Chanel’s Owners: As Discreet As the Fabled Couturier’s Little Black Dress

They typically sit a few rows back from the runway, a balding and bespectacled pair who prefer to stay out of the spotlight. “We’re a very discreet family, we never talk,” Gerard Wertheimer whispered to a reporter before a 2001 fashion show in Paris. He and his brother Alain own Chanel, the luxury empire built […]

Barneys’ Bankruptcy Shows Dangers of Luxe Department Store Expansions

Among the immediate casualties of Barneys New York’s bankruptcy protection filing this week are the luxury department store chains’ locations in Seattle and Las Vegas. That’s a good thing. The downtown Seattle store is hardly more exciting than a Banana Republic and barely frequented, just a stone’s throw away from Nordstrom’s lavish flagship, an inexplicably […]

Barneys New York Secures a Larger Capital Infusion to Pay Bills, Reorganize

Barneys New York has received a new lifeline, less than one day after the iconic luxury fashion retailer filed for Chapter 11 bankruptcy protection. In a last-minute announcement late Tuesday at the start of the company’s first bankruptcy hearing, attorneys for Barneys said the company received a larger capital-infusion offer, extended by Brigade Capital Management […]

Giorgio Armani’s Restructuring His Fashion Empire

Designer Giorgio Armani, the sole shareholder of his eponymous, 41-year-old Italian fashion house, is streamlining the far-reaching company, in reaction to sales falling for a third year. Revenue dropped 8% at constant exchange rates to 2.1 billion euros ($2.3 billion) in 2018, Armani said in a statement Friday. Net profit slipped by more than half […]