TopWealth.World

Choice of TWW: Fashion Books 2023

If you’re passionate about fashion and style, books can be a treasure trove of ideas and inspiration. In the selection below, we’ve gathered the top 10 offerings of 2023 designed to deepen your knowledge in the field of fashion. From an exclusive introduction to the world of designers like Pharrell Williams and Giorgio Armani to the intricacies of creating the wardrobes of ‘Euphoria’ characters and the architecture of Louis Vuitton boutiques, every reader will find something fascinating.

DIOR BY RAF SIMONS

The 344-page volume “Dior by Raf Simons” is the sixth installment in the series dedicated to the creative directors of the French fashion house. The cover features a red coat from the Christian Dior Fall/Winter 2012 Couture collection, which WWD hailed as “one of the most anticipated designer debuts in history.”

In this book, published by Assouline in collaboration with photographer Laziz Hamani and journalist Tim Blanks, unique works by Raf Simons from the period of 2012 to 2015 are presented. The publication celebrates the designer’s strict aesthetics, harmoniously blending with the poetic femininity of Dior.

BURBERRY

The book by fashion critic Alexander Fury, consisting of five chapters and 200 illustrations, describes Burberry’s journey from a family business in 1856 to a global luxury brand in 2022. “Each chapter delves into a series of notable events and symbols that Burberry is renowned for,” according to the house’s press release. “Inspirational explorers, iconic trench coats, and a distinct British identity.”

Many of the images will be immediately recognizable, including those taken during the brand’s most iconic runway shows, while others will allow readers to delve into the history of the house and learn about the creation of its most famous products.

LOUIS VUITTON SKIN: ARCHITECTURE OF LUXURY

The book “Louis Vuitton Skin: Architecture of Luxury,” written by Pulitzer Prize winner Paul Goldberger and published by Assouline in six different covers, invites readers to take a journey around the world by visiting Louis Vuitton boutiques in São Paulo, Seoul, Miami, Mexico, and other cities.

The stores featured in the book are distinctly different from one another, and their exteriors are influenced by local culture and surroundings. For example, the glass façade of the store located in the Ginza shopping district in Tokyo resembles Tokyo Bay with its reflective, undulating surface.

PER AMORE

In 2015, Giorgio Armani released a book with the same title, in which he described his journey from his early life in war-torn Italy to building the Giorgio Armani empire. Building on the success of the first edition, this year, Armani presented a continuation of his illustrated volume.

In this new autobiography, all the attention is devoted to the context of the designer’s personal history. He reflects on his youth and the people close to him, and then recounts the beginnings of his career and what inspires him in the modern world. Armani offers a plethora of wise sayings, philosophically pondering what it means to be “creative” and work in the fashion industry. All of this is accompanied by photographs taken throughout the designer’s life.

SOFIA COPPOLA ARCHIVE: 1999–2023

“Sofia Coppola Archive: 1999–2023” offers a behind-the-scenes look at the nearly quarter-century career of one of the most influential contemporary directors, Sofia Coppola. This 488-page book provides a rare glimpse into Coppola’s creative process and includes personal sketches, storyboards, reference collages, annotated scripts, and detailed descriptions of all eight of her films produced to date. The book also features hundreds of previously unpublished photographs, ranging from shots of a 16-year-old Kirsten Dunst on the set of “The Virgin Suicides” to scenes from the actual Paris Hilton house heist by teenagers in “Bling Ring.”

BULGARI: BEYOND TIME

From the distinctive Serpenti model to the revolutionary ultra-thin Octo, watch enthusiasts understand that Bulgari and watchmaking have gone hand in hand for quite some time. The jewelry house’s contribution to the world of horology is reflected in the book “Bulgari: Beyond Time,” dedicated to the unparalleled combination of Italian design and Swiss engineering. Photographs of exceptional timepieces adorned with precious gemstones are accompanied by essays and interviews with representatives of the brand and famous Bulgari enthusiasts.

FASHIONING THE BEATLES: THE LOOKS THAT SHOOK THE WORLD

John, Paul, George, and Ringo weren’t just great musicians; they were true fashion icons. More than fifty years after the breakup of the iconic rock band, the style of its members continues to inspire world-renowned designers, including Tom Browne, John Varvatos, Anna Sui, Stella McCartney, and Alessandro Michele.

Deirdre Kelly’s book, “Fashioning the Beatles: The Looks That Shook The World,” is the first in-depth exploration of the British group’s legacy, demonstrating that their distinctive style was not a random byproduct of their fame but an integral part of their creativity and a key to their global success.

PHARRELL: CARBON, PRESSURE & TIME

In addition to creating collections for Louis Vuitton and producing hit songs, Pharrell Williams also finds time to write books. “Pharrell: Carbon, Pressure & Time: A Book of Jewels” offers a closer look at over 100 jewelry pieces created by Williams, many of which he designed in collaboration with brands like Louis Vuitton, Chanel, and Tiffany & Co. In the book, the musician also engages in discussions with Tyler, the Creator, NIGO, and others about the evolution of jewelry in hip-hop culture and the processes involved in creating custom pieces

GIVENCHY CATWALK: THE COMPLETE COLLECTIONS

The monograph “Givenchy Catwalk: The Complete Collections” offers the opportunity to trace the evolution of the Givenchy house through original runway photographs. The book begins with a brief history of the brand and then delves into the examination of the collections themselves, presented in chronological order. Each new era in Givenchy’s history is accompanied by the biography of the new designer, and individual collections are supplemented with brief text that reveals their influence.

Following editions dedicated to Chanel, Dior, Louis Vuitton, Saint Laurent, Prada, Vivienne Westwood, Versace, and Chloé, this book is the ninth in the series, providing a unique overview of collections from leading global fashion houses.

EUPHORIA FASHION

The TV series “Euphoria,” which first aired on HBO in the summer of 2019, captivated the world with its raw teenage drama and iconic costumes, spawning numerous trends and viral moments. In connection with this, costume designer Heidi Bivens, in collaboration with the entertainment company A24, released a 272-page book titled “Euphoria Fashion,” which provides a detailed account of the creation of the influential wardrobe for the series.

The book begins with an introduction by Jeremy Scott, who designed a special Moschino dress for the character Cassie Howard, portrayed by Sydney Sweeney, in the second season. Within its pages, fans will find interviews with Bivens and renowned “Euphoria” actors such as Zendaya, Hunter Schafer, and Alexa Demie, as well as with the series’ makeup artist Doniella Davy and director Sam Levinson.

TopWealth.World

‘It Ain’t Gucci’: LVMH Shares Tumble As Luxury Bubble Unravels 

Reconfirming our thoughts about the deflating luxury bubble is news that luxury conglomerate LVMH reported slowing sales growth, sending shares down 6% and tumbling into a bear market, according to Zerohedge. 

The French group, controlled by billionaire Bernard Arnault, has faced sliding demand for high-quality products, such as leather goods, perfumes, watches, and wine, in China, Europe, and the US amid a soaring interest rate environment.

LVMH, whose brands include Louis Vuitton, Tiffany & Co., Christian Dior, Fendi, and others, reported sales in the third quarter grew 9% to €19.9 billion, down from +17% in the second quarter, reflecting softer luxury sales worldwide. Sales at the wines and spirits unit plunged 14%, much worse than estimates. The watches and jewelry unit was also under pressure, as well as the fashion and leather goods unit and perfumes and cosmetics. Selective retailing remained robust in the quarter. 

“After three roaring years and outstanding years, growth is converging toward numbers that are more in line with the historical average,” LVMH CFO Jean-Jacques Guiony told investors during a quarterly presentation. 

LVMH shares in Paris stumbled more than 6% on the news. 

“In an uncertain economic and geopolitical environment, the group is confident in its continued growth . . . LVMH is counting on the dynamism of its brands and the talent of its teams to further strengthen its lead in the global luxury market in 2023,” LVMH said.

Citigroup analysts said LVMH’s “limited outlook comment” would be “unhelpful for a sector remaining out of favor and having underperformed in the last six months.” 

Here’s what investors are saying (list courtesy of Bloomberg): 

Swiss Life Gestion Privee

  • “All eyes are now on Hermes which is likely to see some consensus downgrades as it will most likely be affected by a similar foreign exchange impact than the one suffered by LVMH”, said Head of Equities Eric Bleines
  • Hermes reports 3Q sales on Oct. 24 
  • For companies that are exposed to wine and spirits, this confirms that destocking is taking place and one should be careful since it could take a bit longer than expected
  • “The luxury sector is resilient but perhaps this has been overestimated: there remains a cyclical component to it which can’t be ignored”
  • “This is a miss sure but this is not such a big deal; one has to look at the bigger picture, these are not bad figures”

Meeschaert Asset Management

  • One big takeaway is the miss of the wine and spirits division
  • “This does not bode well for companies such as Remy Cointreau or Pernod Ricard,” said Harry Wolhandler, head of equities management
  • Profit warnings are to be expected in the alcoholic beverage sector
  • One positive development is the good sales dynamic in China, the stabilization in the US but there is also some deceleration in Europe
  • Against this backdrop it is better to favor best-in-class stocks with pricing power and profit growth visibility and stay away from restructuring equity stories such as Kering, Wolhandler argued

Banque Eric Sturdza

  • “It’s not that bad really, but in terms or perception, this is their first miss in three years,” said portfolio manager Ludovic Labal
  • The slowdown of European consumers is the main concerning development in the trading update
  • Overall, it confirms that the luxury sector is slowing down but the impact will be less severe for top stocks like LVMH or Hermes than for laggards and stocks perceived as being in the “value” segment of the sector

Palatine Asset Management

  • “I used to say that I liked LVMH because they typically do better than expected but it’s the first time in a while that they disappoint,” said senior portfolio manager Bruno Vacossin
  • The big miss of the trading update is on wine and spirits
  • One has to put today’s share price fall in perspective with the 3% gain made

And comments from big banks:

RBC (outperform)

  • The 2024 outlook remains uncertain and negative earnings revisions are likely not over, analysts led by Piral Dadhania wrote
  • Revenue miss is likely to add further pressure to the broader luxury sector in the near term
  • Key Fashion & Leather division missed expectations for the first time in a number of years
  • Trends are moderating across the board, LVMH management told analysts 
  • Price target lowered to €800 from €810

Barclays (equal-weight)

  • Lower consumption from the European local consumer was the main changing factor
  • CFO didn’t comment on the earnings outlook but said FX would be a headwind for margins
  • Analysts led by Carole Madjo see “risk of earnings pressure in the short term and weaker top-line growth in 2024”
  • Equal-weight rating confirmed

Barclays (equal-weight)

  • Lower consumption from the European local consumer was the main changing factor * CFO didn’t comment on the earnings outlook but said FX would be a headwind for margins * Analysts led by Carole Madjo see “risk of earnings pressure in the short term and weaker top-line growth in 2024”
  • Equal-weight rating confirmed

Morgan Stanley (overweight)

  • “Overall, while today’s miss is not extremely material in magnitude, and market expectations had been lowered in recent weeks, today’s release will nevertheless be taken negatively for LVMH and the broader luxury good sector,” analysts led by Edouard Aubin wrote
  • Four divisions out of five came below expectations with the largest miss coming from Wines & Spirits 
  • All regions decelerated but this was more pronounced in Europe

AlphaValue (add)

  • Softer pace was mainly due to moderated growth in Asia, especially in China and the normalization of both local and tourist demand in Europe
  • “The uncertain macro environment in the Western world and the challenging consumer environment in China have weighed on the demand for luxury goods,” analyst Jie Zhang wrote

LVMH is a bellwether for luxury. And with JPM Markets Desk’s latest warning, “Sentiment is quickly turning very negative across US consumer,” and another from several other banks that show credit card spending unexpectedly cratered in September – this doesn’t bode well for the strong consumer narrative into a US presidential election cycle in 2024.