Bless my Jimmy Choos! Covent Garden chairman puts luxury brands on stage

From an exclusive Bloomberg interview:

(Bloomberg) — When ballet dancers wore Burberry-designed costumes at a performance earlier this year, it was a clue to Lloyd Dorfman’s plan to save the Royal Opera House from financial ruin: get luxury brands to pay for an association with the Covent Garden palace.

Next on his list is putting costume designers on TikTok, or the Nutcracker on to Netflix. “We need to be more commercial about what we do,” says Dorfman, the businessman and entrepreneur who took over as chair in July last year.

Dorfman, who made his fortune after founding the money exchange business Travelex, wants to go further. He envisions a future where the facade of the 19th century building itself could help fill the coffers. “Harrods has got scaffolding on the front of their building, and every month they have a different brand,” he says, during an interview. The Royal Ballet or Opera could also be sponsored by brands such as Tiffany & Co or Rolex, should they be interested.

New revenue streams are critical for the survival of the Royal Opera House, which has been left with a £15 million ($18 million) annual deficit after funding cuts and rising costs.

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