America Ferrera Stuns in Sparkly Barbie Pink, Rita Moreno Waves in Statement Black on Oscars Carpet 

Rita Moreno poses on the red carpet during the Oscars arrivals at the 96th Academy Awards in Hollywood, Los Angeles, California, US, March 10, 2024. (Reuters)
Rita Moreno poses on the red carpet during the Oscars arrivals at the 96th Academy Awards in Hollywood, Los Angeles, California, US, March 10, 2024. (Reuters)
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America Ferrera Stuns in Sparkly Barbie Pink, Rita Moreno Waves in Statement Black on Oscars Carpet 

Rita Moreno poses on the red carpet during the Oscars arrivals at the 96th Academy Awards in Hollywood, Los Angeles, California, US, March 10, 2024. (Reuters)
Rita Moreno poses on the red carpet during the Oscars arrivals at the 96th Academy Awards in Hollywood, Los Angeles, California, US, March 10, 2024. (Reuters)

America Ferrera bid a fond awards season farewell to "Barbie" on the Oscars red carpet Sunday in a stunning, sparkly Atelier Versace gown in the film's signature pink, while Rita Moreno wore a huge smile and a statement black gown from Badgley Mischka.

"America Ferrera did bombshell right and gave us the cool Barbie pink moment we needed this whole time, aka it didn’t smack us over the head," said Brooke Bobb, fashion news director for Harper's Bazaar.

Hollywood's big night in Los Angeles included few fashion risks, with many sticking to classic silhouettes, black and other standard colors. Others offered an under-the-sea-vibe in soft seafoam colors with mermaid crystals and shell-like designs.

Emma Stone was in the sea camp in a soft pastel strapless look with a faint shell pattern in mint and a wide peplum at the waist. It was Louis Vuitton. Hailee Steinfeld in Elie Saab was also sea-like in sheer ethereal blue-green with wings attached at the wrist. Lupita Nyong'o was sea-adjacent in feathers and sequins by Armani Privé.

RITA MORENO TAKES THE RED CARPET Moreno, at 92, waved to photographers as she showed off her pleated taffeta and velvet gown. Brittany Snow offered a refreshing show of color in a bright strapless custom Mônot dress paired with a statement choker.

Cynthia Erivo, in custom Louis Vuitton, shut down the carpet in emerald green lamb leather, dinosaur-like spikes along the back of a large-shouldered jacket. Emily Blunt and hubby John Krasinski matched in off-white, she in Schiaparelli couture with shoulders that floated above her body, that extended silhouette touch a mini-trend of the night.

Anya Taylor-Joy was full shell in a Dior Haute Couture strapless look in a sparkly scallop design.

DA'VINE JOY RANDOLPH IN LOUIS VUITTON Da'Vine Roy Randolph, on the top of her fashion game this awards season, wore an A-line pale blue tulle gown from Louis Vuitton with oversized sleeves embellished with tulle fringe. Ariana Grande also went big in a puffy pink gown that also had huge sleeves on a matching coat.

InStyle beauty director Lauren Valenti lauded Randolph's effort.

"I loved Da’Vine’s beauty homage to Mae West, which featured cat eyes, glossy lined lips and va-va-voom side-swept blonde waves," she said.

Lavender had a moment on a few. So did Billie Eilish in a Chanel schoolgirl look with a black jacket, pattern skirt, white socks and black Mary Janes. She and others on the carpet wore red pins supporting a ceasefire in Gaza.

"This year in general, the power of the red carpet was driven by women whose confidence felt utterly authentic and not like an exercise in branding," Bobb said. "Embracing personal style really is the only way to land on the best-dressed list these days."

The "Godzilla Minus One" group, meanwhile, showed up carrying toy monsters.

MOSTLY BLACK FOR THE MEN Many men stuck to black in tuxedos and other looks, including a fashion star of the awards season, Colman Domingo in a double-breasted tuxedo look, a custom Louis Vuitton, paired with cowboy boots and a jewel at the center of his bow tie. He wore a pinkie ring that once belonged to the man behind his "Rustin" character, Bayard Rustin, as he has throughout awards season.

"I wanted to shine like a diamond″ he told E! "I’m having a great time."

Speaking of gems, Lily Gladstone won the jewelry game. She paired her midnight blue velvet gown with a Bulgari necklace in white gold with turquoise touches and blue oval tanzanite at the center.

Her custom Gucci gown was created in collaboration with Indigenous designer Joe Big Mountain of Ironhorse Quillwork. It featured a hand-wrapped porcupine quilled border in blue with a natural woven star design and sterling silver-plated bead edging.

Ryan Gosling and Bradley Cooper also went for black tuxedos. Gosling wore Gucci with silver bead piping, and Cooper wore double-breasted in Louis Vuitton. No ties for either, along with others.

"Bradley Cooper tells Brad Pitt to move over by leaving his tie, and Gigi Hadid, at home and instead brought his tan, a double-breasted tux embellished with turquoise buttons and slicked hair that took my breath away," said Larry Curran, an independent brand consultant who has worked with Saks Fifth Avenue and Bergdorf Goodman.

SANDRA HÜLLER STUNS IN SCHIAPARELLI As for the women, Sandra Hüller was on Curran's best-dressed list.

"Correctly, she skipped earrings and chose a diamond necklace (Cartier) that brought balance to the oversized, off-the-shoulder wings of the dress, and another sparkly embellishment placed in between them," he said.

There was a predictable spray of sequins for the women. White looks also represented, including Kirsten Dunst in Gucci. There was lots of black for the women, too, including a custom Schiaparelli for Hüller with extended shoulders and the perfect fit.

Erika Alexander of "American Fiction" wore a white strapless gown with a black skirt trimmed in pastel tulle. The designer, Christian Siriano, said it was made in a miraculous four days.

THE KIDS ARE ALRIGHT ON DRESS-UP NIGHT A couple of little cuties in nominated short films were delighted to walk. Porché Brinker of "The Last Repair Shop" was in ethereal soft blue, and Juliet Donenfeld of "Red, White and Blue" looked all-the-way grown up in a blinged-out strapless dress.

Red, an "IT" color of the awards season, had some early enthusiasts as arrivals heated up.

Issa Rae, always a red carpet standout, failed to disappoint in plunging deep green from Ami Paris. The top sparkled.

"I am wearing green for good luck," she said. "I wanted to feel old Hollywood."

Julee Wilson, beauty editor at large for Cosmopolitan, praised Rae's beauty look.

"Her sleek topknot and glowing skin are the perfect combo. Her hair was elegantly pulled away to showcase high shine skin. It sparkles," she said. "I need to know what’s making it glow so much!"

Gabrielle Union wore another knockout, a strong silver embellished look from Carolina Herrera that offered an armor vibe.

"I am feeling myself," Union said.

VANESSA HUDGENS DEBUTS BUMP IN VERA WANG Vanessa Hudgens brought along one special accessory. She revealed her baby bump under a body-hugging Vera Wang turtleneck gown in black as she hosted ABC's pre-show coverage.

Among the risk-takers? Charlotte Kemp Muhl, who walked with Sean Ono Lennon in a backless and near sideless black dress.

Daniel Scheinert of the Daniels wore a Fashion Brand Company jacket adorned with a snake. It's a buzzy brand worn by a lot of comedians, including SNL’s Sarah Sherman.

Jodi Kahn, Neiman Marcus' vice president of luxury fashion, saw plenty for her customers on the red carpet.

"We saw a lot of black, beautifully on Sandra Hüller in Schiaparelli as well as Danielle Brooks in Dolce & Gabbana, Jennifer Lawrence in Dior and Margot Robbie in Versace," she said. "While we usually see lots of bold color on the red carpet it’s striking to see all of the beautiful black, elegant gowns."

She included Eilish in that group.

"In Chanel, Billie took a modern approach to ladylike style, which will easily inspire long, lean skirts and jackets into our customers wardrobes. Black will always be fashion's favorite color."

A BIT OF TROUSER FLARE FOR THE MEN Jonathan Evans, style director for Esquire, said you had to look closely to see one of the biggest red carpet trends.

"Even though they kept it relatively classic otherwise, a surprising number of guys opted for flared trousers this year. Simu Liu, Bradley Cooper and Colman Domingo all embraced a little extra room around the ankle, and it looked great," he said.

EJ Briones, executive fashion editor for Bustle, saw another strong trend.

"Embellished corsets dominated the red carpet with looks from Hailee Steinfeld in Elie Saab Couture, Florence Pugh in Del Core and Danielle Brooks in custom Dolce & Gabbana. The heavy detail of the bodice against the softness created a beautiful juxtaposition," he said.

Among the men who opted out of black was Taylor Zakhar Perez in powder blue. Liu of "Barbie" brought the Kenergy. He rocked a black Fendi look with a wrap-around jacket closed with a brooch.

"It's a fun situation, and I like brooches," he said.



Hugo Boss Beats Q1 Operating Profit Expectations 

The logo of German fashion house Hugo Boss is seen on a clothing label at their outlet store in Mezingen near Stuttgart October 29, 2013. (Reuters)
The logo of German fashion house Hugo Boss is seen on a clothing label at their outlet store in Mezingen near Stuttgart October 29, 2013. (Reuters)
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Hugo Boss Beats Q1 Operating Profit Expectations 

The logo of German fashion house Hugo Boss is seen on a clothing label at their outlet store in Mezingen near Stuttgart October 29, 2013. (Reuters)
The logo of German fashion house Hugo Boss is seen on a clothing label at their outlet store in Mezingen near Stuttgart October 29, 2013. (Reuters)

Hugo Boss' first-quarter operating profit on Thursday beat expectations despite further investment into the business helped by efficiencies and improving costs.

Earnings before interest and taxes rose 6% to 69 million euros ($74 million), slightly above the 65 million in a company-provided poll of analysts.

Efficiency gains in sourcing as well as more favorable product and freight costs offset promotion costs and negative currency effects, the company said.

Quarterly group sales rose 5% to 1.01 billion euros.

Brand and product initiatives including the launch of the latest spring/summer 2024 collection drove growth for its BOSS and HUGO brands in the quarter, the company said.


Pandora Raises Revenue Forecast as US Sales Sparkle 

People pass a shop of the Danish jewellery maker Pandora in central Copenhagen, Denmark February 6, 2024. (Reuters)
People pass a shop of the Danish jewellery maker Pandora in central Copenhagen, Denmark February 6, 2024. (Reuters)
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Pandora Raises Revenue Forecast as US Sales Sparkle 

People pass a shop of the Danish jewellery maker Pandora in central Copenhagen, Denmark February 6, 2024. (Reuters)
People pass a shop of the Danish jewellery maker Pandora in central Copenhagen, Denmark February 6, 2024. (Reuters)

Pandora, the world's largest jewellery maker, raised its full-year revenue guidance on Thursday after beating first quarter sales and profit forecasts as it won market share in the United States, its biggest market.

The Danish company's shares jumped 5% in early trading.

Pandora has invested heavily in marketing, store openings, and broadening its range of rings, necklaces, and lab-grown diamonds, though its charm bracelets ranging from $60 to more than $2,000 still make up around 60-70% of sales.

Sales jumped 11% in the first quarter to 6.8 billion Danish crowns ($977.8 million), including a 9% increase in the United States, where the brand is gaining market share even as overall demand for jewellery has weakened.

"The reason we are gaining share fundamentally is because we keep investing in this brand," CEO Alexander Lacik told Reuters in an interview. "Even when there is a shrinking pie, you will find winners and losers."

Operating profit rose to 1.51 billion crowns from 1.26 billion a year earlier, compared with 1.32 billion expected by analysts polled by the company.

Pandora now expects organic revenue growth of 8%-10% this year, compared with 6%-9% previously. It kept its operating margin guidance at around 25%.

Charm bracelets, a staple of 90s fashion, have enjoyed a renaissance, trending on social media platforms like TikTok.

Lacik said social media contributed to Pandora's growth but was not the underlying driver.

"This is a result of the overarching program that Pandora has been working on for many years now, and I think maybe we've hit a sweet spot with the type of audience that we're trying to serve," Lacik said.

In North America, Pandora's expansion into lab-grown diamond jewellery piqued shoppers' interest and increased their demand for the whole range of Pandora products, the company said.

China was a weak spot with sales down 17% in like-for-like terms, which Pandora blamed on a challenging market as it works to relaunch the brand there.


Estee Lauder Tempers Sales View despite US, China Recovery

An Estee Lauder cosmetics counter is seen in Los Angeles, California, US, August 19, 2019. (Reuters)
An Estee Lauder cosmetics counter is seen in Los Angeles, California, US, August 19, 2019. (Reuters)
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Estee Lauder Tempers Sales View despite US, China Recovery

An Estee Lauder cosmetics counter is seen in Los Angeles, California, US, August 19, 2019. (Reuters)
An Estee Lauder cosmetics counter is seen in Los Angeles, California, US, August 19, 2019. (Reuters)

Estee Lauder lowered its annual organic sales estimate on persistent softness in mainland China's prestige beauty space, even as a demand rebound for its pricey items in the US and Asia-Pacific markets drove a profit forecast raise.

Shares of the New York-based company dropped nearly 10% on Wednesday.

Estee also beat third-quarter results expectations, hinting at a recovery in demand for beauty and cosmetic products in the US after a long bout of inflation had pressured sales of luxury items in the world's biggest economy.

A pick-up in China and Asia travel retail demand after several quarters of weakness underscored customer willingness to splurge on "affordable luxuries" such as fragrances and make-up products.

Third-quarter organic net sales in the Americas grew 1%, with a 3% rise in the Asia Pacific region.

"We see actual progress in the total Chinese consumer consumption on our brands and they are very solid," said CEO Fabrizio Freda, adding that the number of Chinese travelers are growing too.

However, Estee forecast annual organic sales would fall 1% to 2%, compared with its previous estimate of a 1% decrease to a 1% increase.

"Estee Lauder's management might have taken the view it is better to be cautious now and over-deliver than continue with high expectations and fail to sell enough products," said Dan Coatsworth, investment analyst at AJ Bell.

The company expects full-year 2024 adjusted profit per share between $2.14 and $2.24, compared with a prior forecast of $2.08 to $2.23.

Net sales rose 5% to $3.94 billion, compared with LSEG estimates of $3.91 billion. Adjusted profit of 97 cents per share surpassed expectations of 49 cents.

Last month, European rival L'Oreal also beat sales expectations and eased concerns about waning demand in the US and China - the two biggest beauty markets.

"The sector has held better than I expected and the question really around luxury and personal luxury goods is whether 2024 will be a hard or soft landing ... so far it speaks to the narrative of a soft landing," said Javier Gonzalez Lastra, luxury-focused portfolio manager at Tema ETFs.


Ralph Lauren Goes Minimal for Latest Fashion Show, with Muted Tones and a More Intimate Setting

File photo: Fall-Winter 2022 fashion from Ralph Lauren is modeled, Tuesday, March 22, 2022, in New York. (AP)
File photo: Fall-Winter 2022 fashion from Ralph Lauren is modeled, Tuesday, March 22, 2022, in New York. (AP)
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Ralph Lauren Goes Minimal for Latest Fashion Show, with Muted Tones and a More Intimate Setting

File photo: Fall-Winter 2022 fashion from Ralph Lauren is modeled, Tuesday, March 22, 2022, in New York. (AP)
File photo: Fall-Winter 2022 fashion from Ralph Lauren is modeled, Tuesday, March 22, 2022, in New York. (AP)

Ralph Lauren has been known for many grand fashion show over the years: taking over Central Park for a sumptuous anniversary celebration, for example, or staging a runway show amid his eye-popping classic car collection.
But for his Fall/Holiday 2024 collection, he decided to go minimal — at least, minimal in Ralph Lauren terms. That meant an intimate show Monday night in a (relatively) small design studio at his New York City offices, inspired by his first women’s fashion show in 1972, where he displayed his wares to editors and friends in his own office.
In front of a typically starry front row that included actors Glenn Close, Jessica Chastain, Kerry Washington, Rebecca Hall and Jodie Turner-Smith, Lauren opened his show on a note of timelessness — his longtime ethos — with the appearance of muse and supermodel Christy Turlington, now 55, in a sleek beige wool coat.
What followed were a series of designs in soothing neutral tones: tans, browns, grays, black and metallics. The soft palette characterized both daytime garments like tailored jackets and sweaters with trousers, and evening wear like slinky, sequined gowns. There were roomy sweaters, lots of boots and wide leather belts with “RL” buckles.
There were Lauren’s familiar Western accents, like long fringes on coats and jacket sleeves. And especially the occasional cowboy hat, which accompanied not only casual ensembles but, to close out the show with a memorable look, a backless gown dress in sparkly gold.
Lauren, 84, appeared briefly at the end, in well-worn jeans, to cheers from the crowd, which also included Vogue editor Anna Wintour.
Close wore a white Lauren pantsuit. “This is a very, very special suit," the actor said. “It was made especially for me. Custom. Five years ago. I won a SAG award in it. So here I am. It looks just as beautiful. It’s a shame to wear something like this only once.”
Close added that growing up in New England, “the mentality was, you buy something that has great quality and then you wear it until it wears out. That’s how I was brought up."
After the show, guests walked the few blocks down to Lauren’s Polo Bar restaurant, where the designer was again cheered when he made his entrance — before tucking into one of his restaurant’s signature burgers.
Lauren's son, David, an executive at the label, discussed the task of creating new designs each season. “You know, everything changes," he said. “You're always looking at new fabrics and you’re looking at new silhouettes, and you’re looking at new ways to bring the brand to life. But there is a philosophy. There is a style.”
With Wintour's Met Gala coming up in exactly a week, David Lauren was asked if the label would be dressing any stars. “Not this year," he said. "We’ve been so involved over the years, but this year we have a fashion show and we’re about to outfit team USA (for the Olympics in Paris) and do a men’s presentation in Milan. So our plate is full.”


Fast-fashion Giant Shein Wants to Sell Skincare, Toothpaste

FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo
FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo
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Fast-fashion Giant Shein Wants to Sell Skincare, Toothpaste

FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo
FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo

Online fast-fashion retailer Shein is courting brands like toothpaste conglomerate Colgate-Palmolive and toymaker Hasbro as it tries to sell more household names on its platform, Reuters reported.
Known for cheap own-brand clothing and accessories, Shein is moving into other categories and has given brands and retailers access to its platform in nine European countries so far, having done so in the United States, Brazil, and Mexico last year.
The strategy, part of Shein's plan to build credibility and better compete with Amazon, is enabling the business to expand and develop new ways of selling goods ahead of a planned stock market listing later this year.
Shein presented its marketplace services at an event in Madrid last month alongside Colgate-Palmolive, Hasbro , Orangina maker Suntory Beverage & Food, and Spanish cosmetics brand Bella Aurora.
"Everybody associates Shein with fashion, but we are doing all verticals," Christina Fontana, senior director of brand operations for Europe, Middle East and Africa at Shein, told delegates at a conference in Paris on April 17.
Seeing shoppers opening Shein and searching for other brands provided the impetus, Fontana said.
"Our consumers want brands, if that's what they're looking for, that's what we're going to give them."
Fontana, who previously worked for AliBaba, is one of several marketplace experts Shein has poached from the Chinese e-commerce giant and other firms.
That recruitment has helped fuel rapid expansion. Shein had an average 108 million monthly active users in European Union member states in the six months to Jan. 31.
But the company's growth has brought new complications, including new EU rules requiring it to police its platform for illegal or harmful products.
In Europe, Shein's marketplace is so far available in Britain, France, Germany, Italy, the Netherlands, Poland, Portugal, Spain, and Sweden.
Whether the new marketplaces succeed and enable Shein to compete with Amazon and AliExpress will depend on what brands the company can attract, experts say.
"If Shein wants to compete as a trustworthy reputable marketplace platform, it really needs endorsement from well-known Western brands," said Xiaofeng Wang, e-commerce analyst at Forrester in Singapore.
SUPERCHARGE SALES
In a Zoom webinar aimed at potential sellers in the United States on Thursday, Shein's head of seller marketing Claire Lin pitched an opportunity for brands to reach millions of shoppers and "supercharge" sales, Reuters said.
"Our shopping experience is very sticky, it's very much gamified," she said. "It's fun to shop on our site, so what we see is the minimum shopping time is around eight minutes, well above industry average."
Shein shoppers are Gen Z and millennial, and skew female - with around an 80-20 split of women versus men, Lin said.
Home, electronics, and beauty & health are currently top-performing categories, she said, and the only category Shein does not offer is food and beverages.
The gross merchandise value (total value of products sold) in the home category tripled in 2023, while electronics grew by 2.5 times, and beauty & health grew by 2.1 times, according to a slide shown during the webinar.
Selling directly through a marketplace can provide a significant sales boost for brands. But before doing so, manufacturers typically seek assurances that the marketplace is a good fit for the audience they want to reach, and that they will have control over pricing and promotions.
Shein's platforms have attracted many third-party retailers.
Products from beauty and skincare brands like Caudalie, CeraVe, La Roche-Posay, Shiseido, The Ordinary, Rimmel, and Weleda are currently being sold on Shein's platform in the US, Britain, Brazil, and Mexico via third-party retailers.
Jayn Sterland, UK & Ireland country manager at Weleda, said the Swiss cosmetics brand was not considering selling on Shein directly.
When assessing a marketplace, reputation, perception, and environmental impact are among the key factors the brand looks at, Sterland added, pointing to sustainability initiatives Weleda works on with Amazon, where it sells directly.
Colgate-Palmolive did not reply to a request for comment. A Hasbro spokesperson said the company participated in the Madrid event "to talk generally about the pros and cons of marketplaces".
A Suntory spokesperson said: "We don't sell any of our drinks on Shein's marketplace and we don't have any plans to, this was just an opportunity to share best practice."


Online Retailer Shein Is Latest to Face Strict European Union Digital Regulations

 26 April 2024, Spain, Madrid: Shein Accessories are pictured in an ephemeral store during its opening at ABC Serrano in Madrid. (dpa)
26 April 2024, Spain, Madrid: Shein Accessories are pictured in an ephemeral store during its opening at ABC Serrano in Madrid. (dpa)
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Online Retailer Shein Is Latest to Face Strict European Union Digital Regulations

 26 April 2024, Spain, Madrid: Shein Accessories are pictured in an ephemeral store during its opening at ABC Serrano in Madrid. (dpa)
26 April 2024, Spain, Madrid: Shein Accessories are pictured in an ephemeral store during its opening at ABC Serrano in Madrid. (dpa)

Online fast-fashion retailer Shein must face the European Union's strictest level of digital regulations, the bloc said on Friday as it added the company to its list of big platforms that need extra scrutiny.

The EU's Executive Commission said it formally classed Shein as a “very large online platform” under the 27-nation bloc's Digital Services Act, an expansive rulebook designed to clean up online platforms and keep internet users safe.

Shein is a low-cost online retailer that was founded in China but is now based in Singapore. It reaches customers mainly through its app. The company said it will “work constructively” to "deliver a safe and compliant environment for our online community.”

“We share the Commission’s ambition to ensure consumers in the EU can shop online with peace of mind, and we are committed to playing our part," Leonard Lin, Shein's global head of public affairs, said in a statement. “We also share a commitment to the principles of transparency and accountability that are at the core of the DSA."

Shein has had a meteoric rise in the West by offering low-cost apparel and household items, primarily targeting younger women through social media partnerships with online influencers and celebrities.

Because it has more than 45 million European users, Shein has to start obeying the most stringent requirements by August. They include taking specific measures to protect online users and assessing and mitigating any “systemic risks” from its services, such as limiting the sale of illegal or counterfeit products.

Shein's obligations also include adjusting its user interfaces and recommendation algorithms to prevent risks to consumer safety and well-being, and filing annual risk assessment reports evaluating potential harm to consumers, especially children, the commission said.

The EU already has 22 tech names including Facebook, TikTok, YouTube, Instagram, Amazon and Google Search on its list of the biggest online services that need the toughest tier of supervision since the DSA took effect last year.

Other online services operating in the EU aren't exempt - they still have to comply with the law's general requirements. Violations are punishable by fines of up to 6% of a company's annual worldwide revenue.


Hermes Q1 Sales Jump 17% on Growth Across Regions

(FILES) An employee holds a USD129,000 crocodile Hermes Birkin Bag for the press to see during a private opening for the new Hermes store on Wall Street in New York 21 June 2007. (Photo by Timothy A. CLARY / AFP)
(FILES) An employee holds a USD129,000 crocodile Hermes Birkin Bag for the press to see during a private opening for the new Hermes store on Wall Street in New York 21 June 2007. (Photo by Timothy A. CLARY / AFP)
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Hermes Q1 Sales Jump 17% on Growth Across Regions

(FILES) An employee holds a USD129,000 crocodile Hermes Birkin Bag for the press to see during a private opening for the new Hermes store on Wall Street in New York 21 June 2007. (Photo by Timothy A. CLARY / AFP)
(FILES) An employee holds a USD129,000 crocodile Hermes Birkin Bag for the press to see during a private opening for the new Hermes store on Wall Street in New York 21 June 2007. (Photo by Timothy A. CLARY / AFP)

Birkin bag maker Hermes reported a 17% surge in first-quarter sales on Thursday, sustaining a rapid growth rate from the previous quarter and underlining strong demand for high end luxury.
Sales rose to 3.81 billion euros ($4.08 billion) for the three months to March 31 and beat expectations for a 13% rise, according to consensus provider Visible Alpha.
One of the most consistent performers in the luxury goods sector, Hermes is known for its ability to maintain strong growth even in the face of deteriorating economic conditions.
Its first-quarter growth far outpaced larger rival LVMH , underlining the strength of businesses operating in the top end of the market and defying broader weakness in key market China.
Sales updates from several leading luxury groups including LVMH and Kering have offered little reassurance that Chinese demand for high-end fashion is bouncing back, Reuters reported.
Hermes, which sells handbags priced at more than $10,000, said its sales in Asia excluding Japan grew 14%, and all other regions reported double-digit rises.
The company saw "slightly softer" traffic in China in March following the Chinese New Year holiday, Eric du Halgouet, executive vice-president finance, told journalists.
However strong demand from wealthier clients offset a reduction in purchases by those seeking more affordable silk items and fashion accessories, he said.


Prada Outshines Rivals with 16% Revenue Lift Boosted by Miu Miu

The logo of fashion house Prada is seen outside a shop in Milan, Italy, April 8, 2024. (Reuters)
The logo of fashion house Prada is seen outside a shop in Milan, Italy, April 8, 2024. (Reuters)
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Prada Outshines Rivals with 16% Revenue Lift Boosted by Miu Miu

The logo of fashion house Prada is seen outside a shop in Milan, Italy, April 8, 2024. (Reuters)
The logo of fashion house Prada is seen outside a shop in Milan, Italy, April 8, 2024. (Reuters)

Italy's Prada defied a slowdown across the luxury sector in the first quarter, reporting booming demand for its high fashion brand Miu Miu and continued growth in Asia.

Family-owned Prada on Wednesday reported sales up 16% to 1.19 billion euros ($1.27 billion) at constant exchange rates, slightly above a 1.14 billion euro consensus cited by analysts.

Its performance contrasts with that of Gucci-owner Kering. The French group on Tuesday forecast a 40% to 45% plunge in first-half operating profit, after first-quarter sales declined. LVMH's sales grew 3% in the first quarter.

For Prada, Europe and Asia Pacific, and in particular Japan, drove the sales growth, while the Americas lagged.

In a post-results conference call Prada echoed comments of other luxury brands saying Chinese shoppers were travelling more and spending more abroad in places like Japan and Europe, reducing sales at home in the holiday period.

Among its brands, flagship label Prada's retail sales grew by 7% in the January-March period, while Miu Miu, which contributes around 15% of total sales, posted an 89% increase.

"Over the first quarter, we delivered a solid performance in a more challenging market environment," Prada Group Chairman Patrizio Bertelli said in a statement.

"While the industry is experiencing new dynamics, we retain our ambition to deliver solid, sustainable and above market growth," Chief Executive Andrea Guerra said.

Guerra told an analyst call that the luxury industry had entered a new phase where strong creativity and a brand's positioning and desirability would drive performance.

He added that the sales trend in April was similar to that seen in the first quarter.

A dual listing, which was expected in Milan, is still on the agenda though not a priority at the moment, CFO Andrea Bonini told analysts, dismissing a press report about a possible triple listing.

The group is not planning to add additional shops this year, while 10-15 store openings for Miu Miu are slated for 2025, and five to 10 for Prada.

Prada shares rose 2.2% on the Hong Kong stock exchange before the results. Since the beginning of January the stock has risen around 37%.


From Milan to Riyadh... Marangoni International Institute to Open in 2025

Officials are seen at the press conference on Tuesday. (Photo: Turki al-Okaili)
Officials are seen at the press conference on Tuesday. (Photo: Turki al-Okaili)
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From Milan to Riyadh... Marangoni International Institute to Open in 2025

Officials are seen at the press conference on Tuesday. (Photo: Turki al-Okaili)
Officials are seen at the press conference on Tuesday. (Photo: Turki al-Okaili)

Istituto Marangoni, one of the top fashion universities in Milan, unveiled a strategic partnership with the Saudi Fashion Commission to establish an institute in Riyadh in 2025.

The announcement came during a press conference in the Saudi capital on Tuesday, in the presence of Deputy Minister of Culture Hamed bin Mohammed Fayez.

According to a statement, the institute’s mission in the Kingdom is to open new horizons for developing local talent, empowering women, and enhancing employment with the aim to transform the fashion sector into a dynamic market for young consumers and innovators in the digital world. The institute will be accredited by the Saudi Technical and Vocational Training Corporation (TVTC).

The institute aims to provide academic services designed to boost career paths in the fields of fashion, business and luxury management. The main academic program includes a 3-year advanced diploma, and is available in specific basic areas, such as fashion product design and management, creative direction, perfume and cosmetics management and interior design.

Officials underlined the importance of this partnership, which they said reflected efforts to bolster foreign investments in the Kingdom.

In remarks to Asharq Al-Awsat, Chief Executive Officer of the Fashion Commission of Saudi Arabia's Ministry of Culture Burak Cakmak said the partnership with the Marangoni Institute was a good indicator of the foreign investors’ interest to work in the fashion sector in the Kingdom.

He added that the authority has worked over the past three years on many aspects to empower the sector, including identifying local brands, providing programs to professionalize business, and supporting talent at the international and local levels, leading to the launch of Fashion Week in Riyadh in October last year.

Managing Director of Istituto Marangoni Stefania Valenti explained that Saudi Arabia’s Vision 2030 has encouraged the institute to work with the Kingdom, pointing to the presence of a consistent program led by the Saudi Fashion Commission.

Moreover, she added that the growth of local and international brands in the Saudi market requires ready creative management.


Kering’s Shares Dive 9% as Gucci Falters 

A logo of fashion house Gucci is seen outside a shop in Paris, France, April 15, 2024. (Reuters)
A logo of fashion house Gucci is seen outside a shop in Paris, France, April 15, 2024. (Reuters)
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Kering’s Shares Dive 9% as Gucci Falters 

A logo of fashion house Gucci is seen outside a shop in Paris, France, April 15, 2024. (Reuters)
A logo of fashion house Gucci is seen outside a shop in Paris, France, April 15, 2024. (Reuters)

Shares in French luxury group Kering fell by as much as 9.3% in early trade on Wednesday, to their lowest level in over 6 years, as the market digested news of a likely 40%-45% plunge in first-half operating profit.

First-quarter sales at Kering declined 10%, the company reported after the market close on Tuesday, as wealthy shoppers curbed spending on products from its star label Gucci, reflecting a wider slowdown in luxury buying.

In the all-important Chinese market, a property crisis and high youth unemployment have weighed on Chinese shoppers' appetite for high end fashion and the company does not expect much improvement in the second quarter, company executives told analysts.

So far this year, Kering's share price has lost around a fifth of its value.

Its dive on Wednesday to the lowest level since October 2017 put it on track for the biggest one-day drop since March 20, a day after a previous warning from Kering that dashed hopes it had stemmed sales declines at Gucci.

The century-old Italian fashion house, which accounts for half of group sales and two-thirds of profit, is undergoing an overhaul. Executives are seeking to reignite sales with an aesthetic reset, led by creative director Sabato de Sarno, and including an emphasis on leather goods.

Executives say that early products from the new Ancora collection, which include glossy Jackie bags and chunky, platform loafers, have been well received, but stores will not be fully stocked with the products until later this year.

Kering's performance dragged down other luxury companies, with Burberry - which is also revamping its brand - down 3%, while shares of larger rivals LVMH and Hermes were slightly lower, down 0.5% and 0.2% respectively.

While management is positive about margin recovery in the second half as the new Gucci collection becomes more available, analysts at JPMorgan said the execution risk was high.

"We think it is too early to turn more constructive on this turnaround journey," they said.