Sunday, August 10, 2014
Many of the fashion industry’s top luxury brands are still family controlled. The brands are passed down through the generations. Fendi, which was founded in 1925, has been passed down four generations, and Salvatore Ferragamo, founded in 1927, has been passed down through three generations. Current family leaders for the brand take care in vetting the next heir to their fashion empire, by placing them in positions of power and influence in the company to test their abilities. The next generation heirs face the challenge of not only living up to the high expectations of the inherited brand name, but also keeping the brand current.
See, Fashion Heirs Who Inherit Family Business Have Big Shoes to Fill, Style, August 8, 2014.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.