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Tashkeela Exhibition Exposes Saudi Designers to Int’l Fashion Markets

The Saudi Fashion Commission inaugurated Saturday in Riyadh the second "Tashkeela" exhibition at the ROSHN Front. (SPA)
The Saudi Fashion Commission inaugurated Saturday in Riyadh the second "Tashkeela" exhibition at the ROSHN Front. (SPA)
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Tashkeela Exhibition Exposes Saudi Designers to Int’l Fashion Markets

The Saudi Fashion Commission inaugurated Saturday in Riyadh the second "Tashkeela" exhibition at the ROSHN Front. (SPA)
The Saudi Fashion Commission inaugurated Saturday in Riyadh the second "Tashkeela" exhibition at the ROSHN Front. (SPA)

The Saudi Fashion Commission inaugurated Saturday in Riyadh the second "Tashkeela" exhibition at the ROSHN Front, offering a platform for local talent and brands to unveil their latest collections, The Saudi Press Agency said on Monday.
From ready-to-wear to high-end fashion, the exhibition, which lasts until March 19, boasts a diverse range of designs, including accessories, handbags and shoes, jewelry, and perfumes.
This wide-ranging display is expected to cater to the taste of a wide audience, and attract local fashion experts, influencers with a keen eye for trends, and investors seeking to support the burgeoning Saudi fashion sector.
Shoppers eager to discover the latest styles and champion local businesses will also find themselves immersed in a dynamic fashion experience.
Fashion Commission CEO Burak Çakmak said in an interview with SPA at the opening of the exhibition that the commission's primary objective is to bolster the fashion industry both locally and internationally. This entails creating opportunities for Saudi brands to access retail markets in the Kingdom of Saudi Arabia and globally.
The event highlights the work of over 160 Saudi designers, including participants in the commission's "100 Saudi Brands" program, which offers training and guidance throughout the year to empower Saudi fashion designers and establish them as successful brands.
The "Tashkeela" exhibition enjoys clear success – the first edition attracted a staggering 22,000 visitors in the course of four days. Building on that achievement, the second edition features not only Saudi designers but also designers from Arab and other countries. This creates a dynamic platform for showcasing diverse fashion talents, Çakmak said.

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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
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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".