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HotPix 2010
MR's Annual look at interesting companies that might be under your radar, as published in the April 2010 issue. Click here to browse.
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From the July 2010 issue of MR Magazine
Luxury Insights
>“Clothing, especially for younger guys, has become sportswear. They’re buying a navy blue suit and wearing it with a white shirt and an open collar, no tie.” —John Jones, George Greene
>“It’s okay to fail. You can’t make money with everything you do.” —Harry Rosen
>”Whereas private label used to be just opening-price classics, we’re expanding it to more categories. And it’s not necessarily opening pricepoints: other lines might be 20 percent less, but our private label offers real value.” —Tom Ott, Saks Fifth Avenue
>“Window displays should make them stop in their tracks! For example, I was at a Diesel store in Hong Kong whose window featured five guys in their underwear, dancing! Then the next week it was women in bras and jeans. They make it exciting so you can’t wait to see what comes next!” —Vivek Nagrani, V.K. Nagrani
>“The luxury customer is very important to us, but we’re striving for the right balance.” —David Witman, Nordstrom
>”Young men want to wear suits today, but they want to wear them differently.” —Jeff Farbstein, Harry Rosen
>”With the recession, we’ve tapped into social networking. We’re getting more and more into Facebook: it’s producing nice returns (hits, appointments, orders) and we’re connecting with a younger clientele.” —Tom Gangitano, Gene Hiller
>“Luxury is not the right word anymore: it implies you don’t need it. Today’s premium product should be something to enjoy without a ridiculous pricetag.” —Richard Cohen, Robert Talbott
>“Our opening price strategy is working, but luxury is also working. The top end is performing as well as it used to, which is very encouraging.” —Tom Ott, Saks Fifth Avenue
>“Everyone offers drinks, hugs and hospitality. But what’s the next step? No one’s figured it out...” —Richard Cohen, Robert Talbott
>“Employee wardrobes are key: give sales associates a steal on the newest coolest product. Stores and/or vendors need to finance wardrobes for their sellers.” —Vivek Nagrani, V.K. Nagrani
>”What’s hot now in footwear are shoes worn without socks. Selling well are brands like Ferragamo, Tods and Hugo Boss at key retails from $295 to $595.” —Jeff Farbstein, Harry Rosen
