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)
TT

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?



Italy Plans Levy on Low-value Parcels to Protect Fashion Industry

A model wears a creation as part of the Gucci women's Fall-Winter 2023-24 collection presented in Milan, Italy, Friday, Feb. 24, 2023. (AP Photo/Antonio Calanni)
A model wears a creation as part of the Gucci women's Fall-Winter 2023-24 collection presented in Milan, Italy, Friday, Feb. 24, 2023. (AP Photo/Antonio Calanni)
TT

Italy Plans Levy on Low-value Parcels to Protect Fashion Industry

A model wears a creation as part of the Gucci women's Fall-Winter 2023-24 collection presented in Milan, Italy, Friday, Feb. 24, 2023. (AP Photo/Antonio Calanni)
A model wears a creation as part of the Gucci women's Fall-Winter 2023-24 collection presented in Milan, Italy, Friday, Feb. 24, 2023. (AP Photo/Antonio Calanni)

Italy is working to adopt a tax on low-value postal packages from non-European countries, politicians said, as part of measures to protect its fashion industry from low-cost foreign imports mostly from China.

The move, aimed at avoiding unfair competition in the market for what is one of Italy's key industries, targets online platforms such as Shein and Temu among others, Reuters reported.

Italy's ruling parties plan to apply a levy to consignments worth less than 150 euros ($175), broadly in line with a proposal being discussed at European Union level, the politicians said.

The measure is expected to be formalized as an amendment to next year's budget in the coming weeks.

EU customs authorities handled around 4.6 billion low-value packages bought online in 2024, 91% of them coming from China and double the 2023 figure.


Permira in Talks with China's HongShan on $3 billion Golden Goose Sale

Sneakers of Italian high fashion sneaker brand Golden Goose are displayed at its store in Beijing, China September 23, 2020. Picture taken September 23, 2020. REUTERS/Tingshu Wang
Sneakers of Italian high fashion sneaker brand Golden Goose are displayed at its store in Beijing, China September 23, 2020. Picture taken September 23, 2020. REUTERS/Tingshu Wang
TT

Permira in Talks with China's HongShan on $3 billion Golden Goose Sale

Sneakers of Italian high fashion sneaker brand Golden Goose are displayed at its store in Beijing, China September 23, 2020. Picture taken September 23, 2020. REUTERS/Tingshu Wang
Sneakers of Italian high fashion sneaker brand Golden Goose are displayed at its store in Beijing, China September 23, 2020. Picture taken September 23, 2020. REUTERS/Tingshu Wang

Private equity firm Permira is in advanced talks with China's HongShan Capital Group (HSG) to sell Italian luxury sneaker maker Golden Goose at a valuation of over 2.5 billion euros ($3 billion), two sources close to the matter said on Wednesday, confirming Italian newspapers' reports.

HSG and Permina declined to comment, according to Reuters.

Private equity firm HSG, formerly known as Sequoia Capital China, invests globally in the technology, healthcare, and consumer sectors. It established an office in London last year to tap into late-stage and buyout deal opportunities in Europe.

Golden Goose, which sells sneakers for more than 500 euros a pair, has undergone multiple leveraged buyouts by private equity firms in the last decade, with investors attracted by its rapid growth.

It was valued at 1.3 billion euros when it was acquired by private equity firm Permira in 2020.

Last year the Venice-based company shelved plans for an initial public offering on the Milan Bourse, citing market volatility caused by political uncertainty in Europe.

Golden Goose's revenues totalled 655 million euros in 2024, with an adjusted core profit (EBITDA) of 227 million euros.

Earlier this year Blue Pool, a Hong Kong-based investment firm backed by Alibaba co-founder Joe Tsai, bought a 12% stake in the company.


M&S Shakes Up Fashion Supply Chain to Spark Online Growth

An employee oversees packages being transported on a conveyor belt through the automated sorting facility at a Marks & Spencer (M&S) distribution center in Castle Donington, Leicestershire, Britain, November 7, 2025. REUTERS/Temilade Adelaja
An employee oversees packages being transported on a conveyor belt through the automated sorting facility at a Marks & Spencer (M&S) distribution center in Castle Donington, Leicestershire, Britain, November 7, 2025. REUTERS/Temilade Adelaja
TT

M&S Shakes Up Fashion Supply Chain to Spark Online Growth

An employee oversees packages being transported on a conveyor belt through the automated sorting facility at a Marks & Spencer (M&S) distribution center in Castle Donington, Leicestershire, Britain, November 7, 2025. REUTERS/Temilade Adelaja
An employee oversees packages being transported on a conveyor belt through the automated sorting facility at a Marks & Spencer (M&S) distribution center in Castle Donington, Leicestershire, Britain, November 7, 2025. REUTERS/Temilade Adelaja

Marks & Spencer is revamping its supply chain from "factory to floor,” the retailer's new fashion boss told Reuters, as it looks to double annual online non-food sales to nearly 3 billion pounds ($4 billion).

John Lyttle, who joined M&S as managing director fashion, home and beauty (FH&B) in March, said the 141-year-old retailer has regained its footing after a cyberattack in April paralyzed online sales and cost about 300 million pounds in lost profit.

He said M&S had done a good job re-establishing its value, quality and style credentials, with FH&B sales up 9% over three years and market share rising to 10.5% in 2024/25, from 9.1% in 2021/22.

It now needs to focus on becoming a truly omnichannel retailer, said Lyttle, in his first interview since joining M&S.

"So from where we make our goods, to how we flow that all the way into our warehouses, how our warehouses operate, and then how we feed those products out to our customers - whether that's online, whether that's in our stores," he said.

Simplifying and cutting supply chain costs has been a priority for many companies after COVID-19, war in Ukraine, Red Sea shipping disruption and broader global trade upheavals, most recently due to US tariffs.

MORE LONG-TERM PARTNERSHIPS WITH SUPPLIERS
M&S, which mainly sources products from China, Bangladesh, India, Pakistan, Vietnam, Cambodia, Sri Lanka and Turkey, wants to create more long-term partnerships to reduce the risks to supplies.

While progress has been made in recent years through consolidating suppliers, M&S has "much more opportunity to go after through resetting how we buy, unlocking more margin from our scale, increasing cost discipline and reducing complexity," said Lyttle.

The cyber hack knocked what had been a strong turnaround under Stuart Machin, CEO since 2022, with M&S' 2024/25 profit its highest in over 15 years and its stock at near-decade highs.

Dominic Younger, fund manager at Columbia Threadneedle Investments, one of M&S' top 10 investors, said it had made huge and hard-won strides in fixing the FH&B front-end.

"But one of the most exciting aspects from an investment point of view is that, together with continuing to drive the food division, there is so much opportunity out there in terms of modernising the clothing supply chain," he said.

With a clothing customer base of 21 million, Lyttle said overhauling M&S' supply chain can double FH&B's online sales over the long term from about 1.4 billion pounds in 2024/25, while lifting its online operating margin to double digits.

M&S is also aiming to increase online's share of total FH&B sales from about 34% to 50% in the medium term, said Lyttle, a former Boohoo CEO who was also an executive at Primark.

"If you look at our online sales participation today versus the market, we're about 10 (percentage) points behind," said Lyttle, noting M&S was even further behind some top competitors, such as Next.

Next, an early adopter of warehouse and distribution automation, makes about 59% of its UK sales online.

M&S can increase online sales by optimising the breadth and depth of its product range, encouraging more customers to use its more than 1,000 stores for 'click and collect' and returns, and utilising more channels such as lockers, Lyttle said.

It will also introduce more payment methods and relaunch its 'Sparks' loyalty programme to drive more frequent purchases.

INVESTMENT IN AUTOMATION
Part of M&S' plan is a 120 million pound three-year investment in automation to increase capacity, reduce complexity and deliver cost savings worth "multi-millions" of pounds.

M&S is spending 600 million to 650 million pounds on capital investment in 2025/26 of which between 200 million and 250 million is being invested in technology infrastructure, store maintenance and upgrades to its logistics fleet.

In its vast Castle Donington warehouse in central England, M&S is investing in robotic technology that will speed up sorting 'click and collect' parcels and extend cut-off times for next-day delivery to nearly midnight.

Further investment at the 900,000-square foot site and another in Bradford, northern England, will increase boxed storage capacity by more than 30%.

M&S is also accelerating the implementation of a new planning platform, with a new merchandising capability already delivered, automating what was previously largely a manual task.

Cost savings will not need to come at the expense of the 63,000-strong M&S workforce, Lyttle said, adding: "Growing our business means we're moving more product, therefore we need more people to help us do that".

CYBER HACK LESSONS
While the cyber hack, which forced M&S to revert to manual processes, had not changed its strategy or longer-term plans, important lessons had been learned, Lyttle said.

"It's not just lessons of the actual incident. It's just general things that we could have done better, or we could have done faster," he said, without giving away any specifics.
"You don't want people who impacted us at the beginning to understand in any way," he added.