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Sonia Rykiel appears to be back on track thanks to the Hong Kong investors who bought it last year, but will they make it work?
Hermes
Hermes, one of the world’s premier luxury brands, is founded on tradition and family ownership. Beginning as a leather goods company in France in 1801 by Thierry Hermes and later expanding to fashion houses spanning five generations owned by this family; today, Hermes stands as an unparalleled symbol of quality products with its world-famous handbags and other delicate items that set it apart.
Hermes is revered for its craftsmanship, an established tradition that began during the nineteenth century with their factory for saddlery production. Since then, Hermes has expanded beyond leather products into perfume, shoes, jewelry, silk fabric, and home furnishings – as opposed to market forces driving other luxury companies that produce similar goods. Hermes remains committed to quality products rather than market forces being its driving force; the house never went public and has no outside shareholders, making it indeed a family business.
Hermes stands out among luxury fashion houses by operating like an old-world guild. Its ateliers are staffed by artisans specializing in one category of goods like silk scarves or shoes; each specialist undergoes training through apprenticeship programs. Furthermore, Hermes owns shares in other companies that produce luxury goods, including Cristalleries de Saint Louis and Puiforcat, which give it industrial know-how.
Hermes has experienced rapid expansion over the last several decades into new categories like beauty and travel. Today, it ranks second worldwide for luxury market value. Hermes’ success can be attributed mainly to its commitment to excellence as well as the family ownership of the company.
Hermes is a family-run company founded in 1924 by Hermes’ grandson Thierry Hermes II. The name is derived from the Latin word for “honesty.” Since its launch, Hermes has become synonymous with quality and prestige.
Chanel
Bernard Arnault presides with quiet authority over one of the world’s largest luxury goods empires: LVMH Moet Hennessy Louis Vuitton. At a time when shopping is seen as a form of self-expression and brand names represent a consumerist Esperanto spoken by millions around the globe, Arnault is subverting our perception of luxury by way of his trademarks and changing how consumers understand it.
At one time, luxury markets were comprised of people living in grand houses with full complements of servants in some enclave of privilege, where their tastes were dictated by considerations of safeguarding their wealth and perpetuating social conventions that cemented their sense of superiority. They purchased their trunks from Louis Vuitton, trousseaus from Christian Dior, and Dom Perignon by the case.
As fashion has evolved, its image has changed with each designer that follows in its wake: Yves Saint Laurent transformed it to reflect youth and liberation; Karl Lagerfeld popularized Hermes by placing it within modern art; in more recent times, Marc Jacobs at Louis Vuitton and Michael Kors at Celine have taken up this mantle; Balmain has even recently hired Olivier Rousteing from Givenchy in order to revive its fortunes!
Luxury industry executives were taking a risky gamble to meet consumers’ increasing pressure to reduce prices while upholding quality and expanding global operations. Their risk has been successful so far, as sales in the fourth quarter increased by double digits while their stock rose more than 15%, making it one of the best performers this year.
Arnault has achieved great success with his strategy of selling merchandise whose appeal can often be indefinable and transitory, yet his performance with lvmh stands as a testament to its success. Now, its brands appeal to Midwestern debutantes, nouveau-riche Muscovites, Japanese yuppies, and Argentine jet-setters, as well as their wealthy European counterparts.
Many fashion designers retire by the age of 69, yet Carine Roitfeld remains active with Gucci at age 72. She credits her success to being North American at heart, with an open and independent attitude that set her apart from most Frenchwomen. Additionally, this casual approach to styling celebrities has proven valuable.
Lanvin
Lanvin is one of the oldest fashion houses still operating in France. Established in 1889 by Jeanne Lanvin, it is known for its millinery work as well as dresses and couture headpieces designed by her, featuring bright colors and inventive decorative techniques. Additionally, she made headlines for creating perfume lines under her name.
Jeanne Lanvin died, leaving an empire behind her. Following her passing, her daughter took over as president of the company to keep its mission and expertise intact.
Even though her business was plagued with internal discord, she managed to revive its brand. Unfortunately, however, she could not prevent its demise in the 1990s, and ultimately, her house was sold off to an international private investment firm.
The new owner was determined to shift culture and increase sales for their fashion house, so they appointed Bruno Sialelli as creative director. Already, Sialelli has implemented significant changes at the fashion house by introducing new lines. Sialelli is determined to strengthen accessories – an integral component in today’s luxury market – while also emphasizing more casual aesthetics.
Lanvin has had many creative designers throughout its history, yet few of them have stayed for extended periods. Alber Elbaz served as Lanvin’s creative director from 2002 until 2015 before leaving following a disagreement with Shaw-Lan Wang, its major shareholder. After leaving Lanvin, he went on to work with Conserves and LeSportsac before eventually founding his label, AZfashion, in 2019.
Louis Vuitton
Louis Vuitton is one of the world’s oldest and most prestigious luxury fashion houses, founded in Paris by master trunk maker Louis Vuitton himself in 1854. The brand’s flat-top luggage design was revolutionary at the time compared to traditional round leather trunks; later, he introduced an interlocked initial and quatrefoil flower monogram that honored their heritage while discouraging imitator brands from competing with him.
Vuitton originally belonged to the Vuitton family before merging with Moet & Chandon and Hennessy cognac/champagne brands to form the parent company LVMH in 1987, seeing rapid expansion despite geopolitical challenges that threatened the profits of this luxury conglomerate.
LVMH launched Louis Vuitton into fashion during the late 90s and early 2000s. In 1997, Louis Vuitton hired New York-based fashion designer Marc Jacobs as its Creative Director, further elevating and expanding the brand into an impressive high-fashion empire with ready-to-wear clothing, shoes, and accessories that skyrocketed Louis Vuitton’s success.
Although his first collection received mixed reviews, success quickly grew for this brand. In 1907, it introduced watches; then, in 1910, it expanded into perfume; and finally, in 1911, it developed its inaugural jewellery line.
In 1914, the company opened its first store outside France. Although suffering setbacks due to World War I and the Franco-Prussian War, business picked back up again by the 1930s. Over time, they also established themselves as fashion leaders with iconic bags such as Keepall and Speedy bags that quickly became fashion trends in the 1980s.
Under CEO Antoine Arnault’s direction, the brand has flourished, expanding both retail presence and brand visibility while simultaneously building an innovative culture within the company.
During his tenure, he has introduced numerous innovative products and services to the company, such as a global loyalty program and an online boutique. Furthermore, he made it more accessible by opening factories for public tours or hosting “open days” for customers. Moreover, he focused on developing the next generation of talent within LVMH by creating the LVMH Prize for Young Fashion Designers.
