Beware Red Ink On the Runway
Two years ago, after Robert Polet became chairman of Gucci Group, he told designers of the corporation's smaller brands that they had to be on the road to profitability by 2007 -- or else. Polet didn't say precisely what would happen to Stella McCartney, Balenciaga, Alexander McQueen and Yves Saint Laurent if they didn't stop hemorrhaging money. But his meaning was clear.</br></br>Under the leadership of Domenico de Sole and Tom Ford, Gucci Group had acquired a host of brands, most notably Yves Saint Laurent. Those acquisitions were a strain on the parent company, which maintained financial stability thanks to the steady sales of Gucci handbags and shoes. But after Ford left two years ago, the signature brand was having its own troubles -- hiring, firing and promoting designers in a series of moves to find his replacement. The smaller brands needed to prove their viability.</br></br>If the merchandise on the runway is any indication, the threat of unemployment seems to be working -- at least for the most part. Designer Tomas Maier transformed Bottega Veneta into a profitable brand known for exquisite handbags crafted from woven leather, matte crocodile and snakeskin. Maier's ready-to-wear, which he showed last month in Milan, is streamlined, artful and speaks of personal indulgence and wealth with dignified subtlety and grace. Last week in Paris, the company opened a new Bottega Veneta boutique on the swanky Avenue Montaigne and editors, admirers and Polet turned out to toast the brand.</br></br>Designer Nicolas Ghesquiere showed a stellar fall collection for Balenciaga last week -- one that followed a breathtaking presentation for spring. With the help of its popular handbags, as well as a small specialty collection of trousers and one of reworked vintage designs, Balenciaga appears positioned to meet Polet's deadline. The brand has benefited from significant attention in Paris. There is an exhibition showing now that examines the relationship between Cristobal Balenciaga and an American client, the socialite Mona Bismarck. And in July, another one will open celebrating the house's history.</br></br>The other members of Gucci Group have been more troublesome. Since taking over at Yves Saint Laurent, designer Stefano Pilati has created a series of iconic accessories, including a platform loafer that is more expensive clodhopper than elegant footwear. But he struggles to strike a balance between femininity and feminism -- a dichotomy for which the brand is so famous and revered. Pilati has alternately overwhelmed his mannequins with ruffles, oppressed them with religious references and offered fussy collections that would require a valet, a driver and a manservant before they could be deemed manageable.