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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)
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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.

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Fashion

Kering Posts 11% Drop in Q2 Sales, Sees Weak Second Half

The logo of luxury brand Gucci is seen in Tokyo on June 22, 2021. (AFP)
The logo of luxury brand Gucci is seen in Tokyo on June 22, 2021. (AFP)
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Kering Posts 11% Drop in Q2 Sales, Sees Weak Second Half

The logo of luxury brand Gucci is seen in Tokyo on June 22, 2021. (AFP)
The logo of luxury brand Gucci is seen in Tokyo on June 22, 2021. (AFP)

Kering reported a bigger-than-expected drop in second-quarter sales and forecast a weak second half, as the French luxury group struggles to revive its key label Gucci and worries grow about a prolonged downturn in high-end spending.

Sales at the French luxury group which owns labels Gucci, Boucheron and Balenciaga, fell to 4.5 billion euros ($4.9 billion), an 11% drop on an organic basis, which strips out currency effects and acquisitions.

The figure was below analyst expectations for a 9% drop, according to a Visible Alpha consensus.

It also said second-half operating income could fall by around 30%, following a 42% drop in the first half.

Sales at Gucci fell 19%, showing no improvement from the first quarter, and below analyst expectations for a 16% decline, according to a Visible Alpha consensus.

Kering has been revamping Gucci, the century-old Italian fashion house which accounts for half of group sales and two-thirds of profit.

Minimalist designs from new creative director Sabato de Sarno, which began trickling into stores earlier this year, are key to the design reset and push upmarket, in a bid to cater to wealthier clients who are more immune to economic headwinds.

Kering chief financial officer Armelle Poulou told reporters that the designs had been well received and the rollout was on track.

But the efforts have been complicated by a downturn in the global luxury market, while China's rebound - traditionally Gucci's most coveted market - was clouded by a property crisis and high youth unemployment as Western markets came down from a post-pandemic splurge.

Earnings from sector bellwether LVMH on Tuesday missed expectations as sales rose 1%, offering few signs that a pickup is around the corner, sending shares in luxury goods companies down on Wednesday. Kering traded at its lowest level since 2017.