LVMH Talks About Edun

Paris - LVMH is to take a minority stake in Edun, the ecological and ethical fashion start-up founded by Irish singer Bono and his lovely wife, the world's biggest luxury group said last Thursday.

Launched in 2005, Edun aims to promote sustainable development and fair trading by selling T-shirts and dresses in organic cotton made in countries such as India, Peru, Uganda, Kenya and Lesotho.

Financial details of the deal were not disclosed.

"We are proud to contribute to the operational development of Edun and to the improvement of living standards of local communities," LVMH Chief Executive Bernard Arnault said in a statement.

The French group's other fashion brands include Celine, Kenzo, Donna Karan and Louis Vuitton.

Bono, whose real name is Paul Hewson, is the lead singer of rock band U2 and an active humanitarian campaigner, nominated for the Nobel Peace Prize.

"With LVMH, we can step up (Edun's) development, giving greater stability to our suppliers and the local communities they support," Bono said in LVMH's statement.

Edun will maintain its headquarters in Dublin and a subsidiary in New York. Mark Weber, head of Donna Karan International, will supervise LVMH's investment for the French luxury group.

As he announced the Edun deal, Arnault said trading in April was broadly in line with the level seen during the first quarter, with a slight improvement in wines and spirits.

Asked about the group's operations overall, Arnault told Reuters: "It is in line with the first quarter."

Jean-Jacques Guiony, LVMH Finance Director, later told Reuters there had been a slight improvement in wines and spirits particularly in Cognac sales, which made up about half of the unit's sales.

But conclusions could not be drawn based on one month's trading, he added.

Moet Hennessy, LVMH's wines and spirit unit, saw revenue drop 22 percent in the first quarter on a like-for-like basis.

Hennessy volumes alone were down 21 percent.

Arnault added that Diageo, which still owns 34 percent of Moet Hennessy, was not planning to sell its stake.

"To my knowledge, our partner is not looking to sell its stake, so the question is not on the agenda," he said.

Last month, LVMH denied it was in talks to sell control of Moet Hennessy to Diageo, attempting to quash market rumors the two groups were preparing a deal. Industry observers at the time said they believed Diageo appeared more keen on fully owning Moet Hennessy than LVMH was on selling.

Citing analysts who expect to see green shoots of recovery next year, Arnault forecast market conditions would improve faster in the United States than in Europe.

"The economy will have to pick up again," Arnault said.]

Source: Reuters UK

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Fashion Designer Michael Kors Exhibit His Works

Museum opened in late February the first exhibition on the work of American fashion designer Michael Kors. The display will be up through Feb. 7, 2010.

Known for his role as a judge in the critically acclaimed television show "Project Runway," Michael Kors is recognized as one of America's preeminent sportswear designers and entrepreneurs.

The collection presented in the exhibition also is part of the legacy of Wendy Zuckerwise Ritter, said Dr. Anne Bissonnette, curator for the Kent State University Museum.

"It looks very put together because it's all from the wardrobe of one woman," Bissonnette said. "All of these are very businesslike. You aren't being flamboyant, you are a billboard for your company."

Bissonnette said that Ritter and Kors met when Kors was presenting trunk shows at Bergdorf Goodman, at the time when Ritter headed the Donna Karan boutique. When the Michael Kors flagship store opened on Madison Avenue in 2000, the recently married Wendy was asked to consider commuting between her new home in Dayton and Manhattan.

"She had developed an impressive clientele," Bissonnette said. "She had a knack for knowing just what her clients wanted. Michael asked her to come to New York, with her client list, when he started his store."

Between 2000 and her death in 2008, she commuted between Dayton and New York, according to information provided by the museum.

In 2010, when the exhibit will end, Michael Kors will celebrate 30 years in business, Bissonnette said. His namesake company, established in 1981, currently produces a range of products through his multiple labels and includes women's and men's ready-to-wear, women's accessories as well as fragrance and beauty products. In addition to his own labels, he designed for the French fashion house Celine between 1997 and January 2004, Bissonnette added. The 14 ensembles featured in the exhibition include garments produced for both his labels and for Celine.

"He makes things that are minimal, very simple but very well-made," Bissonnette said. "They are also very comfortable and chic. It's interesting for us to show this to our fashion students, who sometimes want to create these over-the-top garments that throw everything in. He pays attention to what people want. This is a business, and Michael has been in the business for about 30 years. He's not only a talented designer, but he's a good entrepreneur."

Bissonnette said that Kors described himself as "the oldest young designer in New York City."

According to information provided by the museum, Kors still participates in trunk shows where he spends time on the selling floor with customers, sales associates and merchants.

"I can make something beautiful, but if it doesn't work in real life, then to me it's a disaster," Kors stated in a media release. He stated his design and marketing strategies are not unlike those of Calvin Klein, Ralph Lauren and Donna Karan, whose shoulders he stands on. Even with his success, Kors remains cautious: "The minute you think you're there, you're done for."

Source: Aurora Advocate