From Charles to Derby, Day for Fancy Hats to Rule

Singer Katy Perry is photographed after the coronation ceremony of Britain's King Charles III at Westminster Abbey in London Saturday, May 6, 2023. (AP Photo/Kirsty Wigglesworth, Pool)
Singer Katy Perry is photographed after the coronation ceremony of Britain's King Charles III at Westminster Abbey in London Saturday, May 6, 2023. (AP Photo/Kirsty Wigglesworth, Pool)
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From Charles to Derby, Day for Fancy Hats to Rule

Singer Katy Perry is photographed after the coronation ceremony of Britain's King Charles III at Westminster Abbey in London Saturday, May 6, 2023. (AP Photo/Kirsty Wigglesworth, Pool)
Singer Katy Perry is photographed after the coronation ceremony of Britain's King Charles III at Westminster Abbey in London Saturday, May 6, 2023. (AP Photo/Kirsty Wigglesworth, Pool)

If ever there was a banner day for hats — wild and colorful hats — it was Saturday, the dual spectacle of King Charles III's coronation and the celebration that IS the Kentucky Derby.

Katy Perry donned a wide lilac hat to go with her matching bespoke jacket and skirt by Vivienne Westwood, her chin up as she peered under its flat, tilted brim while she searched for her seat at Westminster Abbey (yes, there were memes), The Associated Press said.

And there was Princess Anne, the king's sister, in a two-pointed military topper with tall red feathers that blocked Prince Harry's view from the third row (more memes ensued). Sorry, Harry, she was chosen as Gold Stick in Waiting and holds a variety of military titles.

It's tradition, of course, to wear hats to coronations and other formal royal affairs, but the thousands who gathered on the streets to celebrate went all out with head gear, from fake golden crowns to novelty deeley bobbers (those springy headband things) and hats of all kinds with motifs featuring the British flag.

Speaking of hats of all kinds, the Kentucky Derby is arguably the world’s most famous horse race. It’s also a chance for racegoers to strut their fashion stuff.

Seersucker suits, floral dresses and bright colors abound, but racegoers famously elevate their style to another level with their grand collections of hats and fascinators.

Men tend to favor fedoras or bowlers, while women sport designs featuring feathers and flowers in every shape, color and size. Bigger is often better when it comes to Derby hats.

The event has appointed an official milliner, or hatmaker, every year since 2018. But in a sign of their growing importance at the Kentucky Derby, it named three milliners for the 2023 event: Christine Moore, Jenny Pfanenstiel and The Hat Girls.

The tradition of wearing hats to the Derby began with its first running in 1875.



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.