Money bags

Matthew Williamson is the next designer to jump on the extortionate accessories bandwagon. It has just been announced that the Icelandic company Baugur Group, which is trying to buy most of the British high-street, has taken a minority stake in his company with future plans to build the retail business and set up a separate accessories line which is due to lauch for the a/w 06-07 season.

Vogue reports

Joseph Velosa, who co-owns the company with Williamson, said they had met with a variety of potential investors before deciding that Baugur’s “philosophy” best suited them. “There is funding for two stores, the first of which will be in New York,” he said, adding that they planned to open that one this time next year followed by one in Paris the following year.