London Fashion Week Show at British Museum Irks Greece

Designer Erdem Moralioglu chose the impressive setting of the Athens Parthenon sculptures showroom at the British Museum. HENRY NICHOLLS / AFP
Designer Erdem Moralioglu chose the impressive setting of the Athens Parthenon sculptures showroom at the British Museum. HENRY NICHOLLS / AFP
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London Fashion Week Show at British Museum Irks Greece

Designer Erdem Moralioglu chose the impressive setting of the Athens Parthenon sculptures showroom at the British Museum. HENRY NICHOLLS / AFP
Designer Erdem Moralioglu chose the impressive setting of the Athens Parthenon sculptures showroom at the British Museum. HENRY NICHOLLS / AFP

The Greek Minister of Culture, Lina Mendoni, expressed her anger late on Saturday after a London Fashion week show took place in front of the Parthenon Marbles at the British Museum.
Designer Erdem Moralioglu chose the impressive setting of the Athens Parthenon sculptures showroom at the British Museum to present the autumn winter 2024 collection of his eponymous brand Erdem, inspired by Greek singer Maria Callas and her interpretation of the opera Medea in 1953, AFP said.
"By organizing a fashion show in the halls where the Parthenon Sculptures are exhibited, the British Museum, once again, proves its zero respect for the masterpieces of Pheidias," Mendoni said in a statement.
"The directors of the British Museum trivialize and insult not only the monument but also the universal values that it transmits. The conditions of display and storage of the sculptures, at the Duveen Gallery, are constantly deteriorating. It is time for the stolen and abused sculptural masterpieces to shine in the Attic light," she added.
The sculptures were taken from the Parthenon temple at the Acropolis in Greece in the early 19th century by British diplomat Thomas Bruce, the earl of Elgin.
Athens maintains the marbles, which are a major draw for visitors at London's British Museum, were stolen, while the UK claims they were obtained legally.
The 1963 British Museum Act prohibits the removal of objects from the institution's collection.
But officials at the museum, which is under pressure to repatriate other foreign antiquities, have not ruled out a possible loan deal.
Late November, a diplomatic spat raised eyebrows when Greek Prime Minister Kyriakos Mitsotakis expressed his "displeasure" over UK counterpart Rishi Sunak's last minute cancellation of a bilateral meeting set to discuss their long-running dispute over the Parthenon Marbles.
At issue for London was the Greek leader's comments in a BBC interview a day before the meeting about ownership of the 2,500-year-old marbles.
Sunak was allegedly angry about Mitsotakis's comments that having some of the marbles in London and others in Athens was like cutting the Mona Lisa in half.



Nike's New CEO Plans to Go Back to Basics in Brand Overhaul Effort

The Nike swoosh logo is seen outside the store on 5th Ave in New York, New York, US, March 19, 2019. (Reuters)
The Nike swoosh logo is seen outside the store on 5th Ave in New York, New York, US, March 19, 2019. (Reuters)
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Nike's New CEO Plans to Go Back to Basics in Brand Overhaul Effort

The Nike swoosh logo is seen outside the store on 5th Ave in New York, New York, US, March 19, 2019. (Reuters)
The Nike swoosh logo is seen outside the store on 5th Ave in New York, New York, US, March 19, 2019. (Reuters)

Nike's new CEO Elliott Hill warned of a long road to sales recovery for the sportswear giant, but the veteran executive's plan to turn the spotlight on sports like basketball and running, allayed some investor worries.

The company said on Thursday it was expecting third-quarter revenue to drop to low double digits after the embattled sportswear seller's quarterly results beat market estimates.

Hill, in his first public address as CEO on the post-earnings call, said Nike had "lost its obsession with sport" and vowed to put it back on track by refocusing on sport and selling more items at premium prices, Reuters reported.

"The recovery is going to be a multi-year process, but he(Hill) seems to be going back to the roots, back to Nike being Nike," said John Nagle, chief investment officer at Kavar Capital Partners, which owns Nike shares.

"(Hill plans to shift focus) away from some of the streetwear and fashion that had taken over the brand, the heavy discounting and the neglect of retailers. Just taking it back to what worked," Nagle said.

Hill, who was with Nike for more than three decades, returned as CEO in October to revive demand at the firm that has been struggling with strategy missteps that soured its relations with retailers such as Foot Locker.

Earlier this month, Foot Locker CEO Mary Dillon said Hill was "taking the right actions for the brand" and the retailer was "working closely" with Nike to emphasize newer sportswear styles, including Vomero and Air DT Max.

"(The retailers) they want us to get back to being Nike, and they want us to have the unrelenting flow of innovative products... and they want us to get back to delivering bold brand statements that help drive traffic," Hill said.

The company's market share dwindled as rival brands, including Roger Federer-backed On and Deckers' Hoka , lured consumers with fresher and more innovative styles.

Hill also highlighted that a lack of newness led Nike to become too promotional and said he plans to shift to selling more at full price on its website and app.

"With another half year of franchise management coupled with investment to reinvigorate the brand, we believe the next four quarters could be the worst of the margin erosion and earnings per share reductions," Barclays analyst Adrienne Yih said.

At least seven brokerages cut price targets on the stock with some analysts pointing to the lack of a clear timeline for Nike to return to growth.

Shares of Nike, which have lost about half of its value in the last three years, were down nearly about 2% in early trading on Friday.

Nike's forward price-to-earnings ratio for the next 12 months, a benchmark for valuing stocks, was 27.53, compared with 33.47 for Deckers and 32.32 for Adidas.

"A rudderless ship now has a rudder, and a sailor who knows how to drive it," said Eric Clark, portfolio manager at the Rational Dynamic Brands fund that owns Nike shares.