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Hugo Boss Cuts Full Year Sales Guidance over Weaker Demand in China, UK

FILE PHOTO: Mens clothing are on display at the Boss store in London, Britain, May 30, 2024. REUTERS/Chris J. Ratcliffe/File Photo
FILE PHOTO: Mens clothing are on display at the Boss store in London, Britain, May 30, 2024. REUTERS/Chris J. Ratcliffe/File Photo
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Hugo Boss Cuts Full Year Sales Guidance over Weaker Demand in China, UK

FILE PHOTO: Mens clothing are on display at the Boss store in London, Britain, May 30, 2024. REUTERS/Chris J. Ratcliffe/File Photo
FILE PHOTO: Mens clothing are on display at the Boss store in London, Britain, May 30, 2024. REUTERS/Chris J. Ratcliffe/File Photo

German fashion house Hugo Boss on Monday cut its sales guidance for the year to a range of between 4.20 billion euros ($4.58 billion) to 4.35 billion euros over weakening global consumer demand especially in markets like China and the UK.
The company earlier expected sales for the year at around 4.30 billion to 4.45 billion euros.
Hugo Boss said that it expects operating profit (EBIT) to be around 350 million euros to 430 million euros, down from its previously communicated guidance of around 430 million euros to 475 million euros.
This is the second time this year that Hugo Boss has cut its sales guidance.
The company had previously also flagged in its first quarter results weaker demand in China and concerns about the US consumer sentiment ahead of presidential elections, causing shares to slump to their lowest since 2022.
The German fashion house also said that its preliminary second-quarter sales declined by 1% to 1.02 billion euros. Its operating profit (EBIT) in the period amounted to 70 million euros on a preliminary basis.
The premium apparel brand has been on an expansion mission, and has been increasing marketing spend and opening 102 new points of sale in 2023, but its shares have fallen this year as it warned of slower sales growth.
World's biggest watchmaker Swatch reported a steep drop in first half sales and earnings earlier on Monday as demand for luxury goods in China remained weak, Burberry also issued a profit warning and scrapped its dividend payment for the year as well.

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Fashion

Lanvin Names Design Veteran Peter Copping as New Artistic Director

Peter Copping steps out to applause from the audience after the modeling of the Oscar de la Renta Fall 2016 collection during Fashion Week, Feb. 16, 2016, in New York. (AP)
Peter Copping steps out to applause from the audience after the modeling of the Oscar de la Renta Fall 2016 collection during Fashion Week, Feb. 16, 2016, in New York. (AP)
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Lanvin Names Design Veteran Peter Copping as New Artistic Director

Peter Copping steps out to applause from the audience after the modeling of the Oscar de la Renta Fall 2016 collection during Fashion Week, Feb. 16, 2016, in New York. (AP)
Peter Copping steps out to applause from the audience after the modeling of the Oscar de la Renta Fall 2016 collection during Fashion Week, Feb. 16, 2016, in New York. (AP)

Lanvin, the world’s oldest continuously running couture house, named veteran designer Peter Copping on Thursday as its new artistic director.

Founded in 1889 by Jeanne Lanvin and based in Paris, Lanvin will welcome Copping as the creative head of its women’s and men’s collections starting in fall.

“Jeanne Lanvin was a visionary of her time whose passions and interests went beyond fashion, something I share with her,” Copping said in a statement.

British by origin and a veteran designer, Copping is a graduate of Central Saint Martins and the Royal College of Art in London. He began his career at Sonia Rykiel, spent over a decade at Louis Vuitton as head of women’s ready-to-wear alongside Marc Jacobs, and later served as creative director at Nina Ricci in Paris and Oscar de la Renta in New York.

Most recently, Copping led haute couture at Balenciaga, overseeing the reintroduction of the house’s couture collections.

His “arrival at Lanvin marks a significant step in the renaissance of one of the great French houses,” said Siddhartha Shukla, Lanvin’s deputy general manager.

Lanvin, which recently celebrated its 135th anniversary, is a big name in luxury ready-to-wear, leather goods, and accessories.