Welcome to WWD’s reimagined Accessory. This issue introduces a major shift from consumer-directed shopper to pure B-to-B, focusing on the highest levels of the accessories market.
We made this change for one reason: You. Our intention is to provide you with information you will find essential and compelling as you navigate the luxury accessories arena at this moment of remarkable global change, while showcasing some of the best product the sector has to offer.
One could find it ironic that during a time of intense economic volatility (I write this the day after the Dow plunged 643 points), executives helming the world’s greatest luxury houses are turning their attentions upward, developing products more luxurious, more artisanal, more rarified and therefore, often more expensive than ever. “Ur-luxury” is how Fendi’s Michael Burke described the phenomenon to European Editor Miles Socha, who, in typical fashion, decided to dig further. The result explores what we call Hyper Luxury, a movement that in fact makes all the sense in the world. Your best customers are also your most demanding and discerning; just as they know and want quality, they’re willing to pay and, perhaps more surprising given the current zest for instant merch gratification, they’re even willing to wait for it.
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Today, those customers hail from around the world. Wherever they call home, most often the luxury goods they crave were born in the hallowed ateliers of France and Italy. That Western monopoly on high chic is starting to change. Asian Editor Amanda Kaiser reports that within China, a nascent upscale manufacturing initiative and a young, (sometimes) more open-minded consumer base are starting to chip away at the down-market connotation of
Made in China.
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Among the most anticipated fashion shows every season: Nicolas Ghesquière’s Balenciaga. Almost from the beginning of his tenure, Ghesquière has rocked the accessories world and sent the copyists into overdrive with his inventive, audacious bags, shoes and jewelry. He discusses his approach while pieces culled from the house archive offer visual testimony to his brilliance.
Elsewhere, London Bureau Chief Samantha Conti explores the pros and cons of both private equity and fashion ownership; in conversation with Senior Retail Editor David Moin, Neiman Marcus Group’s Jim Gold offers his perspective on the state of the market, and the busy Kaiser chats with brash young shoe designer Noritaka Tatehana. Never heard of him? Lady Gaga has.