New York—The really big news in fashion all seemed to be coming out of Paris this week. Looking fresh on the runways were new iterations of lames and laces. Fashion kingpin and perennial trend maker Karl Lagerfeld once again satisfied that Chanel look with his fresh take on oversized pearls, mini-cross body bags and backpacks.
But another kingpin Marc Jacobs made international headlines when it was confirmed that he would indeed be leaving Louis Vuitton after 16 years to work full time on eponymous brand. Jacobs was credited with reviving the Vuitton brand and helping turn it into a powerhouse. No doubt his goal of taking his own company public will results in another billion dollar fashion powerhouse.
Looking ahead to holiday. Two more optimistic forecasts came out this week. The National Retail Federation (NRF) predicted 3.9% growth, better than the actual 3.5% increase seen in 2012 and higher than the 10-year average holiday sales growth of 3.3%. The International Council of Shopping Centers (ICSC) issued its holiday prediction for a 3.5% increase in spending.
Both were welcome news to retailers. However, looming on the horizon is the U.S. Congress’ actions—or lack of them. Economists caution that a prolonged U.S. government shutdown would dampen consumer confidence and cut the spending power for the 800,000 government employees furloughed as a result of Congress’ stalemate.
Articles you won’t want to miss from this week include: