Talk of Olympic Fashion at Starry Ralph Lauren Fashion Event

Jessica Chastain poses for photographers upon arrival at a Ralph Lauren event during the 2024 Summer Olympics, Saturday, July 27, 2024, in Paris, France. (AP Photo/Natacha Pisarenko)
Jessica Chastain poses for photographers upon arrival at a Ralph Lauren event during the 2024 Summer Olympics, Saturday, July 27, 2024, in Paris, France. (AP Photo/Natacha Pisarenko)
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Talk of Olympic Fashion at Starry Ralph Lauren Fashion Event

Jessica Chastain poses for photographers upon arrival at a Ralph Lauren event during the 2024 Summer Olympics, Saturday, July 27, 2024, in Paris, France. (AP Photo/Natacha Pisarenko)
Jessica Chastain poses for photographers upon arrival at a Ralph Lauren event during the 2024 Summer Olympics, Saturday, July 27, 2024, in Paris, France. (AP Photo/Natacha Pisarenko)

Fashion. Sports. And of course, the rain.
Those were the topics — separately, and together — on everyone’s lips as a gaggle of luminaries from sports, entertainment and media packed into Ralph Lauren’s Paris eatery Saturday evening in yet another high-wattage celebrity Olympic gathering in the French capital.
The starry crowd at Ralph's Restaurant included Oscar winner Jessica Chastain, Nick Jonas, John Mulaney and Alan Cumming, among other entertainers. First lady Jill Biden arrived late and drew a large crowd around her, The Associated Press reported.
“Saturday Night Live” executive producer Lorne Michaels was there, pointing to his shoes and noting they were still wet from the previous evening’s epic, and rainy, opening ceremony. “These shoes are not all-weather,” he explained. The ceremony had left many drenched, but most still very happy to be there — including Michaels.
“Let’s put it this way, I was watching in a place with a lot of stars, and nobody was complaining,” he said.
Also not complaining: the Olympic athletes in attendance, who’d spent much of the previous evening on a boat in the rain. Had they been worried about catching cold?
“It was a thought,” said Jeffrey Louis, a member of the US breaking team competing in the sport’s Olympic debut, “but then I figured we’d just all get sick at the same time."
"So we all embraced it,” added Louis, who said he had tried to cover up with a poncho briefly, but when he put it down, someone swiped it. But he survived the rains in good health — in any case, his competition is not until the end of the Olympics.
Likewise, Chiaka Ogbogu, a US volleyball player, decided to not to worry about colds. “We’re in it, so might as well not worry about it," she said she thought at the time. Also, she noted: Athletes are some of the toughest people out there. They can deal with colds.
Ogbogu, who is competing in her second Olympics after Toyko in 2021, said she was delighted to be at a Ralph Lauren event because she is a self-described “fashion nerd.” Asked which team uniform she liked the best — besides her own Team USA kit, which she was wearing — she noted the elegant Mongolian uniform, which has been widely acclaimed. She also admired Haiti's vibrantly colored designs, which likewise have gained attention
Singer-actor Nick Jonas cited a special reason for loving the Indian uniforms in the three colors of that country’s national flag: “My wife’s Indian,” he noted, referring to spouse Priyanka Chopra. He'd just flown into Paris a few hours earlier for a whirlwind few days at the Games, during which he plans to watch gymnastics with star SImone Biles, among other things.
Jonas missed the chance to see the opening ceremony in person — and to get wet — but watched it on TV. He said he was amazed by the production values — noting in particular the French tricolor smoke billowing over a bridge. “That was like nothing I've ever seen," he said.
As for fashion — the theme of the night — almost everyone seemed to agree that these 2024 Olympics had taken fashion up a notch. Ogobogu, the volleyball player, said it was “almost inevitable — I mean, it’s Paris!”
David Lauren, the label’s chief branding and innovation officer and son of founder Ralph Lauren, who did not attend, attributed it partly to the rise of social media and how quickly images of Olympic fashion travel these days, as compared to 2008 when the label began outfitting the US team.
To make his point, he whipped out his phone and showed an Instagram video of LeBron James, a US flag bearer with Coco Gauff, being readied in his white Lauren jacket with red-and-blue trim. It had nearly 850,000 likes.



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".