According to the New York Post, a fashion industry insider has just reported that Chinese-American designer Derek Lam's label is supposedly losing around $1 million a month. Lam has owned his eponymous line since 2003, starting out as an assistant for Michael Kors in the 90's. Following a move to Hong Kong to work for a large Chinese retail brand, Lam returned to New York to become vice president of design for the Michael Kors brand before starting his own label. In 2005, Lam won the best new designer award from the CFDA. But today, the source says, he is expected to lose between $12 million and $15 million total by the end of the year. "[The business] is only propped up by money coming from Italian investors," the source said. Also, it seems that the CEO of Lam's label, Jan Schlottman, has not been showing up to work lately. The NYP source claimed that Schlottman only showed up three times during the entire month of August. Schlottman denies the allegation, insisting that he had ten days of vacation time last month but that he always had his laptop present for business needs. And his take on the reportedly dramatic decrease of the company's finances? "Everyone has had difficulty this year, but the actual [monthly] figure is far less than that." We genuinely hope so.
Article Source: The New York Post
Photo Sources: newyorkmag, fashiondaydreams