derek lam is going global after announcing today that he sold a majority stake of his company to vienna-based labelux (owners of bally). first up? his first store on crosby street opening early next year. i think lam’s work has been ok…nothing stellar enough to warrant a freestanding store. he’s had the advantage of working with tod’s (where he is creative director) on his own lines’ shoes and handbags. i’m still waiting for the global brand expansion of narciso rodriguez.
in another part of the world, steve & barry’s, the company known for sarah jessica parker’s bitten and venus williams’ eleven lines, has filed for chapter 11 bankruptcy protection. s&b’s rapid expansion and increased cost of goods is being blamed, although so far no stores will close. hopefully the company will find a buyer…bitten was one of the most profitable fashion launches in history and sales were up 70% for the first five months of the year. but in this economy, even discount retailers are feeling the pinch.
images of lam’s fall 08.09 collection from style.com