Fashion Week Brings Another Layer of Chaos to Paris

Pharrell Williams returns a year after his lavish debut as Louis Vuitton creative director. JULIEN DE ROSA / AFP
Pharrell Williams returns a year after his lavish debut as Louis Vuitton creative director. JULIEN DE ROSA / AFP
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Fashion Week Brings Another Layer of Chaos to Paris

Pharrell Williams returns a year after his lavish debut as Louis Vuitton creative director. JULIEN DE ROSA / AFP
Pharrell Williams returns a year after his lavish debut as Louis Vuitton creative director. JULIEN DE ROSA / AFP

Paris Fashion Week returns on Tuesday, bringing some much-needed light relief to a country in the throes of political chaos.
Menswear week runs until next Sunday, followed immediately by the haute couture shows until June 27.
France has been in turmoil since President Emmanuel Macron called surprise legislative elections after a surge by the far-right in European polls, said AFP.
But for fashionistas, the biggest issue might be getting around Paris, which is also finalizing preparations to host next month's Olympic Games, with a tenfold increase in traffic congestion due to road and site closures.
The Olympics have brought the menswear and couture weeks forward from July (womenswear takes place in September).
With fashion already working at a punishing pace, that has forced some houses to abandon this season, including Olivier Rousteing's Balmain, which told AFP it had pulled out at the last minute.
Valentino and Givenchy are also skipping this week's shows.
As for the big names who are appearing, hip-hop mogul Pharrell Williams will continue his high-profile leadership at Louis Vuitton, marking a year since his ultra-lavish debut show when he took over the Pont Neuf bridge and painted its paving stones gold.
But the highlight will be a mega-party organized by Vogue on Sunday bringing together the doubly lucrative worlds of sports and fashion.
It is the third edition of Vogue World -- a sort of traveling Met Gala that has already seen events in New York and London -- and comes as the brand seeks new ways to stay relevant in a world of dwindling magazine sales.
Several top brands will display collections, including Dior, Jacquemus, Hermes and Balenciaga, each paired with an Olympic discipline from athletics to breakdancing.
Chanel shock
There have been some big movements at the heads of fashion houses.
The biggest shock was the announcement last week that Chanel has dropped Virginie Viard, who worked for 20 years alongside her predecessor Karl Lagerfeld and took over after his death in 2019.
It appears the split was less than amicable, since Viard will not be present for Chanel's couture show on June 25, despite overseeing record sales for the brand last year.
"It will be a studio collection and Virginie Viard will not be present," a Chanel spokesperson told AFP.
The end of the Lagerfeld era has set off fashionistas' favorite pastime: speculating on who comes next.
Among the names circulating: France's Marine Serre, Hedi Slimane of Celine, Pierpaolo Piccioli (who recently left Valentino) and Simon Porte Jacquemus, whose eponymous label has been one of the big independent success stories of recent years.
While Valentino awaits the debut of its high-profile new creative director Alessandro Michele (formerly of Gucci), Givenchy is still looking for a lead designer since the departure of Matthew Williams last year.
This week will also see the final show by Belgian designer Dries Van Noten on Saturday.
Though not a household name, the 66-year-old is retiring as a favorite among serious fashion fans for his avant-garde styles and expert tailoring.



H&M Abandons 2024 Earnings Margin Target, Q3 Profit Lags

People walk past a closed H&M clothing store in Omsk, Russia, March 3, 2022. REUTERS/Alexey Malgavko
People walk past a closed H&M clothing store in Omsk, Russia, March 3, 2022. REUTERS/Alexey Malgavko
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H&M Abandons 2024 Earnings Margin Target, Q3 Profit Lags

People walk past a closed H&M clothing store in Omsk, Russia, March 3, 2022. REUTERS/Alexey Malgavko
People walk past a closed H&M clothing store in Omsk, Russia, March 3, 2022. REUTERS/Alexey Malgavko

H&M, the world's second-largest listed fashion retailer, said on Thursday it no longer expected to reach its full-year earnings margin goal, while reporting a lower-than-expected operating profit for the June-August period.

H&M has struggled to boost its profitability amid high inflation and stiff competition from its bigger Spanish rival Zara, owned by Inditex, and the rapid growth of cut-price online fast-fashion retailer Shein.

"At present we estimate that this year's operating margin will be lower than 10%," Chief Executive Daniel Erver said in a statement.

The accumulated margin stood 7.4% for the first three quarters.

The full-year operating margins for 2022 and 2023 were 3.2% and 6.2% respectively, and H&M had cautioned in June that factors such as materials costs and foreign currency had made the 2024 target more difficult to reach.