With news of Matthew M Williams‘ appointment to the house of Givenchy still fresh, Quartz has reported of a new study published by investment company Bernstein. The analysis hints that “successful” creative directors of luxury fashion brands average a five year “expiry date.”
The report appears to underscore recent creative director moves, with data informed by big news like Raf Simons swapping Calvin Klein for Prada, Clare Waight Keller’s tenure as artistic director of Givenchy and Kim Jones‘ appointment to Dior. Bernstein considered company profitability, share prices and enterprise value (an estimation of total value) when appraising the performances of creative directors.
Crucially, Bernstein discovered that after a five year stretch with any one creative director, a company’s fortunes would decline. This may explain why powerhouses like LVMH and Kering are more keen to replace their creative directors in short timeframes, regardless of critical success or output. Bernstein’s other major finding supports this capital-driven theory: it found that each company’s profitability only increased the longer their CEO remained consistent.
Note that these findings aren’t without scrutiny. Bernstein’s sample size is derived from only 18 modern creative directors and doesn’t consider the correlation between creative directors and the company’s revenue source. For instance, labels like Hermès and Chanel are likely to profit greatly from accessories, bags, scents and shoes regardless of their creative leads. Furthermore, some creative directors are so new and some labels are so much smaller than the luxury giants that they were not considered when assembling the results.
Nevertheless, the idea that the flash of a new creative director will only provide a temporary boost to sales, regardless of output, isn’t without merit. Though also affected by coronavirus, Alessandro Michele‘s Gucci has recently seen slowing sales growth as the creative director nears his fifth year at the luxury house. Naturally, it’s unlikely that Michele will be shown the door any time soon, the moment may come where his vision for Gucci will be forced to shift to recapture the magic.
Recent reports have suggested that the luxury industry will not recover from the coronavirus pandemic anytime soon, with some analysts expecting bad fortunes to last until 2022.
UPCOMING TOP EVENTS!
Ghana’s leading fashion event Accra Fashion Week is scheduled for 7-11 December 2022 following their 5th-year celebration last year in 2021. Accra Fashion Week is a platform for African designers that can be compared to fashion weeks across the major capitals. It aims to fill the void which sees tremendous creativity and culture across the continent with the absence of an operating fashion infrastructure.
The epic event took place at Ghana Dubai in Accra, and saw models march down the steps from the Kwame Nkrumah Monument whilst being followed by a spotlight, before circulating the central fountains. Memories of the exciting night still give chills as guests revisit the experience on youtube.
However, rest assured that 2022 is going to be even more exciting with greater performances and an upgraded designer collection. FashionGHANA.com is sure to bring you the exclusives we did on www.FashionGHANA.com/TV. All last year’s shows are available to watch on youtube. Designer’s registration is ongoing on the AccraFashionWeek.org website.
As we embark on another year of celebrating African culture, our theme for 2022 is “Afrofuturism.” This term was created to explore the developing intersection of cultural aesthetic, philosophy of science, and philosophy of history as it relates to the African Diaspora. During this year’s events, Afrochella will bring “Afrofuturism” to life through fashion, food, art and music. In 2019, the African Diaspora returned home to the continent for the “Year of Return.” This year, we will explore the endless possibilities of what “Afrofuturism” could look like in 2022 and beyond.
Afro Nation is a brand new music festival, offering a lineup packed with talent from the worlds of Afrobeats, hip hop, R&B and dancehall
Afro Nation will bring together the best artists in afrobeats, hip hop, r&b, dancehall and bashment. Expect world-class programming of live performances and DJs.
#AfroNation is an all-inclusive music and arts festival meant to celebrate and eulogize African culture across various continents, not just Africa.
DIRECTION COLLECTION: OUT NOW!
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