Troubled Times at Jean Paul Gaultier
By Timothy Hagy, Paris Editor
According to a press release issued by Jean Paul Gaultier Couture,
the House is embarking on a period of restructuring in an attempt
to stabilize finances by the end of 2005. Just as the
celebrated designer's eponymous label entered into a period of
expansion (opening new boutiques, developing the haute couture
line, and launching accessories), a series of international crises
caused economic havoc across the entire luxury sector.
When pressed by Agence France Presse, Donald Potard, CEO of Gaultier,
insisted that the House intended to "conserve all of its
activities, beginning with Haute Couture."
Famed Paris luxury label Hermès holds 35% of Gaultier Couture,
and has itself seen a turbulent week. Stocks tumbled on the Paris Stock
Exchange on Monday, November 8, following publication of weaker than
expected third quarter earnings. According to Women's Wear Daily, part
problem stems from late delivery of pieces from Jean Paul
Gaultier's premier collection of women's Ready-to-Wear.