Bucking the Trend

I know we're in a recession, but every time I open the pages of WWD, some luxury company or other is posting gains, usually record profits. That, on top of announcements of new store openings in as-of-yet untapped markets, like Iraq or China. So it does seem a little odd when a high end designer like Gianfranco Ferre announces the closing of its Manhattan flagship store, doesn't it?

I mean, considering the current exchange rates right now, the Madison Avenue spot should be a steal. And usually, such sweet locales are a necessary trade-off to elevate a label's brand in the minds of potential consumers. So it does seem a bit odd.

Then again, who really shops at Ferre here in the US, anyway? You never hear of girls going crazy for the latest Ferre bag, or white blouse, an item for which the late designer was best known. In fact, not since Lars Nilsson was ousted and the house tapped the designers of little known 6267 to take over, has anyone really heard much of anything about Ferre.