This week, we've all heard the news that the German and French economies are officially on their way to growth, leaving the recession behind. While that may be true on a macro level, the reality for many continental fashion business is less buoyant - it was confirmed yesterday that Escada, one of Germany's oldest luxury labels, has filed for insolvency.
Back on this side of the channel, while the headlines were filled with the news that unemployment has reached the highest level since 1995 at 2.4 million, there were also some upbeat stories for those optimists among us.
For example, today the team behind Principles announced their new brand Mint Velvet, will be launched online and in House of Fraser concessions in mid-October. Having failed to acquire Principles earlier this year, Peter Davies (Chairman of Clarks) has drawn together a team of his ex-colleagues to back his new venture, Mint Velvet, led by former Principles brand director Liz Houghton. She explained that Mint Velvet's target market will be 30 somethings who want “relaxed yet glamorous clothes” at a price-point cheaper than Karen Millen & Jigsaw. The new brand has ambitious plans to open its own stores by Christmas, focusing on market towns around the M25.
Fashionista wishes Mint Velvet all the best and looks forward to this new arrival to the high street!