Paris Mourns Valentino, the Last Titan of Couture’s Golden Age

An Italian flag hangs at half-mast outside the Valentino Creative Headquarters, following the death of the fashion designer Valentino Garavani at the age of 93 on Monday, in Rome, Italy, January 20, 2026. (Reuters)
An Italian flag hangs at half-mast outside the Valentino Creative Headquarters, following the death of the fashion designer Valentino Garavani at the age of 93 on Monday, in Rome, Italy, January 20, 2026. (Reuters)
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Paris Mourns Valentino, the Last Titan of Couture’s Golden Age

An Italian flag hangs at half-mast outside the Valentino Creative Headquarters, following the death of the fashion designer Valentino Garavani at the age of 93 on Monday, in Rome, Italy, January 20, 2026. (Reuters)
An Italian flag hangs at half-mast outside the Valentino Creative Headquarters, following the death of the fashion designer Valentino Garavani at the age of 93 on Monday, in Rome, Italy, January 20, 2026. (Reuters)

Valentino Garavani’s death cast a long shadow over the opening day of Paris Fashion Week menswear Tuesday, with front-row guests and industry figures mourning the passing of one of the last towering names of 20th-century couture — an Italian designer whose working life was closely entwined with the Paris runways.

Valentino, 93, died at his Rome residence, the Valentino Garavani and Giancarlo Giammetti Foundation said in a statement announcing his death. While he built his house in Rome, he spent decades presenting collections in France.

He “was one of the last big couturiers who really embodied what was fashion in the 20th century,” said Pierre Groppo, fashion editor-in-chief at Vanity Fair France.

On a day meant to sell the future, many guests said they were thinking about what fashion has lost: the couturier as a living institution.

Groppo pointed to the codes that made Valentino instantly legible — “the dots, the ruffles, the knots” — and to a generation of designers who, he said, “in a way, invented what is celebrity culture.”

Valentino’s vision was built on a simple idea: make women look luminous, then make the moment unforgettable.

He dressed Jacqueline Kennedy Onassis and Elizabeth Taylor, among others, fixed his signature “Valentino red” in the public imagination, and — through his decades-long partnership with Giancarlo Giammetti — helped turn the designer himself into part of the spectacle, as recognizable as the clients in his front row.

The end of a fashion era

Prominent fashion writer Luke Leitch framed the loss in similarly outsized terms, calling Valentino “the last of the fashion ‘leviathans of that generation’,” and saying it was “absolutely” the end of a certain class of designer: figures whose names could carry a global house, and whose authority came not from viral speed but from permanence.

Trained in Paris before founding his maison in Rome, Valentino became a rare bridge figure: Italian by origin, but fluent in the rituals that made Paris couture an institution. His career moved between those two capitals of elegance, bringing Roman grandeur into a system that still treats fashion not only as commerce, but as ceremony.

Even as he aged, the house’s founder kept turning up at its couture and ready-to-wear shows, as observed by one Associated Press journalist — until he eventually retreated from public life, all the while radiating quiet grandeur from his front-row seat.

For some in Paris on Tuesday, the loss felt personal precisely because Valentino’s world was never only Italian.

Groppo recalled the designer as “very much more than a fashion brand,” adding: “It was a lifestyle.”

That lifestyle — couture polish, social glamour, and the conviction that elegance could be a form of power — remains a reference point even as fashion accelerates toward louder branding and faster cycles.

“It’s quite sad as he’s so important to the fashion industry, and he contributed a lot and I cannot forget the stunning red he created,” said Lolo Zhang, a Chinese fashion influencer attending Louis Vuitton ’s show in Paris.

“He always celebrated pure beauty, and architecture for the silhouette, and how he used color. The old era just passed by.”

Other guests described a delayed realization — the kind that arrives only when a figure who seemed permanent is suddenly gone.

YSL, Chanel and Valentino

“There are some people who want to be Yves Saint Laurent, Chanel. ... There are also people who are spontaneously Valentino,” said Guy-Claude Agboton, deputy editor of Ideat magazine. “It’s a question of identity.”

For Paris fashion observer Benedict Epinay, the grief was bound up with memory. And with the emotional charge of Valentino’s final bow.

“It was such a great moment. I was lucky enough to attend the last show he gave,” Epinay said. “It was so moving because we knew at that time it was the last show.”

Fashion observer Arfan Ghani pointed to what Valentino represented to younger designers: a “classy” standard of restraint in an era that often rewards noise.

“Because it was very classical materials," Ghani said. "It wasn’t as loud as a lot of other of these brands are with branding.”

Paris-based sculptor Ranti Bam described Valentino in the language of form: less trend than structure, less look than line.

“As a sculptor I saw Valentino as an artist,” Bam said. “He transcended fashion into sculpture.”

“He didn’t follow trends, he pursued form,” she added. “That’s why his work doesn’t date, it endures.”

The fashion house Valentino has for years continued under a new generation of leadership and design — still showcased in Paris.



Lululemon Forecast Cut Hits Shares, Underscores Challenge for Next CEO

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 Forecast Cut Hits Shares, Underscores Challenge for Next CEO

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

Shares of Lululemon Athletica fell about 18% in premarket trading on Friday after the sportswear maker cut its full-year forecast for a second time, underscoring the hurdles awaiting incoming CEO Heidi O'Neill.

Lululemon, known for its high-priced stretchy pants and athletic tops, has been grappling with declining sales for several quarters as it seeks to recover from merchandising missteps, an overreliance on promotions and intensifying competition, Reuters reported.

The firm's shares fell ⁠to $100.1 premarket, and ⁠if losses hold, it would wipe out more than $2.5 billion from Lululemon's market value and deepen the stock's year-to-date decline to about 41.5%.

O'Neill, a former Nike executive who takes the helm on September 8, will ⁠be tasked with reviving demand in North America, Lululemon's largest market, and restoring growth.

Revenue in the Americas, the company's largest market, fell 8% in the second quarter, compared with a 1% increase a year earlier, as the firm struggles to reignite demand amid inflationary pressure on consumer spending.

Morgan Stanley said that sales could deteriorate further in the second half, ⁠with ⁠limited visibility on when demand might recover, raising the risk of continued pressure on margins.

Following the results, at least 12 brokerages lowered their price targets on the shares, with Piper Sandler setting the Street-low target of $80, according to data compiled by LSEG.

The company trades at about 11.50 times forward earnings, compared with ​20.76 for Nike ​and 13.41 for Adidas, according to LSEG data.


One Year After Its Founder’s Death, Armani Faces Challenge of ‘Inevitable Evolution’

People walk past a Giorgio Armani store in Galleria Vittorio Emanuele II, in Milan, Italy, September 5, 2025. (Reuters)
People walk past a Giorgio Armani store in Galleria Vittorio Emanuele II, in Milan, Italy, September 5, 2025. (Reuters)
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One Year After Its Founder’s Death, Armani Faces Challenge of ‘Inevitable Evolution’

People walk past a Giorgio Armani store in Galleria Vittorio Emanuele II, in Milan, Italy, September 5, 2025. (Reuters)
People walk past a Giorgio Armani store in Galleria Vittorio Emanuele II, in Milan, Italy, September 5, 2025. (Reuters)

One year after the death of founder Giorgio Armani, the Italian fashion house is entering a pivotal period as the clock starts ticking on plans for an initial stake sale, after the group spent the last year focused on governance.

Armani, who died aged 91 on September 4, 2025, stipulated in his will that a first sale of around 15% of the company should take place between 12 and 18 months after his death, followed by the disposal of a larger stake or a bourse listing.

Industry executives and analysts warn, however, that one year on, the late designer's heirs and advisers must now focus on evolving, to keep the brand fresh and relevant.

"Continuity is the right choice to get through the first year. It becomes, or could become, a risk if it turns into inertia," said Francesco Fiorese, a partner at consultancy Simon Kucher.

The real test for the company, Fiorese ‌said, will be ‌to switch from "a succession model based on Giorgio Armani's legacy to a more autonomous system, capable of ‌making ⁠its own decisions while ⁠still preserving the brand's identity."

Armani group declined to comment.

NEW BUSINESS PLAN

Over the last year, Armani's sales declined 2.8% at constant currencies to €2.2 billion ($2.56 billion), and investors remain cautious about the luxury sector's health as the war with Iran drags on and Chinese consumer spending is faltering.

As he prepares a new business plan, CEO Giuseppe Marsocci, a group veteran now at the helm, told an event in July that Armani would not seek short-term fixes, while keeping faithful to the founder's long-term vision of an essential and elegant style with attention to detail and wearability.

He said Armani was still in a transition phase and looking for a new balance as the founding family worked closely with new board directors, ⁠including former Gucci CEO Marco Bizzarri.

Marsocci pointed to a joint venture to develop new Armani Hotels & ‌Resorts as an indication of future strategic moves.

"The great challenge will be maintaining ‌the balance between the identity that defines us and the inevitable evolution we will have to pursue," he said.

STAKE SALE

In his will, Armani listed ‌France's LVMH and licensees EssilorLuxottica and L'Oréal as potential buyers - or another luxury group of comparable standing.

The fashion house, which sources said is ‌working with Rothschild as financial adviser for the sale, had €500 million in net cash at the end of 2025.

Two people close to the matter said there was no pressure to clinch a sale and the deadlines set out in Armani's will are not strictly binding.

The process is expected to accelerate in the coming weeks, but a deal could be postponed if market conditions fail to support an adequate valuation, the sources said.

Bankers and advisers consulted ‌by Reuters put the group's valuation at around €5 billion to €7 billion.

LICENSING ACCORDS

For L'Oreal and EssilorLuxottica, a stake in Armani would help to protect licensing deals which last year netted almost €2 billion ⁠in revenue for the groups - and ⁠royalties for Armani.

"Licensing deals with L'Oreal and EssilorLuxottica have been profitable. With the market demanding more accessible entry points, like accessories and beauty, as consumer spending tightens, these areas show strong potential for continued growth," said Gonzalo Brujó, CEO of consultancy Interbrand Global.

EssilorLuxottica would be interested only in a small holding and could consider partnering with other bidders, two people close to the matter said.

L'Oréal has little interest in entering the fashion business but is keen to safeguard a beauty license that runs until 2050, according to another person close to the matter.

LVMH, large enough to incorporate fashion, eyewear and beauty, has closely studied the possibility of a stand-alone investment, according to a source with direct knowledge of the matter. But LVMH tends to control brands in its portfolio and an IPO could complicate its bid for Armani if the heirs decided to list the company, the source said.

EssilorLuxottica declined to comment, while LVMH was not immediately available for comment.

L'Oreal told Reuters in an emailed reply to queries that its position on a possible Armani stake had not changed and it was honored that Armani had mentioned the French cosmetic group. "L'Oréal will study this opportunity, which builds on our long-shared history, whenever the Armani S.p.A representatives choose to open the discussion," it added.


Fast-Fashion Giant Shein Plunges 10% on Hong Kong Debut

Carlson Tong (C), Chairman of Hong Kong Exchanges and Clearing Limited, attends SHEIN’s listing ceremony at the Hong Kong Exchanges and Clearing Limited (HKEX) in Hong Kong, China, 01 September 2026. (EPA)
Carlson Tong (C), Chairman of Hong Kong Exchanges and Clearing Limited, attends SHEIN’s listing ceremony at the Hong Kong Exchanges and Clearing Limited (HKEX) in Hong Kong, China, 01 September 2026. (EPA)
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Fast-Fashion Giant Shein Plunges 10% on Hong Kong Debut

Carlson Tong (C), Chairman of Hong Kong Exchanges and Clearing Limited, attends SHEIN’s listing ceremony at the Hong Kong Exchanges and Clearing Limited (HKEX) in Hong Kong, China, 01 September 2026. (EPA)
Carlson Tong (C), Chairman of Hong Kong Exchanges and Clearing Limited, attends SHEIN’s listing ceremony at the Hong Kong Exchanges and Clearing Limited (HKEX) in Hong Kong, China, 01 September 2026. (EPA)

Fast-fashion retailer Shein fell 10 percent on its long-awaited Hong Kong trading debut Tuesday, having raised US$1.7 billion in a high-profile initial public offering.

The flotation comes after the company's plans to list in New York and London were derailed by regulatory scrutiny, but it won approval from Chinese officials in July for the sale in the southern financial hub.

However, its shares fell to as low as HK$43.72 soon after the open, compared with its listing price of HK$48.56.

The IPO put the company's valuation at around US$26.3 billion -- well short of the nearly US$100 billion during private fundraising rounds in 2022.

Shein, known for its ultra-low prices and rapidly produced clothes, said proceeds from the sale would be used to finance its technological capabilities and boost its international presence.

The online retailer moved its headquarters to Singapore between 2021 and 2022, which analysts say was intended to avoid increasing global scrutiny of Chinese firms.

Its European customer base rose to 156 million average monthly users by the end of 2025, making it one of the continent's biggest e-commerce platforms alongside China's AliExpress and US titan Amazon, which have 193 million and around 180 million users respectively.

The company has faced scrutiny over its environmental footprint and allegations of human rights violations, and faces growing competition from low-cost e-commerce companies such as Temu and AliExpress.

Executive chairman Donald Tang told AFP last year that the company has "zero tolerance" for forced labor.

Morningstar analyst Lorraine Tan said in an August note that revenue growth "has converged to the pace seen by the fast fashion industry at below 10 percent in 2025".

She added the fall in valuation "does reflect that drop off in investor appetite for Shein's shares".

The company pioneered a formidable model that is hard to replicate, said Ken Pucker, a sustainable fashion expert at Tufts University.

- Chinese roots -

But its unprecedented growth also invited challenges of "newly imposed taxes and duties, compromised sustainability, privacy and copyright practices and competition", he added.

"Timing is not ideal given the company's slowing growth. That said, it has been trying to go public for around five years, and I am guessing that many of its investors were eager to get paid out."

In 2025, Shein reported a full-year net profit of US$2.06 billion but swung to a US$99 million loss in the first three months of this year after the United States scrapped an import duty exemption on small packages.

In a similar move, the European Union last month imposed a duty of three euros (US$3.50) per item for packages valued at less than 150 euros.

And France will impose a fee on ultra-fast fashion items from Tuesday that could eventually reach almost 20 euros per garment, as the government targets major Asian e-commerce platforms.

"Shein's near future is going to be marked by negative growth," e-commerce analyst Juozas Kaziukenas told AFP.

The retailer needs a "mid-air engine swap" to rebuild its supply chain on diversified inventory sources beyond shipping directly from China, he added.

Shein's CEO Sky Xu made a rare public appearance this year in the southern Chinese province of Guangdong, pledging to allocate greater resources in the country, which was seen by analysts as an attempt to realign the company with its roots.

The Hong Kong listing represents a "new Asian story for the company", as it redefines itself institutionally with "roots in China", said Lawrence Loh, a professor specializing in ESG markets at the National University of Singapore.

"The listing opens a new chapter for Shein to access new capital to resolve the sustainability issues, but this comes with a price of even higher levels of public scrutiny."