Despite a rather unflattering report earlier this month on the stagnant Wang space in Soho, the designer seems unfazed. In a recent interview with MarketWatch, Wang alludes to the empty shop and her feelings on the recession, she says,
"This plan was made about two years ago...There's no question that many people in fashion have felt the repercussions of the recession. I'm fairly thorough about looking at the sell-through. I feel fairly optimistic that by the time they get done, hopefully the economy will be on the rebound."
Though the Wang shop sits unaltered with a flapping poster in the storefront, the designer's clothing collections are faring well. Or so the retailers say. Despite first quarter loses and decreased sales goals, Kohl's and Nordstrom insist that the designer's offerings, Vera by Vera Wang and Vera Wang respectively, should do very well this season.
Our network partner, The Runway Scoop, stands behind the notion that a recession doesn't influence fashion follow-through as dramatically as the public thinks. Her position, that luxury knows no-bounds when it comes to a slowing economy, seems to pivot on the fact that they big fashion companies, like LVMH, continue to expand in light of the recession.
It's just a matter of holding on to the railing, we think, as Wang herself said, "...by the time they get done, hopefully the economy will be on the rebound". That is, it's not as if the recession doesn't effect big companies, rather, that they have the means to push through the downturn and focus on the light at the end of the tunnel.
With a Vera Wang shop sitting empty on Mercer Street since January of 2007, we bet the "fairly optimistic" Wang (and many other high end brands) are crossing their fingers and repeating the words 'rebound' into the microphone because saying it, you know, makes them feel better.