May 5, 2024

An American in Paris, Again: Alexander Wang at Balenciaga

At 28, he is the rising star who built a global multimillion-dollar business in less than a decade, opened his own stores in New York and Beijing and, last week, landed a plum job at a prestigious label in Paris, when he was named the creative director of Balenciaga. Some see Mr. Wang’s appointment as symbolic of the triumph of youth; others see the demise of fashion.

“It was a coup for Alex, and a coup for American fashion,” said Diane von Furstenberg. But, she added, “he’s going to need some mentoring in Paris.”

In a way, it is fitting that Mr. Wang should become the first American designer to take on a big, historic European design house since Marc Jacobs, Michael Kors and Narciso Rodriguez went to Paris in the late 1990s. (Only Mr. Jacobs, with his role at Louis Vuitton, remains there.) While other young designers have occasionally been proposed for such lofty jobs, it is Mr. Wang who most perfectly represents his generation’s more accessible and business-minded approach to fashion. He also reflects the growing prominence of designers of Asian descent who are making their mark on the global stage.

He is young, energetic, engaged, streetwise and generally adorable. And like all great (meaning successful) designers, he recognized a crucial shift in the market well before its impact had been fully realized, in this case how the democratization of fashion would also lead to a gradual devaluation of the concept of luxury. He created a business with estimated sales of more than $60 million by making contemporary T-shirts, sweatshirts and shorts that look remarkably like high fashion. (His company does not release numbers.) Early in his career, when critics said he was too commercial, Mr. Wang said: “I don’t see that as a negative thing. It is something I actually enjoy.”

But it is for the same reasons that his appointment at Balenciaga — nearly a century-old fashion house that was thoroughly modernized over the last 15 years under the considered eye of Nicolas Ghesquière — bothers so many people, or at least the fashion purists. Some established designers, grumbling privately because they did not want to be seen as meanies, see the change as symbolic of a broader watering-down of creativity in fashion.

“They’re not fashion designers,” one New York designer said. “They’re fashion curators. They’re sitting at a computer copying other peoples’ ideas.” Even on Balenciaga’s Facebook page, alongside the many positive comments about Mr. Wang, one fan sniped, with Ghesquière gone, “who will Wang rip-off now?”

Their fear is that PPR, the luxury group that owns Balenciaga, as well as Gucci, Saint Laurent and Bottega Veneta, plans to take the label in a more commercial direction, or that the choice of Mr. Wang, as an Asian-American, was somehow an opportunistic play for the emerging luxury market in China.

Mr. Wang’s command of the Chinese market and his fluency in Mandarin were not overlooked by executives at Balenciaga, but François-Henri Pinault, the chief executive of PPR, said that they were not considered criteria for his recruitment. He nevertheless described Mr. Wang’s heritage as “an extra value,” noting that he will bring more exposure to the brand worldwide.

Responding to the question of handing the keys to one of the most famous names in fashion to a designer so young, Mr. Pinault argued that, when Mr. Ghesquière began designing Balenciaga in the mid-1990s, “he was designing uniforms for Air France, and who would have said that Nicolas would become such a great talent?”

Anna Wintour, the editor of Vogue, who championed Mr. Wang for the job, also scoffed at concerns about his age.

“Oh, please, come on,” she said. “How great is it to be young? That is when designers are at their most fearless. That is when you do your most creative work.”

When Mr. Ghesquière was named chief designer there, in 1997, he was just 25.

ON Nov. 5, in a major surprise, Balenciaga announced that Mr. Ghesquière was leaving. His vision for the house, combining a reverence for the archives of Cristóbal Balenciaga with high-tech fabric treatments and elements inspired by science fiction, was so transformative that Style.com/Print recently described it as “the standard by which other big house revivals are judged.” The business grew to include 62 stores and, Mr. Pinault said, sales have expanded substantially since it was acquired by Gucci Group (as PPR was formerly known) in 2001. But Balenciaga is an expensive business to operate.

Cathy Horyn contributed reporting.


Article source: http://www.nytimes.com/2012/12/09/fashion/an-american-in-paris-again-alexander-wang-at-balenciaga.html?partner=rss&emc=rss

Toyota Set to Shake Off Woes With Record Sales in 2012

Toyota overtook General Motors Co as the world’s top-selling automaker in 2008 but is set to lose that crown this year as supply chain disruptions from the earthquake and tsunami in Japan and deadly floods in Thailand hampered production around the world.

With estimated sales in 2011 of 7.90 million vehicles for the group, including units Daihatsu Motor Co and Hino Motors Ltd, Toyota is likely to rank third in global sales behind General Motors and Volkswagen AG.

But the top spot could go back to Toyota next year as it builds inventory to meet pent-up demand and adds production capacity in China and Brazil. GM and VW have not disclosed their sales plans for 2012, and Toyota did not provide plans for the group.

Toyota’s parent-only plan for 2012 exceeds the peak of 8.43 million marked in 2007.

Toyota also announced plans to sell 8.95 million Toyota, Lexus and Scion vehicles worldwide in 2013, and build 8.98 million vehicles. It gave no regional breakdown for the forecasts outside Japan.

Toyota, once the envy of the auto industry, has had a tough two years, starting with a quality crisis that led to the recall of more than 10 million vehicles globally, a tarnished image and a subsequent slide in sales.

Just as it was starting to turn a corner from that crisis, the March 11 earthquake and tsunami that destroyed hundreds of kilometres of Japan’s northeastern coastline forced it and other domestic automakers to suspend and reduce output for months.

In October, damage to suppliers from Thailand’s floods did the same, hampering plans to make up for earlier output losses.

Production disrupted by the Thai floods has mostly returned to normal, leaving output at factories only in Japan and Thailand reduced.

(Reporting by Chang-Ran Kim; Editing by Joseph Radford)

Article source: http://www.nytimes.com/reuters/2011/12/21/business/business-us-toyota-forecast.html?partner=rss&emc=rss