If in the last decade you’ve gone looking for a simple cashmere sweater and instead encountered ones with zippers, giant animal faces, glitter shoulders or “distressed” anything — that’s novelty. If you found yourself annoyed, you were not alone. “That was so we could sell to Saks, Neiman, Barneys, Nordstrom, Colette, and everybody could have their own special thing,” Sternberg recalled. “I was basically making stuff I didn’t like because I thought a buyer wanted it, not even the customer.”
So detrimental was the cycle of overproduction and discounting to luxury goods that in 2018, Burberry, the British label, revealed that it had been burning — not metaphorically but literally: burning — $37 million of worth of merchandise per year to maintain “brand value.”
fashion might go the way of other industries, like film, in which there are the blockbusters and the tiny indies and nothing in between. “Band didn’t need to be a $100 million brand,” Sternberg said. “But is there a place for a $30 million brand that can self-sustain and be around year after year? Certainly not with big backers, because that’s not interesting to them. Wholesale used to be able to support that, but it also ultimately killed it.”
If you’ve used up your NYT reads this month, here is a link to the unlocked article.