LOOSE THREADS
Further proof tech billionaires are the cultural icons of the 2020s: Nvidia CEO Jensen Huang's uniform consists of a black leather Tom Ford jacket. Sotheby's just auctioned off one of these jackets, previously worn by him, for $960,000. Sotheby's said, per CNBC, "proceeds will go to a philanthropic initiative in support of the Edge Institute, which is a nonprofit dedicated to innovation." Carolyn Bessette Kennedy's camel Prada coat sold for a (paltry?) $192,000 earlier this year.
One of my very favorite items is on sale — the Bose QuietComfort headphones, which I wear every single day when I'm writing. They're $130 off through July 26.
The luxury sector is feeling pretty good after Richemont's fiscal first quarter earnings report, showing a 20 percent sales increase year over year, suggesting rich people are happy to shell out for jewelry. Analysts expect weaker results from competitors.
Zegna Group's sales are also up — 11 percent on an organic basis. Sales at the Zegna brand increased 17 percent year over year, while those at Thom Browne rose 2.7 percent. Tom Ford was up 7 percent, thanks to Haider Ackermann's creative direction.
Reformation wants to go public at a $1 billion valuation.
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Retail Confessions: Rolex
Selling Rolexes may be one of the easiest retail jobs in fashion.
Unlike Hermès, there’s not a complicated, storied system for figuring out who gets to buy a quota item. But as with Birkins, the watches sell themselves.
Today’s “Retail Confessions” interviewee, who sells Rolexes in a wealthy East Coast enclave, met their yearly sales quota halfway through the year.
“There’s so much demand that we could close the doors today and still do business for a while, just calling people back when watches arrive,” the salesperson said. Demand started booming during the pandemic and hasn’t cooled since. The watches are less time piece than status symbol. Aspirational buyers want them. Wealthy people want them for themselves and their kids.
“I ask, ‘Which graduation is it — high school or college?’” the salesperson said. “It’s bittersweet to be around this kind of luxury and beauty — it’s a privilege, but it’s also this never-ending reminder that you’re just not there. I’m the one serving it, not the one getting it delivered.”
Ahead, more on demanding clients, the man with an abbreviation for his private jet, and what customers have to do to get the good drinks.
How would you describe the clientele?
You have people who are aspirational, just trying to keep up with the Joneses. They’re looking for the entry-level oyster steel piece for $6,000. They don’t want diamonds. They can’t afford the gold. What we call oyster steel is really just an above-average stainless steel.
Then you have people who do this for fun. And of course you have the flippers.
How do you figure out who is who?
If someone comes in and just says, “What’s available?” typically they’re trying to see if there’s something they can walk away with and sell on the secondary market. Of course, people come in for sentimental moments too.
How can you tell who’s a reseller?
They can’t answer questions like, “What is this for? What do you like about the watch?” We’re not selling to people who aren't enthusiastic about the product. A genuine enthusiast will say, “I like the craftsmanship behind it, I like the history, I like the customization.”
Doesn’t it seem weird to you that resellers don’t do the most rudimentary Googling?
It’s crazy to me that no one comes in prepared. Honestly, I hope people read this — that’s one less person wasting my time in the future.
How demanding are people?
I wouldn’t say demanding is the right word — I’d say pushy or arrogant. It’s a tone, it’s a look. It’s so funny, the way these people talk to us sometimes.
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