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Sarah Burton, Who Designed Kate’s Royal Wedding Dress, to Step Down from Alexander McQueen 

Sarah Burton arrives for the British Fashion Awards 2011 at a central London venue, on Nov. 28, 2011. (AP)
Sarah Burton arrives for the British Fashion Awards 2011 at a central London venue, on Nov. 28, 2011. (AP)
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Sarah Burton, Who Designed Kate’s Royal Wedding Dress, to Step Down from Alexander McQueen 

Sarah Burton arrives for the British Fashion Awards 2011 at a central London venue, on Nov. 28, 2011. (AP)
Sarah Burton arrives for the British Fashion Awards 2011 at a central London venue, on Nov. 28, 2011. (AP)

The fashion designer who created the wedding dress of Kate, the Princess of Wales, is stepping down as creative director at Alexander McQueen after two decades at the brand, luxury group Kering said Monday.

Designer Sarah Burton had led the fashion house since 2010 and previously worked with the brand's founder, Lee Alexander McQueen, for 14 years.

Burton took over as creative director of the fashion house after McQueen took his own life at age 40.

Kering, the luxury group behind brands including Gucci and Saint Laurent as well as Alexander McQueen, said McQueen's spring and summer catwalk show in Paris this month will be the last with Burton at the helm.

Burton was behind the ivory lace wedding gown that the former Kate Middleton wore when she married Prince William in 2011. The elegant gown has since been widely copied and is often named as one of the most popular styles favored by brides all over the world.

Burton was awarded with an Order of the British Empire in 2012 for her services to the fashion industry.

Senior leaders at Kering praised Burton for leaving an “indelible mark” with her vision and creativity.

“She kept and continued Lee’s heritage, attention to detail and unique vision, while adding her own personal, highly creative touch,” said François-Henri Pinault, Chairman and CEO of Kering, in a statement.

The fashion house did not give details about who will replace Burton.

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Hugo Boss May Push Back 2025 Targets as Luxury Sector Falters

The Hugo Boss logo is seen at one of the brand's stores in Hong Kong. CREDIT: BUDRUL CHUKRUT/AP
The Hugo Boss logo is seen at one of the brand's stores in Hong Kong. CREDIT: BUDRUL CHUKRUT/AP
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Hugo Boss May Push Back 2025 Targets as Luxury Sector Falters

The Hugo Boss logo is seen at one of the brand's stores in Hong Kong. CREDIT: BUDRUL CHUKRUT/AP
The Hugo Boss logo is seen at one of the brand's stores in Hong Kong. CREDIT: BUDRUL CHUKRUT/AP

Hugo Boss may push back key sales and profit targets beyond 2025 when it reports its second-quarter results on Thursday, as investors watch for updates on trading and cost-cutting plans.
Shares in the company fell as much as 10% in July as it cut its full-year sales and earnings forecasts, citing weakening global consumer demand, especially in China and Britain, said Reuters.
It warned in March that its target of reaching 5 billion euros ($5.4 billion) in annual revenues in 2025 might be delayed, but said it still expected its margin on earnings before interest and taxes (EBIT) to reach at least 12% next year.
"Besides comments on current trading, which will be closely watched by investors, we would not rule out an update on Hugo Boss' mid-term targets," said Felix Jonathan Dennl, analyst at Metzler Capital Markets in Frankfurt.
Some analysts, including Dennl, expect Hugo Boss to hit its mid-term sales target two to three years later than originally forecast, and to reach its mid-term EBIT margin goal after 2028.
"If Hugo Boss can't provide more visibility, the revenue and EBIT targets should be in doubt," Alexander Zienkowicz, senior analyst at Mwb Research said.
In an average of estimates last updated ahead of the company's preliminary results in mid-July, analysts had forecast sales of 4.65 billion euros and an operating profit of 519 million for 2025, corresponding to an EBIT margin of 11%.
Cost cuts are also going to be in focus, said Joerg Philipp Frey, analyst at Warburg Research. He highlighted the company's 21% jump in marketing spend and higher brick-and-mortar retail expenses in the second quarter from a year earlier, in contrast with its quarterly sales decline.
The upmarket fashion brand has been on an expansion drive, increasing marketing spend and opening 102 new points of sale, including own stores, "shop-in-shops" and outlets, in 2023. It is trying to stem a slowdown in sales growth which has contributed to the company's shares almost halving in value this year.
"To lift the share price, it will be important for Hugo Boss to demonstrate effective management of the issues at hand and a credible path to recovery," Zienkowicz said.
The luxury sector is grappling with weaker sales and pressure on margins as inflation-hit shoppers hold off from splashing out on designer fashion. A property slump and job insecurity in China has exacerbated the problem.
Earnings from luxury companies this quarter have demonstrated the strains that the sector is under with both LVMH and rival Kering falling short of forecasts.