Departures Welcomes its Newest Publisher

Departures Editor-in-Chief Richard David Story (left) with new Departures publisher Steven DeLuca

Well wishers packed a New York mid-town restaurant Thursday to welcome Steven DeLuca as the new publisher of Departures magazine. He began overseeing the luxury lifestyle publication in June, replacing Ed Ventimiglia, who announced his retirement in March.

The party in a private room on the second floor at The Lambs Club Restaurant and Bar also served as a fitting backdrop for the release of the periodical’s November/December issue, as the cover photo and fashion spread were photographed inside the sleek space with the art deco flourishes.

The title of the issue, “The Art of Living Now Cool Chic and Classic” matched the 1930s-themed high fashion feature. It may also signal a change of a sort for the publication in this post-recession era, where timeless glamor can be chic and cool as opposed to the frivolous spending and ostentatious displays of wealth that marked the “Naughties” decade. Not coincidentally, it is the first issue led by DeLuca.

From the size and jovial nature of the crowd that crammed into the room on a crisp fall Manhattan night, it appears that luxury, although maybe looking a bit different, is truly making a comeback.

Departures, owned by American Express Publishing, is published seven times per year for American Express Platinum Card and Centurion members.

Report: Luxury Jewelry Spending Up

There’s growth in jewelry spending among luxury consumers, but it is lagging when compared to other areas of luxury spending, according to a recently published report.

Average transaction size for luxury jewelry by U.S. consumers increased by 10 percent, while transaction volume increased 2 percent for the second quarter, year-over-year, according to the American Express Business Insights Q2 2010 Spend Trends Report.

The report (which covers April, May and June transactions) notes that overall spending on jewelry increased 20 percent in April, then began a steady decline to 10 percent in May and 3 percent in June, the smallest increase in the past eight months.

Meanwhile, overall luxury retail spending increased by at least 9 percent, according to the report.

“It appears that while other luxury retail categories are flourishing, consumers are shying away from jewelry spending in the summer months,” according to the report.

The report tracks luxury retail spending in furniture and home furnishings, apparel and accessories, jewelry, and department stores. Home furnishings performed the strongest—despite a weak housing market—suggesting that homeowners are focusing on their current interiors until the real estate market improves, according to the report.

The report also tracks spending in the food and entertainment, and travel sectors, as well as spending trends by region.

Those defined as “ultra-affluent consumers” increased their spending for the second quarter by 24 percent in quick service restaurants, compared with a 12 percent increase in fine dining spending. In addition, business travel increased by 63 with the ultra-affluent group spending 114 percent more for the front of the plane.

By region, the city of San Francisco as a whole increased overall spend by 36 percent in the second quarter across all categories, higher than Chicago, Los Angeles and Miami. Meanwhile, New York posted a 3 percent decline in spending.