Gucci Hosts Star-Studded Cruise Collection Fashion Show in London’s Tate Modern 

A model wears an outfit for the Gucci Cruise fashion show in London, Monday, May 13, 2024. (AP)
A model wears an outfit for the Gucci Cruise fashion show in London, Monday, May 13, 2024. (AP)
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Gucci Hosts Star-Studded Cruise Collection Fashion Show in London’s Tate Modern 

A model wears an outfit for the Gucci Cruise fashion show in London, Monday, May 13, 2024. (AP)
A model wears an outfit for the Gucci Cruise fashion show in London, Monday, May 13, 2024. (AP)

For one night only, the utilitarian, concrete basement of London's Tate Modern museum was transformed into a lush green jungle Monday — and it was the hottest fashion ticket in town.

Luxury Italian fashion house Gucci hosted its star-studded cruise collection catwalk at the Thames-side modern art museum, showing a series of delicate sheer outfits, relaxed denim and daywear, all adorned with the brand's coveted leather bags and other accessories with the double-G logo.

Actors Paul Mescal and Andrew Scott and singers Dua Lipa and Solange Knowles were among celebrities perched on the front row. Also in attendance were Salma Hayek and her husband, Francois-Henri Pinault, who is chair and CEO of Kering, Gucci’s parent company.

The big-budget event displayed the first cruise collection by Sabato De Sarno, who was named Gucci's creative director last year and debuted his womenswear designs in September.

Gucci normally stages its shows in Milan, but like other fashion powerhouses it chooses locations around the world to show off its cruise collections — the shows in between the main spring and autumn displays.

On Monday, models meandered down a runway that wound its way around hundreds of ferns, overhanging plants and mossy paths, the mass of green a contrast to the grey, industrial show space. De Sarno said that contrast extends to his latest designs, which paired luxurious evening looks and floral embroidery with casual jackets and slouchy denim.

And what of the footwear? Comfort comes first, with all outfits, even the most glamorous evening gowns, paired with Mary Jane shoes, ballet flats or platform loafers worn with little white socks.

“Rigor and extravagance, strength in delicacy, Englishness with an Italian accent,” the show notes read.

De Sarno featured a few checked jackets in a nod to British style, though some other designs were a much more subtle tribute. Dresses and coats covered with squares made of a shimmering bead fringe were a reference to Scottish plaids.

The fashion house has a little-known historical link to the UK. Its founder, Guccio Gucci, had a stint working as a bellhop in the Savoy, the luxury London hotel, more than a century ago.

The brand says Guccio took inspiration from that experience when he opened his first store in Florence in 1921 to sell luggage. The rest, as they say, is history.



Nike Shares Jump as Ackman’s Return Sparks Turnaround Hopes

The logo of Dow Jones Industrial Average stock market index listed company Nike (NKE) is seen in Los Angeles, California, United States, April 12, 2016. (Reuters)
The logo of Dow Jones Industrial Average stock market index listed company Nike (NKE) is seen in Los Angeles, California, United States, April 12, 2016. (Reuters)
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Nike Shares Jump as Ackman’s Return Sparks Turnaround Hopes

The logo of Dow Jones Industrial Average stock market index listed company Nike (NKE) is seen in Los Angeles, California, United States, April 12, 2016. (Reuters)
The logo of Dow Jones Industrial Average stock market index listed company Nike (NKE) is seen in Los Angeles, California, United States, April 12, 2016. (Reuters)

Nike shares gained nearly 4% on Thursday as investors hoped the return of billionaire William Ackman as a stakeholder could spark a turnaround at the sportswear giant that has been battling with strategy missteps and tough competition.

Ackman's hedge fund Pershing Square Capital Management now owns roughly 3 million shares of Nike, amounting to a stake of about 0.19%, a filing showed on Wednesday. He has not revealed any plans for the investment yet.

"He's going to have the ear of the executives at Nike and be able to lend some influence on maybe how to get the ship righted, as it were, for Nike at this point in time to try and find their way back home," said Brian Mulberry, client portfolio manager at Zacks Investment Management, which owned $25.79 million worth of Nike shares as of June.

The stock has lost nearly a third of its value this year and the company has forecast a drop in annual sales for fiscal 2025, leading some Wall Street analysts and investors to raise the possibility of a management shake-up including CEO John Donahoe.

When an activist investor comes in, the ultimate goal "will be replacing the person that sits in the corner office," said Art Hogan, chief market strategist at B Riley Wealth.

"And I say that because the template for that has been very clear this week in the form of Starbucks."

Starbucks poached Chipotle CEO Brian Niccol earlier this week, tapping the industry veteran behind the burrito chain's turnaround to revitalize growth at its coffee outlets.

Niccol joining Chipotle in 2018 was also the result of one of Ackman's pressure campaigns that have often led to CEO changes at companies including J.C. Penney and Air Products and Chemicals.

Ackman last invested in Nike in late 2017, around the time when the company was losing market share in North America to a reinvigorated Adidas.

He exited Nike a few months later in 2018, making roughly $100 million in profit by cashing out of the 0.71% stake - a rare passive investment for the billionaire investor.

Analysts and investors hinted on Thursday it might be early days for Ackman's second stint as an investor at Nike and he will need to build a larger stake to make an impact.

Nike's forward price-to-earnings ratio for the next 12 months, a common benchmark for valuing stocks, was 24.26, compared with Adidas' 36.75.