The Wall Street Journal reported that most of these leading magazines' September books are one-third smaller than last year's. [...] while some fashion houses have shifted their media buys to digital outlets, the downturn is far more reflective of no marketing at all, with a shared sentiment that consumers just can't be enticed right now. [...] consumers feel it's safe to shop again, the luxury market- and all retail tiers, for that matter-will feel the ill effects of curtailed spending.
Op Ped 3 f o r m o re o f f - t h e - c u f f c o ve ra ge , vi s i t : f o o t w ear p lu s maga z i n e . c o m/b l o g As the Trade Shows Turn THE INDUSTRY’S TRADE show soap opera’s plot thick- ened with last month’s an- nouncement by WSA that it has switched its February and August 2110 show dates in Las Out of Luxe? Vegas to directly overlap with EVERYONE IS WELL aware that spending on luxury items has FFANY’s show dates (Feb. taken a nosedive since the ﬁnancial crisis kicked opulence in the 2-4 and Aug. 3-5) in New gut last fall. Bling quickly became a fashion “don’t” and no longer York, which may force many as attainable. The one-two punch has triggered double-digit sales wholesale and retail compa- declines at luxe retailers across the board and caused many fashion nies to decide between one prognosticators to claim that the luxury market as we have come to or the other. Meanwhile, The know it is dead and buried. Atlanta Shoe Market (TASM) So when several investment banks reported healthy second- continues to grow in promi- quarter proﬁts and the bosses started to once again dole out big- nence—the recent edition saw time bonuses, we sniffed a chance of a luxury market rebound. attendance up a healthy 16 Alas, not just yet. It appears American taxpayers who helped bail percent—and Magic show operators are making a concerted effort to posi- out the banks remain a bit testy, as most have yet to partake in any tion its head-to-toe format as an ideal venue for the footwear industry. Last economic turnaround. The presumed negativity is so ﬁerce that but not least, there’s the in-the-works United Shoe Show that is trying to many bank bosses fear a backlash if their employees spend like it’s step in as a Los Angeles-based alternative planned for nearly the same dates 2007. Speciﬁcally, Goldman Sachs’ top dog reportedly has issued as WSA and FFANY, beginning in August 2010. a company-wide mandate to “end conspicuous consumption,” and Just who emerges from the fray as the footwear industry’s “national” show that’s despite a record second-quarter proﬁt of $2.3 billion and the remains to be seen. There are plenty of backroom discussions and alliances fact that the company has repaid its taxpayer loan in full. yet to transpire before any show can ﬁrmly stake claim to such a valued yet If that’s not bad enough, the luxe market can’t even count on unofﬁcial top billing. But with perceived national show status comes the Ruth Madoff, wife of infamous Ponzi mastermind Bernie Madoff, to largest number of exhibitors as well as the most senior level executives in indulge herself with the $2 million federal prosecutors let her keep attendance. It’s big business, and that’s largely why it looks to be a battle not in the wake of her husband’s sentence. A judge has ordered that the settled quickly or politely.
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