Goosebumps and Stars as Paris Fashion Week Kicks Off

Kendall Jenner at the L'Oreal show on the first night of Paris Fashion Week. JULIEN DE ROSA / AFP
Kendall Jenner at the L'Oreal show on the first night of Paris Fashion Week. JULIEN DE ROSA / AFP
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Goosebumps and Stars as Paris Fashion Week Kicks Off

Kendall Jenner at the L'Oreal show on the first night of Paris Fashion Week. JULIEN DE ROSA / AFP
Kendall Jenner at the L'Oreal show on the first night of Paris Fashion Week. JULIEN DE ROSA / AFP

Hollywood stars braved the rain to open Paris Fashion Week at L'Oreal's giant outdoor show Monday as rumors swirl of musical chairs at the top of fabled French brands.
The cosmetics giant persuaded Jane Fonda -- in snazzy silver sneakers -- Kendall Jenner, Eva Longoria and several of its other brand ambassadors to walk in a spectacular public show in front of the gilded glory of the Opera Garnier.
With invites to the big luxury shows strictly limited to the glitterati and fashion insiders, L'Oreal said it wanted to democratize the glamor of fashion week.
Introduced by singer Celine Dion, the "Walk Your Worth" show also featured Andie MacDowell, Indian star Aishwarya Rai Bachchan, models with prosthetic limbs and Brazilian supermodel Luma Grothe proudly showing off her bump.
"The idea is to let the public see for themselves the beautiful clothes, settings and people that they would never normally have access to," L'Oreal's Paris director general Delphine Viguier told AFP.
Fashion's young guard had earlier endured a stormy start to the nine-day extravaganza -- Rising French star Victor Weinsanto staged his spring-summer show on the wet and windy roof of the Pompidou Centre museum, his fishnet and mesh ensembles created around Croatian drag queen Le Filip being tested by the elements.
The Paris shows started as falling profits at the two luxury giants LVMH and Kering have sent a shudder through the industry, fueling talk of a "Game of Thrones" among top designers.
Celine's Hedi Slimane and Simon Porte Jacquemus -- the young French designer who made tiny handbags and tiny everything else a thing -- are being talked of to fill Karl Lagerfeld's empty chair at Chanel after Virginie Viard, who took the reins after the death of "the Kaiser" in 2019, bowed out in June.
Hotly anticipated
Tongues are also likely to wag at the spring-summer shows over where John Galliano might go, with his contract at Maison Margiela nearing its end.
The first shows from the big-hitter French houses will come Tuesday with Dior and Saint Laurent, with a packed calendar confirming Paris's crushing dominance over rivals Milan, New York and London.
And there is no let-up at the end: Chanel opens the final day on October 1 by returning to the vast Grand Palais, the scene of some of Lagerfeld's most jaw-dropping shows, after an absence of four years.
The house is shelling out 30 million euros ($33 million) to stage its shows at the iconic Belle Epoque edifice, which reopened after a major facelift to host fencing and taekwondo at the Paris Olympics and Paralympic Games.
With Viard -- long Lagerfeld's right-hand woman -- gone, observers expect a collection drawn from Chanel classics.
In contrast, there could well be fireworks from Alessandro Michele, the mercurial Italian designer who transformed Gucci, who may be keen to make his mark with his debut show for Valentino.
Equally anticipated is French duo Coperni, who are staging their show at Disneyland Paris on the final night, with an after party in the theme park that promises to go on into the wee hours.
The brand's founders, Arnaud Vaillant and Sebastien Meyer, pulled off a coup with their outfit for Belgian singer Angele for the Olympics closing ceremony, and are clearly in a mood to celebrate.
Another hot duo, the Olsen twins, the Los Angeles child actors turned designers, have kept their place for their luxury line The Row in fashion week proper thanks to a cash injection from the owners of Chanel and L'Oreal.
Paris will, however, be without Givenchy this time, with its new British designer Sarah Burton, a stalwart at Alexander McQueen for a quarter of a century, just made creative director.



Nike Veteran Hill to Replace Donahoe as CEO; Shares Jump 

The Nike logo is shown on a store in Miami Beach, Fla. on Aug. 8, 2017. (AP)
The Nike logo is shown on a store in Miami Beach, Fla. on Aug. 8, 2017. (AP)
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Nike Veteran Hill to Replace Donahoe as CEO; Shares Jump 

The Nike logo is shown on a store in Miami Beach, Fla. on Aug. 8, 2017. (AP)
The Nike logo is shown on a store in Miami Beach, Fla. on Aug. 8, 2017. (AP)

Nike said on Thursday that former senior executive Elliott Hill will rejoin the company to succeed John Donahoe as president and CEO, as the sportswear giant shakes up its leadership amid efforts to revive sales and battle rising competition.

The company's shares rose 8% in after-hours trading.

Hill was at Nike for 32 years and held senior leadership positions across Europe and North America where he helped expand the business to more than $39 billion, the company said.

He was previously Nike's president, consumer marketplace, leading all commercial and market operations for the Nike and Jordan brands before retiring in 2020.

Nike said in a regulatory filing that Hill's compensation as president and CEO will include an annual base salary of $1.5 million. He will take over as CEO on Oct. 14.

Analysts cheered the move. The CEO change "gives a positive signal because it is someone that knows the brand and knows the company very well," said Jessica Ramirez of Jane Hali & Associates.

Donahoe was tasked with bolstering Nike's online presence and driving sales through direct-to-consumer channels.

The push initially helped the company build on the demand for athletic and leisurewear following the pandemic, resulting in Nike exceeding $50 billion in annual sales in fiscal 2023 for the first time.

However, sales have since come under pressure and growth has slowed, according to estimates compiled by LSEG. Nike's annual sales are expected to fall to $48.84 billion for fiscal 2025 as inflation-weary customers cut back on discretionary spending and China's market rebounds more slowly than expected.

A lack of innovative and appealing products has also recently tripped demand for Nike. Rival brands including Roger Federer-backed On and Deckers' Hoka are attracting shoppers and retail partners with sneakers considered more fashionable and trendy.

Expectations for a change at the top were heightened after billionaire investor William Ackman disclosed a stake in Nike. His Pershing Square Capital Management has continued to buy and now owns 16.3 million shares in Nike, a person familiar with the position said. Ackman was not immediately reachable for comment.

A person familiar with Ackman's thinking said that Hill would have been his top choice to replace Donahoe. Ackman, who announced his Nike stake via a public filing, had not been in touch with the company.

Recently the corporate boards of at least two other consumer and retail companies have moved to toss top executives before activist investors told them to act.

Hill's background as a former steward of Nike's valuable Jordan brand, a major profit-driver for the company, could also help the sportswear giant regain some momentum.

The value of some Jordan shoes in 2023 had been slipping on the resale market as other sneaker brands, including On Running, experienced meteoric growth.

In the last couple of years, Nike had curtailed partnerships with retailers and pushed ahead with its plan to drive more sales through its own stores and websites. Those sales did not materialize and put the company on a path to seek $2 billion in cost savings over three years.

As part of the plan, Nike has so far cut jobs, reduced supply of classic shoes such as the Air Force 1 and tried to improve supply chain to boost margins.

"It clearly looks like Nike wanted to bring back somebody with a lot of experience" and "deep knowledge of Nike and its issues - unlike John Donahoe, who came in without any experience in the industry," said David Swartz, senior analyst at Morningstar Research.

Hill will have to "work on repairing some of Nike's relationships" with retail partners who buy Nike shoes at wholesale, Swartz added. "Nike has dropped some customers over the years and pulled back some product and that has created some ill will towards Nike" among sneaker and footwear retailers, he said.

Thomas Hayes, chairman at Great Hill Capital, called Hill a "great pick." Nike now needs to "innovate and repair relationships with wholesalers," he added. Great Hill Capital does not hold shares in Nike.

Born in Austin, Texas, Hill started his Nike career as an assistant in the Memphis, Tennessee, showroom and was soon promoted to a sales position, working out of the Dallas office and calling on mom-and-pop sporting goods stores.

"I had samples with me, and I would call, make appointments, show up at the sporting goods store and present the line," Hill said in a December 2023 podcast interview. "I made unbelievable relationships with some of those people. Even today, I still keep in touch with a few of those retailers." He eventually moved into helping to launch new Nike products.

Nike’s stock market value increased by $11 billion in extended trade on Thursday following the CEO announcement.