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Via HuffPo:
We're totally ready to turn the page on Michelle Obama McQueen Dressgate.
For those of you not caught up, here's the saga in a nutshell: the first lady wore British label Alexander McQueen to the State Dinner with China last week. Oscar de la Renta called her out for wearing a non-American designer and the CFDA released a statement expressing its disappointment in her choice. Meanwhile, Michelle donned all-American Rachel Roy to the State of the Union and we thought we'd gotten over all of the fashion drama. But then Cathy Horyn named Mrs. Obama the victim of a sartorial witch hunt and we just couldn't resist asking Joan Rivers what she thought of the whole thing.
And now, FLOTUS has spoken. In an interview with Robin Roberts of "Good Morning America" on Friday, the anchorwoman ventured to bring up the issue among important topics like Obama's reelection campaign, support for military families and Let's Move!
What was Michelle's response? She said, "Look, women, wear what you love. That's all I can say. That's my motto. I wear what I like because...I gotta be in the dress, so..."
First lady Michelle Obama spoke before presenting the 2010 National Medals for Museum and Library Science, during a ceremony in the East Room of the White House in Washington, Friday, Dec. 17, 2010.
First lady Michelle Obama gestured during the 2010 National Medals for Museum and Library Service presentation ceremony December 17, 2010 at the East Room of the White House in Washington, DC. Five museums and five libraries were 'chosen for their innovative approaches to public service, and for their success in improving communities and making a difference in peoples' lives,' according to a White House press release.
First lady Michelle Obama helped sort toys donated to the U.S. Marine Corps Reserve Toys For Tots program at Joint Base Anacostia-Bolling December 17, 2010 in Washington, DC. With nine days until Christmas, Obama joined about a dozen Marines in sorting some of the 100,000 toys that have been donated to children in need in the Washington, DC, area.
A view of the first lady's boots.
[photos by Getty Images and AP Photo]
via NYMag: In their latest Business Review, Harvard, that fashion-obsessed place a quick private plane ride north of us, had an analyst assess the monetary value Michelle Obama has on fashion labels she wears publicly. Apparently when Michelle wears something, that company's stock spikes upward. If it's not the label seeing a gain, stores that carry the labels, like Saks, stand to benefit. From November 2008 to December 2009, David Yermack counted that Michelle made 189 public appearances, and wore items by or sold at 29 publicly traded companies, including J.Crew, the Gap, Dillard's, and DSW. The total value generated by those appearances for those companies was $2.7 billion, while Yermack estimates the total value of a single public appearance at $14 million.
It seems there can be no bad time for Michelle Obama to be seen wearing a label's clothing, and the best places for her to do it are probably overseas. When Michelle went to Europe last year, the companies affiliated with her wardrobe enjoyed an average gain of 16.3 percent — meanwhile, the S&P 500's average gain was only 6.1 percent. Michelle also might hurt the companies she doesn't wear: Yermack analyzed 27 apparel competitors not worn by the FLOTUS and found that they lost 0.4 percent in value. Also, he says that Michelle's returns are not affected by the president's approval rating, and that companies like Saks that sell labels she wears frequently have enjoyed long-term gains. So when the Times and so many others wondered if Michelle Obama could save the fashion industry when she got to the White House, it seems that yes, she can, but she's also slightly hurting part of it.
But why does Michelle have this effect? Plenty of famous people wear things without producing such dramatic line graphs, after all.
How do the returns compare with those generated by other brand endorsers?
Few models or celebrities make the kind of impact on company stock price that Michelle Obama does. The First Lady’s astonishing influence may be tied to the fact that consumers know she’s not paid to wear what she does, whereas they may subconsciously discount models’ endorsements as inherently corrupt.
Have all First Ladies had this effect? No. Even fashion icons such as France’s Carla Bruni-Sarkozy do not. Bruni-Sarkozy, like many First Ladies, dresses mainly in one brand: Dior. Obama mixes couture with items anyone can buy at a mall—she famously wore J. Crew gloves while holding the Lincoln Bible at the Inauguration. Consumers flock to the stores, and even if they don’t buy what she wears, they often leave with something else.
Michelle Obama spoke about "Let's Move!" at the Congressional Hispanic Caucus Institute on Tuesday where she wore a dotted shirtdress that she looked super chic in. The blue and tan number was synched at the waist with a bowed belt. The first lady paired it with bright blue pumps.
[via Getty Images]
First lady Michelle O. brought some much-needed color to Martha's Vineyard on Tuesday evening on a dinner date with the President, wearing a multi-print tunic for a meal in town. She paired it with black leggings, what look like her metallic flats, a clutch and an armful of bangles.
First lady Michelle Obama (wearing Peter Som) was escorted off the ceremonial plank by Northrop Grumman President Mike Petters after the christening of the National Security Cutter Stratton at Northrop Grumman Shipbuilding in Pascagoula, Mississippi, July 23, 2010.
First lady Michelle O. changed (into a Moschino frock) when the Obamas attended a piano recital for one of their daughters later on Friday night. The event was held at a day school in D.C.
[Reuters]
