Japanese fast-fashion retailer Uniqlo took off even as many were suffering in recent years. The Associated Foreign Press reported that Uniqlo’s parent company Fast Retailing said its net profit jumped more than 50 percent in the fourth quarter of 2009. Inexpensive, of-the-moment clothing is no doubt a safe bet during belt-tightening times, but why has Uniqlo in particular been so successful? Credit the basics: Uniqlo specializes in simple fashions—blue jeans, trench coats, cashmere sweaters and a range of great fitting tees--that make for investment pieces in tough times, especially as they generally hit beneath the $60 mark. The chain retailer managed to wrangle Jil Sander--one of fashion's most revered minimalist designers--out of retirement for a designer collaboration this past fall. The first installation of +J hit store racks in October and subsequently sold out in just a few hours.
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Having earned the adoration of Vogue and Hollywood starlets from Kirsten Dunst to Cate Blanchett at the same time when most fledgling brands are trying to break even, Laura and Kate Mulleavy—the Pasadena-based sisters behind Rodarte--know how to stay one step ahead. For a relatively small operation, they have in fact thrived despite being a prime candidate for the opposite. In just the past 16 months, the Mulleavys have earned numerous awards: in 2009 Rodarte won both the CFDA's award for Womenswear Designer of the Year, as well as the Swiss Textiles Award, the latter of which came with a $125,000 cash prize. And, back in 2008 they were the recipients of the CFDA's Swarovski Award for Womenswear. The duo also recently debuted a collaboration with Target (for which they received an unreleased, but no doubt sizable sum of money), which promptly sold out. Rodarte is also fresh off of the launch of a line of limited edition sweaters for men, which hit Opening Ceremony's racks last month and have already sold out. They have landed representation at William Morris Endeavors, which will cover any film or other non-fashion projects; and, an exhibition of their sartorial successes thus far opens at the Cooper Hewitt Museum Friday, February 11. To boot, rumor has it LVMH is looking to purchase a stake in the brand; meanwhile Wintour herself has said she'd like to see the Mulleavys take over a house like Schiaparelli; meaning, they seem to be sailing along just fine.
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Gilt Groupe essentially invented the member-only online sample sale. Now the phenomenon is reaching a fever pitch with various competitors holding their own in a fast-developing market. Private-sale sites are now even attracting brand-name investors. Gilt Groupe recently raised $55 million from two major investment firms. Thanks to the air of exclusivity established by invite-based entrance combined with online sales far surpassing what freestanding boutiques are earning, the private online sample sale porthole has proven as resilient as any retailer.
This social-networking site for the fashion set lets everyone be a stylist. The start-up was the brainchild of three ex-Yahoo engineers. When The New York Times logged its latest traffic back in July of 2009, the site had tripled its unique visitors in just one year. For the last six months the site has expanded into featuring ads, bringing in revenue to supplement the $2.5 million that Benchmark Capital originally invested in the project. Polyvore succeeded by finding a way to monetize our limitless impulse to browse clothing sites and play around with imaginary outfits we may never buy.
With Michelle Obama singing J. Crew’s praises at every opportunity and dressing her adorable girls head-to-toe in Crewcuts, it’s only natural the mid-priced retailer would see a major boom these last few years. But the primary woman deserving credit for J. Crew's profits is creative director Jenna Lyons. The company reported 14% revenue growth for the third quarter of 2009 and later saw big holiday sales. J. Crew has started incorporating one-off designer collaborations, as well as featuring ”Jenna's Picks,” lending an editorial feel fit to the standard catalog spreads. It just goes to show that in tight times, basics with a hint of flair are something for which many shoppers are still willing to dig out their wallets.
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Kate Moss came in no. 3 in Forbes' recent rankings of the world's highest earning supermodels. And, since hitting the $8.5 million a year mark, she's only continued to expand her endorsement deals. In addition to continuing her clothing collection for Topshop, Moss has also signed up to design two handbag collections a year for Longchamps, in addition to serving as the face of the accessories brand.
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Across the pond Burberry has proved itself remarkably resilient to the regular array of recession-induced perils. The house, which debuted a social networking site based around its most iconic style—the trench coat—as well as critically acclaimed men's and women's collections from head designer Christopher Bailey this past fall, has actually turned quite a profit despite the downturn. Women's Wear Daily reported that in the third quarter of this past fiscal year, wholesale sales grew more than 10 percent, to £105 million or around $170 million. Profit was up nearly a third in Europe alone.
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Sometimes the blue chip companies are the most recession-proof, and so it seems to be with Coach, which has shown steady growth throughout the recession. The clothing and accessories company posted double-digit gains last year. The brand is also gearing up to open its first-ever men's only store in Marc Jacobs’ territory on Bleecker Street in Manhattan, a rare glimmer of optimism for 2010.
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Hermes and Coach are two peas in a recession-proof pod. As recently as February 5, reports surfaced that the French luxury group had raised its expectations for profits turned in 2009. The move came as a result of Hermes beating its own forecast for yearly sales thanks to strong holiday sales. Overall profits were up slightly in 2009 (4.1 percent, to be exact) versus 2008, which is remarkable given the huge shake-up that the luxury market has endured as a result of the recession. Meanwhile, just like Coach, Hermes recently launched its first-ever men's only store in Manhattan. For its store opening fete, rumor has it the brand spent upwards of $3 million—no small sum no matter the state of the economy.
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TV host and mother of four, Heidi Klum is one of the hardest-working women in the fashion business. Klum was recently ranked the second-highest-earning supermodel by Forbes. Between the summers of 2008 and 2009, she raked in a whopping $16 million. Since then, the supermodel-turned-entrepreneur has already inked a deal to design not one but two maternity lines, for A Pea in the Pod and Motherhood Maternity. She also owns two fragrances, "Heidi Klum" and "Me." The supermodel also still plays host on Project Runway, in addition to acting as host, judge, and co-producer of Germany's version of Next Top Model. Despite a potentially disastrous move to Lifetime from Bravo, Klum helped Project Runway come back strong with its most recent season.
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