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Couture Week Comes to Paris amid Riot Fears

From Schiaparelli's show in July 2022. JULIEN DE ROSA / AFP/File
From Schiaparelli's show in July 2022. JULIEN DE ROSA / AFP/File
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Couture Week Comes to Paris amid Riot Fears

From Schiaparelli's show in July 2022. JULIEN DE ROSA / AFP/File
From Schiaparelli's show in July 2022. JULIEN DE ROSA / AFP/File

The fashion world is on edge as haute couture week kicks off on Monday in Paris, which has seen nights of violent riots over the police killing of a teenager.
French label Celine canceled its menswear show -- scheduled outside the official calendar -- on Sunday due to the riots, with designer Hedi Slimane saying it was "inconsiderate" to hold a fashion show when Paris was "bereaved and bruised".
Hundreds have been arrested across the country as mostly young protesters have torched cars and attacked infrastructure following the death of 17-year-old Nahel M., who was shot dead when he tried to flee a traffic stop on Tuesday.
Violence appeared to be ebbing somewhat in and around the French capital over the weekend, and the haute couture shows -- celebrating the most expensive, tailor-made end of fashion -- were due to go ahead as planned, the French fashion federation told AFP on Sunday.
First up is Schiaparelli, with fashionistas wondering if it can beat the social media meltdown caused by last season's fake animal heads.
The heads, sported by the likes of Kylie Jenner, were another publicity coup for Schiaparelli artistic director Daniel Roseberry, who has overseen a revamp of the brand and attracted the likes of Lady Gaga and Beyonce as clients.
Animal activists seemed unsure what to think.
The US branch of PETA (People for the Ethical Treatment of Animals) called the heads "fabulously innovative", while PETA's French branch said a thought should be spared for the silkworms and sheep "who have really suffered".
Couture week will see first-time appearances by the United States' Thom Browne and France's Charles de Vilmorin alongside regulars like Christian Dior.
De Vilmorin, just 26, will present for his own brand after a short-lived tenure as artistic director of Rochas.
"I'm super happy to have lived through all this and to do my first show," he told AFP in his apartment-workshop last week while finalizing the collection.
Fellow couturier Stephane Rolland is presenting his latest collection, dedicated to legendary singer Maria Callas, at the Opera Garnier.
It will be filmed by veteran French director Claude Lelouch for his next movie.
Rolland said it was vital to merge fashion and other art forms.
"It's very important in our profession. I find that from time to time it lacks a bit of refinement. Money is not everything," he told AFP.

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Fashion

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.