After a season of silliness to sumptuousness on the New York runways
the Wall Street Journal reports on Peter Som who seems to be the only designer
who understands that fashion is a business.
Living on the Edge in World of Fashion
Designer Peter Som Sits Out New York Fashion Week, Illustrating How a Solid Reputation Doesn't Pay the Bills
Mr. Som, who has been in business for almost 10 years, is one of several Vogue-stamped young designers who thus far have survived the fickle world of fashion design. In 2004 he was a semifinalist in the first CFDA/Vogue Fashion Fund initiative, which supports and promotes young designers. In 2007, he took on a second job as the designer for Bill Blass, where he was tasked with adding some sizzle to the storied but dusty American fashion house. His shows, a highlight of Fashion Week, garnered big sponsorships from companies including American Express and Mercedes-Benz.
But in an industry built on illusions, appearances are deceiving. Like most emerging fashion houses, Mr. Som's business, even at its height, barely broke even. Until last year, when a private-equity investor paid $3 million for a 65% stake in the company, Mr. Som and his business partner, Chief Executive Elana Posner, never paid themselves salaries.
Ms. Posner, a former corporate lawyer and Web entrepreneur, says that the entire fashion industry "is in survival mode."
Really? Not from what I could see in the runway shows.
In a nod to the times, Mr. Som, is sitting out Fashion Week this season and putting on a small presentation in his showroom instead.
Mr. Som and Ms. Posner will face a crucial test in the next few weeks, when they negotiate financing to produce their fall line. The company has received a few calls from potential investors and is meeting with one this week.
For now, Mr. Som is preparing to show his pared-down fall collection containing 16 looks, compared with about 35 in previous seasons. Ms. Posner is lowering price points by at least 20%, partly by pushing their New York factories to give her cheaper rates. A jacquard pleated skirt will cost $695 at retail, compared with $850 for a similar style for fall 2008.
I am a big fan of Peter Som. He is tremendously talented and I hope that by lowering his prices and going into "survival mode" his company will thrive.
As for a few other brands... like Miss Sixty....I can't say that I would be too disappointed if they didn't make it through the recession.
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