Liliane Bettencourt Says Goodbye to L’Oréal
The biggest makeup company is the world is having their largest shareholder, Liliane Bettencourt, step down from the L’Oréal board. In her place her twenty-five year old grandson, Jean-Victor Meyers, will be stepping up. The Bettencourt family holds a thirty-one percent stake of the company and have maintain a long standing support for L’Oréal, whose second-largest share happens to be Nestlé. Liliane’s father, Eugène Schueller, was the founder of the company.
Although L’Oréal is loosing a long time board member who provided much dedication and support, the company continues to grow. All the divisions are expanding, with sales rising 5.6 percent ($7.1 billion). L’Oréal Luxury has done very well due to Lancôme, Giorgio Armani and Kiehl’s. Profits are expected to increase over 2012, where new markets will be set for the company.
NYC Mayor Michael Bloomberg’s Action Plan
Diane Von Furstenberg, New York City Mayor Michael Bloomberg, and U.S. Rep. Carolyn Maloney met this week about the future of American designers. Bloomberg spoke about about fashion shows are expected to generate $865 million in economic development. With the shows bringing in 232,ooo visitors every year those involved in the meeting wants to make sure the fashion industry will continue to grow. The mayor’s administration Fashion NYC 2020 plans on using five tactics to help build the industry.
Free mini M.B.A.-type programs for thirty-five lucky students will be offered at the Fashion Institute of Technology and a search for NYC’s most innovative retailer will lead to temporary free retail space, marketing, and public relations. A fund to provide loans to up-and-coming designers that use local manufacturers will be created, and a fellowship program for fashion management will be offered through collaboration with Parsons The New School for Design. Bloomberg also plans on setting up a job placement program for recent college graduates. With the fashion industry employing 173,00 people and generates $2 billion just in tax revenue annually, the New York City government is making sure than anyone within the city is able to benefit from the fashion industry and continue on the legacy.
Diesel Starts New Beginnings in SoHo
Diesel is finally showcasing the work of their contemporary division Diesel Black Gold by opening a store in SoHo. The four year old division has advanced styles including sportswear and jackets along with accessories and leather, which is the heart and core of the division. The 2,500-square-foot store will feature mirror monoliths, dark wood floors, suede walls, zebra print rugs, and vintage furniture within the interior design. A thirteen foot long window will give plenty of room for displays and graphics along with a 800-square-foot raised area for accessories.
Black Gold has been given a cleaner look than the typical Diesel line, with sophisticated shapes, and higher quality materials for an older target market with more discretionary income. Denim sold through the Black Gold label are between $250 and $800, some skirts as high as $900, clutches around $430, and leather items for men priced around $950 to $1,800. The company is also planning on opening more Diesel Black Gold stores in Los Angeles over the next year along with Japan and Europe being considered.
– Lindsay Grundy
Photo: Style.com, Evan Sung