Milan Fashion Week Fires Up Catwalks despite Cautious Outlook

Milan is back in the limelight with the start of its Fashion Week, with 56 runway shows planned. GABRIEL BOUYS / AFP
Milan is back in the limelight with the start of its Fashion Week, with 56 runway shows planned. GABRIEL BOUYS / AFP
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Milan Fashion Week Fires Up Catwalks despite Cautious Outlook

Milan is back in the limelight with the start of its Fashion Week, with 56 runway shows planned. GABRIEL BOUYS / AFP
Milan is back in the limelight with the start of its Fashion Week, with 56 runway shows planned. GABRIEL BOUYS / AFP

The fashion set moves to Italy Wednesday for Milan Fashion Week, marked by a new designer at Moschino but held amid an uncertain outlook for luxury.
The women's runway shows from Fendi, Prada, Versace and Dolce & Gabbana, among many others, promise a dose of festivity and froufrou in Italy's northern fashion capital, AFP said.
Following fashion weeks in New York and London, Milan again has its moment in the limelight, with 56 runway shows through Sunday on its Fall/Winter 2024-2025 calendar.
But they come amid a backdrop of uncertainty in the global luxury fashion market.
Muted growth projections, inflation concerns, an economic slowdown in China and geopolitical risk loom large for the sector expected to expand globally by just three to five percent this year, according to McKinsey's State of Fashion report published in November.
That is below an estimated five to seven percent for 2023.
Italy's fashion sector -- which includes clothing and leather, shoes, jewelry, cosmetics and accessories -- grew four percent to nearly 103 billion euros ($110 billion) last year, according to estimates from the National Chamber for Italian Fashion.
The association's head, Carlo Capasa, said it was too early to know how 2024 will bode for the industry.
"It's a complex year, it will take resilience," Capasa told journalists earlier this month.
"We know there are three wars, European and US elections. It's a year of transition."
Glitterati gather
But frayed nerves are rarely on display in the front rows, as the glitterati gather for the jam-packed week of fashion's finest.

More than 100,000 people, including buyers, media and brand representatives, are expected for Fashion Week, a rise of 10 percent over last February, Capasa said.
High on the list for fashion watchers will be the debut collection on Thursday of Adrian Appiolaza for Moschino.
The Argentine designer, previously at Loewe, was named creative director of the irreverent, pop-influenced brand last month after his predecessor died just 10 days into the job.
Gucci veteran Davide Renne, who died in November, had been brought in after Jeremy Scott stepped down after a decade at the helm.
Founded by Franco Moschino, the label is known for playful, quirky creations often embellished with slogans -- such as "Gilt without Guilt" or "Good Taste Doesn't Exist" -- or riffing on iconic consumer brands from McDonald's to Barbie.
Debut collections are also expected from Walter Chiapponi at Blumarine -- the flirty, jeans-heavy brand previously led by Nicola Brognano -- and Matteo Tamburini at Tod's.
Chiapponi had been artistic director at Tod's since 2019, and when he left he was replaced by Tamburini, most recently head of ready-to-wear for Bottega Veneta.



Hermes 2Q Sales Rise 13% on Continued Appetite for High-End Luxury

People stand with Hermes shopping bags as they wait at a traffic light in Tsim Sha Tsui, a bustling shopping hotspot, in Hong Kong, China December 5, 2023. (Reuters)
People stand with Hermes shopping bags as they wait at a traffic light in Tsim Sha Tsui, a bustling shopping hotspot, in Hong Kong, China December 5, 2023. (Reuters)
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Hermes 2Q Sales Rise 13% on Continued Appetite for High-End Luxury

People stand with Hermes shopping bags as they wait at a traffic light in Tsim Sha Tsui, a bustling shopping hotspot, in Hong Kong, China December 5, 2023. (Reuters)
People stand with Hermes shopping bags as they wait at a traffic light in Tsim Sha Tsui, a bustling shopping hotspot, in Hong Kong, China December 5, 2023. (Reuters)

Birkin-bag maker Hermes reported a 13% rise in second-quarter sales on Thursday, demonstrating the continued appetite from wealthy shoppers for its luxury handbags, even as less affluent consumers pull back.

Sales at the French luxury group grew to 3.7 billion euros ($4.02 billion), a 13% organic sales rise that strips out currency fluctuations. The figure was in line with analyst expectations, according to a Visible Alpha consensus.

Operating profit for the first half was 3.1 billion euros, compared to a forecast from consensus provider Visible Alpha for 3.2 billion.

One of the most steady performers in the luxury goods sector -- even as economic conditions worsen -- the French group's results stand out after a string of disappointing earnings updates from peers which have raised investor concern about uncertain prospects for the sector in the coming months.

Hermes' famously classic designs and tight management of production and stock have helped reinforce the label's aura of exclusivity, and CEO Axel Dumas told reporters the company had seen "no big interruption in trends".

However, he said Hermes was seeing slightly less traffic with aspirational clients, which was impacting higher volume products like fashion accessories.