Naomi Campbell Walks for Star-studded Burberry Show at London Fashion Week

Naomi Campbell. (Getty Images)
Naomi Campbell. (Getty Images)
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Naomi Campbell Walks for Star-studded Burberry Show at London Fashion Week

Naomi Campbell. (Getty Images)
Naomi Campbell. (Getty Images)

For Londoners, rain is simply a fact of life. But for Burberry, it’s the inspiration for seemingly endless variations of luxurious outerwear, from the heritage brand’s best-selling trench coat to oversized duffels and fur-lined bombers.
The British fashion house showcased its latest designs Monday at London Fashion Week to a soulful Amy Winehouse soundtrack interspersed with a woman’s voice saying “I love London ... the smell of London when it rains.”
“Saltburn” star Barry Keoghan and “The Crown” actress Olivia Coleman were among celebrities who turned up on the VIP front row to watch the show, which drew heavily on the heritage house’s military history and its signature check print, The Associated Press said.
Models wore double-breasted coats buttoned all the way up to the neck, as if bracing against the inclement British weather. Some donned mannish, oversized coats in military greens and browns paired with matching wide-leg trousers, while others covered up with an elegant silk scarf wrapped around the head.
Some models even strutted down the catwalk clutching a collapsible umbrella – in Burberry’s trademark check, of course.
It’s no surprise that the elements feature so prominently in the show. The fashion house’s founder, Thomas Burberry, invented the fabric gabardine, a breathable material used for rainwear, in the late 1800s. The brand’s trench coat, invented around the time of World War I, boasts functional designs like storm shields as well as epaulettes and gun flaps.
It’s not all function and practicality. Flashes of cherry red tartan, used in the lining of a coat or glimpsed in a skirt hem, brightened up a muted palette dominated by khaki and earthy tones. Tough bomber jackets and bulky duffel coats were softened with furry hoods or collars and luxurious fur accessories.
Supermodel Naomi Campbell, sashaying in a shimmering bronze strapless column gown, rounded out the show.
Burberry is traditionally the glitziest event at London Fashion Week, which also features catwalk shows by designers including Erdem, JW Anderson, Roksanda Ilincic and Molly Goddard.
The London displays wrap up on Tuesday, when the fashion crowd decamps to Milan Fashion Week for more new season runway shows.

 

 



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
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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".