september 8, 2017 special Edition

IPO on Ice Nineties in View Bridget Furla reports a leap Eyewear brands Foley’s Diary in first-half sales and showing at Vision Catching up with Ralph postpones its initial Expo West look to the Lauren on his decision to public offering. decade for inspiration. show in Bedford, N.Y. Page 3 Pages 15 to 21 Page 9 . Beauty. Business.

The Collections New York Swear By It Tom Ford certainly did, in more ways than one. First, the invitation to his celebrity draw of a show Wednesday night came with a fragrance named F--king Fabulous. As for the clothes, they stuck to the high-glam, super-sexy styles for which he is known, from maillots paired with cargo pants and a tailored jacket to figure-hugging evening gowns like the one seen here on . For more on NYFW, see pages 26 to 31.

Photograph By Stéphane Feugère september 8, 2017 3

accessories number as at the end of December, but the company has closed 24 units and opened 24, in an effort to upgrade its network and expand square footage of the stores. Like- for-like sales were up double-digit. “We are Furla Postpones IPO Plans seeing more units per transaction, with the new categories that we are introducing — ● The Italian accessories Furla’s Westfield eyewear, watches and textiles,” Furlanetto Sydney store. said. company continues to Camerlengo remarked on the growing grow and is focusing on success of the men’s division. In Asia, in expanding its production. particular, it was up 133 percent. In the region, nine men’s travel retail points By Luisa Zargani of sale just opened with the fall season and an additional seven units will bow MILAN — Furla continues to grow rapidly for spring. Of these, two are in the U.S., after a record-breaking 2016, but it’s in Philadelphia and Dallas, and one in T postponing its plans for an initial public Galleria Guam. Furlanetto revealed that, in offering. February, the company will start show- “We need to strengthen our manufac- ing the men’s and women’s categories turing and we have no need to raise cash,” together, foregoing Pitti Uomo in January. president Giovanna Furlanetto told WWD. In the first six months, Japan and the Furla produces 2.5 million bags yearly Europe, Middle East and Africa region and it is working to increase production were each up 16 percent while the U.S. by 500,000 units. While the focus is on reported a 3 percent gain in revenues. the premium market, Furlanetto said she “This is a healthy growth, without dis- plans to introduce a collection of high- counts,” said Camerlengo, noting that the er-end bags made with vegetable-tanned company has stopped selling on Amazon leather and retailing at between 400 and to focus on full-price business. 600 euros. The EMEA region, including Italy, In May 2016, after years of speculation, represented 45 percent of sales; Japan 24 Furla said it had set in motion plans to exchange, sales rose 22 percent. Even this region were up 64 percent. “Five-star percent; the Asia-Pacific region 24 percent, go public, inking an agreement with TIP Furlanetto admitted the growth was “unex- partners and five-star locations are key,” and the U.S. 7 percent. Tamburi Investment Partners SpA. The pected” on top of a record-breaking 2016. Furlanetto said. The travel retail sector also expanded, Marzotto, Loro Piana and Ferragamo fam- In the first half, the Asia-Pacific region He said the company is reevaluating its growing 47 percent and leveraging a total ilies are among the investors in TIP, which registered a 63 percent jump in sales. In partnerships globally, pointing to a new of 292 points of sale between boutiques, also has stakes in Hugo Boss and Ferrari. particular, China, where the company has partner in Thailand, for example, where corners, shops-in-shop, in-flight and In 2013, TIP invested in Remo Ruffini’s 43 stores, reported strong expansion and Furla has inked an agreement with Pacifica cruises. holding company, Ruffini Partecipazioni, like-for-like double-digit growth. Simi- Group, succeeding longstanding partner The brand is available in more than 100 indirectly buying a stake in Moncler, which larly, and Australia showed Central Group, and in India, working now countries and is carried by 1,200 multi- went public at the end of 2013. Tamburi “extraordinary results,” said chief execu- with Reliance Industries. The company is brand and department stores. had tentatively set the IPO for 2018, tive officer Alberto Camerlengo. now directly managing Portugal’s web of The group has recently unveiled new depending on market conditions. “Asia is growing and it’s a healthy mar- seven stores after 18 years with a partner, boutiques in London on Brompton Road The delay in any IPO was revealed as the ket, we sell full price, it’s not a market of said Furlanetto, and revamping them all. and in Amsterdam on PC Hoofstraat. Other Italian accessories group said sales rose discounts,” Camerlengo observed. The retail channel accounted for 65 per- openings are expected by the end of 2017 23.5 percent in the first half of 2017 to 238 Furla entered Australia three years ago cent of sales in the period. As of June 30, in Hong Kong, Beijing, Tokyo and Prague. million euros, compared with 193 million and has just expanded its store in Westfield the company had 444 stores, of which half Furlanetto said the plan is also to enter euros in the first half of 2016. At constant in Sydney with a 80-foot facade. Sales in were directly operated. This is the same Canada and New Zealand.

accessories Gentle Monster’s Shanghai L Catterton Asia Takes flagship. Stake in Gentle Monster ● The quirky South Korean but there are only a few. And when it -maker can become comes to lifestyle and consumer goods or accessories there are even fewer. Gentle a billion-dollar brand, the Monster is ripe for that,” he added. private equity firm said. Gentle Monster was founded in 2011 by Jay Oh and Hankook Kim and is known By Tiffany Ap for its “weird beauty” and unusual retail stores. Each store is a highly unique HONG KONG — Private equity firm L concept and provides an experience that’s Catterton Asia, leading a consortium of been likened to visiting an art gallery. investors including Groupe Arnault, has Previous brand collaborations include taken a stake in Gentle Monster, the quirky link-ups with Hood by Air, Henrik company’s largest customer base, followed companies [YG and Gentle Monster] are eyewear brand from South Korea. Vibskov and Opening Ceremony, and the by China. Thakran said it would evolve good friends and they both have great With the investment, L Catterton Asia actress Tilda Swinton. quickly into a global brand establishing a respect for each other. Even before we becomes the second-largest shareholder “It stands for something unique, this footprint in all major cities including Lon- completed our investment they already had after the brand’s founders and kick-starts real beauty,” Thakran said. “Beauty with don, Los Angeles, Dubai and more. been in talks with the South Korean stars a strategy to grow the company into a a quirk, beauty with a twist. Second, the “We are looking at 25 percent CAGR on of YG.” billion-dollar business over the next six brand says I will present my product in the this company and we believe it’s going to Although South Korea is experiencing to eight years, up from the nearly $200 highest-quality fashion. Every store has a maintain that momentum,” he added. considerable geopolitical turmoil — with million it does now. ‘wow’ factor. It may look like a bedroom, “We can grow much faster but we want to the head of large conglomerates like “I believe that across Asia there are only or look like a perfume store, or a store that control it.” Lotte under investigation for corruption, about six to eight brands that can achieve looks like a very exquisite bar. It has the In the next 18 months, they are likely to the chief executive officer of Samsung this level of notoriety, with a unique phenomenal ‘wow’ factor.” explore new product categories, he said. sentenced to prison for bribery and the image, that’s differentiated among lifestyle Currently Gentle Monster counts 160 L Catterton’s 2014 investment into leading THAAD fallout with China leading to low- brands,” said Ravi Thakran, L Catterton points of sale in 19 countries, including six South Korean agency YG Entertainment ered tourist flows — Thakran said it was not Asia’s chairman and managing partner. overseas flagships in New York, Beijing, also makes a great partner for Gentle a big worry for them. “Over the last decade, first starting in Shanghai, Chengdu and Hong Kong. A Monster. “That is much more about the mass and Japan, then in South Korea, Taiwan and flagship is opening in the ION mall in Singa- “YG is the leading name in the sector, large-scale tourism play, where we are China markets, companies have made an pore this month. [representing] G-Dragon, Psy,” Thakran not affected,” he said. China continues to effort to create brands with a unique char- The brand operates wholesale accounts said. “It’s the number-one modeling account for a substantial part of the busi- acter. For example, you see that in whisky but Thakran emphasized it is always agency, it’s the number-one television ness, he said, but Gentle Monster’s global with Yamazaki and Hibiki, in chocolate directly controlled. drama producer. Each of those arenas growth ambitions are not overly dependent

with Royce’, SK-II in beauty and Shiseido, The South Korean market forms the is a gateway. The founders of those two on it. Butti Ken by Furla photograph