Hi, and welcome to Line Sheet. I’m back in Los Angeles. Like
many of you, I know a lot of people who have lost their homes, and even more who are fearful of what this week may bring. At the same time, those of us who are lucky enough to feel safe at the moment have a chance to help those who don’t.
Everyone processes terrible things differently. (My reflex is to go for a run, which unfortunately I can’t do right now due to the smoke.) I’ve lived in Los Angeles for
nearly five years, arriving in July 2020 in an effort to escape another natural disaster of sorts: the pandemic. Unlike many others, we stayed, but there is no practical reason for me to live here. Our family is on the East Coast. My work is mostly in Paris. We love New York. And yet, the last thing I want to do is leave.
Today’s issue is mostly about things other than the fires, although I do have some
big-picture thoughts on how fashion should be thinking about managing these types of disasters. Elsewhere in the industry (at least outside Los Angeles), everyone’s talking about who will buy Versace. (Word is that a Prada Group alum is in discussions to join the design team; if the group were to buy Versace, wouldn’t that tie it all up with a nice little bow?) Plus, Puck’s senior political correspondent Tara Palmeri makes her Line Sheet debut with new
reporting on the TikTok situation that you won’t get anywhere else. And for the main event, I know you’ve been wondering why I haven’t mentioned the Proenza Schouler boys signing to replace Jonathan Anderson at Loewe. Well, I’m mentioning it now.
🚨🚨 Programming note: Tomorrow on Fashion People, Sarah Hoover joins me to discuss her new book,
The Motherload: Episodes From the Brink of Motherhood, on shelves that same day, plus the news of the week. I’m a big fan of Sarah’s as a human and think she looks great in Chanel. But I also really loved this book, which is very much in dialogue with the writing of Leandra Medine Cohen. Listen
here and here.
Mentioned in this issue: Dior, Jonathan Anderson, Proenza Schouler, Jack McCollough, Lazaro
Hernandez, Versace, Prada, Dario Vitale, L.A. wildfire relief, TikTok, Trump, LVMH, Sidney Toledano, Bernard Arnault, Maria Grazia Chiuri, Mel Ottenberg, Nick Cave (the other one), Dolce & Gabbana, Condé Nast, Susan Orlean, and many more…
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Three Things You Should Know…
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- A Versace-Prada plot twist: Since the end of last year, when word got out that Miuccia Prada right-hand Dario Vitale would be leaving Miu Miu this month, folks in Europe have been trying to figure out where exactly he could be going. Speculation abounded. Hopes and dreams were expressed. And yet, the only substantive thing going around is that he has been in talks with Versace.
As
for what Vitale was (or is) talking to them about? It remains unclear whether it is a role under creative director Donatella Versace, replacing her altogether, or joining as co-creative director (Raf-and-Miuccia style). My understanding is that nothing’s been signed—or, if it has, the arrangement has been put on hold because of Versace’s ownership situation. Only one thing is for certain: Donatella is hard at work on the next
collection, set to debut at Milan Fashion Week in February. A rep for Versace declined to comment on the matter.
The Vitale murmurs explain why I was intrigued by last week’s leak that the Prada Group was evaluating a strategic acquisition of… Versace. Some analysts have since pooh-poohed the idea, but for Donatella, I don’t think there’s a better option. She and Miuccia have a good relationship, and most importantly, they would know how to scale the business without further
damaging the brand. In reality, though, an actual deal comes down to whether the leadership at the Prada Group thinks Versace is worth absorbing—and if John Idol, C.E.O. of Versace parentco Capri, can extract a fair price to placate his board in the wake of the failed Tapestry merger. A Prada deal looks great on paper, but
the details are what matter. Meanwhile, let’s hope a vulture firm doesn’t come in with a fat, can’t-say-no-to number. Luckily, they always lowball.
- The force majeure clause only gets you so far: I haven’t been online as much this past week, prioritizing friends and family as many people around me scramble to figure out where to go for the next few weeks, months, and even years. However, I’ve felt a tremendous amount of déjà
vu back to the early days of Covid, regarding what small businesses, and retailers of every size, are now facing—store closures, loss of merchandise, fulfillment breakdowns, challenges with employees being able to make it to work, and having enough work for them if they do, etcetera. Unlike the pandemic, this is a regional trauma, but it underscores that most fashion businesses—with razor-thin margins, shallow balance sheets, and a tendency to prioritize short-term objectives—aren’t
prepared for this sort of loss. This tragedy serves as another reminder for businesses to remodel their contingency plans for improbable events where they are impacted directly or indirectly. Unfortunately, these sorts of disasters are only going to become more frequent.
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Tara Palmeri
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- What you need to know about TikTok: While Washington braces for Inauguration Day, Trump himself has become fixated on the day before: January 19, the deadline for TikTok to find a U.S. buyer or countenance a countrywide ban. Trump, who previously led the charge to ban the app, himself, has recently become enamored with the idea of
saving it. After all, the platform has developed a sizable MAGA-friendly audience, and preserving TikTok would be a solid for the growing number of his friends and donors who have an economic interest in keeping it alive. With the Supreme Court deliberating whether to overturn or delay the law—which provides the sitting president with the ability to institute a 90-day freeze if he’s in the process of facilitating a “qualified divestiture”—Trump perceives a golden opportunity to swoop in
and consummate the ultimate deal.
In conversations with six sources close to Trump, the consensus was that he wants to save the app, but hasn’t settled on how—an element of suspense that’s keeping TikTok executives and potential buyers up at night. (A nuclear option: Trump could try to order his attorney general not to enforce the ban.) Of course, the best outcome for potential buyers would be if TikTok-owner ByteDance could be induced by Trump to sell the U.S. business to
an American consortium, delivering TikTok and its immense financial value into domestic hands. That said, “No one in the incoming administration is talking to us about a sale,” a source working for TikTok told me. “These billionaires [Frank McCourt, Kevin O’Leary, et al.] who are going around saying they are going to buy TikTok are nothing but peacockers and masqueraders.” [Read More]
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And now, on to the main event…
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Jack McCollough and Lazaro Hernandez have signed their deals with
LVMH, which makes all but official Jonathan Anderson’s ascent to Dior while setting in motion a series of personnel changes that will play out over months… all while providing a happy ending to the Proenza reinvention.
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Last Paris Fashion Week, as rumors swirled that Loewe wunderkind
Jonathan Anderson was headed to Dior, Proenza Schouler founders and designers Jack McCollough and Lazaro Hernandez landed in Paris. It’s standard procedure for American designers who show in New York to spend time in Paris afterward; most store buyers—especially non-American ones—save the bulk of their budgets for Paris, and designers from around the globe set up showrooms across the city to ensure they aren’t forgotten. But I heard Jack and
Laz, as their friends call them, were in town to interview for the Loewe job. Even back in October, folks were convinced that, after months—years?—of speculation, a decision had been made, and that Jonathan Anderson would leave the brand for Dior.
The Proenza piece of it was less certain. It was just a little over a decade ago that McCollough and Hernandez, who founded their brand right out of
Parsons in 2002 and have since become emblematic of a generation of American designers, were themselves vying for the top job at Dior. In the intervening years, however, McCollough and Hernandez have been through hell and back with Proenza Schouler, enduring a series of investor mismatches while the larger industry was consumed by both consolidation and a profusion of independent brands that rose and largely fell on a diet of cheap money and bad business models.
By 2024, at last, the business had stabilized, with about $70 million in annual sales, filling a niche for women who were interested in looking good but disinterested in designer flash and increasingly out-of-reach prices. (Last year, I wrote about their
under-$1,000 leather jeans, which felt like a bargain compared to Phoebe Philo’s over-$5,000 version.) At independent boutiques across the U.S., Proenza Schouler had become a number one or number two brand. For years, Proenza was far too reliant on handbags, especially their hit cross-body, the PS1, and the business became vulnerable when the style fell out of favor. Now, they were running a more diversified, less fad-driven business.
And yet, while they had survived multiple reckonings and come out mostly stronger for it—I’d say even humbled—the prospect that they would ever be appointed to a big house owned by Kering or LVMH seemed diminished. They’d missed their chance, and were doing something different now. So when I heard they’d gone in to discuss Loewe with Sidney Toledano & Co. at LVMH, I was unconvinced it would amount to anything. In the months since,
other plausible names were floated, among them Luke and Lucie Meier, who design Jil Sander, and Francesco Risso of Marni fame. Wouldn’t it be interesting if it was Dario Vitale, the longtime Miu Miu designer director, who is set to exit his post this month?
But as the weeks went on, the argument for the Proenza boys grew stronger,
especially as Anderson’s appointment at Dior moved from speculative to all but certain pending the press release. This past week, HSBC even put out a note remarking on Dior’s business challenges and suggesting that the appointment of Anderson to the head of womenswear would put it back on the right track.
Also, last week, multiple sources told me that Hernandez and McCollough’s contract with LVMH had been signed, that
they would not show a Proenza Schouler runway collection at New York Fashion Week in February, and that the appointment could be announced by the end of the month, probably after couture. I reached out to reps for Loewe and Proenza Schouler, and also Hernandez and McCollough directly, for comment, but have yet to receive a response.
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At the moment, I don’t know any further details about Hernandez and
McCollough’s deal with LVMH, and whether the decision to bow out of New York Fashion Week was simply a matter of time management, or a business change at the brand, whose current investors are owed an exit. There’s always a chance that LVMH will take a stake in the business and restructure it, but the group has essentially stopped investing in designer-owned brands as a way to acqui-hire talent, ever since acquiring a stake in J.W. Anderson in 2013. It’s just too messy.
In the fashion community, the prospect of Hernandez and McCollough taking over Loewe has been met with… emotions. Particularly in America, where they continue to be adored and admired by editors and buyers who see their business challenges as representative of the struggles of young designers in the U.S. Proenza had everything—talent, Hollywood good looks, a hit handbag, Anna
Wintour—and they still didn’t make it all the way. If they’re given another chance with Loewe, or so this logic goes, it would be an indication that the success formula does indeed work, even if the path is longer and more circuitous than anticipated.
In Europe, however, there is some apprehension about the pair taking over at Loewe. On the positive side, Hernandez
and McCollough are respected there, which is no small thing. Most Europeans dismiss Americans who haven’t led a European house, but not the Proenza boys. I remember a snobby German editor looking at me seriously and saying, “They’re real designers.”
That said, there is skepticism that Hernandez and McCollough will be able to bring the requisite newness to Loewe required to keep the consumer’s interest
piqued. There’s no doubt they can take Anderson’s foundation and bring commercial polish to it. How they’ll innovate is another question. But overall, the vibe is: Good for them.
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As for Anderson at Dior, there are still questions about what
exactly that match will look like. It’s understood that Anderson has so far resisted a big appointment where he wouldn’t be designing both men’s and women’s. He’s particular and intentional about how he does things, just like Hedi Slimane. At Loewe, he controlled everything, from the social media output to the runway set. Even if he is designing men’s and women’s at Dior—and it seems increasingly likely that he’ll be responsible for women’s only—the machine behind him
will make it nearly impossible to evolve the marketing, store design, and other consumer experiences in a meaningful way… at least not quickly. The good news, for us, is that Anderson seems to thrive in difficult situations.
No matter the specifics of the role, the Anderson appointment will set off another round of cascading changes within LVMH. Open questions abound: Is Anderson replacing Maria
Grazia Chiuri, or Maria Grazia Chiuri and Kim Jones? Is Delphine Arnault staying at Dior as C.E.O.? If not, is she headed to the Fashion Group? Finally, what becomes of Chiuri?
Given the tremendous amount she has contributed to LVMH over the past seven years, I expect that Bernard Arnault will give Chiuri what she wants, and that the
Rome resort show schedule for May will go on, with Anderson making his debut either at couture in July or ready-to-wear in October, head-to-head with Matthieu Blazy at Chanel. And remember, Fendi, which celebrates its 100th anniversary this year, is currently without a designer. It just so happens to be headquartered in Rome… Chiuri’s hometown.
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What I’m Reading… and Thinking About
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The fashion people have mobilized to help fire victims. Everybody
is very into the Altadena Girls movement, and not just because of their cute logo (never underestimate the power of good design). Elizabeth Stewart, the celebrity stylist, has organized a clothing drive on the Westside. Line Sheet superstar Mel Ottenberg (and one of the world’s best editors and one of my favorite people alive) is promoting the LA Clothing Drive (organized by Interview contributor and stylist Lana Jay Lackey). And if my
dinner at Quarter Sheets on Sunday night was any indication, there are plenty of clothes to go around. After all, the only thing fashion women who live in L.A. wear these days is vintage jeans and sweatshirts from Scout. Shoe of choice: Reebok, Mephisto, Autry, and maybe Converse high-tops. (I blame Daphne Javitch, although Jen Brill is an inspiration as well.) The point being, give away your clothes, you don’t need them! Except for the sweatshirts and jeans.
[Donate here and here, and if you or a friend needs clothes, sign up here]
The artist Nick Cave told Puck’s very own art correspondent Julie Davich that he would love to design scarves for Hermès. If it happens… maybe this should be our first foray into commerce? [Instagram]
The owner of the Sex and the City townhouse has written an amusing—and convincing—plea to New York’s Landmark Preservation Commission to install a gate because the tourists are still out of control. Only in New York!
[Feed Me]
I’m loath to include this piece about Condé Nast’s battle with the local publisher of Vogue Arabia, because it didn’t credit my
reporting from six months ago, and there is essentially no new information. (Okay, Ben Smith did post a credit and apology on X after the story ran.) But I’m not that tacky. I know you love all the Condé stories you can get, and anyway, it’s a good reminder to send me tips so I can, once again, scoop everyone else by half
a year. [Semafor]
Susan Orlean on moving to Los Angeles. (I promise you will not roll your eyes.)
[Wordy Bird]
This investor guy, Scott Rudmann, is running an advertisement against this photo of him,
Anna Wintour, Stella McCartney, Greta Gerwig, Sienna Miller, and Scarlett Johansson. Just an F.Y.I. [Instagram]
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And finally… No jokes today. I love you and hope you, your
friends, and your family are okay!
Until tomorrow,
Lauren
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Puck’s daily art market email, anchored by industry expert Marion Maneker, offers unparalleled access to the
mega-auctions and galleries, elite buyers and sellers, and the power players who run this opaque world. Wall Power also features Julie Davich, a veteran of Christie’s and Sotheby’s, who provides unique insights into how the business really works.
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