Hi, and welcome back to Line Sheet. As I was boarding the Eurostar to London this morning,
doomscrolling through my Instagram feed, news surfaced that Chanel had acquired Charvet, the 188-year-old Place Vendôme shirtmaker, for an undisclosed sum. Naturally, I was wearing a Charvet shirt—a red men’s style with red buttons—for the journey.
I had two conversations about Charvet yesterday that had nothing to do with Chanel, but now I understand that they had everything to do with Chanel. In today’s issue, designed especially for Inner Circle members (trade up
here), I offer some thoughts on why this happened, what it means, and what it doesn’t mean.
Elsewhere, I check in on Kering, which just lost its lead comms guy amid this big turnaround attempt, and drop a bit more T tea. Plus, I have some thoughts on the year ahead for Exemplar Luxury Group, the newly named parentco of Saks Fifth Avenue, Neiman Marcus, and Bergdorf
Goodman.
Tomorrow on Fashion People, my guest is super stylist Jason Bolden, who works with Cynthia Erivo, Nicole Kidman, Josh O’Connor, Michael B. Williams, and many others. Jason is truly amazing, and we had a great conversation about working retail, operating from a place of humility, his favorite brands of the moment, how he organizes a press
tour for an A-list star, and plenty more. Listen here and here.
Also mentioned in this issue: Dean Baquet, Kelly Klein, Jody Quon, Ryan Murphy, Matthieu
Blazy, Lauren Rubinski, Joe Kahn, Paul Michon, Loro Piana, Tim Blanks, Rian Phin, Emily in Paris, Sam Dolnick, Geoffroy van Raemdonck, Miuccia Prada, François-Henri Pinault, Burt Reynolds, Adam Moss, Plum Sykes, Belgian Shoes, Emilie Gargatte,
Jean-Claude Colban, Luca Guadagnino, Laurent Claquin, Anne-Marie Colban, Valérie Duport, Jared Hohlt, Sam Altman, and more.
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Three Things You Should Know…
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- Paul Michon bows out of Kering: The luxury group’s head of comms, who joined the business from Havas in 2010, is leaving the company—truly marking the end of an era. (As for where he lands next, my guess is that it will not be in luxury.) Michon managed through the good, the bad, and April’s Capital Markets Day. Like his former
boss, Valérie Duport, who left the group a few years ago, he was always responsive and respectful of journalists, even when they pissed him off, while always protecting the company. Paul’s openness—undoubtedly a cue from François-Henri Pinault, the group’s C.E.O. during most of his tenure—clearly helped with perception, even when things got really bad financially. At the moment, corporate comms requests are being handled by chief brand officer
Laurent Claquin—a Pinault right hand—and Emilie Gargatte, Michon’s longtime colleague. I will miss him!
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- Okay, now I will stop until they officially announce the appointment: I’ve got a bit more on how Jody Quon landed the gig at T: The New York Times Style Magazine. Apparently, she is the person who got Times executive editor Joe Kahn to take off his shoes and lie down on a carpeted floor like a centerfold—or at least kinda like Burt Reynolds
in Cosmo—for that 2022 New York magazine feature. Kahn, who unsurprisingly didn’t really have big feelings about who got this job, outsourced the search to Sulzberger
heir-cousin and very smart newsroom executive Sam Dolnick and former executive editor Dean Baquet, who fashions himself as a clotheshorse and something of a sophisticate. But perhaps Kahn’s personal experience with Quon, who made him comfortable in the creation of a memorable and lasting image, forced him to lean in a bit. Reminder: Jared Hohlt, another longtime member of the Adam Moss
mafia, is the editorial director of T. Finally, it’s worth noting that Chris Dixon, formerly of Vanity Fair and New York (and whom many people I know refer to as a “work bestie”), has recently been rehired by New York as design director.
- Onward and definitely upward for Exemplar Luxury Group: After exiting bankruptcy and securing the right financing more quickly than expected, executives at
the parentco of Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman are feeling good about the reset, I’m told. After all, numbers were so abysmal last year because of lack of inventory that they have nearly nowhere to go but up. However, Exemplar is also set to benefit from the success of Matthieu Blazy’s Chanel, which is drawing new foot traffic via the shop-in-shops.
The bad news for Exemplar C.E.O. Geoffroy van Raemdonck is that much of the
industry has figured out how to get on without Saks, Neiman, or Bergdorf. The good news is that much of the industry would still rather extract as much value from the relationship as possible. Recall that Chanel was owed more than $100 million from the last Saks Global regime, and they’re still working with Exemplar.
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Now on to the main event…
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Behind the bittersweet headlines, Chanel’s acquisition of Charvet is the story of
one great family business inheriting another.
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A few weeks back, I stopped into Charvet, the 188-year-old shirtmaker with a single
store on the Place Vendôme, to pick up a demi-custom order that I had placed in early March, right after Paris Fashion Week. It took several months for the two shirts, which each cost around €600, to be made by the atelier in Saint-Gaultier. The process was incredibly satisfying. Everything is so easily accessible today via the internet and a credit card that I was charmed by the fact that I couldn’t control when the shirts—a faded tangerine with pearl buttons, and a rare windowpane check—would
be finished. The whole experience played on the erogenous zones of psychological desire.
I am by no means a Charvet obsessive. Unlike many of my friends and acquaintances, I don’t know the owners. I’ve only been shopping there, off the rack, for a decade or so, when I started buying button-ups, slippers, scarves, socks, belts, and sweaters. A button-up is not such an easy silhouette for me, and yet I found that pretty much every Charvet version looked and felt better than a t-shirt. The
prices were also very upper-middle-class. A €1,000 sweater from Charvet costs something like €2,200 at a conglomerate-owned brand. Sure, they’re still incredibly expensive, but not out of the realm of possibility.
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Perhaps that’s why Charvet has become trendy among borderline Gen Xers like me—people
who seek a bit of depth in the brands they buy and want to believe they’re somehow smarter and unique in their spending habits, all while their inherent cynicism tells them otherwise. Yesterday, about 12 hours before Chanel announced it would acquire Charvet, a friend asked me what I thought of Rubirosa’s, that jewel box of a store on rue de Grenelle founded by Lauren Rubinski and inspired by the Charvets, Schostals, Belgian Shoes, and Vera Persianis of the
world—but rendered in an undeniably Millennial, ultra-polished, on-the-nose manufactured way. I said that I admired Rubirosa’s, but it seemed like a place where Emily from Emily in Paris would shop. “Are you a Charvet snob?” she asked. I gave her a thumbs up.
Anyway, I was always waiting for something like this Chanel deal to happen. After all, Charvet is covered ad nauseam in the taste-obsessed press and discussed endlessly by people like me. And after the collaboration
with Matthieu Blazy and Chanel for his first ready-to-wear collection, the brand became a growing part of the greater fashion conversation—an emblem, perhaps, of what luxury should be for sophisticated consumers. Charvet is singular, uncompromising, and a little weird. The only head fake was that we assumed those attributes explained why the
family would never sell out.
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In the end, Jean-Claude Colban and Anne-Marie Colban,
the brother-and-sister team that runs Charvet, did sell out to Chanel in what now feels like an inevitable transaction, given the fanfare around the collaboration. According to the official press communication, the acquisition came out of the work they did together. (They’re still calling the whole thing a “project,” by the way.) What I’ve heard on the back channels aligns—the Colbans may have even initiated the conversation.
Essentially, the Colbans saw what
Chanel has done with 19M—its collection of ateliers that specialize in everything from embroidery (Lesage) to hat-making (Michel) and feather work (Lemarié)—and believed that the Wertheimer family represented their best custodians, especially given the lack of a succession plan. Chanel’s development of 19M is indeed an example of how culture can be preserved without living in the past tense. And they prove it every year at Chanel’s Métiers d’art show, where they put the work of
the 19M ateliers front and center.
I reckon that the price was not an enormous sum, given that the business makes less than $20 million a year in revenue. Chanel promises that Charvet will maintain its creative independence, which is sure to be the case while the Colbans are still in charge. Chanel and the Wertheimers care deeply about the company’s reputation, given that it’s fully private and answers to zero outside shareholders, and they will want the narrative around this acquisition
to remain wholly positive. So Charvet will stay Charvet, at least for now.
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Chanel might be inclined to clean up the wholesale distribution—editors, get your
discounted Charvet on Net-a-Porter and Mr Porter while you can!—but otherwise I am confident that the initial changes will merely be on the operations side of the business—H.R., tech, etcetera—as the Wertheimers apply their acumen and economies of scale delicately. Don’t expect the prices to skyrocket (the slippers are already far more expensive than they used to be). The Colbans will also surely get more resources to do the things they’ve likely wanted to for a long time—and also to hire more
people: As I learned on my last visit, they are so busy at the moment that there is often no time for lunch.
It would be naive to think that a brand like Charvet would remain independent without a next generation of operators lined up. (That’s why Armani is selling, that’s why Loro Piana sold, etcetera, etcetera.) And, I assume for the Colbans, there were really only two possible acquirers: Chanel and Hermès. (I wonder how the Dumases feel about this.) Today the Colbans
have undoubtedly spent hours messaging with clients and friends, ensuring them that they are happy, that it was their decision, and that it was the right one. As a customer, I’m relieved that the bad thing happened and it’s not actually so bad. If this sale teaches us anything, it’s that nothing truly lasts forever.
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What I’m
Reading… and Looking At…
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Adore this profile of the
A’maree’s family. Go visit them in Newport Beach—it’s worth the trip! [Harper’s Bazaar]
The thing I love so much about Tim Blanks is that he knows what a designer is thinking
before the designer thinks it. No one else practicing fashion journalism is tuned in that way. [Au Coeur de La Mode]
Paloma Wool opened a gorgeous store in Los Angeles. Not far from Scout! [Wallpaper]
The 1990s fashion industry fixture Kelly Klein, immortalized in Ryan Murphy’s Love Story, has a collaboration with the
shoe-sock line Brave Pudding. [Shop It Now]
Neon bought the Luca Guadagnino movie about Sam Altman. [What I’m Hearing]
Plum Sykes unearthed a great skirt for
all because she’s a good editor. [P.S.]
“Beauty by itself is too easy.” —Miuccia Prada [Via RianPhin]
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Until tomorrow, Lauren
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