Fendi Fuses Jewels and Couture, as Chloe Confirms Hearst is Leaving

Models present creations by Fendi during the Women's Haute-Couture Fall/Winter 2023/2024 Fashion Week in Paris on July 6, 2023. (Photo by Alain JOCARD / AFP)
Models present creations by Fendi during the Women's Haute-Couture Fall/Winter 2023/2024 Fashion Week in Paris on July 6, 2023. (Photo by Alain JOCARD / AFP)
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Fendi Fuses Jewels and Couture, as Chloe Confirms Hearst is Leaving

Models present creations by Fendi during the Women's Haute-Couture Fall/Winter 2023/2024 Fashion Week in Paris on July 6, 2023. (Photo by Alain JOCARD / AFP)
Models present creations by Fendi during the Women's Haute-Couture Fall/Winter 2023/2024 Fashion Week in Paris on July 6, 2023. (Photo by Alain JOCARD / AFP)

Fendi put a fitting exclamation point on Paris couture week by drawing an A-list crowd to the opulent Palais Brongniart. Naomi Watts, Zoe Saldana, Cardi B and Shakira were among the celebrities seated front row for a show that dazzled with its artful fusion of jewelry-making and deceptively simple couture.

The show unfurled with a strikingly neutral ensemble, seemingly a second skin, acting as the prelude to the jewelry-inspired collection. The design skill was evident in its huge, eccentric sleeve that darted out narrowly from the shoulder, capturing imaginations. In stark contrast came a fluid emerald green satin gown that cascaded down the runway, shimmering with the dynamism of a precious gem.
Figure-defining silhouettes in vibrant ruby red and jet black were showcased by models, their forms distilled down to their essential sinews. A cream sheath, brought to life with an Asian-inspired waist wrap, bore finely carved groove lines, invoking the refined artistry of jewelry craftsmanship.
Looks that seemed to bloom from the shoulders left necklace-less necks provocatively bare, as if in anticipation of an exquisite adornment.
The show was a poetical ode to couture. “Our canvas was a template inspired by high jewelry. Even in the absence of physical jewelry, its essence is echoed through the collection’s color palette and ornamentation, with the clothes themselves channeling the spirit of jewelry,” Kim Jones, Fendi’s designer, explained. “We took cues from the flesh tones and the hues of stones: black diamonds, rubies, sapphires. It’s a dance of soft and hard, flesh and stone.”
Elsewhere, fashion whispers were finally confirmed: Gabriela Hearst is stepping down as the creative director of Maison Chloé after a brief but impactful three-year tenure. Hearst, the first female designer with multicultural roots (Uruguay and United States) to lead a Parisian fashion house, has been a transformative force at Chloé since her appointment in December 2020.

Despite the relative brevity of her tenure, Hearst leaves an indelible imprint on Chloé. She ushered the house into a new era of sustainability, turning it into the first European luxury fashion house to secure a B Corp certification. Hearst’s sustainability agenda included innovative initiatives such as the integration of eco-friendly materials, a ground-breaking resale program and collections focusing on climate-forward solutions.
Her leadership at Chloé sparked considerable growth and a seismic shift in the fashion house’s ethos. Riccardo Bellini, president and CEO of Chloé, praised Hearst’s vision, passion and commitment to values, crediting her with scripting a “new and vibrant chapter” in the annals of Chloé.



Gucci Owner Kering Drops 12% as Luxury Braces for Tough Winter

The logo of French luxury group Kering is pictured on the day of the Kering General Assembly meeting at the company's headquarters in Paris, France, May 28. (Reuters)
The logo of French luxury group Kering is pictured on the day of the Kering General Assembly meeting at the company's headquarters in Paris, France, May 28. (Reuters)
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Gucci Owner Kering Drops 12% as Luxury Braces for Tough Winter

The logo of French luxury group Kering is pictured on the day of the Kering General Assembly meeting at the company's headquarters in Paris, France, May 28. (Reuters)
The logo of French luxury group Kering is pictured on the day of the Kering General Assembly meeting at the company's headquarters in Paris, France, May 28. (Reuters)

Shares in Gucci owner Kering tumbled 12% on Friday after the group reported further sales declines, but said it would stick with CEO Luca de Meo's turnaround plan and accelerate store closures, aiming for 125 by year-end.

The recovery long promised by luxury brands seems nowhere in sight, as the expansion of war ‌in the Middle ‌East, along with China's tax crackdown on ‌the ⁠wealthy, piled further ⁠pressure on the world's biggest luxury conglomerates in the third quarter, and executives buckled in for a tough winter.

Riots in Paris, leaving Louis Vuitton shop windows smashed and electric-bike bonfires near luxury shopping hub Place Vendome, threw into sharp relief the political risk faced by luxury brands not just abroad but also ⁠at home.

Shares in LVMH and Hermes were ‌also down 1% to 1.5% on ‌Friday, as crude prices hit their highest level since early May, worsening ‌the squeeze on households that has curbed consumers' ability to ‌splurge on handbags and clothes.

Gucci's decline has continued despite de Meo's plan to make the brand's prices more enticing to middle-class consumers and creative director Demna's new collections hitting stores.

"The progress made on ‌improving brand desirability remains in its very early stages," JPMorgan analyst Chiara Battistini said in a ⁠note. Gucci ⁠sales improved in wholesale, but were down 6% overall as fewer shoppers visited its stores.

While Kering struggles to execute a turnaround against a weak economic backdrop, even high-end Hermes is showing signs of slowing, with its ready-to-wear division falling 2% in the third quarter due to weak Chinese demand. Overall, Hermes reported its weakest quarterly sales growth since 2020.

Across the sector, valuations have taken a beating as investors reassess future growth prospects. After a 40% slide in share price since January 1, Hermes' valuation is its lowest since 2014, while LVMH's is at a 10-year low.


UK's Debenhams Returns to Profit after Five Years, Expects Further Cost Cuts

FILE PHOTO: Debenhams logo is seen on smartphone in front of a displayed Boohoo logo in this illustration taken January 25, 2021. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Debenhams logo is seen on smartphone in front of a displayed Boohoo logo in this illustration taken January 25, 2021. REUTERS/Dado Ruvic/Illustration/File Photo
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UK's Debenhams Returns to Profit after Five Years, Expects Further Cost Cuts

FILE PHOTO: Debenhams logo is seen on smartphone in front of a displayed Boohoo logo in this illustration taken January 25, 2021. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Debenhams logo is seen on smartphone in front of a displayed Boohoo logo in this illustration taken January 25, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

British fashion ‌retailer Debenhams , also known as boohoo, reported a profit for the first time in five years on Friday and expects further cost cuts as a turnaround plan gathers pace, said Reuters.

Here are some more details:

-The company reported pretax profit of £28.3 million ($37.89 million) for the six ‌months ended August ‌31, compared to a ‌loss ⁠of £17.9 million a year ⁠ago, its first profit before tax since August 2021.

-Expects to reduce costs related to depreciation, lease and interest in fiscal year 2028, while a new financial ⁠facility should further cut costs.

-Debt ‌to be ‌negligible by the end of the ‌year thanks to the disposal of ‌Sheffield automation and lease assignment and sale of Nasty Gal brand, the retailer said.

-The company reported steady growth ‌in September and reiterated its previous annual forecast of gross merchandise value (GMV) ⁠growth ⁠and adjusted core profit no less than £59 million.

-It expects to deliver more than £100 million in profit before tax in the medium term and become a multi-billion-pound GMV business.

-The group's turnaround plan has been focused on streamlining its operations to tackle mounting debt and slow demand at its youth brands.

 


Gucci's Sales Drop 5% in 3rd Quarter as Weak Chinese Demand Dampens Turnaround Hopes

FILE PHOTO: A model presents a creation from the Gucci Spring/Summer 2027 collection during Fashion Week in Milan, Italy, September 25, 2026. REUTERS/Claudia Greco/File Photo
FILE PHOTO: A model presents a creation from the Gucci Spring/Summer 2027 collection during Fashion Week in Milan, Italy, September 25, 2026. REUTERS/Claudia Greco/File Photo
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Gucci's Sales Drop 5% in 3rd Quarter as Weak Chinese Demand Dampens Turnaround Hopes

FILE PHOTO: A model presents a creation from the Gucci Spring/Summer 2027 collection during Fashion Week in Milan, Italy, September 25, 2026. REUTERS/Claudia Greco/File Photo
FILE PHOTO: A model presents a creation from the Gucci Spring/Summer 2027 collection during Fashion Week in Milan, Italy, September 25, 2026. REUTERS/Claudia Greco/File Photo

Kering on Thursday said sales at its flagship label Gucci fell by 6% in the third quarter, in line with market expectations, as low store traffic in China weighed on the Italian brand's performance, Reuters reported.

Sales at Gucci, which accounts for roughly half of group profits, were down to €1.29 billion ($1.44 billion) in the quarter, Kering said, while total group ⁠revenues fell by ⁠1% when adjusted for currency swings.

Asked by journalists on a call if returning to overall growth was still the aim for Kering this year, finance chief Armelle Poulou declined ⁠to comment, pointing to the publication of full-year results.

Store footfall remains the main problem at Gucci, whose sales have been declining for more than three straight years. Revenues from the brand's own store network were down 9%, Kering said, while wholesale and licensing revenues were up.

Lower-than-expected quarterly sales at peers ⁠LVMH and ⁠Hermes, and signs of cooling demand in the US have added to investors' concerns around Kering's turnaround.

"We keep on carrying out our plan with the utmost discipline,” Poulou said, adding the group has so far reduced its retail network by 105 stores and was targeting 125 closures by the end of the year.