FT : EU aims to double amount of gas in storage by next winter

EU aims to double amount of gas in storage by next winter
Bloc to provide subsidies to companies to reduce reliance on Russian supplies

The EU intends to more than double the amount of gas in storage before next winter by providing subsidies to reduce its reliance on Russian supplies.

A European Commission draft proposal, obtained by the Financial Times, will set a target for 80 per cent of storage capacity to be filled by September 30, up from 29 per cent now.

Brussels proposes to scrap transmission fees for any gas in store, doubling the current 50 per cent rebate, and allow governments to pay companies to hold it.

The paper, expected to be adopted on Tuesday, suggests offering contracts for difference, which would guarantee a minimum price for the gas if its value drops while in storage, but other subsidies could be used.

Politicians have accused Russia of reducing gas supply deliberately to drive up prices, with an increase of 170 per cent over 2021. Gas reserves would allow countries to make up the shortfall. Russia accounts for 39 per cent of EU gas supplies, and the bloc has so far ignored calls for an embargo after the invasion of Ukraine.

Gazprom, the Russian oil company, also has influence over almost one-third of all gas storage in Germany, Austria and the Netherlands.

Kadri Simson, energy commissioner, is also considering setting a mandatory storage level each year.

The paper suggests that countries impose windfall taxes on energy providers to compensate customers for high costs. But such measures could only last until June 30 and must not be retrospective.

Brussels also wants a faster deployment of renewable energy. Under current proposals to cut carbon emissions, gas demand would fall by 23 per cent by 2030.

“At high gas prices, co-ordinated action could further reduce EU dependency,” says the paper, which could change before adoption.

It urges quicker planning processes and greater investment. Countries have bumper receipts from selling carbon permits under the Emissions Trading Scheme. Revenue was €30bn in 2021, double the year before because of high prices.

“These revenues can be invested in accelerating the deployment of renewable energy,” the paper says. It adds that almost a quarter of solar projects were postponed or cancelled in 2021 because of higher material and transport costs.

Other ideas include a “hydrogen accelerator” which would increase production and build infrastructure to transport the compressed gas as an alternative low carbon fuel, and sourcing more liquefied natural gas.

Agricultural subsidies should be used to fund biogas facilities, which convert manure and other waste to gas that can be burnt.

Addressing the European parliament on Thursday, Simson said the EU must “deliver on resilience, diversification and energy transition. It has become painfully clear that we cannot afford to give a third country the power to destabilise our energy markets or influence our energy choices”.

WWD : Fanatics Valued at $27B After Raising Another $1.5B in Funding

Fanatics Valued at $27B After Raising Another $1.5B in Funding
The investors include BlackRock, Fidelity and Michael Dell's private investment company, MSD Capital.

Fanatics may be inching ever closer to its long-expected IPO.

On Wednesday, the digital sports and merchandising platform raised another $1.5 billion, which now values the company at $27 billion.

The investors in this round include BlackRock, Fidelity and MSD Capital, Michael Dell’s private investment firm. The investors were drawn to the strength of Fanatics’ core commerce business as well as its “significant” growth opportunities, according to one source.

A spokesman for Fanatics declined to comment on the report.

One year ago, Fanatics raised $320 million from its existing lenders that more than doubled its valuation to $12.8 billion, and that was on top of the $350 million it raised in August 2020.

The company started out as an online sports merchandising business but has been building a global digital sports platform that now includes Topps, the leading trading card and collectibles business, as well as a sport betting and iGaming division that is being run by Matt King, the former chief executive officer of FanDuel, who joined Fanatics last year. It also holds a 50 percent stake in Lids, a retail headwear, sports apparel and accessories retailer, and recently created a company called Candy Digital, which sells NFTs.

Fanatics is still majority owned by Michael Rubin, who serves as executive chairman. Alongside him is Doug Mack, current commerce CEO, who oversees the core business which recently acquired Mitchell & Ness. Mack recently added responsibilities as vice chairman for the larger Fanatics company.

Other key management figures are Glenn Schiffman, chief financial officer, who held that same role with IAC, and Tucker Kain, chief strategy and growth offer, who was most recently president of the Los Angeles Dodgers.

Fanatics is expected to use the latest investment to continue to expand its digital sports platform and build a better business model.

For the past few years, Fanatics’ aggressive growth initiatives have led many in the investment community to speculate that an IPO is not far in the future for the company. But there is no update to the time frame.

In an interview with WWD last summer, Mack didn’t deny that it remains an available option for the company and said going public would present both challenges as well as advantages to Fanatics.

“We don’t need an IPO to raise capital because we’re well capitalized and we’re cash-flow positive,” he said in July. “The primary things to gain via an IPO would be to raise our visibility even further with the tens or hundreds of millions of consumers. And we’ve been fairly acquisitive as a company and that’s a little bit harder as a private company. The case against that is that as part of our culture, we’re extremely transparent internally, continually sharing the scorecard of how we’re performing, what we’re doing well and what we need to work on. And once a company becomes public, you lose the ability to share as much information internally.”

WWD : Dior Rewrites the Luxury Rule Book With Renovated Paris Flagship

Dior Rewrites the Luxury Rule Book With Renovated Paris Flagship
The French luxury house’s historic home on Avenue Montaigne reopens this week with facilities including a store, an exhibition space, restaurants and a private suite.


PARIS — Where in the world can you relax in an onyx marble bathtub, have a facial, enjoy a meal, order made-to-measure clothes and visit a museum — all under one roof?
Those are just some of the services on offer at Dior’s historic flagship at 30 Avenue Montaigne in Paris, which is set to reopen on Sunday after more than two years of renovations.
“It’s not just a flagship — it’s a universe that we present,” Pietro Beccari, chairman and chief executive officer of Christian Dior Couture, told WWD. “In reality, we should find a new name for it, because it’s a complex such as does not exist in the world, so it’s really a clear point that will mark the difference between us and our competitors.”


The building, which spans nearly 108,000 square feet, houses the French luxury brand’s largest boutique worldwide alongside La Galerie de Dior, the biggest permanent exhibition space dedicated to fashion in the hands of a private house. It’s home to rotating displays and preserved historic spaces, such as the original office of founder Christian Dior.

Related Galleries

Details at the Dior Flagship.
DOMINIQUE MAITRE/WWD
Also under the same roof are the haute couture ateliers, which have called the building home ever since Dior inaugurated the space in December 1946, just weeks before presenting his first collection and launching the revolutionary New Look.
For the first time, they will be joined by the high jewelry workshop, where customers can have precious stones mounted on custom-designed pieces. Meanwhile, the historic salon where the first fashion shows were held will now host dinners and special events.
In addition, 30 Montaigne is home to the Monsieur Dior restaurant and a Dior pastry café, housed in an atrium space filled with towering tropical trees and a bed of flowers. Both are run by French chef Jean Imbert, who also oversees the Café Dior adjacent to the exhibition gallery.
There is an alcove dedicated to beauty treatments, and last but not least, La Suite Dior, a private apartment whose keys give guests the full run of the building, with a dedicated staff of six to eight people around the clock, ranging from chefs to personal shoppers.
“It will be on command, and if you wake up because you’re jet-lagged and you feel like going to visit the museum in your bathrobe, you’ll be able to do so,” Beccari said. “There will be always someone awake. I’m fascinated by the thought that 30 Montaigne will never sleep.”
The entrance rotunda at Dior’s 30 Montaigne store with an installation by Paul Cocksedge.
DOMINIQUE MAITRE/WWD
The project was orchestrated by architect Peter Marino, who stuffed the space with original artworks, including a suspended installation, resembling falling paper leaves, by Paul Cocksedge in the entrance rotunda of the store, and a 26-foot-tall rose sculpture by Isa Genzken, which towers over the circular staircase in the center of the boutique.
“I’ve never done such a complex construction project during a worldwide pandemic,” Marino said in an email interview. He used more than 100 materials, from white stucco textures to custom-embroidered silks and cerused oaks, and worked with Belgian landscape architect Peter Wirtz on the three gardens that punctuate the space.
“One of the most exciting aspects of the Avenue Montaigne project is that it is a journey through the inner essence of the brand — expressed through the architecture, interior design and experience of each space,” he said.


“It’s not one idea throughout, but rather, walk-through spaces that tell a story, that keep the customer engaged and emotionally connected with Dior from start to finish. It’s about creating environments that allow the customer to explore the brand in a beautiful, immersive, delightful way,” Marino added.
Beccari said he came up with the idea within the first 100 days of arriving at Dior in 2018. He was understandably nervous about presenting it to Bernard Arnault, chairman and CEO of parent company LVMH Moët Hennessy Louis Vuitton, as it involved not only closing the brand’s number-one boutique, but also temporarily relocating the couture workshop.
“It was a bit crazy, but you know, finally, I think I met the Mr. Arnault that not a lot of people know, the one that is not really so rational and so calculating every move, but someone that is able to envision something and clearly decide with his stomach, with his intuition,” the Italian executive recalled.
“I was lucky enough that he saw the vision, he understood it and he followed me, and I must say that today, when we go through it, we are both very, very proud of what we did,” he added.
A room at Dior’s 30 Montaigne store designed by Peter Marino.
DOMINIQUE MAITRE/WWD
Dior himself liked to call it a “refuge of the marvelous.” He opened his first boutique, called Colifichets, at this very address, selling gifts and objects for the home. Nowadays, there is little the Dior boutique doesn’t offer, from handbags in exotic skins to made-to-measure tuxedos, alongside the full array of women’s and men’s ready-to-wear and accessories.
Women’s footwear is displayed next to a specially commissioned 10-foot-wide video installation of flowers in motion by media artist Jennifer Steinkamp, while a wood-paneled alcove, with a marble chimney and a crystal chandelier, houses evening shoes. There’s a personalization space for bags, shoes and eyewear, and a corner dedicated to knitwear.
The VIP men’s space, showcasing the designs of Kim Jones, has a 15-foot-high ceiling. It features a wall decorated with white canvas “toiles” on dressmakers’ forms, and leads onto a glass-enclosed winter garden, where a colorful steel sculpture by John Chamberlain sits alongside comfy sofas and exotic plants.


To celebrate the opening, the store is offering a host of exclusive products. They include box sets dedicated to the Lady Dior, Dior Caro, 30 Montaigne and Saddle handbags, each composed of four miniature bags embroidered with sketches.
A limited-edition box set of miniature embroidered Lady Dior bags.
DOMINIQUE MAITRE/WWD
There is also a limited-edition bag, in the shape of the building, designed with artist Penny Slinger, who collaborated with Dior womenswear designer Maria Grazia Chiuri on her fall 2019 haute couture line. It’s inspired by a gold concept outfit, also modeled after 30 Montaigne, that appeared in that show and is now on display in the gallery space.
It’s just one example of the many synergies between the different sections of the complex, which is actually made up of several adjoining buildings that literally provide bridges between the past and present via a number of secret passageways.
“It’s important to know where we come from, and I believe that luxury brands are a perfect mix between tradition and modernity,” Beccari said. “Mr. Dior never opened a pastry shop, but I’m sure that if he was here to ask, he would say absolutely yes, because he was a bon vivant. So there is a tradition and there is a modernity represented in the building, and I think it’s a good equilibrium.”
Nowhere is the history more alive than in La Galerie de Dior, which is headed by Olivier Flaviano, the former director of the Yves Saint Laurent Museum in Paris. Its set design is by interior architect Nathalie Crinière, who previously conceived the brand’s 70th anniversary retrospective at the Musée des Arts Décoratifs in 2017.
Like the boutique, the gallery stretches more than 21,500 square feet, divided into 13 thematic spaces housing 130 haute couture outfits, 33 toiles and between 150 and 200 accessories, in addition to scores of previously unseen archive documents. It’s open every day except Tuesday from 11 a.m. to 7 p.m., with admission costing 12 euros.
Visitors head up to the third floor by lift, and exit down a spiral staircase with a spectacular decor made up of 1,874 color-coded objects — sure to become catnip for Instagram. These include 452 miniature dresses and 1,422 3D printed objects, including small-scale models of the Saddle and Lady Dior handbags.


The color-coded staircase at La Galerie Dior in Paris.
DOMINIQUE MAITRE/WWD
The exhibit opens with Dior’s iconic Bar jacket, in a room exploring different facets of the couturier’s 10 years at the helm of the house. A separate room highlights all of the brand’s subsequent artistic directors: Yves Saint Laurent, Marc Bohan, Gianfranco Ferré, John Galliano, Raf Simons and Chiuri.
Crossing over the historic staircase, where photographer Willy Maywald immortalized Marlene Dietrich attending a 1955 show, you’re greeted by a Bertrand Buffet painting of Dior, before entering the room that was his office from 1946 to circa 1952.
Next door, visitors can peer through a glass floor at the original wooden cubbyhole where models did their hair and makeup, which has been decorated to look like it’s still in use. The building continued to host fashion shows until 1981, and the model “cabine” was later used as a stockroom for finished wedding gowns.
Further rooms explore topics including the haute couture process; Dior’s relationship with artists, and his former career as a gallerist; the brand’s Miss Dior and J’adore fragrances, and celebrities in Dior, with dresses including a replica of the midnight blue satin slipdress that Princess Diana wore to the 1996 Met Gala.
Highlights include a ballroom-style space showcasing some 30 designs — including a Junon dress from 1949 — that is bathed in a seven-minute video mapping projection. La Chambre aux Merveilles, a chamber of curiosities, features items ranging from a rhinestone and velvet choker from Dior’s first collection in 1947 to embroidered shoes featured in Chiuri’s most recent haute couture show.
The model “cabine” on display at La Galerie Dior in Paris.
DOMINIQUE MAITRE/WWD
Beccari said he expects the gallery, which can welcome up to 335 people at a time, to be fully booked every day. And despite the ongoing impact of the coronavirus pandemic, he’s confident the store will be a magnet for tourists and locals alike.
“We are positive that the future will again bring enough tourists to Paris, first of all, and second, this is a very special place for cocooning clients of any nationality, and especially probably the French, which are loving Dior more and more if I look at the figures,” he said. “I’m not worried about the type of money that we will do at Avenue Montaigne. I think we’re going to be OK.”


On Jan. 18, Dior raised prices worldwide by an average 8 percent, citing inflationary pressures, in a move that reflects the luxury industry’s strong pricing power after a record year for many brands. And the house clearly believes money is no object, with Beccari declining to reveal the cost of staying in La Suite Dior. “You will discover if you call and book it,” he said.
Signaling the brand’s strong momentum, he did not rule out opening similar multiuse flagships elsewhere. “We didn’t launch this project with the idea of doing a series of these projects,” he said. “So let’s see how it works, and if we have an appropriate level of space, and we see that the product works very well in Paris, the answer is: why not?”

>>> Fed's Mester (FOMC voter, hawk): The task for the Fed is to remove accommoda

Fed's Mester (FOMC voter, hawk): The task for the Fed is to remove accommodation at a pace that will keep the economy going
- Situation in Ukraine adds uncertainty to economic outlook
- Critical Fed uses policy to get inflation under control
- Potential is that large rise in energy price and supply chain issues continue for longer, increases chance of high inflation getting embedded in the US
- Starting with 25bp increase followed by additional hikes in coming months puts us in a good position
- If inflation does not ease as expected could hike faster
- Could very well be that rates need to move above long-run neutral in order to tame inflation

>>> Fed Chair Powell: Rise in commodity prices to push inflation higher - testif

Fed Chair Powell: Rise in commodity prices to push inflation higher - testifies before Senate
- FED needs to be alert, nimble in difficult environment
- There will be upward pressure on inflation for a while, we could see people holding back on spending in the US
- This is a great labor market for workers, especially at the lower end
- Restoring price stability is key to long term expansion