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?



Etro Founding Family Exits Group as New Investors Including Türkiye's RAMS Global Join

L Catterton, a private equity firm backed by French luxury giant LVMH, will remain Etro's majority owner. Reuters
L Catterton, a private equity firm backed by French luxury giant LVMH, will remain Etro's majority owner. Reuters
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Etro Founding Family Exits Group as New Investors Including Türkiye's RAMS Global Join

L Catterton, a private equity firm backed by French luxury giant LVMH, will remain Etro's majority owner. Reuters
L Catterton, a private equity firm backed by French luxury giant LVMH, will remain Etro's majority owner. Reuters

The founding family of Italian fashion house Etro has sold the minority stake it still owned in the brand to a group of investors including Turkish group RAMS Global, the company said on Friday.

L Catterton, a private equity firm backed by French luxury giant LVMH, will remain Etro's majority owner and "will continue to actively support the brand's long-term growth strategy," Etro added, according to Reuters.

The new investors comprise also Italian fashion group Swinger International and small private equity firm ⁠RSI.

In addition to buying the stake, they all subscribed to a capital increase that will lower L Catterton's holding in Etro to between 51% and 55% from around 65%.

When including both the acquisition and the capital increase, the deal is worth around 70 ⁠million euros ($82 million), two sources close to the matter said. Etro did not disclose financial details.

Chief Executive Fabrizio Cardinali will remain at the helm, while Faruk Bülbül, representing RAMS Global, will become chairman of the board.

L Catterton bought a 60% stake in the brand known for its paisley motif four years ago, and it slightly increased the holding over the years.

The company, founded by Gimmo Etro in 1968, has ⁠been struggling with its turnaround. Last year it posted a net loss of 23 million euros with net revenues declining to 245 million euros from 261 million euros, according to filings with the local chambers of commerce reviewed by Reuters.

Rothschild advised L Catterton and the Etro family on the deal.

Rothschild had been hired in 2024 to look for a new investor who could buy all or part of the Etro fashion group, sources had previously told Reuters.


Paris Court Rejects Bid to Suspend Shein Platform in France

A customer holds shopping bags with a Shein logo in the first physical space of Chinese online fast-fashion retailer Shein on the day of its opening inside the Le BHV Marais department store, the Bazar de l'Hotel de Ville, in Paris, France, November 5, 2025. REUTERS/Sarah Meyssonnier/File Photo
A customer holds shopping bags with a Shein logo in the first physical space of Chinese online fast-fashion retailer Shein on the day of its opening inside the Le BHV Marais department store, the Bazar de l'Hotel de Ville, in Paris, France, November 5, 2025. REUTERS/Sarah Meyssonnier/File Photo
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Paris Court Rejects Bid to Suspend Shein Platform in France

A customer holds shopping bags with a Shein logo in the first physical space of Chinese online fast-fashion retailer Shein on the day of its opening inside the Le BHV Marais department store, the Bazar de l'Hotel de Ville, in Paris, France, November 5, 2025. REUTERS/Sarah Meyssonnier/File Photo
A customer holds shopping bags with a Shein logo in the first physical space of Chinese online fast-fashion retailer Shein on the day of its opening inside the Le BHV Marais department store, the Bazar de l'Hotel de Ville, in Paris, France, November 5, 2025. REUTERS/Sarah Meyssonnier/File Photo

A Paris court on Friday rejected a government request to suspend Chinese fast-fashion platform Shein in France after authorities found illegal weapons and child-like sex dolls for sale on the fast-fashion giant’s website.

Shein welcomed the decision, saying it remains committed to strengthening its control processes in cooperation with French authorities.

“Our priority remains protecting French consumers and ensuring compliance with local laws and regulations," the company said in an emailed statement to The Associated Press.

The controversy dates to early November, when France’s consumer watchdog and Finance Ministry moved toward suspending Shein’s online marketplace after authorities said they had found childlike sex dolls and prohibited “Class A” weapons listed for sale, even as the company opened its first permanent store in Paris.

French authorities gave Shein hours to remove the items. The company responded by banning the products and largely shutting down third-party marketplace listings in France.

French officials have also asked the European Commission to examine how illegal products were able to appear on the platform under EU rules governing large online intermediaries.


Lululemon Jumps on Elliott's $1 Billion Bet Ahead of Leadership Change

FILE PHOTO: A logo is displayed inside a Lululemon outlet retail store at Bicester Village in Oxfordshire, Britain, August 21, 2024. REUTERS/Hollie Adams/File Photo
FILE PHOTO: A logo is displayed inside a Lululemon outlet retail store at Bicester Village in Oxfordshire, Britain, August 21, 2024. REUTERS/Hollie Adams/File Photo
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Lululemon Jumps on Elliott's $1 Billion Bet Ahead of Leadership Change

FILE PHOTO: A logo is displayed inside a Lululemon outlet retail store at Bicester Village in Oxfordshire, Britain, August 21, 2024. REUTERS/Hollie Adams/File Photo
FILE PHOTO: A logo is displayed inside a Lululemon outlet retail store at Bicester Village in Oxfordshire, Britain, August 21, 2024. REUTERS/Hollie Adams/File Photo

Lululemon Athletica shares rose nearly 8% in early trading on Thursday after reports Elliott Management has built a $1 billion stake in the athleisure wear maker and is working with former Ralph Lauren executive Jane Nielsen for a potential CEO role.

The Canada-based retailer said last week that Calvin McDonald will step down after nearly seven years as its top boss, sparking hopes for a leader who can reverse slowing growth and win back younger shoppers amid fierce competition from trendier players like Alo and Vuori. The stock has lost nearly half of its value this year, underscoring investor concerns over Lululemon's struggles. The company's shares were trading at $224 on Thursday.

"Elliott is famous for agitating for change. These positions aren't built overnight, so Lululemon's board probably saw this coming," said Brian Jacobsen, chief economic strategist, Annex Wealth Management.

The activist investor has been working closely for months with Nielsen, a retail veteran, a source told Reuters on Wednesday. Nielsen, who sits on the board of Cadbury parent Mondelez, has also served as finance chief at Tapestry-owned Coach.

"Lululemon is one of the most powerful brands in retail, defined by exceptional products, deeply engaged communities and significant global potential," Nielsen said in a statement to the Wall Street Journal. "I would welcome the chance to discuss this opportunity with the Lululemon board."

Elliott, Lululemon and Nielsen did not respond to Reuters requests for comment.

Analysts have said the company will need to upgrade its fabrics, use fresher designs and accelerate product launches that click with Gen Z to reclaim its "cool factor" and lure shoppers back.

With much of its sourcing tied to Asian factories facing higher import duties, Lululemon will also need to streamline its supply chain to blunt US tariff pressures and protect margins next year, analysts have said.

"Lululemon should implement fast fashions and introduce an assortment that will pull customers from Alo and Vuori - especially Gen Z customers.

Fast fashion requires a much better supply chain than is currently in use at Lululemon," said Brittain Ladd, a strategy and supply chain consultant at Florida-based Chang Robotics.

The brand's struggles have drawn sharp criticism from founder and largest individual shareholder Chip Wilson. He has also called for an urgent CEO search, led by new, independent directors with deep company knowledge to restore a product-first focus.

Wilson did not respond to a Reuters request for comment.

With a 4.3% ownership, Wilson's stake is valued at about $988 million, according to LSEG data, making Elliott one of the top shareholders in Lululemon, which is valued at nearly $25 billion.

Lululemon trades at a forward price-to-earnings ratio of 16.37, while Gap trades at 11.88 and American Eagle at 16.81, according to LSEG data.