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For fun or profit?

By Lauren Goldstein, London

(TIME.com Europe) -- The woman with the bob was frantic. It was 6:30 p.m. and the fashion glitterati were still filing into the spring/summer 2001 Yves Saint Laurent show.

"Wasn't this scheduled for 6:00?" she asked with annoyance, not embarrassment, though the people around her cringed. Everyone in fashion knows that, "show at 6:00" means, "If all goes well, doors open at 6:00."

Who was this fashion novice and how'd she get one of the most coveted tickets in Paris? "I work for CNBC," she said.

Ah. The new breed of fashion journalist -- more concerned with plunging profits than soaring hemlines.

While she sat in the back-row fretting, in the front-row were the reporters who review the collections for the fashion -- not business -- pages.

They were being frantically air-kissed by the army of publicists employed to cater to their every need. But how much influence do these front-row divas have on the performance of a company?

According to the pre-show, post-review stock prices of the public companies, not much.

"The excitement of a show has nothing to do with what is happening at the company," Salomon Smith Barney apparel analyst Carol Pope Murray said. "Much of what is shown never makes it to retail."

The stock of Gucci Group was down some five points following dismal reviews of the collection and tepid comments about the presentation of their new acquisition, Yves Saint Laurent.

"It may have given some people pause," Murray admits. But the stock has since rebounded and trades above pre-show levels. It doesn't look like anyone is ready to bet much money on the words of wisdom from the front row.

Facts and figures, with current prices as of November 2, 2000:

Burberry, a unit of Great Universal Stores (GUS), London Pre-review share price: $6.33 "The clothes expressed fashion's ultimate sin: they gave even the models a large rear." International Herald Tribune (September 26 2000) Post-review share price: $6.27 Current share price: $7.42

Donna Karan (DK) Pre-review share price: $6.13 "If life is a party, Donna Karan is its diva. If life isn't a party -- oops! No day clothes! Perhaps Donna's beloved working woman has gone virtual, and now works from home..." WWD (September 25, 2000) Post-review share price: $6.00 Current price: $5.69

Givenchy, a unit of LVMH (LVMHY) Pre-review share price: $14.38 "In his best collection yet for Givenchy, (Alexander McQueen) hit on a level of chic aggression that seems right... Who else could craft Fifties-style skirts out of tightly packed, multicolored ruffles and make them look a little bit butch?" WWD (October 12, 2000) Post-review share price: $14.38 Current price: $14.44

Gucci (GUC) Pre-review share price: $99.44 "(Designer Tom Ford's) Gucci show on Tuesday night was not just truly ugly, but also seemed completely at odds with his reputation as a designer who loves women." New York Times (October 6, 2000) Post-review share price: $98.31 Current price: $100.38

Hermes (RMS), Paris Pre-review share price: $141.41 "Martin Margiela's show for Hermes seemed hijacked from the Land's End catalog." NYT (October 10, 2000) Post-review share price: $138.61 Current price: $143.55

Jil Sander (SAD3), Frankfurt Pre-review share price: $285.82 "Jil Sander's collection, without its founder, was a doleful effort, which mistook complexity for creativity and left the brand without a soul." IHT (October 5, 2000) Post-review share price: $286.87 Current price: $276.09

Kenneth Cole (KCP) Pre-review share price: $39.00 "There was little worth commenting upon ... and one wished that Mr. Cole's clothes were as clever as his ad campaigns." New York Times (September 20, 2000) Post-review price: $38.75 Current price: $45.00

Louis Vuitton, a unit of LVMH (LVMHY) Pre-review share price: $14.38 "A cute collection and although (Marc) Jacobs seems to design Vuitton from a formula, it works." IHT (October 13, 2000) Post-review share price: $14.19 Current price: $14.44

Ralph Lauren for Women (RL) Pre-review share price: $17.75 "His collection was pure, intriguing and full of snap." Women's Wear Daily (September 21, 2000) Post-review price: $17.75 Current price: $23.19

Valentino, a unit of HdP (HPI), Milan Pre-review share price: $1.11 "You can imagine the sighs of joy when ordinary mortals see this stuff parading across their television screens." IHT (October 11, 2000) Post-review share price: $1.07 Current price: $1.29

Yves Saint Laurent, a unit of Gucci Group (GUC) Pre-review share price: $98.00 "The collection was good, not great." NYT (October 14, 2000) Post-review share price: $95.88 Current price: $100.38

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