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.



Nike Shares Jump as Ackman’s Return Sparks Turnaround Hopes

The logo of Dow Jones Industrial Average stock market index listed company Nike (NKE) is seen in Los Angeles, California, United States, April 12, 2016. (Reuters)
The logo of Dow Jones Industrial Average stock market index listed company Nike (NKE) is seen in Los Angeles, California, United States, April 12, 2016. (Reuters)
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Nike Shares Jump as Ackman’s Return Sparks Turnaround Hopes

The logo of Dow Jones Industrial Average stock market index listed company Nike (NKE) is seen in Los Angeles, California, United States, April 12, 2016. (Reuters)
The logo of Dow Jones Industrial Average stock market index listed company Nike (NKE) is seen in Los Angeles, California, United States, April 12, 2016. (Reuters)

Nike shares gained nearly 4% on Thursday as investors hoped the return of billionaire William Ackman as a stakeholder could spark a turnaround at the sportswear giant that has been battling with strategy missteps and tough competition.

Ackman's hedge fund Pershing Square Capital Management now owns roughly 3 million shares of Nike, amounting to a stake of about 0.19%, a filing showed on Wednesday. He has not revealed any plans for the investment yet.

"He's going to have the ear of the executives at Nike and be able to lend some influence on maybe how to get the ship righted, as it were, for Nike at this point in time to try and find their way back home," said Brian Mulberry, client portfolio manager at Zacks Investment Management, which owned $25.79 million worth of Nike shares as of June.

The stock has lost nearly a third of its value this year and the company has forecast a drop in annual sales for fiscal 2025, leading some Wall Street analysts and investors to raise the possibility of a management shake-up including CEO John Donahoe.

When an activist investor comes in, the ultimate goal "will be replacing the person that sits in the corner office," said Art Hogan, chief market strategist at B Riley Wealth.

"And I say that because the template for that has been very clear this week in the form of Starbucks."

Starbucks poached Chipotle CEO Brian Niccol earlier this week, tapping the industry veteran behind the burrito chain's turnaround to revitalize growth at its coffee outlets.

Niccol joining Chipotle in 2018 was also the result of one of Ackman's pressure campaigns that have often led to CEO changes at companies including J.C. Penney and Air Products and Chemicals.

Ackman last invested in Nike in late 2017, around the time when the company was losing market share in North America to a reinvigorated Adidas.

He exited Nike a few months later in 2018, making roughly $100 million in profit by cashing out of the 0.71% stake - a rare passive investment for the billionaire investor.

Analysts and investors hinted on Thursday it might be early days for Ackman's second stint as an investor at Nike and he will need to build a larger stake to make an impact.

Nike's forward price-to-earnings ratio for the next 12 months, a common benchmark for valuing stocks, was 24.26, compared with Adidas' 36.75.