Valentino, Fashion Designer to the Jet Set, Dies Aged 93 in Rome

Italian fashion designer Valentino Garavani celebrates 45 years in the fashion business as his latest haute couture line makes its debut at the "Complesso Monumentale di Borgo Santo Spirito in Sassia", in Rome, Italy, on 07 July 2007. (EPA)
Italian fashion designer Valentino Garavani celebrates 45 years in the fashion business as his latest haute couture line makes its debut at the "Complesso Monumentale di Borgo Santo Spirito in Sassia", in Rome, Italy, on 07 July 2007. (EPA)
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Valentino, Fashion Designer to the Jet Set, Dies Aged 93 in Rome

Italian fashion designer Valentino Garavani celebrates 45 years in the fashion business as his latest haute couture line makes its debut at the "Complesso Monumentale di Borgo Santo Spirito in Sassia", in Rome, Italy, on 07 July 2007. (EPA)
Italian fashion designer Valentino Garavani celebrates 45 years in the fashion business as his latest haute couture line makes its debut at the "Complesso Monumentale di Borgo Santo Spirito in Sassia", in Rome, Italy, on 07 July 2007. (EPA)

Valentino Garavani, the jet-set Italian designer whose high-glamour gowns — often in his trademark shade of “Valentino red” — were fashion show staples for nearly half a century, has died at home in Rome, his foundation announced Monday. He was 93.

“Valentino Garavani was not only a constant guide and inspiration for all of us, but a true source of light, creativity and vision,” the foundation said in a statement posted on social media.

His body will repose at the foundation’s headquarters in Rome on Wednesday and Thursday. The funeral will be held Friday at the Basilica Santa Maria degli Angeli e dei Martiri in Rome’s Piazza della Repubblica.

Universally known by his first name, Valentino was adored by generations of royals, first ladies and movie stars, from Jackie Kennedy Onassis to Julia Roberts and Queen Rania of Jordan, who swore the designer always made them look and feel their best.

“I know what women want,” he once remarked. “They want to be beautiful.”

Never one for edginess or statement dressing, Valentino made precious few fashion faux-pas throughout his nearly half-century-long career, which stretched from his early days in Rome in the 1960s through to his retirement in 2008.

His fail-safe designs made Valentino the king of the red carpet, the go-to man for A-listers’ awards ceremony needs. His sumptuous gowns have graced countless Academy Awards, notably in 2001, when Roberts wore a vintage black and white column to accept her best actress statue. Cate Blanchett also wore Valentino — a one-shouldered number in butter-yellow silk — when she won the Oscar for best supporting actress in 2004.



L’Oreal Shares Sink as Sales Miss Forecasts 

This photo taken on February 16, 2018 shows a board with the L'Oreal logo outside of the L'Oreal plant, in Lassigny. (AFP)
This photo taken on February 16, 2018 shows a board with the L'Oreal logo outside of the L'Oreal plant, in Lassigny. (AFP)
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L’Oreal Shares Sink as Sales Miss Forecasts 

This photo taken on February 16, 2018 shows a board with the L'Oreal logo outside of the L'Oreal plant, in Lassigny. (AFP)
This photo taken on February 16, 2018 shows a board with the L'Oreal logo outside of the L'Oreal plant, in Lassigny. (AFP)

L'Oreal shares fell heavily on the Paris stock market on Friday after the cosmetics giant posted sales that fell short of analyst expectations, stoking fears of weakness for its luxury brands and in the key Chinese market.

While revenues rose seven percent in the fourth quarter in Europe -- still the company's biggest market -- they edged up just 0.7 percent in North America and fell five percent in North Asia, which includes China.

Overall, sales were up 1.5 percent to 11.2 billion euros ($13.3 billion) in the final quarter of 2025 -- usually when the company benefits from strong holiday-fueled buying.

This was a marked slowdown from the 4.5-percent growth seen the previous year.

On a like-for-like comparison that excludes the impact of currency fluctuations, sales rose six percent, whereas the consensus forecast was around eight percent, analysts said.

The luxury division (Luxe) in particular, which includes high-end perfumes and make-up and is L'Oreal's biggest by revenue, saw a 0.5-percent sales slide in the fourth quarter, to 4.2 billion euros.

"We think the miss, led by North Asia and Luxe, will be a concern amid a vague outlook," said David Hayes, an analyst at investment bank Jefferies.

L'Oreal's stock was down 3.2 percent in morning trading, partly recovering from a drop of more than six percent at the open.

Net profit for the full year was down 4.4 percent to 6.1 billion euros.

Chief executive Nicolas Hieronimus said when he presented the results on Thursday that L'Oreal had achieved a "solid" performance "despite a context that was at the very least volatile and unfavorable".

For 2026, he said the company had to be "cautious and humble", although he expected "the beauty market to continue its acceleration" unless there was "a new surprise".

"We're going to have to intensify our efforts in terms of innovation to energize the market and win over customers," he added.


Michael Kors Brings ‘New York Chic’ to NY Fashion Week with Latest Collection 

A model presents a creation from the Michael Kors Fall/Winter 2026 collection during New York Fashion Week in New York City, US, February 12, 2026. (Reuters)
A model presents a creation from the Michael Kors Fall/Winter 2026 collection during New York Fashion Week in New York City, US, February 12, 2026. (Reuters)
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Michael Kors Brings ‘New York Chic’ to NY Fashion Week with Latest Collection 

A model presents a creation from the Michael Kors Fall/Winter 2026 collection during New York Fashion Week in New York City, US, February 12, 2026. (Reuters)
A model presents a creation from the Michael Kors Fall/Winter 2026 collection during New York Fashion Week in New York City, US, February 12, 2026. (Reuters)

Michael Kors launched its fall/winter collection on Thursday during New York Fashion Week as models in wool coats and monochromatic sweaters walked the runway carrying feathered bags.

The show celebrated the brand's 45th anniversary. The presentation also ‌comes just over ‌a week after Michael ‌Kors parent ⁠company Capri Holdings ⁠reported a 5.6% drop in the brand's sales in its holiday quarter attributed to reduced promotions. Michael Kors accounts for more than 80% of the company's revenue.

Models, including Alex Consani and Christy ⁠Turlington, strutted the staircase of the ‌Metropolitan Opera ‌House showing off tailored suits, embroidered florals and ‌cashmere sweater dresses inspired by the idea ‌of "no nonsense to being chic in New York," the brand's namesake said.

New York is "gritty, tough, rough, resilient, and then you turn ‌the corner and it's glamorous, opulent, and fabulous," designer Michael Kors ⁠told ⁠Reuters. "I think the balance of those two sides of things ... that is something that has informed my approach."

Actresses Gabrielle Union, Dakota Fanning and Leslie Bibb watched the show along with Vogue Chief Content Officer and Global Editorial Director Anna Wintour.

Capri Holdings shares dropped 3.39% on Thursday. They have lost 12% over the last 12 months.


Hermes Beats Sales Expectations, Sees Positive Signs in China

The logo of Hermes is seen on a store in Paris, France, April 24, 2020. (Reuters)
The logo of Hermes is seen on a store in Paris, France, April 24, 2020. (Reuters)
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Hermes Beats Sales Expectations, Sees Positive Signs in China

The logo of Hermes is seen on a store in Paris, France, April 24, 2020. (Reuters)
The logo of Hermes is seen on a store in Paris, France, April 24, 2020. (Reuters)

Hermes, whose handbags sell for $10,000 and more, on Thursday reported stronger than expected fourth-quarter revenue growth, lifted by strong sales in the United States and Japan.

Thanks to its ultra-wealthy clients and large order backlog, the group has weathered a luxury sector slowdown better than most of its rivals, consistently increasing revenue while sales at other luxury groups, like LVMH and Kering , have been under pressure.

"The group is going into 2026 with confidence," said CEO Axel Dumas, adding that this year's ‌price increases would ‌be around 5-6%, down from a 6-7% rate in ‌2025, ⁠attributing the slower pace ⁠to currency shifts.

Hermes shares gained 2% in early trade, Reuters reported.

Chiara Battistini, luxury equity analyst at J.P. Morgan, said the price increases Hermes imposes on its deep-pocketed customers this year will be key for the company's growth outlook.

Many of its rivals have put the brakes on price rises due to falling sales. Gucci owner Kering's CEO earlier this week said a price hike "bonanza" post-pandemic had contributed ⁠to the company's revenue slide.

Sales of products, including Birkin and ‌Kelly bags, silk scarves and perfume, grew ‌by 9.8% in the fourth quarter in currency-adjusted terms, compared to an analyst consensus compiled ‌by Visible Alpha of 8.4% growth.

Sales in the Americas region, mainly ‌the United States, rose by 12.1%, beating expectations of around 9%, while sales in Asia excluding Japan - a region mainly driven by China - grew 8%.

POSITIVE SIGNS IN CHINA

In a call with analysts, Dumas said he was seeing positive signs in China, ‌a major luxury market that has slowed significantly in the past few years due to the impact of ⁠a property crash on ⁠the country's economy.

"I do not see the situation deteriorating," he said. "There are positive moves, in particular the way they are managing the property crisis."

Revenues in Hermes' leather division, which accounts for most of its profits, grew by 14.6% organically.

Hermes' full-year operating profit came in at 6.57 billion euros ($7.79 billion), with a 41% profit margin, slightly ahead of estimates of a 40% margin. The company said it would pay a dividend of 18 euros per share.

Hermes has grown its overall annual sales by around 38% in the past three years even as most of the luxury industry stalled. Its shares are up 36% over the same period.

With just 25,000 staff globally, family-controlled Hermes has become France's second-largest company by market capitalization after rival LVMH.