For many in the industry,2009 opens on a very dismal note. News is that Chanel is cutting 10 per cent of its workforce200 jobs in Paris,including 16 positions in their fabulous Rue Cambon flagship. Luxury companies have often been thought of as being above and beyond a recession,however severe. But if that were true,wed never have the mini skirt,or the bikini. If Chanelconsidered the beacon of luxury labels with its tweeds,quilts and pearls checking in a US $5 billion in sales is cutting back,whatever happens to the smaller labels? The fate of Indian and other new-market names,on the threshold of international stardom is especially ominous. Chanel has also announced it will cancel its Mobile Art touring museum,the stunning shell-like pavilion designed by Zaha Hadid. In New York,The Devil Wears Prada has been a bad omen for Anna Wintour,editor-in-chief of Vogue,USA. In the film,largely based on Wintour,Meryl Streeps editor heroine is losing her enviable position to a French Vogue editor. And rumours of Wintour losing her haute seat to Carine Roitfeld,a decade-younger editor of Vogue France,are doing the rounds since a month already. Numerous reports on Vogues slipping numbers and stale content have said to have caused Wintours purported downfall,but insiders state that one of the editors (famous for her unchanging personal stylea sharp bob,big sunglasses) biggest strengths is her authority over advertisers. Its especially important for Conde Nast,who not only monopolises but also has a symbiotic relationship with the high-end luxury market. In Mumbai,the Galleria at the Trident hotel,which opened with great pomp and noise just over a year ago,is on the verge of a sell-out. Retail watchers have already begun talking that the Murjanis,who own the franchise of the Gucci Group in India,are on the verge of bankruptcy,and the space is being sold to Genesis Colors,that owns the Satya Paul label and franchises for Canali,Paul Smith and Kenzo. An up-there employee at Galleria tells me that Gucci seems to be the only label that will survive this year,even though the multi-stores everything-at-50-per cent sale was such a success for all its labels Bottega Veneta,Tods and Jimmy Choo. As businesses are reevaluating their strategies,workforce and markets,consumers need to reevaluate their style and aesthetic. While the financial fright may sound depressing,it can be turned on its head beautifully and can actually be a boon in many ways. Do as the very wealthy do. Buy a few,but fine,classic items and wear them over and over again. Pull out things your mother or grandmother bought,theres something abiding and undying about vintage pieces. Window-shop a lot,it will keep you up-to-date. But when pulling out the plastic,ask yourself,do you really need another handbag? Give in to beauty,not marketing. Dress down,save that one important item or accessory. Invest in quality,not quantity. Let style take over fads,and pick up things you can see yourself putting on five and even ten years later. And always wear good shoes. Even when things are down in the dumps,you certainly neednt look like that. And thats rich. (namrata.sharma@expressindia.com)
