Grab Your Fancy Duds for Met Gala Mania with Karl Lagerfeld

Vogue editor Anna Wintour attends The Metropolitan Museum of Art's Costume Institute benefit gala celebrating the opening of the "Camp: Notes on Fashion" exhibition on May 6, 2019, in New York. (AP)
Vogue editor Anna Wintour attends The Metropolitan Museum of Art's Costume Institute benefit gala celebrating the opening of the "Camp: Notes on Fashion" exhibition on May 6, 2019, in New York. (AP)
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Grab Your Fancy Duds for Met Gala Mania with Karl Lagerfeld

Vogue editor Anna Wintour attends The Metropolitan Museum of Art's Costume Institute benefit gala celebrating the opening of the "Camp: Notes on Fashion" exhibition on May 6, 2019, in New York. (AP)
Vogue editor Anna Wintour attends The Metropolitan Museum of Art's Costume Institute benefit gala celebrating the opening of the "Camp: Notes on Fashion" exhibition on May 6, 2019, in New York. (AP)

It's the first Monday in May: Welcome to Met Gala mania.

With a livestream available when the evening gets underway, the world's most fashionable fundraiser takes on one of the world's most prolific — and controversial — designers, the late Karl Lagerfeld, as the starry party's theme.

So how would the man of the hour, who died in 2019, feel about all the hullabaloo? Lagerfeld was a student of history, to be sure, but his eyes were forever on the future.

"Karl never wanted to have a retrospective when he was alive. He felt that it was funereal. He made the point that (Cristóbal) Balenciaga and (Coco) Chanel never had them when they were alive," said William Middleton, who wrote the biography "Paradise Now: The Extraordinary Life of Karl Lagerfeld."

So what about now?

"He believed very much in fashion history, so he’s a part of fashion history now. I don't think he would have had a problem with it," Middleton surmised.

Others aren't so sure.

Caroline Lebar worked with Lagerfeld for 35 years, rising to senior vice president of image and communications for his eponymous brand. Lagerfeld loved the Met, but he always said: "'I'm not an artist, I'm a fashion maker,'" Lebar said on the company's site.

"He didn’t think his work belonged in a museum. Anna Wintour also mentioned this when she made the announcement about the theme," Lebar explained.

The invitation-only gala earned $17.4 million last year for the Metropolitan Museum of Art's Costume Institute, a self-funding department with a budget dependent on the A-list affair. The price of attending went up this year to $300,000 for a table and $50,000 for a single ticket.

Companies and brands buy tables and host many of the roughly 400 guests expected this year from fashion, film, music, theater, sports, tech and social media. They were asked to dress "in honor of Karl" by gala mastermind Wintour, a close Lagerfeld friend who first signed on to the event in 1995 and took over the helm in 1999.

Fashion publicist Eleanor Lambert thought up the Met Gala back in 1948 as a fundraiser for the newly founded Costume Institute. It was a dinner held elsewhere. The idea is to celebrate the opening of the institute's big exhibition each year, this time called "Karl Lagerfeld: A Line of Beauty."

American fashion was last year's vibe. It followed gilded glamour and white tie. Camp was the theme in 2019, producing what is considered one of the wackiest displays of dress by the celebrity crowd.

Katy Perry wore a chandelier, then slipped into a hamburger outfit. Lady Gaga did a four-layer strip tease on the Met's Grand Staircase and Jared Leto carried a stage version of his own head.

Dressing to the Lagerfeld theme could be a breeze for guests with stylists able to source the best vintage pieces from the fashion houses where he worked: Chanel, Fendi, Chloé, Jean Patou, Balmain, his own brand and more.

This year’s five hosts include Wintour, as usual, along with Michaela Coel, longtime Chanel ambassador Penélope Cruz, recently retired tennis superstar Roger Federer and Dua Lipa.



Nike's New CEO Plans to Go Back to Basics in Brand Overhaul Effort

The Nike swoosh logo is seen outside the store on 5th Ave in New York, New York, US, March 19, 2019. (Reuters)
The Nike swoosh logo is seen outside the store on 5th Ave in New York, New York, US, March 19, 2019. (Reuters)
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Nike's New CEO Plans to Go Back to Basics in Brand Overhaul Effort

The Nike swoosh logo is seen outside the store on 5th Ave in New York, New York, US, March 19, 2019. (Reuters)
The Nike swoosh logo is seen outside the store on 5th Ave in New York, New York, US, March 19, 2019. (Reuters)

Nike's new CEO Elliott Hill warned of a long road to sales recovery for the sportswear giant, but the veteran executive's plan to turn the spotlight on sports like basketball and running, allayed some investor worries.

The company said on Thursday it was expecting third-quarter revenue to drop to low double digits after the embattled sportswear seller's quarterly results beat market estimates.

Hill, in his first public address as CEO on the post-earnings call, said Nike had "lost its obsession with sport" and vowed to put it back on track by refocusing on sport and selling more items at premium prices, Reuters reported.

"The recovery is going to be a multi-year process, but he(Hill) seems to be going back to the roots, back to Nike being Nike," said John Nagle, chief investment officer at Kavar Capital Partners, which owns Nike shares.

"(Hill plans to shift focus) away from some of the streetwear and fashion that had taken over the brand, the heavy discounting and the neglect of retailers. Just taking it back to what worked," Nagle said.

Hill, who was with Nike for more than three decades, returned as CEO in October to revive demand at the firm that has been struggling with strategy missteps that soured its relations with retailers such as Foot Locker.

Earlier this month, Foot Locker CEO Mary Dillon said Hill was "taking the right actions for the brand" and the retailer was "working closely" with Nike to emphasize newer sportswear styles, including Vomero and Air DT Max.

"(The retailers) they want us to get back to being Nike, and they want us to have the unrelenting flow of innovative products... and they want us to get back to delivering bold brand statements that help drive traffic," Hill said.

The company's market share dwindled as rival brands, including Roger Federer-backed On and Deckers' Hoka , lured consumers with fresher and more innovative styles.

Hill also highlighted that a lack of newness led Nike to become too promotional and said he plans to shift to selling more at full price on its website and app.

"With another half year of franchise management coupled with investment to reinvigorate the brand, we believe the next four quarters could be the worst of the margin erosion and earnings per share reductions," Barclays analyst Adrienne Yih said.

At least seven brokerages cut price targets on the stock with some analysts pointing to the lack of a clear timeline for Nike to return to growth.

Shares of Nike, which have lost about half of its value in the last three years, were down nearly about 2% in early trading on Friday.

Nike's forward price-to-earnings ratio for the next 12 months, a benchmark for valuing stocks, was 27.53, compared with 33.47 for Deckers and 32.32 for Adidas.

"A rudderless ship now has a rudder, and a sailor who knows how to drive it," said Eric Clark, portfolio manager at the Rational Dynamic Brands fund that owns Nike shares.