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LVMH's Berluti to Design Olympics Opening Ceremony Uniforms for French Teams

FILE PHOTO: The new logo of Paris 2024 Olympics is seen on a pin during a ceremony in Paris, France, October 21, 2019. REUTERS/Pascal Rossignol/File Photo
FILE PHOTO: The new logo of Paris 2024 Olympics is seen on a pin during a ceremony in Paris, France, October 21, 2019. REUTERS/Pascal Rossignol/File Photo
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LVMH's Berluti to Design Olympics Opening Ceremony Uniforms for French Teams

FILE PHOTO: The new logo of Paris 2024 Olympics is seen on a pin during a ceremony in Paris, France, October 21, 2019. REUTERS/Pascal Rossignol/File Photo
FILE PHOTO: The new logo of Paris 2024 Olympics is seen on a pin during a ceremony in Paris, France, October 21, 2019. REUTERS/Pascal Rossignol/File Photo

Luxury giant LVMH's Berluti brand will design the summer Olympics and Paralympics opening ceremony uniforms for the French teams, boosting the profile of the upscale menswear label known for buffed leather shoes and tailored suits.

"We aim to marry elegance and performance," said Berluti chief executive Antoine Arnault, one of the five children and heirs of LVMH Chairman and CEO Bernard Arnault.

Antoine is credited with negotiating LVMH's 150 million euros ($166 million) worth Olympics sponsorship deal initially announced in July, Reuters reported.

The Olympic games kick off on July 26, followed by the Paralympics on August 28 -- high profile ceremonies that are watched by millions of people across the world.

Paris, which has hosted two previous Olympics, will stage the summer Games after 100 years. The event is expected to draw huge spectator, TV and streaming audiences after the 2020 Games in Tokyo were marred by the pandemic.

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Fashion

UK's JD Sports Warns on Profit in 'Challenging' Market

A logo is seen outside the newly renovated JD Sports store at Westfield Stratford City in London, Britain, July 30, 2024. REUTERS/Hollie Adams/File Photo
A logo is seen outside the newly renovated JD Sports store at Westfield Stratford City in London, Britain, July 30, 2024. REUTERS/Hollie Adams/File Photo
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UK's JD Sports Warns on Profit in 'Challenging' Market

A logo is seen outside the newly renovated JD Sports store at Westfield Stratford City in London, Britain, July 30, 2024. REUTERS/Hollie Adams/File Photo
A logo is seen outside the newly renovated JD Sports store at Westfield Stratford City in London, Britain, July 30, 2024. REUTERS/Hollie Adams/File Photo

British sportswear retailer JD Sports Fashion downgraded its profit forecast after weaker trading in Britain and the United States and promotional activity at competitors hurt sales, and it warned the outlook was "cautious".
Shares in JD plunged 12% in early deals to a near five-year low of 84 pence, Reuters reported.
JD Sports, which has over 4,500 stores globally, said underlying revenue fell 1.5% in November and December in what it called a "challenging and volatile market".
It cut its profit forecast by as much as 40 million pounds ($48.9 million), or 4%.
The stock had already lost 27% of its value in the last three months on worries about consumer spending and amid a downturn in demand for Nike products, which account for about 45% of JD's sales.
"Market headwinds were higher than we anticipated," Chief Executive Régis Schultz said in a statement on Tuesday. "With these trading conditions expected to continue, we are taking a cautious view of the new financial year."
Peel Hunt analysts said JD's strategy of not discounting to match competitors was the right one.
"The long-term strategy is correct, and JD will continue to lead the market, but we must rein in short-term hopes," they said, adding that JD will benefit from any recovery at Nike.
Nike has warned its turnaround will be a slog after it lost ground in recent years to rivals, including Roger Federer-backed On and Deckers' Hoka, which have lured consumers with fresher and more innovative styles.
JD said while trading during December was stronger, November dragged, and for the 12 months to the beginning of February it expected pretax profit before adjusted items to come in between 915 million and 935 million pounds.
Its previous lower end of guidance had been 955 million pounds. It made 917.2 million pounds in its 2023/24 year.