Posts Tagged ‘lost’

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Another Bankruptcy Tale : Marck Ecko

November 16, 2009
Marc Ecko Hosts "All In For Tikva" Casino Night

I didnt even seen it passing in my news channel, so many bankruptcy tales are going on thanks to the recession that  its  impossible to keep it up with all.While i was browsing the medialanscape to get my traditionnal morning news i stumbled up on an article from the NYP reporting the lost control of Marck Ecko’own brand last september of this year.

As reported the hip-hop clothing kingpin  signed over a 51 percent interest in the Marc Ecko brand to Iconix, a New York company that owns a slew of fashion brands including Joe Boxer, Candie’s, Rocawear and London Fog.Ecko this year had laid off workers and auctioned off his watch trademarks and Avirex brand to raise cash in order to pay creditors.

Why is that a surprise ? Marcko made his way through  fashion retailing because  at the time he had a very good concept and there was an untaped market for urban clothing.Since things has evolved, he became a big spending party boy wich itself has completely thrown him out of touch with the “real urban market”.As an economist told me once the sole key to make your business profitable is control and reduce small costs like paper, power, cars, leases, pen…its theses insignificants costs once managed that make your way to fortune.Hence why Si Newhouse canceled Conde Nast’s famous Christmas lunch for the second year in a row and  hired a crisis management expert to reduce drasticaly costs, read no more “Pellegrino, Orangina, Red Bull, Fidji water” for Condenast cafeteria.

Sources said Ecko is still struggling to lease out pieces of his luxurious 280,000- square-foot headquarters in Midtown, which houses everything from a recording studio to a basketball court.Basically, Marck Ekco is best single encapsulated by all the things you should avoid to do once you head a business.

“I’ve had a crazy, wild ride. I’ve done a lot of things that have been naive,” Ecko told The Post. “I’ll take my lumps for a lot of things that, in retrospect, were a little indulgent. Life happens. I don’t regret any of it.”