Reconfigured a decade ago as a digitally driven brand in the “masstige,” or affordable luxury, category, the Karl Lagerfeld company is fulfilling its promise rapidly.
He declined to give precise figures, but said revenues doubled in the company’s first quarter ended June 30 versus the same period in 2020. “We are definitely back to levels of 2019,” he said during a video call, framed sketches by the late designer arranged on the wall behind him. He trumpeted a positive consumer reaction to its collaboration with model and sustainability campaigner Amber Valletta on a capsule range of eco accessories made with cactus leather and organic cotton. A second product range, to include apparel, is in the works for spring 2022, as reported.
The company ended the year with about 250 stores and franchises globally, with roughly 20 more locations planned for the coming calendar year, with an emphasis on China, along with several projects in Russia and the Middle East, he noted. The CEO noted that the company retained all its employees, topping up salaries to 100 percent for any furloughed retail workers. “We work as one team, and one family,” he said.
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