As a consumer, like most, I've noticed myself becoming a bit more practical and having less bouts of 'splurging.' Even luxury brands aren't immune to the economy...
Tiffany & Co. has bought the bankrupt Lambertson Truex handbag brand and hired its designers as the jewelry retailer explores the possibility of developing handbags and leather accessories.
Henri Bendel is focusing in on its core categories — accessories, beauty and gifts. Under the retailer’s new strategy, the Fifth Avenue flagship will be downsized as Bendel’s concentrates on its most profitable areas while getting out of apparel.
Luxury retailer Barneys New York is trying to close two of its seven department stores to conserve cash amid a sharp decline in spending among the wealthiest Americans, according to people familiar with the matter.
In better news...
Online discount designer boutique Outnet has launched.
Even in the depths of a dark recession, luxury isn't such a bad place to be. While not entirely immune, the industry's biggest names--including Louis Vuitton, Hermès and Chanel--continue to succeed. This is according to the annual Millward Brown BrandZ ranking of the Top 100 Most Powerful Brands, a list that covers 50,000 brands worldwide, released April 29.