Paul Costelloe Opens 40-year-old London Fashion Week with Classic Designs

A model presents a creation at the Paul Costelloe catwalk show during London Fashion Week in London, Britain, February 16, 2024. REUTERS/Hollie Adams
A model presents a creation at the Paul Costelloe catwalk show during London Fashion Week in London, Britain, February 16, 2024. REUTERS/Hollie Adams
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Paul Costelloe Opens 40-year-old London Fashion Week with Classic Designs

A model presents a creation at the Paul Costelloe catwalk show during London Fashion Week in London, Britain, February 16, 2024. REUTERS/Hollie Adams
A model presents a creation at the Paul Costelloe catwalk show during London Fashion Week in London, Britain, February 16, 2024. REUTERS/Hollie Adams

London Fashion Week kicked off on Friday with Irish designer Paul Costelloe championing classic looks and bringing a little bit of nostalgia to the catwalk as the showcase event celebrates its 40th birthday.
The 78-year-old designer, who could not attend the show due to illness, presented a mix of whites, dark greys and plenty of tweeds in his "Once upon a Time" autumn/winter 2024 collection, described as "Where Limerick meets Downtown New York".
Models in white jackets and floaty skirts opened the show. A selection of plaid looks followed, with the color palette then turning darker for tailored tweed skirt suits, belted coats and short feminine dresses, Reuters reported.
For the evening, there were patterned frocks with puffy sleeves.
"This collection expresses my view that classic design still has its place in high fashion," Costelloe said in show notes.
"I have added a personal moment of nostalgia by adding a print based on the street where I once lived. It was a glorious moment to dream and live."
Costelloe's team also shared a note from the designer explaining his absence due to a virus and wishing London Fashion Week a "happy 40th birthday".
This year marks 40 years since the British Fashion Council (BFC) held its first London Fashion Week, which is one of the four big catwalk fixtures alongside New York, Milan and Paris and is best known for its emerging talent and avant-garde trends.
On Thursday night, several London landmarks were lit up green for the occasion and other celebrations are planned for the year.
"Of course, 40 is kind of a coming of age, a maturity and when we look back, I think we reflect on the incredible creativity that has come through London, and London Fashion Week as a platform," BFC Chief Executive Caroline Rush told Reuters.
"It continues to be about youth culture, subcultures, creativity, innovation and really leading where the rest of the fashion industry will no doubt follow."
Costelloe's show was one of more than 40 catwalk presentations this London Fashion Week, which runs until February 20, with the likes of Burberry, Bora Aksu and Mark Fast also on the calendar.



Abercrombie & Fitch Lifts Sales Forecast on Trendy Apparel Demand; Lofty Expectations Hit Shares

A hiring sign is displayed in front of Abercrombie & Fitch at the Tysons Corner Center mall on August 22, 2024 in Tysons, Virginia. (Getty Images via AFP)
A hiring sign is displayed in front of Abercrombie & Fitch at the Tysons Corner Center mall on August 22, 2024 in Tysons, Virginia. (Getty Images via AFP)
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Abercrombie & Fitch Lifts Sales Forecast on Trendy Apparel Demand; Lofty Expectations Hit Shares

A hiring sign is displayed in front of Abercrombie & Fitch at the Tysons Corner Center mall on August 22, 2024 in Tysons, Virginia. (Getty Images via AFP)
A hiring sign is displayed in front of Abercrombie & Fitch at the Tysons Corner Center mall on August 22, 2024 in Tysons, Virginia. (Getty Images via AFP)

Abercrombie & Fitch raised its annual sales target on Wednesday after reporting better-than-expected quarterly revenue, but shares of the company fell 14% as investors expected a bigger forecast bump from the high-flying retailer.

The stock has surged about 89% so far this year after nearly quadrupling in 2023.

"While the market may have been looking for a stronger guidance lift for the year, given momentum across the business, we see a beat and raise as impressive given a moderating top line outlook in response to a choppy macro environment across many of Abercrombie's specialty retail peers," said Dana Telsey, analyst at Telsey Advisory Group.

Abercrombie has been revamping its merchandise with new styles, featuring dressier apparel and cargo pants while tapping into growing demand for wide-legged jeans, helping it draw in fashion-savvy shoppers.

Retailers ranging from department store chains Macy's to home improvement chain Home Depot struck a cautious note and trimmed their annual sales forecasts, blaming weak discretionary demand. Strong results from Target and Walmart showed shoppers were looking for bargains amid budget constraints.

Sales at the Abercrombie brand jumped 26% in the quarter ended Aug. 3, while its Hollister division reported a 17% rise due to better-than-expected back-to-school selling.

The company now expects net sales to rise between 12% and 13% in fiscal 2024, compared with its prior forecast of around 10% growth.

Abercrombie CEO Fran Horowitz said the forecast raise came despite "an increasingly uncertain environment".

The company saw benefits from lower promotions and lower cotton costs, which helped it improve its gross profit rate by 240 basis points to 64.9%. However, it expects pressure from freight costs in the back half of the year.

In the second quarter, it reported profit of $2.50 per share, beating an estimate of $2.22, according to LSEG data.

Net sales rose 21% to $1.13 billion in the second quarter, compared with analysts' estimate of $1.10 billion.