Word: permira
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...Onassis, Elizabeth Taylor and Cate Blanchett, will retire in January after his haute couture show in Paris. Alessandra Facchinetti, a former designer of Gucci, will replace the legendary couturier as creative director of the Valentino women's collections, it was announced Wednesday by the London-based private equity fund, Permira, which owns a controlling stake in Valentino Fashion Group...
...thinking of retiring and was waiting for a successor to be chosen. He said that his preferences were Nicholas Ghèsquiere of Balenciaga or Alexander McQueen. "Someone who knows fashion," he explained, although it is unclear how much say the couturier really had in the choice, given that Permira had already targeted Facchinetti when they closed the deal on the Valentino purchase...
...many of these fashion conglomerates, success today stems from the ability to generate profits from high-margin businesses like accessories. Permira will certainly focus on that arm of the Valentino business, currently considered vastly underdeveloped. The real test, though, in this new game of private equity ownership in fashion will be how they read the fickle ways of an industry that in 10 years has gone from primarily family-owned labels to global luxury conglomerates. Many observers also feel that star power is necessary to generate sales. While others think that the brand should be the main focus...