CHANGES AT IFA HEADQUARTERS

As the formalwear industry continues to present new opportunities and challenges, the IFA will continually adapt to our dynamic marketplace. The IFA Board of Directors is committed to continually monitoring our industry trends and member needs so that our association remains a valued and relevant organization. The IFA Board of Directors is embarking on an aggressive plan to reinvigorate and strengthen the IFA which features upgrades to the annual Expo, introduction of regional networking forums, launch of a new industry communication vehicle and growth within the membership ranks. Additionally, volunteers are currently reaching-out to related industry organizations to work on joint initiatives with IFA. IFA volunteer leaders have been working closely with our management partners at SmithBucklin Corporation to assess our overall staffing needs as we venture into a period designed to reinvent the IFA. It has been determined that a fresh perspective is needed within the role of our Executive Director to lead the organization during a time of heightened strategic focus and development of new programs and resources. Thus, after nine years of commitment and dedication to IFA, Karen Hurley will conclude her service as our Executive Director at the end of this month. Karen has decided to pursue other opportunities outside of SmithBucklin and thus will be leaving the firm at the same time that she departs IFA. The IFA Executive Committee is working with Kevin Gammonley, Senior Director at SmithBucklin, to evaluate candidates to fill the role of Executive Director. A seasoned association professional is expected to be in place in the coming weeks. In the meantime, Kevin has assembled a team of association professionals who will maintain IFA headquarter operations and keep our current initiatives moving forward. Membership Coordinator, Mark Swets, remains a key member of our staff team and is available to assist all members and industry contacts with their daily needs. All are welcome to contact Mark or Kevin at IFA Headquarters with questions during this transitional period. Additionally, all are welcome to contact the IFA volunteer President, Jim Carrow, with input at (507) 532-9415 or jpcarrow@iw.net.

CLASSIC TUXES FILL FALL’S MOVIES

If what’s on today’s movie screens is any indication of what’s going to shape tomorrow’s tuxedo industry, the men’s formalwear market will soon star in a specialized version of “Back to the Future.” The latest James Bond movie isn’t really all that new—it’s an update of an update that could send James Bond fans in a tailspin. (Here’s some data for trivia lovers: The first “Casino Royale” was a 1954 television special with Barry Nelson as Jimmy Bond—CIA agent! “Casino Royal” as a movie happened in 1967 with David Niven as the dapper British agent James Bond--- and Woody Allen as Jimmy Bond! The new version has a blond James Bond—Daniel Craig.) All three renditions, as with every James Bond show, are loaded with tuxedos. The newest film, due out November 17, shows the dashing JB in the classic black and white, peaked lapel, tux replete with white shirt and black satin bow tie. Of course none of that is new to Bond fans, but the formalwear industry might get a boost in tux shirts since Bond wears them casually, too. It’s a great look on which the industry can capitalize. The world may not be ready for yet another movie about Truman Capote, and the real guy might have been slight in stature, but he certainly wore a lot of formalwear. It’s evidenced in “Infamous.” The film opened October 13 and is a 1958-1962 period piece, so it features formalwear from that era. The classic black and white tux, with white shirt and black silk bowtie reigns supreme. (Trivia item: Daniel Craig—the new blond James Bond—is featured in this film as a dark-haired murderer.) 1968 is infamously portrayed in the movie “Bobby”—based on events surrounding the assassination of Bobby Kennedy. Formalwear is featured in a many of the film’s major scenes, especially men in both black tuxes and white dinner jackets (RFK died in June). Elijah Wood wears a white dinner jacket with ease and charm. The film opens November 17 and can have quite an impact on what men will be wearing next spring and summer when it comes out on DVD.

LUXURY FASHION CONSUMERS WANT STYLE & DESIGN

When it comes to buying new luxury fashions, it is all about the style and design, according to the latest survey among luxury fashion consumers from Unity Marketing. “Sales of luxury fashions tumbled in the second quarter, down 25 percent, compared to strong sales in the first quarter this year,” says Pam Danziger, president of Unity Marketing and author of the new book Shopping: Why We Love It and How Retailers Can Create the Ultimate Customer Experience. “How the luxury fashion industry will fare through the rest of the year and beyond is a function of how well designers and retailers dress the typical luxury consumer who is 40-something years old.” The ‘new luxury’ fashion consumer is first and foremost interested in choosing styles and designs that are suitable for their lifestyle. Some 61 percent of luxury fashion shoppers rated style and design very important in influencing the most recent purchase. The next most important factor is ‘good value for the price,’ rated very important by 54 percent of luxury fashion buyers. “Today’s luxury consumer is extremely value-conscious, looking to get the maximum value for the fashion dollar. Hardly cheap, they are perfectly willing to spend big bucks on fashion that provides real value, but they are not willing to spend on fashion that doesn’t reflect superior quality in materials and workmanship or careful attention to details that they prize. Designers and retailers need to design for this highly discerning, value-driven consumer,” Danziger explains. Shopping in a store that the luxury consumer knows and trusts is the third most important factor, rated very important by half of the luxury fashion shoppers. The store ranks ahead of the brand or designer, very important according to 47 percent of buyers. “This finding highlights the critical role the store merchandisers and buyers play in the fashion business. The buyers need to know their customer, understand her needs and carefully select those brands that match the shopper profile,” Danziger says. Among those factors which least influenced fashion shoppers in their most recent purchases were exclusivity (rated very important by only 20 percent); recommendations of friends (18 percent); internet research (12 percent); articles and reviews (11 percent); and advertising (9 percent). “According to shoppers, advertisements didn’t influence them when it came to making their last purchase. However, advertising, as well as articles and reviews, are of critical importance in communicating information about the latest styles and designs, building awareness and trust in specific stores and exposing consumers to different designers’ sensibilities. So while advertising may not drive shoppers in their purchases, it plays an indirect role in the fashion sales equation,” Danziger says.

JEWELRY EXPECTED TO ADD SPARKLE TO HOLIDAY RETAILING

Market watchers predict that jewelry is going to be an especially hot category this holiday gift-buying season. As such, you might want to add or expand a bling section to capture more bucks. Frank Badillo, senior economist with market research and consulting firm Retail Forward expects holiday sales to be "subdued" this year, forecasting a gain of 5 percent to $457.4 billion, which would fall short of last year's 6.1 increase. He expects jewelry to be a strong selling category for men and women. In both sectors, watches will be ticking in big business, The watch category will push past the $6.7 billion mark at retail as of 2010. The total gain for the span of years 2005-2010 will therefore be 10.1%, or $618 million. Based on these dollar and time frames, the compound annual growth rate (CAGR) for the same span is projected at 1.9%. While that compound rate seems slow, the size of the dollar base, and the substantially expanded pie to be shared by smart marketers; in that light, the categories expected performance can be construed as very good-to-excellent. The projection assumes a stable U.S. economy, and a watch purchase/use/replacement cycle without severe fluctuation. Wide leather, fabric, plastic, or rubber watch bands are currently very popular, reflecting mainstream youthful and urban style. Partly a reaction to hip-hop bling, partly an extension of clothing trends, the wide bands – which hark back to the 1970s – are observed everywhere. Some are interchangeable saddlebacks, meaning that snaps on the band secure the watch case, and thus can be easily changed. Other examples are of permanent bands that may be as wide, or wider, than their cases. New sports watches from Nike are very wide; the brand’s iD Cuff Watches resemble sweat cuffs, with the watch face hidden under cloth. Various Fossil models have wide bands, suiting the brand’s retro image. And a $41,000 watch from Richemont’s Van Cleef and Arpels has a wide black leather strap that is twice the width of the round watch case affixed to it; both strap and case are studded with diamonds. However, close to 35.8 million U.S. adults purchase watches with price tags of under $50. This level is over half the entire base of purchasers. Exactly as one would expect, persons living in households with higher levels of household income become more numerous among watch purchasers, with each higher price bracket. For watches priced under $20, incomes up to $50,000 have significantly above-average incidence; but incomes of up to $150,000 or more start to be important as of the $75-$99 price bracket. Other indicators of affluence – college or grad school experience, white-collar occupation, condo or coop ownership – all become more pronounced as watches become more expensive. The age factor here is not so clear-cut: Middle-age is definitely key to purchase of any watches, for this is the stage of life when many Americans first achieve affluence. And yet younger persons, for example, those aged 18-24, display higher-than-average incidence starting with the $50-$74 price bracket, and maintain such significance through most brackets up to and including $500-plus. It seems that status symbols, and perhaps luxury gadgetry, are more important to the young. Persons over the age of 54 do not effect notable skews except in two price brackets; $20- $49 and $300-$499.

Making News

Formal Times is spotlighting activities in the industry. Send us a press release, email or jot down a note to report any news about yourself, your firm, your employees, your customers, your salesman or upcoming events. Send it to admin@FormalTimes.com, email it directly to Tony Demasi at demasi@earthlink.net  or at (856) 227-6802.