The Investor's Shelf — one book
Gods and Kings

Gods and Kings

Dana Thomas
2015
T3 422 pages · about 7h 2m to read OL19993190Wgoodreads

Galliano and McQueen inside the LVMH and Kering machine.

Summary

Thomas, a fashion journalist, wrote a dual biography of Alexander McQueen and John Galliano, tracing both from art school in London through their appointments at French luxury houses to McQueen's suicide in 2010 and Galliano's dismissal from Dior in 2011.

The business content sits underneath the biography and is the part relevant to operators. Thomas documents how LVMH and Gucci Group acquired heritage houses and installed young British designers to generate the publicity that would sell handbags, fragrance and accessories, which is where the profit sits. The runway collections functioned as marketing for the licensed and accessory business rather than as products. She documents the schedule this required: designers producing six, eight or more collections a year including menswear, couture, resort and pre-fall, plus advertising campaigns and store openings, against fixed deadlines set by corporate owners.

Her argument is that the industrial logic of the conglomerates destroyed the designers it depended on. Both men were creatively exceptional and neither had the temperament or the support to sustain that output. Thomas connects the pace, the isolation, the substance use and the absence of institutional care to both collapses.

The book is reported from many interviews though not from the two principals, and it is a narrative account rather than an analysis of luxury economics. Readers wanting that should look at business histories of LVMH. Some of Thomas's characterisations have been disputed by people close to both designers, and the treatment of Galliano's antisemitic outburst and its aftermath is necessarily an outsider's reconstruction.

Key takeaways 7

  1. Luxury conglomerates acquired heritage houses to sell accessories and fragrance, and the fashion collections functioned as marketing for those products.
  2. Installing publicity-generating designers at old houses was a deliberate commercial strategy rather than an artistic decision.
  3. The collection calendar imposed by corporate owners required output that no designer in earlier eras had been asked to sustain.
  4. Creative talent was treated as a replaceable input by owners whose returns came from the accessory business it promoted.
  5. Both designers built their reputations through spectacle shows whose cost was justified entirely by press coverage.
  6. Licensing and accessories generate the profit in luxury fashion, while the clothing shown on runways generally does not.
  7. The industry provided no institutional support for the people whose personal instability was part of what made the work commercially valuable.

Who should read it

Operators in creative industries who want a documented case of how the commercial structure of luxury depends on and consumes individual creative talent.

Where it sits in the reference 3

Companies
Biographies
Industries

Similar books 6

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