by The Fashion Cult
Say what you will about Isaac Mizrahi. The man is rolling in it, while yet another too-snooty-for-the-masses label has bitten the proverbial dust. (Above L to R: Phi Spring 2010, Resort 2010, Fall 2009)
Phi’s collections, presented during fashion week in the company’s 10,000-square-foot penthouse showroom on Ninth Avenue in Manhattan, which could be reached through an atmospheric freight elevator, were widely praised by fashion insiders, but targeted a select group of fashion consumers — so niche that its prospects became too restricted for the label to continue to be viable in the current financial climate.
“If you are putting a collection out there that speaks to a niche audience, which is what we always intended to do, you are defining a much more narrow market for yourself,” said ceo Julia Hansen, who declined to disclose the brand’s volume. “You have made a decision to be niche, and unfortunately the current realities have shrunk that market. This decision wasn’t based on how is the collection doing right now, but it was based on the overarching economic climate and the downward pressure on luxury goods over the next 12 to 24 months.”
Shucks. I guess waif billionaires with bondage/Mad Max tendencies will have to get their wears elsewhere now.
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