Demna Dials Down Theatrics for a More Saleable Vision of Balenciaga at Paris Fashion Week 

Jessica Alba upon arrival at the Balenciaga Fall/Winter 2025-2026 Womenswear collection presented in Paris, Sunday, March 9, 2025. (AP)
Jessica Alba upon arrival at the Balenciaga Fall/Winter 2025-2026 Womenswear collection presented in Paris, Sunday, March 9, 2025. (AP)
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Demna Dials Down Theatrics for a More Saleable Vision of Balenciaga at Paris Fashion Week 

Jessica Alba upon arrival at the Balenciaga Fall/Winter 2025-2026 Womenswear collection presented in Paris, Sunday, March 9, 2025. (AP)
Jessica Alba upon arrival at the Balenciaga Fall/Winter 2025-2026 Womenswear collection presented in Paris, Sunday, March 9, 2025. (AP)

Balenciaga is no stranger to spectacle, and Demna has built his reputation on turning the ordinary into the extreme. But this season, the brand's it-designer pulled back, choosing precision over provocation. His Sunday fall collection at Paris Fashion Week, Standard, focused on familiar dress codes, subtly warped but never fully broken.

Was this a study in refinement, or — shockingly — a step toward the conventional for a man known for breaking molds?

The show took place in a dimly lit maze of black curtains at the Cour du Dôme des Invalides, giving a sense of movement without grand theatrics. The models stormed through the narrow pathways, inches from VIP guests Tyra Banks, Alessandra Ambrosio, and Jessica Alba, their stiletto-heeled stomp set to the brooding strains of Beethoven’s Moonlight Sonata.

Businesswear was the foundation, with suits that alternated between crisp and intentionally crumpled. Denim pencil skirts, laced corset shirts, and long overcoats played with structure, while cocooned hoods and exaggerated lapels introduced a sculptural quality.

The impact, however, felt restrained. Silhouettes that once enveloped the body now followed a more familiar form. Sportswear, too, was tempered—tracksuits and bombers were leaner, and denim, usually one of Demna’s most manipulated materials, was given only slight modifications, treated to appear permanently wrinkled rather than wholly reimagined.

Absent were the shock elements of past seasons—no simulated disasters, no extreme exaggerations. Instead, the focus was on subtle transformations. For some, this marked a designer refining his vision; for others, it felt like a step away from the bold statements that defined his early Balenciaga years.

The Balenciaga x PUMA collaboration underscored this shift. While undoubtedly positioned for commercial success, its straightforward execution felt at odds with Demna’s usual approach to reworking streetwear. One reaction among critics pointed to its simplicity as a move toward accessibility rather than innovation.

More than ever, this collection seemed geared toward long-term retail appeal rather than shock-driven virality. While Demna has scaled back the provocation, the emphasis on businesswear, streamlined outerwear, and luxury-inflected sportswear suggests a strategic pivot toward a more commercially viable Balenciaga. The tailoring was clean, outerwear was softened, and layers leaned into versatility.

However, although some insiders pointed out how the reversed quarter-zip added an unexpected neckline shift, and a bathrobe-style coat blended casual ease with structured elegance—neither pushed the boundaries in the way past seasons have.

The collection may have been titled Standard, but it left an open question: Is Demna reshaping Balenciaga’s future, or settling into a more commonplace standard?



China's HongShan Reportedly Eyes $2.9 Billion Golden Goose Deal by Christmas

People walk in a commercial street at the historical Shichahai district in Beijing, China, December 3, 2025. REUTERS/Sarah Meyssonnier
People walk in a commercial street at the historical Shichahai district in Beijing, China, December 3, 2025. REUTERS/Sarah Meyssonnier
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China's HongShan Reportedly Eyes $2.9 Billion Golden Goose Deal by Christmas

People walk in a commercial street at the historical Shichahai district in Beijing, China, December 3, 2025. REUTERS/Sarah Meyssonnier
People walk in a commercial street at the historical Shichahai district in Beijing, China, December 3, 2025. REUTERS/Sarah Meyssonnier

China's HongShan Capital Group (HSG) has sent a 2.5 billion euro ($2.91 billion) offer to private equity Permira to buy Italian luxury sneaker maker Golden Goose, with the aim of signing the deal by Christmas, daily la Repubblica reported on Friday.

Details still need to be defined but the offer gives the luxury group an enterprise value of 10 times the core profit expected by the end of the year, debt included, the newspaper said.

Golden Goose's revenues totaled 655 million euros in 2024, with an adjusted core profit of 227 million euros.

HSG has asked veteran fashion industry executive Marco Bizzarri to become Golden Goose's future chairman, la Repubblica said, adding that the Chinese private equity aims to expand Golden Goose's directly-managed stores, particularly in Asia, and plans to list the group in the medium-term.

Last year the Venice-based company, which sells sneakers for more than 500 euros a pair, shelved plans for an initial public offering on the Milan Bourse, citing market volatility caused by political uncertainty in Europe.


Debenhams' New Pay Plan Without Vote 'Disgraceful', Says Top Investor Frasers

Debenhams logo is seen on smartphone in front of a displayed Boohoo logo in this illustration taken January 25, 2021. (Reuters)
Debenhams logo is seen on smartphone in front of a displayed Boohoo logo in this illustration taken January 25, 2021. (Reuters)
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Debenhams' New Pay Plan Without Vote 'Disgraceful', Says Top Investor Frasers

Debenhams logo is seen on smartphone in front of a displayed Boohoo logo in this illustration taken January 25, 2021. (Reuters)
Debenhams logo is seen on smartphone in front of a displayed Boohoo logo in this illustration taken January 25, 2021. (Reuters)

A move by struggling British online fashion retailer Debenhams to push ahead with a new executive pay scheme without seeking approval from investors was "utterly disgraceful", the finance chief of rival Frasers said on Thursday.

Frasers is Debenhams' biggest investor with a 29.7% stake.

Last week, Debenhams said that one of the reasons it was not asking for a shareholder vote on the new pay scheme worth up to 222 million pounds ($296 million) was because a "major competitor" investor, which it did not name, had tried to block previous resolutions.

Debenhams has been locked in a long-running tussle with Frasers, majority-owned by British retail tycoon Mike Ashley, which unsuccessfully attempted to block its rebrand and oust its co-founder.

Frasers' chief financial officer Chris Wootton said Debenhams' latest move, which could see CEO Dan Finley earn up to 148 million pounds if Debenhams' share price hits 3 pounds over the next five years, was "typical corporate governance from them, utterly disgraceful".

However, he told Reuters that if Debenhams achieved a share price of 3 pounds "shareholders will be happy."

Debenhams shares were trading at 22.25 pence on Thursday, down 3.3%.


Zara Owner Inditex Reports Strong Start to Winter Sales

FILE PHOTO: A person walks by a Zara store in Plaza de Espana in Madrid, Spain, June 11, 2025. REUTERS/Ana Beltran/File Photo
FILE PHOTO: A person walks by a Zara store in Plaza de Espana in Madrid, Spain, June 11, 2025. REUTERS/Ana Beltran/File Photo
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Zara Owner Inditex Reports Strong Start to Winter Sales

FILE PHOTO: A person walks by a Zara store in Plaza de Espana in Madrid, Spain, June 11, 2025. REUTERS/Ana Beltran/File Photo
FILE PHOTO: A person walks by a Zara store in Plaza de Espana in Madrid, Spain, June 11, 2025. REUTERS/Ana Beltran/File Photo

Zara owner Inditex said sales grew 10.6% in constant currency over the start of its fourth quarter, beating analysts' expectations for the November period that includes the crucial Black Friday sales.

The $178 billion fast fashion giant also reported on Wednesday sales of 9.8 billion euros ($11.41 billion) for its third quarter ending October 31, higher than the 9.69 billion euros expected by analysts according to an LSEG estimate.

The results from Inditex, seen as a bellwether for the global fast fashion sector, provide a first glimpse into how successful the key Black Friday sales weekend was for retailers.

The strong sales growth in the period from November 1 to December 1 compared to a year ago marked an acceleration from the nine-month currency-adjusted growth rate of 6.2%, an encouraging sign for the fourth quarter, its biggest in terms of revenues.