Tennis Legend Serena Williams Honored as ‘Fashion Icon’ at Fashion Industry’s Big Awards Night 

Serena Williams attends the CFDA Fashion Awards at the American Museum of Natural History on Monday, Nov. 6, 2023, in New York. (AP)
Serena Williams attends the CFDA Fashion Awards at the American Museum of Natural History on Monday, Nov. 6, 2023, in New York. (AP)
TT

Tennis Legend Serena Williams Honored as ‘Fashion Icon’ at Fashion Industry’s Big Awards Night 

Serena Williams attends the CFDA Fashion Awards at the American Museum of Natural History on Monday, Nov. 6, 2023, in New York. (AP)
Serena Williams attends the CFDA Fashion Awards at the American Museum of Natural History on Monday, Nov. 6, 2023, in New York. (AP)

Tennis legend Serena Williams told a glittery fashion industry audience how fashion became a favored mode of expression as she grew up in the public eye, with the tennis court serving as her runway.

“I knew when I was a little girl that I was different, so I explored fashion and style as a way to distinguish myself,” Williams said as she accepted the Fashion Icon award Monday night from the Council of Fashion Designers of America. “In many ways for me, the tennis courts became my runway, and the US Open was my own New York Fashion Week.”

Reimagining the traditional tennis outfit became a way, she said, to express “my individuality and my confidence and most importantly, my culture.”

Williams, who retired from tennis last year, is the first athlete to win the Fashion Icon award, and it was presented to her by Kim Kardashian, a CFDA honoree last year. Kardashian called Williams “fearless, heroic, authentic, iconic — the greatest of all time.”

The fashion industry’s equivalent of Oscar night was held at the American Museum of Natural History in Manhattan and hosted by Anne Hathaway. In top designer awards, Catherine Holstein of the label Khaite was named womenswear designer of the year, and Willy Chavarria won for menswear. The award for accessories went to Ashley Olsen and Mary-Kate Olsen of the label The Row.

Among other honors: Gwyneth Paltrow accepted the Innovation award for goop, her 15-year old lifestyle brand, presented by Demi Moore. Vanessa Hudgens presented a tribute from the CFDA board of directors to Vera Wang, for her impact on the bridal industry. Designer Maria Cornejo won a lifetime achievement award, presented by Laura Linney.

There was also a tribute to the 50th anniversary of hip-hop with a short film by director Hype Williams, introduced by Mary J. Blige and with music by Pharrell.

When Williams, now 42, retired from tennis, she said she needed to make the tough choice to focus on motherhood. She gave birth in August to a baby girl, almost exactly a year after her last match as a tennis star. Adira River Ohanian is the second child — and second daughter — for Williams and her husband, Reddit co-founder Alexis Ohanian. Their first, Olympia, was born in 2017.

In her speech, she spoke fondly about how she'd learned to express her creativity on the court. “I designed skirts out of denim and I wore purple tutus and bodysuits,” she said, “and put beads in my hair, and braids. It was really just a fun time for me.”

Williams studied fashion during her playing career, and in 2018, launched her “S by Serena” clothing line, which she said in her speech was intended “to inspire women to embrace their bodies and love who they are no matter their size, race or income.”

Among her many thank-yous, she saved her last for her mother, “for actually making those first tennis outfits when I was young.” Watching her sew, she said, “created this creativity in me that I still have to this day."

The CFDA awards are presented by Amazon Fashion. Other honors: Alina Cho received a media award, Domenico De Sole won the founder's award, Mara Hoffman won a sustainability award, and the international award went to Jonathan Anderson for JW Anderson and Loewe.



LVMH Shares Drop after Missing Second-quarter Estimates

A man walks past a shop of fashion house Dior in Paris, France, April 15, 2024. REUTERS/Manon Cruz/File Photo Purchase Licensing Rights
A man walks past a shop of fashion house Dior in Paris, France, April 15, 2024. REUTERS/Manon Cruz/File Photo Purchase Licensing Rights
TT

LVMH Shares Drop after Missing Second-quarter Estimates

A man walks past a shop of fashion house Dior in Paris, France, April 15, 2024. REUTERS/Manon Cruz/File Photo Purchase Licensing Rights
A man walks past a shop of fashion house Dior in Paris, France, April 15, 2024. REUTERS/Manon Cruz/File Photo Purchase Licensing Rights

Shares in LVMH (LVMH.PA) fell as much as 6.5% in early Wednesday trade and were on track for their biggest one-day drop since October 2023 after second-quarter sales growth at the French luxury goods giant missed analysts' consensus estimate.

The world's biggest luxury group said late Tuesday its quarterly sales rose 1% year on year to 20.98 billion euros ($22.76 billion), undershooting the 21.6 billion expected on average by analysts polled by LSEG.

At 1000 GMT, LVMH's shares were down 4.5%.

The earnings miss weighed on other luxury stocks, with Hermes (HRMS.PA), down around 2% and Kering (PRTP.PA), off 3%.

Kering is scheduled to report second-quarter sales after the market close and Hermes reports on Thursday, Reuters reported.

Jittery investors are looking for evidence that the industry will pick up from a recent slowdown, as inflation-hit shoppers hold off from splashing out on designer fashion.

JPMorgan analyst Chiara Battistini cut full year profit forecasts by 2-3% for the group, citing softer trends at LVMH's fashion and leather goods division, home to Louis Vuitton and Dior.

"The soft print is likely to add to ongoing investors’ concerns on the sector more broadly in our view, confirming that even best-in-class players like LVMH cannot be immune from the challenging backdrop," said Battistini in a note to clients.

The weakness of the yen, which has prompted a flood of Chinese shoppers to Japan seeking bargains on luxury goods, added pressure to margins, another source of concern.

Equita cut 2024 sales estimates for LVMH by 3% - attributing 1% to currency fluctuations - and lowered its second half organic sales estimate to 7% growth from 10% growth previously.

The lack of visibility for the second half beyond the easing of comparative figures - as the Chinese post-pandemic lockdown bounce tapered off a year ago - is unlikely to improve investor sentiment to the luxury sector, Citi analyst Thomas Chauvet said in an email to clients.

"No miracle with the luxury bellwether; sector likely to remain out of favour," he wrote.

Jefferies analysts said the miss came as investors eye Chinese shoppers for their potential to "resume their pre-COVID role as the locomotive of industry growth and debate when Western consumers will have fully digested their COVID overspend".

LVMH shares have been volatile since the luxury slowdown emerged, and are down about 20% over the past year, with middle-class shoppers in China, the world's No. 2 economy, a key focus as they rein in purchases at home amid a property slump and job insecurity.

LVMH offered some reassurance, with finance chief Jean-Jacques Guiony telling analysts during a call on Tuesday that Chinese customers were "holding up quite well," while business with US and European customers was "slightly better".