Fine Jewelry Boom
Year-over-year jewelry sales in the U.S. have been up for 20 months in a row, according to Sarah Quinlan, senior vice president and group head of Market Insights for MasterCard Advisors — a trend that has seen jewelry outpace the perennial engines of the fashion world: Handbags, women’s apparel and footwear. Quinlan attributes the extended period of increased jewelry purchases to a shift in post-recession spending. “The consumer is back and they are spending differently than they were prior to the recession,” she said. “Prior to the recession, we bought one of everything on a continual basis. Now what you see is really a value for money purchase.” The drive toward jewelry, noted Quinlan, is part of the post-recession want for experiences over things. ” We see travel and restaurants up. Those are experiences, but what else creates a memory? Jewelry. You remember when you were given the piece of jewelry or when they were bought. It’s a personal thing.”
Coach To Acquire Stuart Weitzman
Coach Inc has signed an agreement with Sycamore Partners to acquire the Stuart Weitzman brand in a transaction valued at $574 million. Coach will finance the deal with cash on hand or other sources of financing available to the company through the credit and capital markets. Founder Stuart Weitzman and the existing management team will continue with the company to oversee the brand’s operations.
Coach CEO Victor Luis said “Stuart Weitzman is a leading American luxury designer footwear brand with a solid growth trajectory and further significant domestic and international development potential.” He added that the size of the brand and continuation of management allows for a seamless transition to Coach’s ownership as Coach continues to focus on its own “brand transformation.”
NYC Textile Week Soft Launch
This season’s round of fabric and sourcing shows include the soft launch of NYC Textile Week, an alignment of textile and fashion trade exhibitions including Texworld USA, Kingpins Show and MRket.
The new concept is meant to establish New York as the destination for textile and sourcing professionals in the global fashion, home and related industries. NYC Textile Week will soft-launch Jan. 19 to 21, while those events are taking place, with a grand launch in July.
– Carol Calacci
Photo: Irene Neuwirth earrings Courtesy Photo for WWD
Tags: Carol Calacci, Coach Inc., fashion industry, fashion news, fashion trade exhibitions, fine jewelry, footwear, Irene Neuwirth, jewelry sales, Kingpins Show, leather goods, MRket. WWD, NYC Textile Week, Sarah Quinlan, Stuart Weitzman, Sycamore Partners, textiles, Texworld USA