Word: fashionability
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...fire-sale prices blindsided smaller boutiques and designer-owned stores, and broke an unspoken cardinal rule with fashion houses not to deep discount luxury names. (See the Style & Design: Global Luxury Survey...
...wake-up call," said Steven Kolb, executive director of the Council of Fashion Designers of America...
...this took a toll on sales and earnings at upscale department stores and chi-chi fashion houses around the world. Luxury department store sales are down 25% to 30% on average from their peak in early 2008, estimates Aggarwal...
Luxury designer retailers and fashion houses have taken most of the worst blows, with some, such as Bill Blass, Fortunoff, Christian Lacroix and IT Holding SpA (which owns the Gianfranco Ferre label) either filing for bankruptcy protection or liquidating their assets. Several more, such as Prada, Bulgari, Mariella Burani and Valentino Fashion Group, are treading water under a tidal wave of debt...
...what's the next move for ritzy retailers? Department stores cut new merchandise orders for the upcoming holiday season by at least 20% to bring supply in line with demand, and began pressuring fashion houses to offer lower-priced goods. "They needed to get traffic into their stores," says Milton Pedraza, chief executive of the Luxury Institute...