Milan Fashion Week to Mourn Armani, Welcome New Stars

The death of legendary Italian designer Giorgio Armani (C), seen here at 2009's Milan Fashion Week, will overshadow this year's event. Giuseppe CACACE / AFP/File
The death of legendary Italian designer Giorgio Armani (C), seen here at 2009's Milan Fashion Week, will overshadow this year's event. Giuseppe CACACE / AFP/File
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Milan Fashion Week to Mourn Armani, Welcome New Stars

The death of legendary Italian designer Giorgio Armani (C), seen here at 2009's Milan Fashion Week, will overshadow this year's event. Giuseppe CACACE / AFP/File
The death of legendary Italian designer Giorgio Armani (C), seen here at 2009's Milan Fashion Week, will overshadow this year's event. Giuseppe CACACE / AFP/File

Milan Fashion Week opens Tuesday, a feast of Italian style set to be dominated by the late Giorgio Armani's final collections and new faces at Gucci and Versace.

Prada, Dolce & Gabbana, Max Mara, Fendi, Roberto Cavalli, Ferragamo and Bottega Veneta are among those showcasing their Spring/Summer 2026 women's collections throughout the week, said AFP.

But the event will be overshadowed by the death this month of Armani, the legendary 91-year-old head of a multi-billion-euro empire who helped put Milan on the fashion map.

Sunday's Giorgio Armani show was already going to be a grand affair, the culmination of celebrations marking 50 years of the label beloved of the Hollywood A-list.

Staged at Milan's prestigious Pinacoteca di Brera art museum, the show is now expected to act as a final tribute.

The museum is also hosting from September 24 until January 11 an anniversary exhibition of Armani's top 150 creations, a project long in the making on which the designer worked "until the last minute", according to the group.

"We celebrate Milan Fashion Week in memory of one of its founders: Giorgio Armani," the head of Italy's chamber of fashion, Carlo Capasa, said earlier this month.

He said Armani offered "creative, entrepreneurial, and human lessons" to the industry at a time of transformation, "in which vision, quality, and consistency represent essential values."

New beginnings

But even as the Milan fashion world mourns its king, this week will also see several hotly anticipated debuts, notably Georgian designer Demna at Gucci.

After a decade at Balenciaga, Demna is now charged with reversing a slump in sales at the Italian brand owned by French giant Kering -- arguably one of the toughest jobs in the luxury industry.

Gucci is not on the official catwalk calendar in Milan, but a private event is scheduled for Tuesday evening.

"If I understand correctly, it's a presentation, a film that will be kind of Demna's vision, how he interprets Gucci," Kering's new chief executive, Luca de Meo, told reporters earlier this month.

"It's going to be something a little different. I haven't been allowed to watch it yet."

Meanwhile, Dario Vitale is making his debut at Versace, after taking over on April 1 from Donatella Versace, who was creative director for nearly 30 years.

Again, no catwalk show is scheduled for the flashy brand, which was acquired by Prada just weeks after Vitale took over.

Instead, on Friday night, there will be an "intimate event, revealing Dario Vitale's debut collection for the House. A unique unveiling, embodying Versace's foundations and reflecting Vitale's new language", according to the program.

Chinese confidence collapse

Other debuts include England's Louise Trotter, presenting her first catwalk show for Kering brand Bottega Veneta, and Italian Simone Bellotti for Jil Sander.

They are part of an industry-wide shake-up, including at Dior and Chanel, at a time when luxury brands are still struggling with slowing demand in China and global economic uncertainty.

Luca Solca, a luxury sector analyst at Bernstein, said there were small signs of an improvement in Chinese confidence, with an uptick in in-store traffic over the summer.

But he noted that "with prices going up, you need to give at least something new to consumers".

"I think that this unprecedented amount of change in creative responsibilities is responding to this imperative," he told AFP.



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.