Their Home Had to Be Fashion Forward. But Above All Else, It Needed a Killer Closet.
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Their Home Had to Be Fashion Forward. But Above All Else, It Needed a Killer Closet.

Ralph Lauren meets Tom Ford inside this sleek and sophisticated Chicago house, which cost $1.8 million to build

By NANCY KEATES
Tue, Jan 23, 2024 9:03amGrey Clock 4 min

If Kelli and Fei Wang’s house had a soul, it would be the walk-in closet.

The house, in Chicago’s Ukrainian Village neighbourhood, is designed around the couple’s love for fashion and includes a 300-square-foot custom closet, with charcoal-suede wall covering and cerused-oak shelves, amplified by a vanity within a 40 x 60 inch mirror. There is a separate accessories side room, modelled after a showroom, where Kelli’s collection of designer bags and shoes sit on shelves and where she hangs out on a silver love seat.

In the couple’s previous home in Chicago’s Lincoln Park, they had to change out their wardrobes every season, hauling clothes from their apartment to their storage unit in the building’s basement, because there wasn’t room for it all upstairs.

“I wanted to never do a closet swap again,” says Kelli, 42, dressed in a floaty, cream-coloured shirt dress from Sandro Paris and light pink Manolo Blahnik pumps. “The closet was the first thing I thought about for the house.”

The Wangs bought their Ukrainian Village property for $511,000 in 2016 and tore down the existing 2,500-square-foot, three-bedroom, old brick home on it. The new house, finished in 2021, is 5,000 square feet, has three bedrooms and cost $1.8 million, with about $100,000 of millwork, carpet and furnishings going into the primary closet alone.

To design the house, the couple hired Dan Mazzarini, the principal of New York-based BHDM Design, who was a director of store design at Ralph Lauren for six years and also worked on Michael Kors, Calvin Klein and Kate Spade retail spaces.

Mazzarini knew Kelli from college, and understood the couple’s love for fashion: they’d shopped together many times in New York, where Fei had a special affinity for the Ralph Lauren store on Madison Avenue.

“I wanted to live in the Ralph Lauren store,” says Fei, 46, dressed in a custom-made Pini Parma shirt and a Boggi sweater. “It makes you feel elegant, elevated, and classy.”

As a guide for the house’s overall aesthetic, they decided on “Ralph Lauren meets Tom Ford, a mixture of buttoned up and timeless sophistication and sexy, modern, crisp elegance,” says Mazzarini. That meant a lot of black, white and charcoal.

That mixture can be seen throughout the house. In the living room, open from the kitchen on the main floor, a Ralph Lauren influence can be seen in the classic white sofa, while the angles of the coffee table and the chairs are more Tom Ford, says Mazzarini.

Tom Ford comes out in the kitchen, where the black granite counters, black-matte open shelves and stainless-steel appliances have a “refined industrialism,” says Mazzarini. The dining room has a crafty Ralph Lauren chandelier and white leather chairs.

On the second floor, Fei’s office is “menswear-oriented” It has a modern, crisp, geometric style, with a glass coffee table, an oversize black linen sofa, and dark grey flannel curtains, like a suit, says Mazzarini. The red fox fur and brown velvet pillows, the rosewood desk and the nubby rug add more classic textures.

The primary suite, with its bathroom and the centrepiece closet, takes up the entire third floor. It is designed in part after the Bulgari Hotel Milano, where the couple stayed on one of their first trips to Italy. The furnishings include grey-velvet drapes, an ebony headboard, a leather bench and a large brown-velvet armchair.

When designing the closet, Mazzarini says he asked the couple how many suits, shoes, bags and accessories they had—and that number kept growing as the home-building process progressed, going from around 50 to more than 100 pairs of shoes for each. While the overarching goal was beauty and style, it also had to be comfortable—and to reflect what Mazzarini calls the couple’s “Midwestern warmth and hospitality.”

Fei was born in Shanghai and grew up in Chicago, where his father was getting a Ph.D. in chemistry. Living on a teacher assistant’s budget didn’t leave much for buying designer clothes, but Fei says he “always had an eye for fashion—it was innate.” He says his parents, who grew up when many Chinese people wore blue worker’s suits, weren’t interested in subsidising his passion, so he started working in a clothing store when he was 14 years old. The first suit he bought himself was from Banana Republic.

He graduated from Illinois State University in 1999 and then from the University of Chicago with an M.B.A. in 2004. He went to work in asset management at Morgan Stanley, then to J.P. Morgan Asset Management and UBS before landing again at Morgan Stanley in 2021, where he is now a senior vice president in family wealth management.

Kelli also remembers a passion for fashion from a young age. Growing up in Piqua, Ohio, north of Dayton, she couldn’t afford to buy designer clothes, so she mixed and matched, she says. She graduated from Miami University in Oxford, Ohio, and went to work at J.P. Morgan Asset Management before moving on to Merrill Lynch and Centric Wealth Management in 2018, where she is currently director of financial planning.

Fashion is central to the couple’s relationship. When they first met in 2008, when they were both working in J.P. Morgan’s wealth management unit in Chicago, each noticed the other’s clothes. “She was chic and classy,” says Fei. “I pay attention to style.” Kelli remembers the first time she saw her now-husband walk by in a suit. “He looked the Wall Street-financier part,” she says.

After their wedding in Lake Como, Italy, the couple honeymooned at JK Place (now called The Place), in Florence, a hotel that also influenced the design of their home. They started traveling to Italy and France every year because they love traveling and shopping together, and they both appreciate the goal of having the best experience possible, whether it is food, art, clothing or design. “The downside of that is there’s no voice of reason,” jokes Fei.

The Wangs say they have passed their fashion appreciation on to their 2½-year-old daughter, Gemma, who loves to hang out in the accessory room of the closet, where she tries on her mum’s shoes. In Gemma’s own bedroom, a shelf is filled with miniature designer bags: Gucci, Chanel, Prada, Louis Vuitton. “She has a better sense of style than both of us,” says Kelli.



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There has been a substantial increase in the number of Australians earning high incomes who are renting their homes instead of owning them, and this may be another element contributing to higher market demand and continually rising rents, according to new research.

The portion of households with an annual income of $140,000 per year (in 2021 dollars), went from 8 percent of the private rental market in 1996 to 24 percent in 2021, according to research by the Australian Housing and Urban Research Institute (AHURI). The AHURI study highlights that longer-term declines in the rate of home ownership in Australia are likely the cause of this trend.

The biggest challenge this creates is the flow-on effect on lower-income households because they may face stronger competition for a limited supply of rental stock, and they also have less capacity to cope with rising rents that look likely to keep going up due to the entrenched undersupply.

The 2024 ANZ CoreLogic Housing Affordability Report notes that weekly rents have been rising strongly since the pandemic and are currently re-accelerating. “Nationally, annual rent growth has lifted from a recent low of 8.1 percent year-on-year in October 2023, to 8.6 percent year-on-year in March 2024,” according to the report. “The re-acceleration was particularly evident in house rents, where annual growth bottomed out at 6.8 percent in the year to September, and rose to 8.4 percent in the year to March 2024.”

Rents are also rising in markets that have experienced recent declines. “In Hobart, rent values saw a downturn of -6 percent between March and October 2023. Since bottoming out in October, rents have now moved 5 percent higher to the end of March, and are just 1 percent off the record highs in March 2023. The Canberra rental market was the only other capital city to see a decline in rents in recent years, where rent values fell -3.8 percent between June 2022 and September 2023. Since then, Canberra rents have risen 3.5 percent, and are 1 percent from the record high.”

The Productivity Commission’s review of the National Housing and Homelessness Agreement points out that high-income earners also have more capacity to relocate to cheaper markets when rents rise, which creates more competition for lower-income households competing for homes in those same areas.

ANZ CoreLogic notes that rents in lower-cost markets have risen the most in recent years, so much so that the portion of earnings that lower-income households have to dedicate to rent has reached a record high 54.3 percent. For middle-income households, it’s 32.2 percent and for high-income households, it’s just 22.9 percent. ‘Housing stress’ has long been defined as requiring more than 30 percent of income to put a roof over your head.

While some high-income households may aspire to own their own homes, rising property values have made that a difficult and long process given the years it takes to save a deposit. ANZ CoreLogic data shows it now takes a median 10.1 years in the capital cities and 9.9 years in regional areas to save a 20 percent deposit to buy a property.

It also takes 48.3 percent of income in the cities and 47.1 percent in the regions to cover mortgage repayments at today’s home loan interest rates, which is far greater than the portion of income required to service rents at a median 30.4 percent in cities and 33.3 percent in the regions.

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