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Valentino’s Creative Director Pierpaolo Piccioli Leaves after 25 Years

Designer Pierpaolo Piccioli appears at the end of his Menswear ready-to-wear Fall/Winter 2024-2025 collection show for fashion house Valentino during Men's Fashion Week in Paris, France, January 20, 2024. (Reuters)
Designer Pierpaolo Piccioli appears at the end of his Menswear ready-to-wear Fall/Winter 2024-2025 collection show for fashion house Valentino during Men's Fashion Week in Paris, France, January 20, 2024. (Reuters)
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Valentino’s Creative Director Pierpaolo Piccioli Leaves after 25 Years

Designer Pierpaolo Piccioli appears at the end of his Menswear ready-to-wear Fall/Winter 2024-2025 collection show for fashion house Valentino during Men's Fashion Week in Paris, France, January 20, 2024. (Reuters)
Designer Pierpaolo Piccioli appears at the end of his Menswear ready-to-wear Fall/Winter 2024-2025 collection show for fashion house Valentino during Men's Fashion Week in Paris, France, January 20, 2024. (Reuters)

Italian fashion house Valentino said on Friday it had agreed with its creative director Pierpaolo Piccioli to end their collaboration, adding that a new "creative organization" would be announced soon.

Piccioli started working at Valentino in 1999 and took on the role of sole creative director in 2016.

"We extend our deepest gratitude to Pierpaolo for writing an important chapter in the history of the Maison Valentino. His contribution over the past 25 years will leave an indelible mark," Valentino's chairman Rachid Mohamed Rachid said.

Piccioli said in the same statement: "I've been in this company for 25 years, and for 25 years I've existed and I've lived with the people who have woven the weaves of this beautiful story that is mine and ours."

French luxury group Kering bought a 30% stake in Valentino last year from Qatari investment fund Mayhoola for 1.7 billion euros ($1.84 billion).

The agreement includes an option for Kering to purchase the whole of Valentino's share capital no later than 2028.

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Fashion

Abercrombie & Fitch Lifts Sales Forecast on Trendy Apparel Demand; Lofty Expectations Hit Shares

A hiring sign is displayed in front of Abercrombie & Fitch at the Tysons Corner Center mall on August 22, 2024 in Tysons, Virginia. (Getty Images via AFP)
A hiring sign is displayed in front of Abercrombie & Fitch at the Tysons Corner Center mall on August 22, 2024 in Tysons, Virginia. (Getty Images via AFP)
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Abercrombie & Fitch Lifts Sales Forecast on Trendy Apparel Demand; Lofty Expectations Hit Shares

A hiring sign is displayed in front of Abercrombie & Fitch at the Tysons Corner Center mall on August 22, 2024 in Tysons, Virginia. (Getty Images via AFP)
A hiring sign is displayed in front of Abercrombie & Fitch at the Tysons Corner Center mall on August 22, 2024 in Tysons, Virginia. (Getty Images via AFP)

Abercrombie & Fitch raised its annual sales target on Wednesday after reporting better-than-expected quarterly revenue, but shares of the company fell 14% as investors expected a bigger forecast bump from the high-flying retailer.

The stock has surged about 89% so far this year after nearly quadrupling in 2023.

"While the market may have been looking for a stronger guidance lift for the year, given momentum across the business, we see a beat and raise as impressive given a moderating top line outlook in response to a choppy macro environment across many of Abercrombie's specialty retail peers," said Dana Telsey, analyst at Telsey Advisory Group.

Abercrombie has been revamping its merchandise with new styles, featuring dressier apparel and cargo pants while tapping into growing demand for wide-legged jeans, helping it draw in fashion-savvy shoppers.

Retailers ranging from department store chains Macy's to home improvement chain Home Depot struck a cautious note and trimmed their annual sales forecasts, blaming weak discretionary demand. Strong results from Target and Walmart showed shoppers were looking for bargains amid budget constraints.

Sales at the Abercrombie brand jumped 26% in the quarter ended Aug. 3, while its Hollister division reported a 17% rise due to better-than-expected back-to-school selling.

The company now expects net sales to rise between 12% and 13% in fiscal 2024, compared with its prior forecast of around 10% growth.

Abercrombie CEO Fran Horowitz said the forecast raise came despite "an increasingly uncertain environment".

The company saw benefits from lower promotions and lower cotton costs, which helped it improve its gross profit rate by 240 basis points to 64.9%. However, it expects pressure from freight costs in the back half of the year.

In the second quarter, it reported profit of $2.50 per share, beating an estimate of $2.22, according to LSEG data.

Net sales rose 21% to $1.13 billion in the second quarter, compared with analysts' estimate of $1.10 billion.