Italian Fashion Designer Roberto Cavalli Dies Aged 83

FILE PHOTO: Italian designer Roberto Cavalli acknowledges applause on the catwalk with US model Cindy Crawford at the end of his Autumn/Winter 2002/03 collection at Milan fashion week March 4, 2002. REUTERS/Paolo Cocco/File Photo
FILE PHOTO: Italian designer Roberto Cavalli acknowledges applause on the catwalk with US model Cindy Crawford at the end of his Autumn/Winter 2002/03 collection at Milan fashion week March 4, 2002. REUTERS/Paolo Cocco/File Photo
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Italian Fashion Designer Roberto Cavalli Dies Aged 83

FILE PHOTO: Italian designer Roberto Cavalli acknowledges applause on the catwalk with US model Cindy Crawford at the end of his Autumn/Winter 2002/03 collection at Milan fashion week March 4, 2002. REUTERS/Paolo Cocco/File Photo
FILE PHOTO: Italian designer Roberto Cavalli acknowledges applause on the catwalk with US model Cindy Crawford at the end of his Autumn/Winter 2002/03 collection at Milan fashion week March 4, 2002. REUTERS/Paolo Cocco/File Photo

Italian fashion designer Roberto Cavalli, known for his animal-print designs loved by showbusiness stars, has died at the age of 83, his company said.
Cavalli, who founded his label in the early 1970s, had been ill for some time. He is survived by his six children and his partner Sandra Bergman Nilsson.
"The Roberto Cavalli company shares condolences with Mr. Cavalli's family, his legacy remains a constant source of inspiration," Sergio Azzolari, chief executive of Roberto Cavalli, said in a post on Instagram.
The designer died on Friday at his home in Florence, Italian news agency ANSA reported.
Cavalli, who used bright colors and patchwork effects in his often revealing creations, was an extroverted art lover who wore tinted glasses and smoked a cigar, Reuters reported.
He expanded into real estate and often spent evenings in his popular "Just Cavalli Cafe," a nightclub in central Milan.
Giorgio Armani said he always had "enormous respect" for Cavalli even though his vision of fashion could not have been more different.
"Roberto was a true artist, wild and wonderful in his use of prints, capable of transforming fantasy into seductive clothes," he posted on social media platform X.
A popular image of US model Cindy Crawford in July 2000 shows her descending Rome's Spanish steps in a Cavalli-designed long slip dress depicting a tiger face.
"You will be missed and you are loved by so many that your name will continue on, a beacon of inspiration for others, and especially for me," said Roberto Cavalli's creative director Fausto Puglisi.



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".