Vivienne Westwood's Clothes, Jewels Headed for Auction

Gallery staff pose with a dress from the 'DRESSED TO SCALE' collection by late British fashion designer Vivienne Westwood (1941-2022) during a press view at Christie's auction house in London, Britain, 13 June 2024. EPA/TOLGA AKMEN
Gallery staff pose with a dress from the 'DRESSED TO SCALE' collection by late British fashion designer Vivienne Westwood (1941-2022) during a press view at Christie's auction house in London, Britain, 13 June 2024. EPA/TOLGA AKMEN
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Vivienne Westwood's Clothes, Jewels Headed for Auction

Gallery staff pose with a dress from the 'DRESSED TO SCALE' collection by late British fashion designer Vivienne Westwood (1941-2022) during a press view at Christie's auction house in London, Britain, 13 June 2024. EPA/TOLGA AKMEN
Gallery staff pose with a dress from the 'DRESSED TO SCALE' collection by late British fashion designer Vivienne Westwood (1941-2022) during a press view at Christie's auction house in London, Britain, 13 June 2024. EPA/TOLGA AKMEN

Dresses, suits, shoes and jewelry from the personal collection of late British designer Vivienne Westwood will go under the hammer this month is an auction aimed at raising funds for charity.
More than 200 lots are being offered by Christie's in London for the two-part "Vivienne Westwood: The Personal Collection" auction, made up of a live sale on June 25 and an online auction running June 14-28.
Westwood, one of British fashion's biggest names, died in December 2022, aged 81. Her collaborator and widower Andreas Kronthaler has selected looks spanning some 40 years for the auction, with the earliest from Westwood's Autumn-Winter 1983-1984 collection.
"These are the things that she chose to wear herself throughout the last 40 years of her life," Adrian Hume-Sayer, head of sale for the auction, told Reuters at a press preview on Thursday. “It's very personal... These are the things you can see her on her bike, riding around London, press interviews, end of the catwalk... just conducting her day-to-day life. But she also lived... as she spoke. And so unlike many people... in her position she wore things repeatedly. She had favorites."
Westwood, whose name was synonymous with 1970s punk rebellion, was also known for her activism. Her T-shirts bore slogans against fossil fuel-driven climate change and pollution, as well as her support for WikiLeaks founder Julian Assange.
In addition to clothes and accessories, a set of enlarged prints of a pack of playing cards Westwood designed in 2017 - focusing on issues such as climate change and inequality - are also being offered for sale with an estimate of 30,000 pounds - 50,000 pounds ($38,292 - $63,820).
Proceeds from the auction will go towards causes and charities Westwood supported - her own Vivienne Foundation, Greenpeace, Amnesty International and Médecins Sans Frontières, Christie's said.
An exhibition of the lots will be open to the public at Christie's London from Friday until June 24.



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".