Word: brand
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...Lacroix's situation is indicative of the state of luxury overall, a business that is structured on a pyramid model wherein companies invest in the high-end image of a brand that will generate profits at the lower end of the price spectrum. Lacroix, who launched his label in 1987 with the financial backing of Bernard Arnault, chief of the mighty LVMH Moët Hennessy Louis Vuitton, is a product of a 20-year creative and business cycle that has come crashing down with the recent global financial crisis. Despite his enormous creativity and influence on fashion, Lacroix could...
...want to hazard a guess at which luxury brand might be next to stumble, take a quick spin around the second or third floors of New York City's Bergdorf Goodman department store. There you will find racks upon racks - sometimes, entire collections - of designs by Marc Jacobs, Chanel, Dior, Armani, Thakoon and Alberta Ferretti marked down 40%. What's impressive is not only the steep markdowns, but also the sheer volume of merchandise that remains. In some cases, every size of a silhouette is still available, indicating that not a single shopper bought the look...
Lacroix's chief executive, Nicolas Topiol indicated that the brand would continue, despite this setback. "Since the acquisition of Christian Lacroix SNC, we have been committed to the brand and to its high-end development," Topiol said in a statement. "We will continue to do so, but the sharp downturn of the luxury market has significantly hurt our revenues...
Lacroix is not the only fashion house to teeter on the brink. The Antwerp-based designer Veronique Branquinho closed her business last week, blaming the dismal financial situation. Meanwhile, economic pressures are straining relationships inside famous luxury brands. Versace S.p.A. announced on Friday that Giancarlo Di Risio, the house's well-regarded chief executive officer since 2004, will step down. No official reason was given, but sources say that clashes over expenses with Donatella Versace, the creative director and part owner of the brand, were to blame. Another CEO, Kim Winser of the British brand Aquascutum, also resigned last week...
...normally should, the computer acted on the false data and sharply altered the plane's course, with near disastrous results. It was later learned that the same plane had experienced a similar occurrence in September 2006, as had three other flights. All those planes carried the same brand and model of ADIRU, as do more than one-third of the 330s and 340s in the Airbus fleet. So if this model of ADIRU has a history of failure, why does Airbus continue to fit them in its 330s and 340s...