Jacquemus strengthens its presence in the United States. Last weekend, the French designer opened its first store in New York. Behind this inauguration, it’s hard not to see a race for growth, at a time when e-commerce sales – the brand’s preferred channel – are experiencing a marked slowdown. A seductive operation also aimed at financiers, to the point of considering an opening of the capital.
Last year, Jacquemus anticipated the adventures of Emily In Paris by setting course for Italy with a series of pop-up stores. This followed the conquest of Saint Tropez and a similar initiative in South Korea.
This season, the champion of Provençal chic sets up its first boutique outside the traditional American department store circuit, on which the brand has relied until now in the country. Saks and Nordstrom were its preferred distributors.
The strengthening of the brand’s own distribution network in Emily’s native land seems to mark a turning point with this first address on Uncle Sam’s doorstep, in the style of “Jacquemus…in Soho”. With a view to accelerating the number of physical store openings, the Parisian fashion house founded by the eponymous designer is now looking for potential shareholders – a first.
From Paris to Soho
At the intersection of Spring Street and Wooster Street, Jacquemus’ first directly-operated address on the other side of the Atlantic is an impressive sight.
With its exposed bricks characteristic of the Federal style built in 1818, the two-storey house housing the outlet is reminiscent of the district’s preferred industrial-inspired loft cladding.
Its opening on the weekend of October 18 drew a packed crowd of young people aged 20 to 30, the core target of the designer who, for the past 15 years, has been sharing his vision of contemporary fashion with as many people as possible. All this support salutes the designer’s authenticity and joie de vivre, distilled from the sunshine of his native Provence.
In the newly inaugurated boutique, collections of clothing, accessories, bags and shoes for both men and women are displayed over 270 m² (2,906 sq. ft.).
In addition to straw hats and ultra-short dresses, the brand innovates with products emblematic of the New York spirit, such as a reusable coffee mug, a baseball cap and a sweatshirt.
The interior, entrusted to the Dutch architectural firm OMA, bridges the gap between the southern roots of the brand and this new environment, with works of art by Wolfgang Tillmans and armchairs designed by Frank Lloyd Wright. The French DNA is nonetheless preserved, with limestone flooring and neutral-toned walls and fixtures.
To accompany the launch, the brand, accustomed to pop-up store formats, deployed a foodtruck near the New York outlet for three days. The foodtruck extolled the merits of the continental breakfast, while organizing a golden ticket hunt with a Le Rond Carré clutch bag as the prize.
This Jacquemus In New York theme is well reflected in the new campaign, shot by Tom Kneller and featuring a preppy style that Blair and Serena from the original Gossip Girls series would not have denied. All with croissant-shaped mascots and delightfully regressive inflatables like the Statue of Liberty.
In an interview with Fashion Network, designer Simon Porte Jacquemus readily admits that the location was not his first choice, as he would have preferred to invest in the greener surroundings of Central Park, more in tune with his open-air universe. A change of heart, given the exorbitant rents demanded in Manhattan’s green island.
American expansion on hold?
According to data reported by Italian media outlet Milano Finanza News, the brand’s two annual openings have been overhauled. The openings scheduled for 2025 – in Los Angeles in February and Miami later – have been put on hold.
The opening of Jacquemus’s new boutique in Soho was postponed several times before finally taking place this month.
The slowdown in the luxury goods market is at the root of this setback, accentuated by the weakening of e-commerce sales, the brand’s preferred channel. And this despite the fact that, just a few months ago, the fashion label was hailed by the markets for its dynamism and desirability.
And the situation is unlikely to ease until next year: sources close to the matter anticipate a 15-20% drop in sales for the 2024 financial year.
Despite the brand’s success, the development of its physical points of sale has put a strain on its finances. Not to mention the numerous events and fashion shows attracting an increasingly impressive array of celebrities.
All of which has put the brakes on the company’s geographic expansion…
Simon Porte Jacquemus hints at a wayout of this situation, but it seems unlikely that he will be able to stay the course without diluting the brand’s capital, bringing to an end 15 years of total independence.
The designer and founder told Fashion Network: “The mission is longevity”. He adds : “I know that not many people open stores in their own name. I was lucky […] But then I tell myself that my name is on the door, that people know us and that at 15, I’m a teenage brand.”
This seemingly innocuous metaphor seems to confirm the need for guidance for a brand in its prime. According to information gathered by the investigative media Miss Tweed, the brand has commissioned the investment bank Rothschild & Co to find a minority investor.
Known for presenting its products at a pace that runs counter to the official Paris Fashion Week calendar, the brand’s lack of a CEO since last December makes it all the more in need of a capital injection. Bastien Daguzan’s sudden departure was announced at the time.
According to a survey commissioned by Milano Finanza News from Bernstein, Jacquemus will have achieved sales of 280 million euros by 2023 and is aiming for half a billion euros by 2025. Despite its good performance, the firm’s experts seem to rule out the arrival of a large group due to its small size, believing that support from an investment fund is more likely.
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Read also > Phoebe Philo expands its distribution to a handful of very select stores
Featured Photo: © Jacquemus
