Japan’s Shiseido Says Annual Profit Plunges 73% amid Sluggish Sales in China

A staff member stands at a booth of Japanese cosmetic brand Shiseido, at the third China International Consumer Products Expo, in Haikou, Hainan province, China April 11, 2023. (Reuters)
A staff member stands at a booth of Japanese cosmetic brand Shiseido, at the third China International Consumer Products Expo, in Haikou, Hainan province, China April 11, 2023. (Reuters)
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Japan’s Shiseido Says Annual Profit Plunges 73% amid Sluggish Sales in China

A staff member stands at a booth of Japanese cosmetic brand Shiseido, at the third China International Consumer Products Expo, in Haikou, Hainan province, China April 11, 2023. (Reuters)
A staff member stands at a booth of Japanese cosmetic brand Shiseido, at the third China International Consumer Products Expo, in Haikou, Hainan province, China April 11, 2023. (Reuters)

Japanese cosmetics giant Shiseido said on Monday its full-year profit slumped 73%, partly due to a drop in consumer spending in key overseas market China, a trend the company expects to continue into 2025.

Shiseido said its operating profit came in at 7.58 billion yen ($49.9 million) in the 12-month period ended December 31, compared with 28.13 billion yen the prior year.

A retailer of high-end personal goods, Shiseido is seen as a barometer for consumer confidence in China, a market the company and its peers have come to rely on for sales growth.

"China's cosmetics market suffered a prolonged downturn, weighed down by a decline in consumer spending and rising household savings amid worsening economic sentiment," the Japanese company said in a statement.

Shiseido said its China sales were down 4.6% year-on-year on a like-for-like basis, excluding the impact of foreign exchange and business transfers, and also forecast a sales decline in 2025.

"We think things will bottom out this year and that we will be able to achieve mature growth from then on," Shiseido President Kentaro Fujiwara said of the China market at a post-earnings briefing with reporters.

On the positive side, the company experienced a 10% increase in net sales in Japan and expects similar growth this year, supported by purchases from tourists.

Poor results in China also dragged down interim earnings reported last week by cosmetics competitors L'Oreal and Estee Lauder.

China's once surging economy has been hobbled by a property crisis, mounting local government debt and rising youth unemployment. Compounding woes for global luxury goods makers has been a shift among Chinese consumers toward domestic brands.

Shares in Chinese beauty brand Mao Geping rose 85% when they debuted on the Hong Kong stock market on December 10, and have climbed further since.

In November, Shiseido launched a two-year action plan to restore profitability and focus on its core brands.

Shiseido's shares have sunk 42% over the past 12 months, compared with a 5.1% gain in the benchmark Nikkei average during the same period.



Fresh Starts at Gucci, Fendi and Marni Set the Tone at Milan Fashion Week

 A model wears a creation from the Gucci Fall/Winter 2026-2027 Men/Women's collection, presented in Milan, Italy, Friday, Feb. 27, 2026. (AP)
A model wears a creation from the Gucci Fall/Winter 2026-2027 Men/Women's collection, presented in Milan, Italy, Friday, Feb. 27, 2026. (AP)
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Fresh Starts at Gucci, Fendi and Marni Set the Tone at Milan Fashion Week

 A model wears a creation from the Gucci Fall/Winter 2026-2027 Men/Women's collection, presented in Milan, Italy, Friday, Feb. 27, 2026. (AP)
A model wears a creation from the Gucci Fall/Winter 2026-2027 Men/Women's collection, presented in Milan, Italy, Friday, Feb. 27, 2026. (AP)

It was a season of fresh starts and superstars across Milan Fashion Week. New creative directors shared their visions for Fendi, Gucci and Marni, while Madonna, Kate Moss and, most unexpectedly, Mark Zuckerberg lit up the runways and front rows.

Trends for the next cold-weather season from six days of runway previews that ended Sunday include suits to accompany women on back-to-work mandates and brutalist outerwear as an investment in uncertain times, with hints of feathers, (eco) fur and animal prints to lighten up the mood.

Zuckerberg caused a minor furor when he was ushered into the Prada runway show with presidential-style security. He sat next to Prada heir Lorenzo Bertelli, but the long-rumored pairing of Prada with Meta’s smart glasses was not revealed.

There was much buzz around new directions at multiple fashion houses: Gucci under Demna, Fendi under Maria Grazia Chiuri, Marni under Meryll Rogge, and Giorgio Armani under Silvana Armani, following the iconic Milanese designer’s death last September. Louise Trotter at Bottega Veneta and Simone Bellotti at Jil Sander had sophomore outings, often trickier than debuts.

A glance at five womenswear trends and buzzwords for next season:

Layering at Prada With just 15 models, instead of the usual 60 or more, Prada offered a master-class in layering, with models removing garments with each backstage pass.

Trenches, knit jackets and leather bombers gave way to long-cuffed men’s shirts, archival house coats and dresses that frayed into underlayers like sartorial archaeology, before arriving at cotton bloomers, sheer, embroidered slip dresses and bralettes.

Miuccia Prada, who designed the collection with Raf Simons, said in notes that the collection was meant to represent “layers of lives, of feeling.’’ She added backstage that it brought “minimalism and opulence together."

Prada’s self-described obsession with history was underpinned by a showroom decorated with artifacts spanning centuries: 16th-century tapestries, 18th-century Venetian mirrors and paintings from the 1900s.

Suitable suiting Back-to-work mandates are penetrating the runway, sometimes in unexpected places.

At Fendi, fur was worn over practical suiting and quarter-button collared shirts, best exemplified by front-row guest Uma Thurman.

At Jill Sander, Bellotti played with tiny, off-skew lapels contrasting with excess fabric that created volume in the back, Alice-in-Wonderland suiting that modernized the brand's minimalist aesthetic and tested the idea of whether the superfluous can be essential. Skirts had side slits that closed at the hems, while the silhouette of dresses traced a curve — detail without decoration.

Suits were in short supply at Gucci, where Demna veered dramatically from the brand's failed attempt at quiet luxury with clingy daywear and plunging crystal-encrusted evening gowns.

Fur, feathers and animal prints Fendi's designer Chiuri embraced the brand’s heritage as a furrier and leather goods maker, but with a twist: the furs were mostly upcycled, in a silent rebuff of the very noisy anti-fur demonstrators outside.

Chiuri had worked for a decade alongside the five Fendi sisters before creative director stints at Valentino and Dior.

Animal prints were glimpsed on many runways, including an eco-fur with the suggestion of a cow print at Dolce & Gabbana.

Prada featured laced-up boots fantastically covered with feathers, an antique touch that complemented beaded satin booties and pumps.

The coat game and chunky knitwear Louise Trotter said she aimed to lighten up her second Bottega Veneta outing. She embraced Milan as her inspiration, opening with a series of architectural overcoats in sturdy blue and grays that were meant to exemplify Milan’s Brutalist architecture, before an explosion of energy and color in outerwear constructed from fiberglass that shimmied kinetically with every step.

Ferragamo’s mariner twist of the season resulted in overcoats with button panels that could be twisted into new architectures. They perfectly complemented laced silken dresses underneath.

Rogge’s coed debut for Marni was youth-driven, a 1990s version of the 1970s, and her love of knitwear came through in chunky sweater jackets and retro-patterned pullovers. A luxurious short-haired fur coat with a cotton lining exemplified the brand’s high-low materials mix. Straight midi-skirts were covered with plastic sequins or mother of pearl discs that rattled like chimes.

Softness in tailoring Tod’s demonstrated how to turn leather into the softest tailoring with a seamless declination from foulard dresses to the same silhouette constructed from leather.

Silvana Armani embraced her uncle’s soft-shouldered jackets, including quilted Japanese-style jackets and colorful shearling coats. The biggest statement were the slate gray overcoats that grazed the runway with elegance.

“Working with fluidity and simplicity came naturally to me because that’s how I am,’’ she said after the show.

Footnotes While the muted color palettes and focus on basics suggest a conservative response to global turbulence, overt references to war was rare. One exception was Moschino, where designer Adrian Appiolaza included a pair of references including the graphic character Mafalda on a garment screaming: “Basta,” Italian for “Enough.”


Silvana Armani Honors a Fashion Dynasty with Fluid, Essential Collection During Milan Fashion Week

 A model presents a creation from the Giorgio Armani Fall/Winter 2026/2027 collection during Fashion Week in Milan, Italy, March 1, 2026. (Reuters)
A model presents a creation from the Giorgio Armani Fall/Winter 2026/2027 collection during Fashion Week in Milan, Italy, March 1, 2026. (Reuters)
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Silvana Armani Honors a Fashion Dynasty with Fluid, Essential Collection During Milan Fashion Week

 A model presents a creation from the Giorgio Armani Fall/Winter 2026/2027 collection during Fashion Week in Milan, Italy, March 1, 2026. (Reuters)
A model presents a creation from the Giorgio Armani Fall/Winter 2026/2027 collection during Fashion Week in Milan, Italy, March 1, 2026. (Reuters)

Giorgio Armani’s niece Silvana Armani took up her uncle’s mantle with quiet confidence, presenting the first signature collection without the input of the iconic founding designer to close Milan Fashion Week on Sunday.

Actor Andie MacDowell, 67, was among the front-row guests for a show that represented a new chapter for the Giorgio Armani fashion group, following the designer's death Sept. 4 at age 91.

“One of the things that is really important to me is representing women of a certain age, and showing that we still are fashionable and powerful and strong, and we enjoy life and looking beautiful,’’ MacDowell said as she arrived for the show wearing a dark Armani suit with a three-dimensional rose detail.

"I love this because I was born Rosalie Anderson MacDowell, and I thought this suit was made for me. It makes me feel really elegant," she said.

The Giorgio Armani women’s winter wardrobe for next fall and winter was fluid, essential and wholly contemporary, expressing the fashion house’s essence. To point, there was no jewelry, save pins with the zodiac sign for Cancer, for the late designer's birth sign.

Opening looks were in an urban slate gray, softened by silken blouses with foulard detailing around the neck. A burgundy belt gave color and structure, while knitwear with the slightest scoop neck maintained discipline. Long overcoats grazed the runway.

As for her uncle, Silvana Armani made soft yet tailored jackets the backbone of the collection, including quilted Japanese-style jackets and colorful shearling coats. They were complemented with fluid trousers, some with side pleats for volume. Winter white trousers with silken high-neck blouses and anoraks suggested an active lifestyle, as did the cozy knitwear, cross-body bags and tinted eyewear.

The color palette shifted to burgundy and midnight blue, the new black. Velvet looks accented with beaded embroidery gave cozy elegance, while eveningwear featured iridescent corsets that sat slightly away from the body.

Even the dressier looks were worn with cross-body satchels, suggesting that the Giorgio Armani woman wasn’t waiting at home for evening festivities to begin.

Silvana Armani, 70, said after the show that the collection contained looks that she would wear herself.

“Working with fluidity and simplicity came naturally to me, because that’s how I am,” said Armani, who like her uncle took her bows in a navy sweater and trousers.

Emporio Armani in concert Silvana Armani also collaborated with Leo Dell’Orco, as Armani's creative heirs, in a crisp Emporio Armani co-ed collection that previewed on Thursday.

The Armani Theater floor was covered in wood to recall a music conservatory, the inspiration for a collection that drew on British formality with Italian sensibility. Tailcoats and waistcoats evoked performance, while denim grounded the looks and gave them fresh modernity.

The show closed with a striking finale of starched white shirts and impeccable black tie, drawing long, warm applause for the creative duo.

Olympic medal winners from Team Italia took front-row seats. They were outfitted for the Feb. 6-22 Games in EA7 Emporio Armani performance athleticwear.


Flights of Fancy at Bottega Veneta with Shimmering, Tactile Collection

A model presents a creation for Bottega Veneta during the womens's ready-to-wear Fall/Winter 2026 collection fashion show as part of the Milan Fashion Week, in Milan on February 28, 2026. (AFP)
A model presents a creation for Bottega Veneta during the womens's ready-to-wear Fall/Winter 2026 collection fashion show as part of the Milan Fashion Week, in Milan on February 28, 2026. (AFP)
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Flights of Fancy at Bottega Veneta with Shimmering, Tactile Collection

A model presents a creation for Bottega Veneta during the womens's ready-to-wear Fall/Winter 2026 collection fashion show as part of the Milan Fashion Week, in Milan on February 28, 2026. (AFP)
A model presents a creation for Bottega Veneta during the womens's ready-to-wear Fall/Winter 2026 collection fashion show as part of the Milan Fashion Week, in Milan on February 28, 2026. (AFP)

Grey and brutalist, showy and shimmering -- the stark contrasts of the Italian fashion capital of Milan fueled the creative mind of Bottega Veneta's Louise Trotter in her second collection for the brand.

The city's harsh aspects found expression in the armor-like coats that Trotter sent down the runway Saturday night at Milan Fashion Week, while its theatrical side burst forth from delightfully tactile creations made from recycled fiberglass that swayed and shimmered as models made their way down the runway.

The Fall/Winter collection for the brand known for its "intreccio" technique of woven leather was inspired by "what Milanese style meant to me and Bottega Veneta from my viewpoint," Trotter told journalists backstage after the show.

The brutalism of the city, whether in its architecture or its notoriously grey weather, juxtaposes with a more hidden "sensuality and seduction", she said.

That translated to the coats, long jackets and coat dresses with bold, exaggerated shoulders -- "like armor", Trotter said -- some of them with an accompanying brown leather belt that dangled, sword-like, from the waist.

As is fitting for Bottega Veneta, leather infused the collection for both men and women, here on shoulder patches, there on epaulets or collars.

One model was virtually swaddled in supple olive leather, her oversized bomber jacket with high collar paired with an asymmetrical matching leather skirt, with nubby leather flip-flops at her feet.

But the collection took a dramatic turn with the arrival of a series of over-the-top showstopping coats made from recycled fiberglass, a synthetic material introduced at Trotter's debut last September.

The costume-like poofs moved and shimmered under the lights of the former theater where the runway show was held, just steps from the La Scala opera, many of them paired with matching hats, in colors of electric blue, black and bubble-gum pink.

A sweater worn by a male model recalled a Harlequin theme with splotches of red and black against the white background of the shimmering, fur-like material.

"I wanted to express that joy, that theatric," said Trotter, saying the looks expressed the more showy side of Milan's residents, who "really dress up."

"I think it's quite unusual or rare today to find that. And I think it's dressing up for oneself and also for one's community. I think it's a sign of pride and respect."

Trotter's goal as a designer, she said, was to "bring joy and confidence to people" through clothing.

Backstage, rapper Lauryn Hill had on one of Trotter's glittering sweaters of fiberglass, in electric orange, accessorized with an oversized "intreccio" purse with fringe.

An entourage of assistants directed hand fans in Hill's direction to keep her cool, sending the fibers of the outrageous garment aflutter.

"It's got a life of its own," said one of them, with a smile.