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The Rise And Fall of Loro Piana: No More Quiet Luxury!

Shhhhh! The stealth-wealth brand Loro Piana is celebrating 100 years

Succession’s favourite luxury label is marking a major milestone

 

Jessica Beresford. Photography by Kayla Connors. Styling by Abby Adler. Models, Aliza Jarmon and Raffaele Giolli OCTOBER 1 2024

https://www-ft-com.ezp-prod1.hul.harvard.edu/content/c1ed1fee-5ef7-4055-85b0-a583735ec141

 

Despite having no obvious branding or showy colours, the Loro Piana look is distinctive. Damien Bertrand, Loro Piana’s CEO, is a case in point: sitting in his office in the brand’s headquarters – a historic palazzo in central Milan – he’s dressed in head-to-toe navy, wearing a long-sleeved polo knit, slim-fit trousers and a pair of the brand’s minimal Summer Walk loafers. The look is relaxed, easy, yet unassumingly rich; a look that, with the help of shows such as Succession, is now widely understood to be emblematic of the Loro Piana brand. You may recognise it via Gwyneth Paltrow, who wore Loro Piana in court last year, or on David Beckham and Oprah Winfrey. Its unbranded, rubber-soled Walk slip-ons have become a quiet signifier among tech billionaires and art dealers alike.

 

“We are not about logos, we are not about branding – we are discreet,” says Bertrand, a 51-year-old Frenchman who joined Loro Piana three years ago after spending five years at Dior. The house now has 145 standalone stores and concessions worldwide, including 29 in mainland China. Its owner LVMH does not reveal individual sales earnings for its brands, but recent reports have put annual revenues at around €1bn.

 

“Our first signature is the touch,” adds Bertrand, pinching his shirt between his fingers. “And when you think about it, we are probably the only maison that has that – you recognise the touch of Loro Piana cashmere.”

 

This tactility is a trait the brand has been cultivating for a century. Its autumn‑winter collection, the largest yet, will highlight the breadth and depth of its material sourcing. A Harrods takeover in November will see a full transformation of the store, including its façade, celebrating the “chain of hands” that feed into it. “We thought the 100-year anniversary was a good opportunity to celebrate the story of the family and the story of what we do,” says Bertrand, who is the main spokesperson for the brand (it has never had a creative director, and has no imminent plans to install one).

 

Loro Piana was founded as a wool trader in 1924 in Quarona, in the Italian region of Piedmont, by the engineer Pietro Loro Piana. He came from a family of merchants whose quest was “exploring the world for the most precious raw materials, and engineering them into beautiful garments”, says Bertrand. In the 1960s, under Pietro’s grandson Franco Loro Piana, the company started producing fabric, exporting throughout Europe, America and Japan. In the 1980s, the next generation, brothers Sergio and Pier Luigi Loro Piana, began producing ready-to-wear.

 

In 2013, LVMH bought an 80 per cent stake in the company for €2.57bn, in a year when sales were expected to be €700mn. Since then, Loro Piana – which was a successful yet slightly old-fashioned heritage brand – has undergone a major repositioning, with collaborations with Japanese streetwear artist Hiroshi Fujiwara and New Balance, as well as more buzzy releases, including loungewear capsules and its trademarked CashDenim – an ultra-luxury line of jeans (starting at £1,080).

 

“I’ve been aware of Loro Piana for a very long time, somewhat like an Alpinist is aware of a distant mountain peak,” says Jeremy Strong, who played Succession scion Kendall Roy and is now a brand ambassador. He first bought Loro Piana in his 30s, when he started making a living as an actor. “They were clothes that I wished to have and would sometimes save up for a single sweater and then live in it.”

 

The anniversary year has not been without its hitches. A report by Bloomberg in March this year called into question the brand’s labour practices in Peru, where it sources its vicuña, and highlighted the disparity between luxury price tags and the amount paid for the raw materials. At the time, the president of the Lucanas peasant community defended its relationship with the brand, saying it relies on its business, while Loro Piana said it “represents a key economic support locally, protecting and fortifying the demand and the value of the vicuña fibre, regardless of market dynamics”. 

 

“What has been written didn’t correspond to the reality and to our commitment in Peru for the past 30 years,” says Bertrand, “so we officially refuted it, saying that [the report] was full of misinterpretation and inaccuracies…We believe [we] are positive for the people, for the economy, and for the animals also. My point of view is we will continue to do [business], and we will do more, in terms of social, in terms of education, in terms of health.”

 

Bertrand says the vicuña scandal has not impacted sales. And the analysts agree. “My understanding is that Loro Piana is doing very well,” says Erwan Rambourg, global head of consumer and retail research at HSBC. “Clearly, these are tough times for luxury, but the higher end has been a lot more resilient. Brands like Loro Piana, Brunello Cucinelli, Hermès and, to a certain extent, Zegna, where you get the sense that you’re paying more, but hopefully the product is longer-lasting and not really seasonal in nature. I think they’re at the right place right now.” 

 

Loro Piana is continuing to push its material and sourcing messaging: its latest releases are products made with undyed dark merino wool, called Pecora Nera, which is sourced from a farm in New Zealand, as well as Cheviot, a historic wool from Scotland. Bertrand is also enthusiastic about the brand’s annual Record Bale competition, which started in 1997 and awards farms for producing ever-finer wool. The current world record, set in 2023, measures 10.2 microns (by comparison, the average human hair is around 50 to 70 microns), and feels as soft as candyfloss. The brand uses these bales for custom orders for its top spenders. Says Bertrand: “We can only do about 50 to 60 jackets or suits with this.”

 

The brand is also developing other categories, including jewellery, handbags and interiors. Yet Bertrand insists that Loro Piana will never be a “fashion” brand. “We don’t do products according to the latest trends,” he says. “What we do are products that have the highest quality and that you can keep for your whole life. We do investment pieces.” Adds Rambourg: “The touch and feel and quality is not just perceived, it’s real.”

Emmanuel Macron on Biden Dropping Out & 'Emily in Paris' Moving to Rome

A Gentleman’s London, Episode Eighteen: Métier

Stories

Extra! Extra!

My Métier Profile Series with Founder & Designer Melissa Morris

11 March 2019

https://metier.com/blogs/stories/my-metier-profile-series-with-founder-designer-melissa-morris

 

What do you do and why is it your passion?

 

I am the founder and designer of Métier. Everything about my work reflects my passion. The people I design for. The people I work with. I think it's impossible to build a new global luxury brand for men and women from scratch without being incredibly passionate and excited about every detail. As the head of the company, I am involved in every aspect and I honestly love it all. For me, it’s all about connecting the dots.

 

What is the process for creating your work? 

 

I first start by identifying a journey that one of my pieces in the current collection doesn’t satisfy. Usually, this happens when I am doing something and wish I had a piece specifically for it—in fact, I recently developed a wine carrier after going to a dinner party and not having anything nice to carry a bottle of wine! I then think about all the requirements around the journey—what you most likely will carry, how you need to access your items (e.g. our travel bags always have an exterior pocket that is easy to access, for your phone and passport). I also think about what elements need to be modular and versatile.

 

From there, I concept different shapes and details. I play with different lines and curvatures that feel harmonious and allow the functionality to be seamless, effortless and intuitive.

 

Once I have conceived the design, I create life-size scale one drawings. I then put them together to create a 3D version of the bag out of paper so I can ensure every detail has been considered and achieves what I want it to. In this way, I can also check proportions and spot any additional considerations ahead of making the paper pattern. Once I am happy with it, the work goes to Italy where we make a paper pattern and then develop our first prototype.

 

 

We work on the thickness of each leather panel and the amount of reinforcement in each layer so that we balance lightweight and lasting—I love when each piece has the perfect, effortless slouch. We then go through several prototyping rounds, fine-tuning as we go. I then wear test each piece for at least one month to ensure it is perfect and to spot any weaknesses. After that, we send the piece to a special testing facility which simulates 20 years of use with wind, rain, humidity and weight. Once the design passes that test, it is approved, and final samples are made. Without a doubt, my favourite part of my work is sketching—I love letting my mind wander and I love designing the specs for each piece. This is followed closely by my other favourite moment—unwrapping the first prototype. I am actually receiving two new ones tomorrow… I can’t wait.

 

How often are you travelling? What routine or tricks have you created for being on the road so often?

 

Almost every week at the moment! This week I was in Paris, tomorrow I'm off to NYC. Then Qatar and then Hong Kong. All in this month! I have got very good at packing. My best trick is my carry-on. I load it with all kinds of different sized pouches. One for my electronics. One for my toiletries. My Runaway for my essentials. My travel pillow, extra socks, a cashmere wrap that can be a scarf or a blanket… and I must admit I can get through the security line in about 30 seconds flat. I have a special pocket for the laptop and side pockets for toiletries and a special place for the passport which is easy to access. I like to move as quickly through the airport as possible and feel as together as possible so I can remain relaxed and calm. My other trick is that I always do yoga the morning before a flight and then the evening or morning after I arrive. I swear it helps with jet lag and allows me to hit the ground running—which is necessary since I am often operating on two time zones.

 

What is your favourite thing about travelling?

 

Being exposed to different cultures. I love observing different ways to approach the world and different ways to communicate. I am inspired by the different ways that exist to design buildings, roads or even signs… it's something we take for granted, but each culture has really developed their own way, something I find fascinating. I love that when you land in NYC, the energy feels entirely different to when I am in London. It seems like an obvious concept but I am constantly inspired by being exposed to different cultures. I have a long list of places I wish to travel to… I try to avoid going to the same places too often as there is so much of the world to explore!

 

What does luxury mean to you?

 

Timeless. Authentic. Perfected. Designed for the client.

 

What are the things we will always find inside your bag (the non-obvious please!)

 

Yoga clothes—it keeps me sane. My sketchbook. And my laptop. Not super exciting, but you can see what life is like as an entrepreneur :) Probably the only thing missing from my essentials is a way to feasibly carry around a bottle of wine with me... hence why I will soon have a Métier wine carrier in the collection!

The Rise And Tragic Fall Of Burberry

Burberry shares plunge to a 14-year low, but what’s behind the collapse?

By:Bethany Wales

https://www.cityam.com/burrberry-shares-plunge-to-a-14-year-low-but-whats-behind-the-collapse/

 

Shares in British designer brand Burberry have crashed by 70 per cent in the past year.

 

Once a beacon of British heritage and craftsmanship, Burberry’s recent decline has been striking. Shoppers and investors seem to have fallen out of love with the retailer. Sales have plunged, and Burberry shares have fallen 70 per cent over the past year. Earlier this week, the stock touched a 14-year low before rebounding.

 

While the luxury goods sector as a whole has faced challenges, the speed and severity of the London-listed brand’s fall from grace stands out. Its decline has earned it an unenviable spot among the FTSE 100’s worst performers of 2024 so far.

 

A toxic cocktail of issues is behind the decline—some due to the company’s own missteps and others from sheer bad luck.

 

Dire financial results

Burberry shares nosedived last month as the company revealed how badly it had performed in the first half of the year.

 

For the 13 weeks ending 29th June, the company’s comparable store sales—excluding the effects of new openings, closures, and renovations—fell by 21 per cent compared to the same period last year.

 

Burberry explained: “The slowdown in trading we experienced in [the first quarter of our financial year] continued into July. If this trend were to continue through the current quarter, we would expect to report a half-year operating loss and full year operating profit to be below current consensus.

 

“As we navigate this period, we have decided to suspend dividend payments in respect of [the financial year to the end of March 2025] in order to maintain a strong balance sheet and our capacity to invest in Burberry’s long term growth.”

 

As a result, Burberry suspended its dividend. It also revealed it was discussing potential job cuts with employees, with around 200 positions on the line worldwide.

 

This disappointing set of results was particularly notable because, 12 months earlier, the company had celebrated a strong performance for the first quarter of its 2023 financial year.

 

In mid-July 2023, Burberry shares surged around six per cent after the brand announced an 18 per cent increase in sales for that quarter.

 

The sharp 180 from success to losses shocked investors who didn’t waste any time as they headed for the exit.

 

Burberry’s boardroom merry-go-round

Leadership changes at Burberry have also impacted its share price, creating an environment of uncertainty which has contributed to the volatility in its share price.

 

Marco Gobbetti, who took the reins as CEO in July 2017, played a pivotal role in stabilising the company after the misstep of appointing Christopher Bailey as both chief creative officer and chief executive in 2013.

 

Bailey’s dual role never sat well with the City, particularly after Burberry handed him a £7.6m share package. Confidence waned further with the departure of John Smith, the company’s COO.

 

Gobbetti’s tenure was cut short when he left in 2021 to lead Salvatore Ferragamo, leaving his work at Burberry arguably incomplete.

 

Since then, Jonathan Akeroyd’s leadership has seen a series of high-profile exits, including Riccardo Tisci and Julie Brown, the widely respected CFO and COO.

 

Most recently, Burberry announced that Rod Manley, its chief marketing officer, would depart by the end of the year, fuelling speculation about the future of Daniel Lee, Burberry’s chief creative officer, following Akeroyd’s departure.

 

Investors will be watching Joshua Schulman, the company’s newest CEO, closely to see if he can finally bring some much-needed stability to the boardroom.

 

Branding blunders and identity crises

Under the leadership of former CEO Marco Gobbetti, Burberry sought to elevate its brand positioning by focusing more on high-end luxury and reducing the availability of its products in lower-tier markets.

 

This strategy initially received positive feedback, stabilising the share price as investors saw potential for long-term growth.

 

However Gobbetti’s departure and the subsequent arrival of Jonathan Akeroyd brought uncertainty, with each new leader bringing different visions for the brand, causing fluctuations in investor confidence and, by extension, its share price.

 

What’s more, the company has been trying to strike a balance between its heritage as a quintessentially British luxury brand and the need to appeal to a younger, more global audience.

 

This strategic shift has included new designer hires, marketing campaigns, and product lines. Unfortunately for Burberry, many of these design choices have failed to resonate.

 

The brand’s departure from its iconic camel, red, and black check pattern didn’t sit well with the brand’s loyal followers.

 

Meanwhile, increased competition from other luxury brands and the rise of new, disruptive players in the fashion industry helped to erode the British designer’s market share.

 

Can Burberry shares bounce back?

The general consensus is that things could get worse for the British icon before they improve.

 

Analyst forecasts predict the company’s revenue will fall five per cent to £2.7bn in its 2025 financial year.

 

The brand’s comparable retail sales are expected to drop by 15 per cent in the first three months of the year, which will level out to a decline of three per cent by the end of 2025.

 

“The combination of weak social media and Google search trends, as well as muted feedback from the trade on Burberry’s new collection, give no reason to believe that its momentum is accelerating,” UBS analyst Zuzanna Pusz said last month in a note.

 

“While Burberry’s doing a lot of things right behind the scenes, like investing in products and distribution and even refreshing the management team, its short-term picture remains fraught with real challenges and uncertainty,” Aarin Chiekrie, equity analyst at Hargreaves Lansdown, said.

 

“On their own [job cuts] are likely to only be a sticking plaster, and if this means customer service, or creative capabilities are compromised, it could do further long-term damage to the brand.

 

Friendlander said that to move forward and avoid a buyout, Burberry needs “stable and visionary leader to guide the brand through its hurdles and towards digital transformation and innovation.

 

“It could be a while yet before sentiment swings and Burberry begins to bloom again,” Chiekrie noted.

La valse d'Amélie / Squeezed out: last accordion maker in France to close shop after 105 years

Squeezed out: last accordion maker in France to close shop after 105 years

 

Maugein owner blames competition from China and Covid pandemic for firm’s demise, but former French president says there is hope

 

Kim Willsher in Paris

Sat 5 Oct 2024 06.00 CEST

https://www.theguardian.com/world/2024/oct/05/squeezed-out-last-accordion-maker-in-france-to-close-shop-after-105-years#:~:text=%E2%80%9CWe're%20closing%2C%E2%80%9D,us%20down%2C%E2%80%9D%20he%20added.

 

Its distinctive sound has provided the soundtrack for some of France’s most recognisable cultural classics, from Parisian dance halls to the film Amélie and the songs of Édith Piaf. It has even been played by a former president.

 

But it seems the traditional French-made accordéon à bretelles (strap accordion) has been squeezed out of existence after Maugein, the country’s last manufacturer, was forced into liquidation after 105 years of making the instrument, known as the “poor person’s piano”.

 

“We’re closing,” said Richard Brandao, 57, who took over the struggling company 11 years ago, and who blames competition from China and the disruption of the Covid pandemic for the firm’s demise.

 

“Since Covid, it’s all over. We were going up the slope until 2019, but Covid took us down,” he added.

 

Maugein, the last artisanal French accordion maker in a market dominated by Chinese manufacturers, still had 10 employees, the oldest of whom started out as an apprentice 39 years ago.

 

Founded in 1919 by Jean Maugein, who made the instruments in a former first world war munitions factory, the company originally employed 290 people in the town of Tulle in the Corrèze in central France. Business boomed after the second world war when the arrival in France of jazz and swing boosted sales, but the company began to decline in the 1970s.

 

Former president Valéry Giscard d’Estaing, who died in 2020 and was a keen accordionist, is credited with using the instrument to revolutionise political communication.

 

In 1973, while minister of finance, he was filmed playing a duet with the French “Queen of the Accordion” Yvette Horner at the international accordion festival.

 

“If all politicians played the accordion we’d get along much better,” he told reporters.

 

Since the 1990s, Maugein has been the only accordion maker in France to produce instruments from scratch and to order, a process that takes 110 hours and up to 6,000 parts, to create 70-80 accordions each month. By 2012, the workforce had been reduced to 21 people, but output remained at up to 600 instruments a year.

 

A year later, faced with dwindling orders caused by competition from Chinese competitors producing cheaper models, Maugein tried to diversify by producing harmonicas and electric accordions.

 

Despite a surge in sales sparked by the success of an album by the singer and accordionist Claudio Capéo, the company faced closure a decade ago. It was saved with an injection of money including €600,000 (£500,000) from the former Arsenal and French international defender Laurent Koscielny, who was born in Tulle.

 

The announcement last week that the company had been placed into liquidation by the local financial court came just six months after former president François Hollande, a resident of Tulle, and culture minister Rachida Dati inaugurated a €9m Accordion City museum and cultural space in the town.

 

“Our only hope was to break into the Chinese market, where growth and interest in accordions is strongest, but we didn’t succeed,” Brandao told La Montagne newspaper.

 

“And this despite our participation in the China International Musical Instrument Show, the world’s biggest event in the sector.”

 

Brandao told the Guardian: “The company has been placed into liquidation and is therefore closed. The employees will be made redundant next week.”

 

He added: “A takeover project is being considered by 4 employees. It’s still too early to say, but we should know more within the next month. The other employees are looking for new jobs. That’s all the news from Maison Maugein.”

 

Hollande, now an MP, said liquidation did not mean the end of the company.

 

“It means that at some point, the Maugein brand, the Maugein business and the accordion will be able to continue thanks to new investors. They are bound to narrow down the manufacturing side but try to broaden distribution,” Hollande told Totem Radio.

 

“We will continue to encourage this takeover so we can have the satisfaction of hearing the Maugein accordion in many concert halls.”

 

He added: “Nothing is lost, everything must be done, because the announcement of Maugein’s liquidation is not just news that saddens the people of Tulle and the Corrèze. Accordions are known throughout France.”

 

The last Maugein accordion on order will be delivered on Monday.

A Gentleman’s London, Episode Seventeen: Edward Green