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Dr Martens Slips into the Red; Says Festive Season Off to a Good Start

FILE PHOTO: People enter in a Dr. Martens store in Manchester, Britain, May 26, 2023. REUTERS/Jason Cairnduff/File Photo
FILE PHOTO: People enter in a Dr. Martens store in Manchester, Britain, May 26, 2023. REUTERS/Jason Cairnduff/File Photo
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Dr Martens Slips into the Red; Says Festive Season Off to a Good Start

FILE PHOTO: People enter in a Dr. Martens store in Manchester, Britain, May 26, 2023. REUTERS/Jason Cairnduff/File Photo
FILE PHOTO: People enter in a Dr. Martens store in Manchester, Britain, May 26, 2023. REUTERS/Jason Cairnduff/File Photo

Dr Martens said on Thursday that the autumn-winter festive season had got off to an encouraging start after the struggling bootmaker swung to a first-half pretax loss on weak demand in the United States, its biggest market.
Its shares, which have lost about a quarter of their value so far this year, rose 16% in early trade, Reuters reported.
The British company, whose chunky lace-up boots popularly known as "Docs" or "DMs" were originally made for workers before becoming a fashion statement in the 1960s, has been contending with a weak North American market and is betting on the festive season to shore up its sales and profit.
Dr Martens expects to make cost savings of about 25 million pounds ($31.64 million) in its fiscal year to end-March, 2026 with around two-thirds of that coming from job cuts.
The company reported a pretax loss of 28.7 million pounds for the six months ended Sept. 29, compared with a profit of 25.8 million pounds a year earlier. Revenue dropped 18% to 325 million pounds.
To halt the decline in profit at a time when consumers are shying away from pricy items such as the brand's $170 classic boots, Dr Martens has sought to cut costs while also increasing spending on US marketing.
"Our new marketing campaigns are showing encouraging early signs, with strong sales of new product, giving us confidence that we will return USA (direct-to-consumer) to positive growth in the second half," outgoing CEO Kenny Wilson said in a statement.
Wilson, who announced in April that he would step down, will be replaced by Chief Brand Officer Ije Nwokorie on Jan. 6, the company confirmed on Thursday.
It maintained its fiscal 2025 outlook of a single-digit percentage year-on-year revenue drop, with a worst-case scenario of pretax profit at around one-third of the previous year's.

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Fashion

London Fashion Week Opens with Tribute to One of Its Greats

London Fashion Week will pay tribute to iconic designer Paul Costelloe who died in November, and had been a stalwart of the British captial's catwalks since the show was launched in 1984. Niklas HALLE'N / AFP/File
London Fashion Week will pay tribute to iconic designer Paul Costelloe who died in November, and had been a stalwart of the British captial's catwalks since the show was launched in 1984. Niklas HALLE'N / AFP/File
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London Fashion Week Opens with Tribute to One of Its Greats

London Fashion Week will pay tribute to iconic designer Paul Costelloe who died in November, and had been a stalwart of the British captial's catwalks since the show was launched in 1984. Niklas HALLE'N / AFP/File
London Fashion Week will pay tribute to iconic designer Paul Costelloe who died in November, and had been a stalwart of the British captial's catwalks since the show was launched in 1984. Niklas HALLE'N / AFP/File

London Fashion Week, better known for nurturing new talent than for its big-name shows, kicks off on Thursday with a tribute to one of its stalwarts Paul Costelloe.

The Irish-American designer, who died aged 80 last November, was a regular fixture on the opening day of the British capital's fashion week since the inception of the show in 1984, AFP said.

Over four decades, his romantic, sartorial catwalks remained a constant: witness to the rise and fall of London Fashion Week (LFW) which has seen the departure of big fashion names to its counterparts in Milan, Paris and New York in recent years.

His son William Costelloe is now the creative director of the brand, which wrote on social media ahead of its LFW Autumn/Winter 2026 opening show: "A new season. A powerful moment. A legacy moving forward."

Tolu Coker, a British-Nigerian designer who launched her brand in 2018, will also show on Thursday her elegant, mainly-unisex designs inspired by diverse identities.

Notable names including Harris Reed and Richard Quinn will return to the catwalk in London, with Burberry closing the week in its usual fashion on Monday evening.

Other labels will bring a royal flavor to the runway, with brands worn by Princess Catherine including Emilia Wickstead, Edeline Lee and Erdem putting on shows.

However, there will be no show from the breakout Northern Irish designer Jonathan Anderson, who was one of the most eagerly awaited at London Fashion Week in recent seasons.

The 41-year-old took over at Dior last June, leaving him little time for his own brand, JW Anderson, which he founded in 2008.

For several years, London has been losing ground to its star-studded rivals in Paris and Milan, but it has clung onto its role as a breeding ground for young talent.

The British Fashion Council's NewGen initiative provides funding for emerging talent, with several up-and-coming designers finding their stride at LFW through the incubator.

'Great support'

Designers like Simone Rocha, Tolu Coker and Roksanda have become fashion week mainstays after making their debut on the NewGen catwalk.

Among the recent breakouts is Joshua Ewusie, a 27-year-old British creator born to Ghanaian parents who is due to put on his second fashion week show with his brand "E.W.Usie".

The young designer was supported by the King's Foundation, a charity founded by King Charles III, in partnership with Chanel, which gave him a studio space shortly after he graduated from the prestigious Central Saint Martins school.

His hometown London, which boasts several notable fashion schools, provides "great support for young designers," Ewusie told AFP ahead of his LFW presentation on Sunday.

"There's so many opportunities, I think, that London gives to help young brands start," he added.

His new collection is inspired by the 1980s, when his mother moved to London, says the designer. It's all about culture and identity, with leather as the star material.

French designer Pauline Dujancourt, known for her work with knitwear, also chose to stick with London Fashion Week after her studies at Paris's Ecole Duperre and Central Saint Martins in London.

"As much as Paris Fashion Week is incredible and I'm dreaming to be part of it one day, maybe there's a bit more room for younger brands in London at the start," said the 31-year-old designer, who will show her collection on Sunday.

"I think people have come to London Fashion Week expecting to see a bit of newness and younger generations as opposed to Paris and Milan, where it's more like established houses."

Fashion

Online Seller eBay to Buy Secondhand Fashion Marketplace Depop from Etsy for $1.2B in Cash

FILE PHOTO: Ebay logo is seen in this illustration taken February 11, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Ebay logo is seen in this illustration taken February 11, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
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Online Seller eBay to Buy Secondhand Fashion Marketplace Depop from Etsy for $1.2B in Cash

FILE PHOTO: Ebay logo is seen in this illustration taken February 11, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Ebay logo is seen in this illustration taken February 11, 2025. REUTERS/Dado Ruvic/Illustration/File Photo

Online seller eBay wants a bigger share of the Gen Z market.

The online seller has agreed to purchase secondhand fashion marketplace Depop from Etsy for about $1.2 billion in cash, the companies said Wednesday, according to The Associated Press.

The deal comes at a time when used clothing has become increasingly popular, sought out by shoppers searching for unique items that cost less than new ones and keep the old stuff from heading to the landfill.

In a statement, eBay's CEO Jamie Ianonne said that the acquisition is an opportunity to capture a younger demographic.

"We are confident that as part of eBay, Depop will be even more well-positioned for long-term growth, benefiting from our scale, complementary offerings, and operational capabilities,” Ianonne said.

As of Dec. 31, 2025, Depop's marketplace had 7 million active buyers, nearly 90% of which are under the age of 34, and more than 3 million active sellers, the joint release said.

The deal comes five years after Etsy bought Depop for $1.6 billion. The app was founded in 2011.

EBay, based in San Jose, California, said it intends to pay cash. Etsy, based in Brooklyn, New York, plans to utilize the proceeds for general corporate purposes, continued share repurchases and investment in its core marketplace, according to the release.

The transaction, which has been unanimously approved by eBay’s and Etsy’s boards, is currently expected to close in the second quarter, the companies said.

Depop is expected to retain its name, brand, platform, and its culture, the companies said.

EBay's shares rose more than 7%, while Etsy's share soared close to 15% in after-hours trading when the news was announced.

Fashion

French Designer Threads a Path in London Fashion Week

This photo taken on February 6, 2026 shows French fashion designer Pauline Dujancourt posing for a photograph in her studio in south London. (Photo by Ben STANSALL / AFP)
This photo taken on February 6, 2026 shows French fashion designer Pauline Dujancourt posing for a photograph in her studio in south London. (Photo by Ben STANSALL / AFP)
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French Designer Threads a Path in London Fashion Week

This photo taken on February 6, 2026 shows French fashion designer Pauline Dujancourt posing for a photograph in her studio in south London. (Photo by Ben STANSALL / AFP)
This photo taken on February 6, 2026 shows French fashion designer Pauline Dujancourt posing for a photograph in her studio in south London. (Photo by Ben STANSALL / AFP)

Just days before her third runway show, French designer Pauline Dujancourt was riding a wave of excitement and nerves.

The 31-year-old admitted she had begun having strange, nightmarish dreams ahead of her big moment at London Fashion Week on Sunday.

The British capital will once again host its Autumn/Winter fashion week from Thursday to Monday, after New York's bonanza and before the catwalk carousel moves to Milan and Paris.

London, known for its raw creative energy and rising talents, is where Dujancourt launched her label in April 2022 after training at the renowned arts and design school Ecole Duperre in Paris, and fashion hub Central Saint Martins in London.

She and her team began work in November on her autumn-winter 2026/27 collection to be unveiled before some 450 guests -- journalists, buyers and VIP clients.

For designers, everything comes down to those few precious minutes on the catwalk. It's no wonder nervousness mixes with the creative buzz.

"I go through every emotion," Dujancourt told AFP with a smile. "Some days I'm super excited, full of ideas, and others I'm like: why did I pick this color, this fabric?"

The questions and worries snowball: "Will everyone be on time? Will there be last-minute hitches on the day?"

In recent weeks, she has been running her daily schedule with military precision.
Dujancourt works year-round with four assistant designers, but the team swells to around 50 people ahead of the show.

And she works with a community of knitters in Lima, Peru, with handknitting -- "something that my grandmother taught me as a child" -- being a hallmark of her garments.

"She was so skillful and so humble about it. And no one really realized how much work it takes and how much technique it takes," she said.

Known for her sensual, airy knitwear, Dujancourt was a finalist for the LVMH Prize, won Elle UK's young talent award, and is supported by the British Fashion Council.

Her clients span the globe from Japan to the United States, France and the UK, with regular requests for wedding dresses.

Her new collection pays tribute to women persecuted during historical witch hunts.

"I really want to celebrate the fact that there are so many women around the world who are working so humbly on domestic skills ... like sewing, hand knitting," she said.

Two weeks before the show, young seamstresses were crocheting floral motifs in mohair and Japanese metallic thread at a south London studio overlooking the Thames river and Big Ben.

Workers were hunched over their desks pouring over designs, with the looks still "in pieces".

Then comes the moment when everything is assembled. "It's the magical stage, when the clothes start to come alive," she said, her blue eyes lighting up her face framed by long dark hair.

Less than a week before the show, fittings begin with an in-house model, followed by the castings to find the right models.

On the eve of the show come final fittings, hair and make-up tests. And finally, on Sunday morning, the full rehearsal.

Show day always brings surprises. At Dujancourt's last catwalk in September, several models arrived extremely late, held up by another show.

"They turned up still wearing the other show's make-up. We had to dress them and redo everything ... I nearly died," she recalled.

What is her worst nightmare? A model tripping or garments ripping in front of the cameras.

"I once dreamt I'd forgotten to get dressed before coming out to greet the audience -- that would be a bit embarrassing," she joked.

Around 25 outfits will strut the catwalk on Sunday, a moment that "goes by in a flash".
Afterwards comes the crash.

"We barely see it happening ... because we are backstage in the madness and the chaos of it," she said.

But then it's finished "and there's a bit of baby blues afterwards," as she comes down off the adrenaline rush.

Dujancourt heads to Paris after London Fashion Week to meet buyers, before work begins again for her next show, in September.