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Fashion Designer Hedi Slimane Leaves LVMH's Maison Celine

The logo of fashion house Celine is seen in front of the Dome des Invalides before their Spring/Summer 2019 women's ready-to-wear collection show during Paris Fashion Week in Paris, France, September 28, 2018. REUTERS/Gonzalo Fuentes
The logo of fashion house Celine is seen in front of the Dome des Invalides before their Spring/Summer 2019 women's ready-to-wear collection show during Paris Fashion Week in Paris, France, September 28, 2018. REUTERS/Gonzalo Fuentes
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Fashion Designer Hedi Slimane Leaves LVMH's Maison Celine

The logo of fashion house Celine is seen in front of the Dome des Invalides before their Spring/Summer 2019 women's ready-to-wear collection show during Paris Fashion Week in Paris, France, September 28, 2018. REUTERS/Gonzalo Fuentes
The logo of fashion house Celine is seen in front of the Dome des Invalides before their Spring/Summer 2019 women's ready-to-wear collection show during Paris Fashion Week in Paris, France, September 28, 2018. REUTERS/Gonzalo Fuentes

Famed fashion designer Hedi Slimane has left LVMH's Maison Celine division, said LVMH on Wednesday.

"Under his creative and artistic direction, Celine has experienced exceptional growth and established itself as an iconic French couture house," the French luxury goods company said in a statement.
LVMH first hired Slimane for Maison Celine in 2018, Reuters reported.

Slimane, who has designed clothes for rock star David Bowie and actor Brad Pitt, worked for LVMH's Dior Homme unit in the 2000s.

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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
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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.