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Bloomberg Article: Understanded Luxury Back in Fashion

bmulford

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http://www.bloomberg.com/apps/news?p...B1E&refer=home


Not really news to anyone here, but articulated reasonably well. Ostentatious displays of wealth will take a back seat with stability, establishment and earnestness taking its place.

Does this mean we're going to see more half attempts at suits/shoes/cases in the years to come?


---------------------------------


Oct. 8 (Bloomberg) -- In-your-face luxury is suddenly very passe.

Ostentatious taste and conspicuous consumption will make way for conservative looks and ``stealth wealth'' in the wake of the worldwide financial crisis, said Milton Pedraza, chief executive officer of the Luxury Institute in New York.

``Nobody wants to be the luxury pinata,'' Pedraza said in an interview yesterday after a global sell-off sent markets reeling from Europe to Asia. ``Who wants to be the focus of attention on greedy spending in a tremendous crisis?''

Luxury consumers will still covet extraordinary things, but they'll spend less and won't let everyone know what they're consuming, Pedraza said. That may be especially true for members of the financial industry, he said.

``If you made your money on Wall Street, you are going to be an unpopular guest,'' Pedraza said. ``You clearly need to be discreet, far more than those who made their money in, for example, technology. Even Donald Trump is going to be a little more subdued.''

Bloomberg News asked Pedraza to identify the dos and don'ts of luxury consumption during a financial meltdown. His firm surveys the wealthy regularly and sells data to clients including major luxury-goods makers.

Living in ``a huge McMansion'' is out, and buying a ``classic Colonial'' is in, Pedraza said. Owning the biggest yacht is out, and choosing an environmentally friendly model is in, he said.

``I don't think you'll want to show up in your orange Lamborghini,'' Pedraza said. `You might want to bring your navy blue BMW instead.''

Fewer Insignias

Oversize watches are no-nos, he said, while classic timepieces are de rigueur. Likewise, forget $10,000 mobile phones and buy an iPhone instead.

Insignia mania will subside as the wealthy get frugal, Pedraza predicted. That should benefit brands like Hermes, Bottega Veneta, Salvatore Ferragamo, Patek Philippe and Vacheron Constantin, he said.

``Logo-free is optimal,'' Pedraza said. ``Logo-subdued is the next-best alternative.''

Men's fashions will undergo a noticeable change, he forecast.

``The `I'm-rich-but-casual' look is out, and the `I'm- credible-and-conservative' suit and tie are in,'' Pedraza said. ``You don't want to be the most casual-looking guy in the room with a custom shirt and chinos.''

The tie will make a big comeback, he predicted, with men favoring slender styles with sedate patterns over solid bright- colored ties with big knots.

Loafers Out, Wingtips In

In the current environment, bold, multicolored shirts with French cuffs and bejeweled cuff links are ``tacky,'' Pedraza said.

Loafers -- in particular, rubber-studded driving shoes -- now seem ``flimsy'' and streamlined wingtips are the better, more substantial choice, he said.

Pedraza also said more men will start carrying attache cases as a symbol of gravitas. As for the bigger picture, the luxury expert sees a gender shift.

``Women are in as CEOs and board members, men are out,'' Pedraza said. ``Men have lost a lot of credibility.''

To contact the reporter on the story: Cotten Timberlake in Washington at [email protected]
Last Updated: October 8, 2008 00:01 EDT
 

Manton

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It means CBD is back, baby.
 

Augusto86

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iPhones are inconspicuous consumption? For WHOM?
 

Manton

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Originally Posted by Augusto86
iPhones are inconspicuous consumption? For WHOM?

For anyone who would seriously consider a $10,000 cell phone. I didn't even know such a thing existed.
 

fuji

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Salvatore ferregamo is discreat? Loafers are not all flimsy.
 

Manton

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Originally Posted by chorse123
Environmentally friendly yachts?

Sailboats? Wind power!
 

bmulford

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Originally Posted by chorse123

Anyway, yes, isn't it a common trend that bear markets lead to cbd?


or at very least, Republicans going gay
 

Manton

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Originally Posted by chorse123
Sure, but they're not called yachts, right?

Sure, the term yacht long pre-dates power boats.
 

TRINI

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Originally Posted by Manton
For anyone who would seriously consider a $10,000 cell phone. I didn't even know such a thing existed.

Vertu.
 

vitaminc

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Originally Posted by Manton
For anyone who would seriously consider a $10,000 cell phone. I didn't even know such a thing existed.

Not in the US, but in UK, Europe and Asia those are pretty popular. Besides Vertu there are some other custom made ones with diamond/gold all over the place.
 

dkzzzz

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Originally Posted by chorse123
Wrong kind of bear market, I think.

Lol
 

dopamine

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Originally Posted by Manton
For anyone who would seriously consider a $10,000 cell phone. I didn't even know such a thing existed.

Vertu makes phones that cost $30000. Some Bang and Olufsen phones are up there too.
 

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