Mergers in fashion, but profits are not

xiaoxiao8c · 发表于 2010-8-10 20:45

"The Pope of Fashion" is the greatest consolidator in the history of the luxury goods trade. His LVMH empire, based in Paris, takes in about $10.7 billion (U.S.) a year in revenues from a stable of 20 or so leading fashion, leather, liquor, cosmetics and jewellery brands, including Christian Dior, Givenchy, Louis Vuitton, Hennessy cognac and TAG Heuer watches.
Prada, an LVMH wannabe headquartered in Milan, has lately snapped up design houses Helmut Lang and Jil Sander AG and the British shoe maker Church & Co. And Florence-based Gucci Group, only a quarter the size of LVMH but gaining quickly, has also emulated Arnault's strategy by absorbing Yves Saint Laurent, Sergio Rossi (louboutin shoes), Boucheron (jewellery) and ownership stakes in the design firms of Stella McCartney, Alexander McQueen and Balen-ciaga.
So confident is Arnault, 52, about the rewards to be gained from world domination that he once plotted to bring LVMH under the same roof as Gucci, Prada and Giorgio Armani, a near monopoly that would put John D. Rockefeller to shame. That gambit was thwarted when Gucci fought off LVMH's hostile takeover attempt. In the meantime, though, the restless Arnault gobbled up Donna Karan, Christian Louboutin, Thomas Pink and Krug champagne, bought a cou-ple of auction houses and took a stake in the ill-fated Boo.com fashion Web retailer.
But as with the vaunted "convergence" strategy in mass media, there is scant evidence that fashion conglomerates work.
Prada, overextended from its recent takeover spree,louboutin shoes, sold its stake in Christian Louboutin last week to LVMH. Ralph Lauren's purchase of the Toronto-based Club Monaco Inc. has been a disappointment. Within a year of the take-over in 1999, Lauren dismissed Club Monaco co-founder Joseph Mimran, and has scaled back the planned expansion of the Canadian firm's new Caban chain of home furnishings stores.
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