Recession or no recession, the fact remains that the luxury sector has been delivering huge profits for retail. Neiman Marcus, for example, recently reported a significant spike in profits, thanks to its impressive holiday sales of high-end goods.
Considering that fact, it's no surprise that more and more designers are choosing to take footwear -- often a more profitable business than, apparel -- in-house, instead of relying on collaborations for the work. Then there's designers like Stuart Weitzman, who is taking the next step of launching a higher-end shoe collection called SW1 for Fall 2012.
in December, we asked Weitzman if he thought the recession had had an effect on shoe sales, and he said he actually thought it had been beneficial to the industry: "I actually think it’s helped industries like shoes, which have long been considered second fiddle in an outfit. Now women are using accessories -- shoes, a great bag, some jewelry -- to feel fresh. Accessories have gotten a boost from women who are looking to cut back spending on clothing."
Now, the designer is introducing a high-end component to his business, which up until now had centered on pumps and shoes in the $325-$375 range. SW1, according to WWD, will feature art deco and '20s-inspired silhouettes with details like resin inlay on heels and materials like python and suede. The line is under the creative vision of Alvaro Gonzalez, who used to work for Jimmy Choo before coming on board to oversee SW1.
WWD reports that the shoes will run $795 to $995, and the handbags will cost between $800 and $1,500.