LUXURY fashion labels may be looking to Asia for their silver lining in the dark economic clouds smothering the West, but with the financial crisis nipping ominously at their own heels, some Asian buyers at the just concluded Paris Fashion Week were treading with caution.
'We are approaching the collections from this season more conservatively,' says Susanne Laible, the general manager of buying for Harvey Nichols in Jakarta. 'It would be naive to keep spending in an elaborate manner. We are going for a tighter selection within each brand, as well as keeping to the brands that we are confident in.'
Ms Laible predicts that top-tier luxury brands such as Oscar de la Renta and Lanvin will continue to sell well because their target market is a demographic 'that will always have money, although maybe slightly less than before'.
And while she did feel that 'the designers played it too safe' at the Paris Fashion Week shows, there were a few collections that had the fashion press on their knees. Marc Jacobs for Louis Vuitton put on a triumphant, defiant display of feathers and stones that 'showed no signs of the recession', says Antonia Chang, fashion director for Cake magazine.
Ms Laible says those who shop for mid-priced ranges will really be the ones to take the hit. 'That is why it is important to find really fun, unique pieces from these types of collections. It is always nice when something looks more than it is.'
An example of such a range is alldressedup, a range of bohemian ready-to-wear that is well priced and versatile. The brainchild of Tina Tan-Leo and husband, Lionel Leo, alldressedup had a virtual revolving door of clients and buyers in its showroom during Paris Fashion Week.
'Even with these economic problems, we are still doing very well,' says Ms Tan-Leo, as buyers from Printemps, a high-end French department store, eyed her wares approvingly. 'There is a lot of interest in the brand. We have so many new accounts, so many new clients. I think it's because our responsible price points allow a woman to look special without breaking the bank.'
Part of alldressedup's success this difficult season could be attributed to their established status. While the brand has only been around since 2005, their aggressive marketing, combined with innovative design, has already given them a loyal clientele of stores that include Bergdorf Goodman in New York and online store net-a-porter.
'These days, international buyers are sticking to the brands they are familiar with,' Ms Tan-Leo acknowledges. 'They aren't being too experimental.' Newer, smaller brands are indeed feeling the crunch. 'I had five new clients last season,' says Tanikarn Sukwattahanasiri, managing director of Jogema jewellery, a distinctive and charming line that is stocked at Le Bon Marche in Paris. 'This season, I haven't had any so far, although all my clients have returned.'
Nitin Goyal, whose covetable tie-dyed cashmere scarves are stocked in Selfridges in London and Bloomingdales in the US, echoes Sukwattahanasiri's sentiments. 'Honestly, the buying has been slightly slower this season because of the economy,' he says. 'While I have had new accounts, proportionally, the footfall is not that much. However, as buyers are much more focused and serious these days, they procure better luxury items that are also functional. I think we haven't been too affected because we fall into that category.'
While it is clear that Western buyers have become significantly more conservative, Asian buyers were out in full force at the accessory shows at Paris Fashion Week, reflecting the concentration of the recession's effects in America and Europe.
'Some orders from my Asian buyers happened to be slightly smaller, but I don't think it has any link with the climate. I think it had more to do with changing the balance of the brands they have,' says Thierry Lasry, whose in-demand sunglasses are stocked in On Pedder in Singapore. 'For the European buyers, I think the economic climate has definitely been a factor. My orders from Europe are smaller by about 25 per cent.'
These buying patterns have some insiders buzzing that they indicate the beginnings of a fashionable shift from West to East.
'The West is down, and the East is on the way up,' Cary Cheng, retail consultant for Glamour Incorporate. 'The Koreans and the Japanese are the big buyers, you see it everywhere in the exhibitions. Western designers could become less relevant as fashion moves towards the East. Many of them produce their clothes in Asia and the Middle East. And with so many designers from these regions learning their craft in the Western world and bringing what they learned back to their home countries, it seems inevitable.'
