Today’s Fashion Headlines: Thursday, October 24, 2013

October 24, 2013 • Fashion Blog, Fashion News, Retail Detail

giorgio-armani

Giorgio Armani Day in New York 

Wouldn’t it truly be an honor to have a day set aside in recognition of you? Today October 24, 2013 has been declared “Giorgio Armani Day” in NYC.  The very talented and esteemed Italian Fashion designer has most definitely earned this honor. He has provided the world with amazing, timeless luxury fashions for over 35 years, and the Mayor of New York City, Michael Bloomberg thought it was most fitting to proclaim this day in his honor, recognizing Armani for his long lasting relationship with the city and his generous contribution to the local economy and New York City public schools.

To kick off this celebration, tonight the designer will host a fabulous affair entitled “One Night Only.” This mega event will be held at the Hudson River Park’s Super Pier. It will entail an exhibition of the designer’s “Eccentrico” installation of unique clothes and accessories. Armani has shown this before, but the New York edition will be more extensive, including special new photography of some of the looks, which will be displayed on the exhibition space walls. There will also be an exclusive runway venue featuring more than 100 looks from the designer’s Giorgio Armani Privé Collections since 2005, as well as looks from his recent haute couture collection, “Nude.”  Afterwards guest will have the opportunity to mingle in the pop-up Privé club, and enjoy food and tunes by Mark Ronson.

Retailers Underestimating the Spending Power of Millennials

Did you know that Millenials (ages 14-33) annual spending power in the U.S. is $200 billion? Yes, surprisingly they make up 25% of the U.S. population, which is around 80 million people. Their sheer size alone gives them power! It is said that this demographic is expected to out-spend Baby Boomers by 2017, and by 2030 will be larger in volume than all other generations combined. According to a new study it has been confirmed that retailers are not completely aware of the needs of this younger consumer, and unfortunately have underestimate their buying power.

This technology savvy generation makes buying choices in a whole new way. Many business leaders in the retail industry have mistaking assumed that the number-one influencer of Millennials’ purchase decisions is based on online brand advertising, opposed to the opinion of friends, which is the most significant driver. In an online survey conducted in September among these 121 U.S. business leaders, it was reported that 50% of them were clueless that Millennials are expected to outspend Baby Boomers annually within five years.  Shockingly, more than half of them were not even conducting any kind of research or analysis on Millennials, and of those who targeted a broad base of consumers, only 48% said that they have distinct marketing strategies for reaching each generation. From this survey an interesting development was revealed, Millennials value experiences over material goods, and that extends from their shopping to their careers. Now with industry business leaders having more knowledge of this consumer, hopefully they will be able to capitalize on it.

Iconic Dr. Martens Boots Sold to Buyout Firm for $485M

Famous for their thick air-padded rubber soles and distinct yellow stitching, the British footwear brand Dr. Martens has been bought by private equity firm Permira for $485 million. This is the second time Dr. Martens has been put up for sale in the last two years, after the family-owned R. Griggs held an auction that failed to attract enough bids.  Dr. Martens were favored by workmen before being popularized by The Who’s Pete Townshend in 1966. Today, the brand’s fans include singer Miley Cyrus who wears a pair in her latest music video for Wrecking Ball.”

Dr. Martens has a passionate fan base and expected to do very well with Permira. Although sad to go, chief executive David Suddens says the family decided to sell the brand for personal reasons, and wanted to invest their money elsewhere.  The deal expected to close in January 2014, and we will see the brand join Permira’s portfolio of fashion labels such as Hugo Boss and the New Look.

– Keyera Simmons

Sources & Image: WWD, NY Post

 

 

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