Maverick Georgian Designer Demna Debuts for Gucci in Milan

The 44-year-old took over at the Italian luxury fashion house in July after a decade at fellow Kering brand Balenciaga. GEOFFROY VAN DER HASSELT / AFP/File
The 44-year-old took over at the Italian luxury fashion house in July after a decade at fellow Kering brand Balenciaga. GEOFFROY VAN DER HASSELT / AFP/File
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Maverick Georgian Designer Demna Debuts for Gucci in Milan

The 44-year-old took over at the Italian luxury fashion house in July after a decade at fellow Kering brand Balenciaga. GEOFFROY VAN DER HASSELT / AFP/File
The 44-year-old took over at the Italian luxury fashion house in July after a decade at fellow Kering brand Balenciaga. GEOFFROY VAN DER HASSELT / AFP/File

Maverick Georgian designer Demna makes his debut for Gucci at Milan Fashion Week on Tuesday with a film of a family of Italian characters bursting with attitude, as the house pledged a "new era" its history.

The 44-year-old took over at Gucci in July after a decade at fellow Kering brand Balenciaga, charged with helping reverse falling sales, said AFP.

Demna, who goes by one name, said it was too soon for a full catwalk show this season, but unveiled a series of looks on Monday that will feature in a film premiering on Tuesday night.

Presented as portraits of "La Famiglia" ("The Family"), the mixed men and women's collection takes a humorous look at stereotypes such as the diva, the influencer, the narcissist and the mama's boy.

There are knock-out red-carpet gowns, thigh-skimming fake fur coats, chic outfits, sheer vests and minis, classic accessories and more than a nod to Tom Ford's past reign.

"To me, all these archetypes represent the Gucci crowd, the customers of Gucci in the future who will each of them be able to find something in the collection they can relate to," Demna told fashion outlet WWD in an interview published Monday.

The looks will feature in a film, "The Tiger", directed by acclaimed filmmakers Spike Jonze and Halina Reijn, although the details are still under wraps.

The collection, which the label said "marks the genesis of a new Gucci era", will be on sale at 10 boutiques across the world.

Creative power

At Balenciaga, Demna -- who dropped his last name, Gvasalia, in 2021 -- drove sales sharply higher and grabbed the headlines with often provocative creations.

But Gucci is another story.

The Italian fashion house, famous for its handbags, has struggled since the Covid pandemic against a slowing Chinese appetite for luxury goods that has hit the sector hard worldwide.

Some analysts have questioned whether Demna's recipe for success at Balenciaga -- which leaned heavily on showmanship and streetwear-influenced design -- would work in his new job.

But he dismissed this as "superficial", telling WWD: "Why would I come to Gucci to do what I've done before?"

"If someone thinks that I will come here and do an oversize bomber with a GG monogram, it means they didn't understand anything about my work until now," he said.

Shares in Kering, which counts on Gucci as its main profit generator, fell around 12 percent on the day of the announcement of Demna's appointment.

But Kering chief Francois-Henri Pinault has insisted that Demna's "creative power is exactly what Gucci needs".

Demna, who fled war in the Georgian region of Abkhazia as a child, achieved early notoriety with his $2,000 "Ikea" bag, a luxury leather version of the 99-cent original.

He followed it up with an $1,800 garbage bag -- the so-called "trash pouch" -- in a show in March 2022 that was dedicated to Ukrainian refugees.

Demna's lowest point came later that year when he was forced to apologize for an ad campaign that appeared to reference child abuse and had underage models in what looked like bondage gear.

The designer, who co-founded the label Vetements with his brother in 2014 before joining Balenciaga, has plenty of fans among celebrities and influencers.

"Demna's great strength is capturing what people want," commented Alix Morabito, buying director for womenswear at France's Galeries Lafayette department stores.



Birkenstock Raises Annual Revenue Forecast on Strong Demand

Shares of the German sandal maker were up ‌7% in ‌premarket trading.  (Getty Images)
Shares of the German sandal maker were up ‌7% in ‌premarket trading. (Getty Images)
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Birkenstock Raises Annual Revenue Forecast on Strong Demand

Shares of the German sandal maker were up ‌7% in ‌premarket trading.  (Getty Images)
Shares of the German sandal maker were up ‌7% in ‌premarket trading. (Getty Images)

Birkenstock raised its full-year sales growth forecast on Wednesday, banking on resilient full-price demand for its premium sandals from affluent shoppers.

Shares of the German sandal maker were up ‌7% in ‌premarket trading.

A pullback in ‌US ⁠discretionary spending has ⁠weighed on much of the apparel and footwear sector, but brands such as Birkenstock catering to wealthier consumers have largely held up, benefiting from ⁠strong pricing power and ‌brand loyalty.

While ‌the Middle East conflict continues ‌to create uncertainty in the Gulf ‌region, the impact on the quarter was more contained than initially anticipated, the company said.

It now ‌expects fiscal year 2026 revenue growth of 15% ⁠on ⁠a constant currency basis, compared with its earlier forecast of a 13% to 15% rise.

The company posted third-quarter revenue of 719.5 million euros ($829.08 million), compared with analysts' estimate of 713.4 million euros, according to data compiled by LSEG.


Jeweller Pandora Raises 2026 Guidance as New Designs Draw in Shoppers

A view of the Pandora sign on one of the branches of the Danish jewellery maker Pandora in central Copenhagen, Denmark, August 13, 2025. (Reuters)
A view of the Pandora sign on one of the branches of the Danish jewellery maker Pandora in central Copenhagen, Denmark, August 13, 2025. (Reuters)
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Jeweller Pandora Raises 2026 Guidance as New Designs Draw in Shoppers

A view of the Pandora sign on one of the branches of the Danish jewellery maker Pandora in central Copenhagen, Denmark, August 13, 2025. (Reuters)
A view of the Pandora sign on one of the branches of the Danish jewellery maker Pandora in central Copenhagen, Denmark, August 13, 2025. (Reuters)

Jeweller Pandora raised its 2026 guidance for organic growth and profit margin on Wednesday, saying new designs and marketing were helping attract shoppers, and also reported second-quarter operating profit (EBIT) above analysts' expectations.

Pandora said EBIT for the April-June period came in at 1.46 billion Danish crowns ($225.35 million), against an average estimate of 1.10 billion expected by analysts in a company-compiled poll, reflecting partial refunds of previously paid ‌U.S. tariffs.

"We are ‌making progress in re-energizing Pandora's ‌growth engine," ⁠CEO Berta de ⁠Pablos-Barbier said in a statement.

"There is more work ahead, but we are moving in the right direction and raising our 2026 guidance for both growth and profitability," she added.

The company now expects organic growth at between 0% and 3% in ⁠2026, up from a previous range ‌of -1% to 2%, ‌and an operating profit margin between 22% and 23%, up ‌from 21% to 22%.

In the top job ‌since January, de Pablos-Barbier is leading a drive to release new designs, with its Pandora Wonders line - featuring pearl charms shaped like a frog, a pufferfish, or ‌a mushroom - launching in July in Paris during Haute Couture week.

Pandora's share price ⁠has ⁠been highly volatile over the past two years as the price of silver surged, prompting de Pablos-Barbier to announce in February a shift towards platinum-plated jewellery as a way of reducing its reliance on silver.

Pandora said on Wednesday it started pilot testing a limited range of platinum-plated jewellery in the Netherlands in July, and would do broader tests across markets in the fourth quarter, before scaling up the rollout next year.


Armani Stake Sale Could Be Delayed Beyond March 2027 Deadline

FILE PHOTO: People walk past a Giorgio Armani store in Galleria Vittorio Emanuele II, following Giorgio Armani's death at the age of 91, in Milan, Italy, September 5, 2025. REUTERS/Gonzalo Fuentes//File Photo
FILE PHOTO: People walk past a Giorgio Armani store in Galleria Vittorio Emanuele II, following Giorgio Armani's death at the age of 91, in Milan, Italy, September 5, 2025. REUTERS/Gonzalo Fuentes//File Photo
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Armani Stake Sale Could Be Delayed Beyond March 2027 Deadline

FILE PHOTO: People walk past a Giorgio Armani store in Galleria Vittorio Emanuele II, following Giorgio Armani's death at the age of 91, in Milan, Italy, September 5, 2025. REUTERS/Gonzalo Fuentes//File Photo
FILE PHOTO: People walk past a Giorgio Armani store in Galleria Vittorio Emanuele II, following Giorgio Armani's death at the age of 91, in Milan, Italy, September 5, 2025. REUTERS/Gonzalo Fuentes//File Photo

The planned sale of ‌a 15% stake in Italian fashion group Giorgio Armani may not be completed until after a March 2027 deadline set by the late designer's will, an Italian newspaper reported on Tuesday.

Citing company sources, the Corriere della Sera said market conditions for the luxury industry were still challenging and negotiating a deal could require time, said Reuters.

The indications on timing in the will are not binding, the sources said, adding the need to reach the best possible terms for a sale took precedence.

The company did not immediately ‌respond to ‌a request for comment.

Giorgio Armani, who died on ‌September ⁠4, 2025, instructed the ⁠eponymous foundation that controls the fashion house to sell an initial 15% stake within 18 months, giving priority to French luxury goods group LVMH, beauty giant L'Oreal and Franco-Italian eyewear maker EssilorLuxottica .

Corriere cited board documents from the Giorgio Armani Foundation as saying the process was still at an early stage and unlikely to ⁠be completed before 2027.

Evaluations over the stake ‌sale are under way but ‌remain preliminary because the transaction is complex, Rothschild & Co banker and foundation director ‌Irving Bellotti told an April board meeting, Corriere reported.

Bellotti said ‌that work on the deal would begin this year but was expected to be completed during 2027.

The group has also not ruled out a potential stock market listing, which would leave management in ‌the hands of the family and current executives under the foundation's strategic oversight, Corriere said, citing the ⁠sources.

Corriere also ⁠cited Chief Executive Giuseppe Marsocci as telling the foundation's board in April that net group sales in the first two months of 2026 fell 7.5% at current exchange rates and 3.9% at constant exchange rates from a year earlier.

The company adopted measures to cut operating costs by €25 million ($28.84 million), Marsocci added.

The drop, he explained, was driven by the wholesale channel where sales declined 10.7% year-on-year at constant exchange rates, while direct-to-consumer sales rose 3.5% net of currency effects, Corriere reported.

Giorgio Armani will approve first-half results on September 8, Corriere said, adding they should broadly confirm January-February trends.