Shein's Annual Profit Down by More than a Third

FILE PHOTO: A company logo for fashion brand Shein is seen on a pile of gift bags on its Christmas bus as part of a nationwide promotional tour in Liverpool, Britain, December 14, 2024. REUTERS/Phil Noble/File Photo
FILE PHOTO: A company logo for fashion brand Shein is seen on a pile of gift bags on its Christmas bus as part of a nationwide promotional tour in Liverpool, Britain, December 14, 2024. REUTERS/Phil Noble/File Photo
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Shein's Annual Profit Down by More than a Third

FILE PHOTO: A company logo for fashion brand Shein is seen on a pile of gift bags on its Christmas bus as part of a nationwide promotional tour in Liverpool, Britain, December 14, 2024. REUTERS/Phil Noble/File Photo
FILE PHOTO: A company logo for fashion brand Shein is seen on a pile of gift bags on its Christmas bus as part of a nationwide promotional tour in Liverpool, Britain, December 14, 2024. REUTERS/Phil Noble/File Photo

Online fast-fashion retailer Shein's profit dropped by more than a third last year, adding to its challenges ahead of a planned listing on the London Stock Exchange, the Financial Times reported on Sunday.

Net profit was down almost 40% at $1 billion in 2024, the report said, citing two people with knowledge of the matter.

Shein's sales for the full year rose by 19% to $38 billion, the report said, adding that the figures were from internal projections ahead of finalised accounts, Reuters reported.

The company does not publish profit guidance but the 2024 figures were far lower than the $4.8 billion in net profit and $45 billion in sales it had projected for 2024, the report added, citing a presentation seen by the newspaper.

Reuters this month reported that Shein was set to cut its valuation in the planned initial public offering (IPO) in London by almost a quarter to about $50 billion. Bloomberg reported last week that Shein was under pressure to cut its valuation as low as $30 billion

The Financial Times has also reported that the London listing could be postponed to the second half of the year after US President Donald Trump moved to end a tax exemption enjoyed by Shein, potentially denting profitability and pushing up its prices in the United States.



Saudi Fashion Commission, Kering Launch 'Kering Generation Award X MENA'

This year's award builds on the strong success of the 2025 award, which attracted more than 500 applications, shortlisted 21 finalists, and recognized three winners. SPA
This year's award builds on the strong success of the 2025 award, which attracted more than 500 applications, shortlisted 21 finalists, and recognized three winners. SPA
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Saudi Fashion Commission, Kering Launch 'Kering Generation Award X MENA'

This year's award builds on the strong success of the 2025 award, which attracted more than 500 applications, shortlisted 21 finalists, and recognized three winners. SPA
This year's award builds on the strong success of the 2025 award, which attracted more than 500 applications, shortlisted 21 finalists, and recognized three winners. SPA

Saudi Arabia’s Fashion Commission and global luxury group Kering have launched the "Kering Generation Award X MENA" across the Middle East and North Africa (MENA) for 2026.

The announcement was made on Tuesday during the opening of the RLC Global Forum, hosted at the French Embassy in Riyadh.

This year's award builds on the strong success of the 2025 award, which attracted more than 500 applications, shortlisted 21 finalists, and recognized three winners.

Participants benefited from mentorship programs, workshops, and opportunities to strengthen their global presence. Building on this momentum, the 2026 program seeks to expand its impact across the MENA region.

The 2026 award focuses on four key areas of sustainable fashion: innovation in regenerative materials and clean production, circular design and sustainable business models, nature conservation and animal welfare, and consumer awareness and cultural engagement.

The program targets startups across the MENA region that operate in, or positively influence, the sustainable fashion sector, provided they demonstrate innovation capabilities and the ability to deliver measurable sustainability outcomes.


FKA Twigs, Addison Rae and Others Embrace Playful, Daring Fashion on Grammys Red Carpet

Grammy Awards are displayed at the Grammy Museum Experience at Prudential Center in Newark, N.J. on Oct. 10, 2017. (AP)
Grammy Awards are displayed at the Grammy Museum Experience at Prudential Center in Newark, N.J. on Oct. 10, 2017. (AP)
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FKA Twigs, Addison Rae and Others Embrace Playful, Daring Fashion on Grammys Red Carpet

Grammy Awards are displayed at the Grammy Museum Experience at Prudential Center in Newark, N.J. on Oct. 10, 2017. (AP)
Grammy Awards are displayed at the Grammy Museum Experience at Prudential Center in Newark, N.J. on Oct. 10, 2017. (AP)

Addison Rae, Sabrina Carpenter and FKA twigs were among the music stars delivering fresh takes on red carpet style at the 68th Grammys.

The Grammys are a night of rule-breaking looks and memorable fashion statements where artists shed the traditional playbook of red carpet dressing and take style risks, The Associated Press said.

Stars respectfully toned down their attire last year, choosing instead to go with more subdued or all black looks in light of the destruction left by the Los Angeles wildfires.

This year, some stars embodied their on-stage music personas on the carpet and played around with new looks while others stuck with more traditional evening wear looks.

Tyla may have a song titled “Chanel,” but she went with Dsquared² for the red carpet. The South African singer wore low-cut cream look that featured a long-feathered train and gold beaded detailing. She styled the look with a loose updo and braids.

Stars take playful approach Red carpet attendees took playful approaches to their looks Sunday.

The British rising stars Lola Young and PinkPantheress who are shaking up the music industry with their individual sounds both opted for vastly different Vivienne Westwood looks Sunday.

Best new artist nominee Young, who is back after taking a brief hiatus last year, sported an army green sweatsuit printed with children’s toys on the carpet. PinkPantheress opted for a signature corseted off-the-shoulder gown draped with the Union Jack symbol.

Zara Larsson glowed on the carpet in her sunny yellow bra top and maxi skirt sequined set. The “Midnight Sun” singer made reference to the song with her radiating look.

In keeping with her theme, the Swedish singer wore a circular ray around her skirt while performing at the Grammy’s Premiere Ceremony before removing the rays for her walk down the carpet.

FKA twigs brought her album “Eusexua” to life on the carpet wearing a beige sheer flowy Paolo Carzana dress which she paired with a book and an orchid. The artist told Variety that the book is part of the lore of her “Eusexua” album for which she won best dance/electronic album early in the night.

The Grammys carpet is a chance for up-and-coming artists to shine among industry legends and their peers.

Coordinating on the carpet British girl group Flo, a first-time nominee, paid homage to Destiny’s Child with their matching sets. Jorja Douglas, Stella Quaresma and Renée Downer each wore coordinated beaded black and royal blue ensembles. Destiny’s Child famously wore matching green lace cut-out looks at the 2001 Grammys where the group won two awards for “Say My Name.”

Flo brought back that synergy with their unified aesthetic.

“We actually have a sixth sense and a lot of things we just agree on,” Quaresma told The Associated Press.

Former Destiny Child member Michelle Williams arrived on the carpet in a black sheer gown embellished with gold leaves and a black satin train from Jean-Louis Sabaji.

Love bugs Yungblud and Jesse Jo Stark took a risqué approach to their coordinated attire. Yungblud showed off his bare chest under a leather Chrome hearts jacket with a detachable animal print collar. Stark wore a leather halter dress. Yungblud won his first Grammy for best rock performance for “Changes,” alongside Nuno Bettencourt and Frank Bello.

Some stars accidentally took coordinating too far by wearing the same looks. Two stars had a fashion face-off at the start of the night with singer Ledisi and TV host Jasmine Simpkins both flaunting the same off-the-shoulder pink peach dress with sparkly tinsel.

Rising stars take center stage

This year, a fashionable bunch of artists make up the hotly contested best new artist category. Rae aptly has a song titled “High Fashion.” The newcomer wore a structured white custom Alaia dress with a neckline that plunged down to her navel.

Rae appeared in the “12 to 12″ music video for another nominee in the category, Sombr, who sparkled on the carpet in a shimmering silver Valentino suit paired with a lace undershirt.

Carpenter also paid tribute to designer who died in January. Carpenter once again brought Old Hollywood glamour to the carpet with her chic custom Valentino white shimmering gown fitted with a sheer bolo jacket.

Unlike the tuxedos at other award shows, male Grammy nominees often shake things up. Singer-songwriter Darren Criss was one of the first to arrive shortly after the carpet opened. Criss, who is hosting the Grammys premiere ceremony, donned a shimmering lace suit from Tanner Fletcher with an off-white silk cravat shaped into a bow. He paired it with his signature painted nails.

Chappell Roan, who won best new artist last year, donned a yellow tulle archival Jean Paul Gaultier couture gown printed with Degas’ famous ballerinas on the carpet. She later wore several other looks throughout the ceremony.

Some at the Grammys sought to draw attention to protests over the US Immigration and Customs Enforcement presence in cities. Jason Isbell, Margo Price, Kehlani and Rhiannon Giddens were among the artists wearing protest apparel on the Grammys red carpet.


French Eyewear Maker in Spotlight After Presidential Showing

 28 January 2026, France, Paris: French President Emmanuel Macron waits to welcome Danish Prime Minister Mette Frederiksen and Greenlandic Prime Minister Jans-Fredrik Nielsen at the Elysee Palace. (Le Pictorium via ZUMA Press/dpa)
28 January 2026, France, Paris: French President Emmanuel Macron waits to welcome Danish Prime Minister Mette Frederiksen and Greenlandic Prime Minister Jans-Fredrik Nielsen at the Elysee Palace. (Le Pictorium via ZUMA Press/dpa)
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French Eyewear Maker in Spotlight After Presidential Showing

 28 January 2026, France, Paris: French President Emmanuel Macron waits to welcome Danish Prime Minister Mette Frederiksen and Greenlandic Prime Minister Jans-Fredrik Nielsen at the Elysee Palace. (Le Pictorium via ZUMA Press/dpa)
28 January 2026, France, Paris: French President Emmanuel Macron waits to welcome Danish Prime Minister Mette Frederiksen and Greenlandic Prime Minister Jans-Fredrik Nielsen at the Elysee Palace. (Le Pictorium via ZUMA Press/dpa)

The aviator sunglasses that captured the world's attention when French President Emmanuel Macron wore a pair on stage in Davos in a faceoff with US counterpart Donald Trump have become an unexpected success for the Italian owner of the France-based manufacturer that has watched sales soar.

Despite the hype, eyewear maker Henry Jullien has struggled in a declining French industry that was established in the eastern Jura region in the late 1700s, facing competition from far cheaper Asian manufacturers.

Henry Jullien's "Top Gun"-style shades with blue lenses and a silver frame, priced at 659 euros ($784), are now featured on the French presidency's online store.

Since last week's World Economic Forum in Switzerland, "we've been getting calls from all over the world, it's given us incredible publicity," said Stefano Fulchir, CEO of the Italian company iVision Tech which owns Henry Jullien.

More than 500 sunglasses have already been sold online -- a significant jump for the high-end brand that typically produces just a thousand pairs per year, including 200 of the aviator Pacific S01 model, in Jura.

The brand's website crashed with the surge in traffic so a temporary webpage dedicated solely to the presidential model was launched, while iVision Tech's stock soared 70 percent in a matter of days, Fulchir said.

Macron had ordered the sunglasses in 2024 "to give a gift to a minister during the G20" along with the pair for himself, Fulchir said.

Made with a gold wire, the aviators are crafted in an intricate 279-step process over four months.

"We pampered both pairs, of course," said Herve Basset, 60, who has spent more than half his life at Henry Jullien.

The eyewear makers all received thank-you letters from the president, recalled Karine Pelissard, who has spent 30 years in the trade.

- Shrinking industry -

The eyewear maker had about 180 employees 15 years ago but was down to just 15 when iVision Tech bought it in 2023, according to the mayor where the manufacturing facility is located.

Further cuts were made. Ten employees remain in Jura, iVision Tech said, and its site in the Italian town of Martignacco has had to take on the surge in orders.

To assure authenticity, Fulchir said the glasses are stamped with either "Made in France" or "Made in Italy" depending on which site they come from -- the "most important" labels in the eyewear world, signifying quality.

Yet Julien Forestier, head of the eyewear makers' union in Jura, said the buzz will "bring nothing" to the local industry.

"There are only a few companies left fighting for French manufacturing," and even opticians no longer really believe in the Made in France label anymore, he lamented.

While the sector still produces 2 million frames a year, there are only around 50 companies and about 800 employees in Jura, compared with 10,000 in the 1950s.