Nigeria's Fashion and Dancing Styles are In The Spotlight as Harry and Meghan Visit Lagos

Prince Harry, left, and Meghan, right, holding hands upon arrival at the government house in Lagos Nigeria, Sunday, May 12, 2024. (AP Photo/Sunday Alamba)
Prince Harry, left, and Meghan, right, holding hands upon arrival at the government house in Lagos Nigeria, Sunday, May 12, 2024. (AP Photo/Sunday Alamba)
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Nigeria's Fashion and Dancing Styles are In The Spotlight as Harry and Meghan Visit Lagos

Prince Harry, left, and Meghan, right, holding hands upon arrival at the government house in Lagos Nigeria, Sunday, May 12, 2024. (AP Photo/Sunday Alamba)
Prince Harry, left, and Meghan, right, holding hands upon arrival at the government house in Lagos Nigeria, Sunday, May 12, 2024. (AP Photo/Sunday Alamba)

Nigeria’s fashion and traditional dances were at full display on Sunday as Prince Harry and Meghan arrived in its largest city, Lagos, as part of their three-day visit to the country to promote mental health for soldiers and empower young people.
The couple, invited to the West African nation by its military, were treated to different bouts of dancing, starting from the Lagos airport where a troupe's acrobatic moves left both applauding and grinning. One of the dancers, who looked younger than 5 years old, exchanged salutes with Harry from high up in the air, standing on firm shoulders, The Associated Press said.
Going with Meghan’s white top was the traditional Nigerian aso oke, a patterned handwoven fabric wrapped around the waist and often reserved for special occasions. It was a gift from a group of women a day earlier.
The couple visited a local charity – Giants of Africa — which uses basketball to empower young people. There, they were treated to another round of dancing before unveiling a partnership between the organization and their Archewell Foundation.
“What you guys are doing here at Giants of Africa is truly amazing,” Harry said of the group. “The power of sport can change lives. It brings people together and creates community and there are no barriers, which is the most important thing.”
Masai Ujiri, the charity’s president and an ex-NBA star, wished Meghan a happy Mother’s Day and acknowledged how hard it can be “for us to be away from our kids and family to make things like this happen.”
“To do so shows dedication (and) we truly appreciate it,” he told the couple.
Meghan and Harry later attended a fundraiser for Nigeria’s soldiers wounded in the country’s fight against extremists and other armed groups in the country’s conflict-battered north. The event was related to Harry's Invictus Games, which Nigeria is seeking to host in the future.
The couple were also hosted at the Lagos State Government House, where Meghan received another handwoven Nigerian fabric.
“We’ve extended an additional invitation to them that they can always come back when they want to,” Lagos Gov. Babajide Sanwo-Olu told reporters.



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".