Fashion Business News
In one of the biggest deals inked this season, the Swatch Group and Tiffany & Co. recently signed a 20-year strategic alliance for the Swiss company to manufacture and market watches for the luxury label. According to FashionWireDaily.com, Swatch will produce a full line of Tiffany & Co. watches, all made in Switzerland. Many of the existing designs loved by Tiffany devotees will continue to be produced, and of course, new designs will be added. In a press release, Michael J. Kowalski, CEO and chairman of Tiffany & Co., stated that “Swatch Group is the best conceivable strategic partner for Tiffany’s long-planned re-entry into watch distribution.” The Swatch Group is the world’s largest producer of watches and jewellery; its brands include Omega, Longines, Tissot, Rado, Calvin Klein, Breguet, and Pierre Balmain, all of which are made in 160 production centres in Switzerland.
Meanwhile, FashionWeekDaily.com reported that the board of directors at Prada S.p.A. plan on bringing the company public sometime in 2008. In December, the company began the process of becoming listed on Borsa Italiana, the main stock exchange in Milan, and appointed Italy’s Banca Intesa Sanpaolo S.p.A., UniCredit S.p.A., and Goldman, Sachs & Co. as key coordinators in the process. According to Patrizio Bertelli, CEO of Prada, “We are heading towards a new era in the company's history, with solid development potential on the basis of strong momentum, already shown by our results in the first semester of 2007.” Prada S.p.A. currently owns Prada, Miu Miu, Church, and the Car Shoe brands.
Another Collaboration
Following on its hit collaboration with Italian designer Roberto Cavalli, next month, Swedish fast-fashion chain H&M will release a collaborative project with Designers Against AIDS (DAA) of cotton pieces for men and women, designed by a slew of “creative types,” such as Rihanna, Timbaland, Good Charlotte, Rufus Wainwright, the Cardigans, Ziggy Marley, Scissor Sisters, and Jade Jagger. According to press materials, the collection will retail globally, with 25 percent of proceeds going to HIV and AIDS prevention projects around the world. The collection, which has been named “Fashion Against AIDS,” also has the goal of raising awareness about the illness among young people; DAA founder Ninette Murk states that 50 percent of the people newly infected with HIV are between the ages of 15 and 24. The collection features 100 percent certified organic cotton T-shirts, tank tops, and hooded sweaters, priced from $12.90 to $34.90, all featuring an original print and a special hang tang that reads, “This might be the most important piece of clothing you’ve ever had your hands on.” |
