Dreams, Data, and Dior
Fashion Journalist and Advisor Philip Alexandre Livchitz On the Hidden Economics of Fashion
Philip Alexandre Livchitz is a writer and journalist who moves between worlds with a kind of quiet precision, one that helps his law-trained, finance-seasoned wit to exist deeply embedded in the cultural codes of fashion. His path winds from the corridors of Goldman Sachs to the pages of Perfect Magazine and from regulatory briefings to editorial boardrooms and fashion shows’ first rows.
Livchitz ’s vision is both analytical and poetic- he sees fashion not just as a surface, but as a system that thrives in nothing less than carefully calculated creativity. In this conversation, he peels back the gloss, offering a rare look at the industry’s inner workings: its illusions, its fractures, and at the very end, its endless possibilities.
Could you briefly walk us through your background?
My background is quite varied. I studied law, specializing in public and international economic law. I started my career in London working for law firms and later moved into financial services—first as an anti-money laundering analyst at Goldman Sachs, then at Playtech PLC, a FTSE 250 tech company. I advised commercial directors on entering regulated markets in Asia and North America.
Fashion was always in my life. As a child, I’d read whatever fashion materials I could get my hands on—even in the Soviet Union. My mother and grandmother were very stylish, and that rubbed off on me. I eventually grew disillusioned with finance and law and started writing and assisting stylists. That’s how I slowly entered the fashion industry.
That’s quite a pivot. Did your financial background help once you moved into fashion?
Although at first I tried to distance myself from it. For a while, I dove into fashion full-on without considering how I might bridge the two worlds. But eventually, I realized that my finance background could be a real asset in this industry. That’s the direction I’m moving in now—focusing more on luxury, brand strategy, and even private equity.
In today’s chaotic fashion landscape, what should a brand focus on first when positioning itself?
My advice to brand founders and creative directors is this: if you’re not well-versed in finance and business, find a partner who is. The learning curve is steep otherwise.I had a great conversation with Vanessa Friedman when I wrote a piece for Perfect Magazine back in 2023. It came out in the October print issue. We talked about the wave of creative director exits—starting with Simon Porte Jacquemus in 2022—and what that says about the instability of leadership in fashion brands. Vanessa and I agreed that creative vision is important, but a strong business foundation is equally critical.
So, having a hybrid background—finance, fashion, publishing—can really help guide brands more effectively?
Absolutely. Whether it’s tax optimization, growth strategies, or scaling, having that insight makes a big difference. Too few emerging brands think about their 6-to-12-month outlook, let alone their 3-to-5-year plans.
Do you think these brands are too trend-focused to be sustainable?
In many cases, yes. Some buzzy brands are everywhere—editorials, social media, worn by celebrities—but they’re not profitable. That disconnect between visibility and financial health is something I think about a lot.
I’ve also been wanting to write about that gap—the difference between brand image and the reality of sales.
It’s such an important topic. You can’t sustain creativity without financial health. Many brands look exciting from the outside, but internally, the numbers tell a different story.
Speaking of creative pressure, what do you think about Jonathan Anderson’s move to Dior and the volume of collections expected?
It’s intense. If the reports are accurate, he’ll be producing something like 18 collections a year, plus managing his brand. That’s what Karl Lagerfeld did. It’s exhausting just to imagine. I don’t think the current fashion system is sustainable beyond 2025. 2024 is already the first year in 15 years that personal luxury goods saw a slump. LVMH, Kering, Chanel—they’ve all posted underwhelming reports. Consumers don’t have the disposable income they once had, and aggressive price hikes haven’t helped.
So, who is buying all these collections? Who are they actually for?
Exactly. Fashion will always be bought, but the volume is out of sync with consumer behavior. Bain & Company still projects 4–6% compound annual growth for luxury goods through 2030, but that growth will come from markets like China (which may pick up again in 2025–26) and India. Africa, too, though that's a more complex expansion.
Expanding into markets like India and Africa—what’s key for brands trying to do that?
Strategic partnerships. Take Business of Fashion as a case study: Imran Amed, a former McKinsey consultant, built it as a hybrid of journalism and business acumen. They expanded into China through a local partnership. That same principle applies to brands—whether you’re entering a market, choosing influencers, or deciding on wholesale vs. DTC, you need local insight.
Let’s talk fashion media. You've worked in publishing. Where do you see fashion magazines heading?
Fashion media will always have a place, but it’s becoming a niche hobby. People are reading less. Not statistically speaking—just what I observe. In cities like Paris or Athens, you still see people reading on the metro, but print is becoming financially unsustainable.
So what’s your creative vision for the future of fashion media?
I think magazines will continue to exist, but they’ll have to evolve. Fashion media allows people to dream, to escape. But right now, everything is starting to look the same. AI will only accelerate that homogenization. The same teams produce the same campaigns and editorials across all major titles. The industry keeps recycling the same image-makers. That dilutes the visual landscape.
When we worked on 7HOLLYWOOD, we had that problem. Gorgeous covers, but expenses were unmanageable. And brands don’t sponsor the way they used to.
That’s the issue. Advertising budgets are down, and independent magazines often shoot editorials on zero budget. I spoke to a photographer recently—he said a single well-produced shoot costs between £5,000 and £10,000. Most indie publications can’t afford that.
And the system relies on unpaid contributors.
Exactly. It’s a broken model. The entire industry runs on goodwill—writers, interns, and stylists working for free. And that breeds long-term instability. We can’t maintain quality without proper funding. It’s helped some people climb the ladder, sure, but it’s not a scalable or fair system. You see it at Fashion Week too: celebrities in the front row, and struggling writers behind them, making no money.
It’s why I started my title—to say the things that aren’t being said in mainstream fashion coverage.
That’s essential. The fashion industry is vast, and we need more honest voices. Social media is now a more powerful platform than traditional media. Brands have become their publishers—look at Bottega Veneta’s Issued by Bottega. Beauty brands, especially, have the margins to create content that rivals traditional outlets and offers a fresh view on things.
That’s true. But there’s also something encouraging about the resilience of small brands.
Indeed, some independent brands are thriving remarkably. Take Erdem, for example. Last year, they had an impressive 90.5 per cent YoY profit, from £233,198.00 to £444,443.00. That shows success is possible outside the big conglomerates when there is a vision.
So the key is strategy, vision, and partnership.
Absolutely. Whether you're launching a magazine, a brand, or a PR agency, find someone who understands the financial side. It will make everything more sustainable and open the door for more creativity in the long run.