashion calendar. Under his guidance, the city has put on more shows and a larger exhibition than ever before. Read more.
Style Sequel's charity auction: Emma Allen, managing director of Style Sequel rallied up support for youth-led charity, Art Against Knives in November. Emma auctioned some of fashion's most sought after collectables from the likes of Christopher Kane, Philip Treacy and Nicolas Kirkwood for considerable sums. Read more.
Industry members at the British Fashion Awards: As always, the end of the year brought the BFAs and with it a line-up of Industry members. Many were nominated, and out of the 14 winners, The Industry's Jonathan Saunders and Harold Tillman were proudly crowned winners. Read more.
By The Industry's features editor, Harriet Bowe
Would you like to join Tom, Caroline, Eudon, Jonathan, Corrie, Alexandra, Deryane, Reemé, Hannah, Harold and Emma in the premier members group for those shaping the future of fashion? Visit our JOIN page. |
Harriet Bowe |
Alexandra Shulman, Art Against Knives, BFC/Vogue Designer Fashion Fund, British Fashion Awards, British Fashion Council, Caroline Issa, Christoper Kane, Christopher Bailey, Corrie Nielsen, Deryane Tadd, Drapers, Drapers Fashion Awards, Emma Allen, Eudon Choi, Fashion for the Brave, Fashion Monitor, Fashion Monitor Journalism Awards, Hannah White, Harold Tillman, Harriet Bowe, Hilary Alexander, Household Cavalry, Houses of Parliament, Jasper Conran, Jonathan Saunders, London Fashion Week, Nicolas Kirkwood, Philip Treacy, Reeme Idris, Spring/Summer 2013, Stella McCartney, Style Sequel, TEDx, TEDxHOP, The Dressing Room, The Industry, The Vogue Festival, Tom Chapman, Tom Ford, Vogue, We Are {The Collective} |
