Beppe Modenese, Creator of Milan Fashion System, Dies at 90

Honorary president of the Italian Fashion Chamber, Beppe Modenese, attends a news conference in Milan, Italy, Tuesday, May 31, 2016. (AP)
Honorary president of the Italian Fashion Chamber, Beppe Modenese, attends a news conference in Milan, Italy, Tuesday, May 31, 2016. (AP)
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Beppe Modenese, Creator of Milan Fashion System, Dies at 90

Honorary president of the Italian Fashion Chamber, Beppe Modenese, attends a news conference in Milan, Italy, Tuesday, May 31, 2016. (AP)
Honorary president of the Italian Fashion Chamber, Beppe Modenese, attends a news conference in Milan, Italy, Tuesday, May 31, 2016. (AP)

Beppe Modenese, the force behind the coalescence of Italian ready-to-wear fashion in the northern city of Milan, has died. He was 90.

Modenese died Saturday in the fashion capital. No cause of death was given.

Dubbed “Italy’s Prime Minister of Fashion” in 1983 by Women’s Wear Daily, Modenese remained a front-row mainstay into recent seasons, maintaining the official title of honorary president of the Italian fashion council, the Italian National Fashion Chamber. An impeccable dresser, he was known for one extravagance: red socks.

“Beppe Modenese contributed like no one else to the birth of the Italian fashion system,’’ fashion council president Carlo Capasa said in a statement. “We lose a reference figure and an icon, many of us also lose a generous friend. We will miss his intelligence and elegance, his sense of humor, and his wit, but Beppe leaves us a great legacy to honor.”

Modenese started his fashion career in the 1950s in Florence, working with Giovanni Battista Giorgini to organize the first Italian runway shows in Florence in the early 1950s, as Italian fashion began to gain an international following around such houses as Emilio Pucci and Roberto Capucci.

He was instrumental in later moving the center of fashion gravity from Florence’s Pitti Palace to Milan, persuading such founding fashion names as Missoni to make the transition, and sharing a lifelong friendship with the late founder Ottavio Missioni and his widow, Margherita.

He was among the founders of the Italian High Fashion Syndicated, which later became the Italian National Fashion Chamber, which he led for many years. During his tenure, runway shows were concentrated in the now-old Milan convention center, but now have since decentralized to locations throughout the city, with many designers constructing their own venues.

As the head of the fashion council, Modenese discovered many talents, notably Domenico Dolce and Stefano Gabbana, who made their Milan runway debut in 1985.

The Amazon Prime series, Made In Italy, includes an episode focusing on another important chapter in his career promoting Italian fashion as a system, his organization of Idea Como, which he engineered as a place for designers and textile makers to meet.

Giorgio Armani recalled their early days in Milan, both as outsiders, Armani having arrived from the Lombardy province of Piacenza and Beppe from the neighboring Piedmont region.

“This perhaps gave us more enthusiasm, a desire to invent a life and a job that we tried and tested, day in, day out,” Armani said in tribute. “Beppe dealt with public relations with the elegance and taste that everyone has always appreciated, but also with a different organizational and, I would say, political vision. A system had to be organized: the pret-a-porter system, and he did it so well that it still bears his mark today.”

Modenese was also remembered by conductor Riccardo Muti, who wrote in a tribute published in Corriere della Sera, that he got to know the fashion protagonist during the two decades that Muti was music director of La Scala, which Modenese frequented.

“After the performances we would go to their Milan home for extraordinary evenings, both for the quality of the guests and conversations, both deep and light, full of irony and humor," Muti wrote, adding that Modenese was “a great music lover, who never missed the Ravenna Festival,” founded by Muti's wife.

Modenese will be buried in his native down of Alba, in the neighboring region of Piedmont.



Shein Gains UK Approval for London IPO, Awaits China Nod

FILE PHOTO: A company logo for fashion brand Shein is seen on a pile of gift bags on its Christmas bus as part of a nationwide promotional tour in Liverpool, Britain, December 14, 2024. REUTERS/Phil Noble/File Photo
FILE PHOTO: A company logo for fashion brand Shein is seen on a pile of gift bags on its Christmas bus as part of a nationwide promotional tour in Liverpool, Britain, December 14, 2024. REUTERS/Phil Noble/File Photo
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Shein Gains UK Approval for London IPO, Awaits China Nod

FILE PHOTO: A company logo for fashion brand Shein is seen on a pile of gift bags on its Christmas bus as part of a nationwide promotional tour in Liverpool, Britain, December 14, 2024. REUTERS/Phil Noble/File Photo
FILE PHOTO: A company logo for fashion brand Shein is seen on a pile of gift bags on its Christmas bus as part of a nationwide promotional tour in Liverpool, Britain, December 14, 2024. REUTERS/Phil Noble/File Photo

Online fast-fashion retailer Shein has secured approval from Britain's Financial Conduct Authority (FCA) for its planned initial public offering in London, according to two sources with knowledge of the matter.

The FCA's approval marks a significant step forward in the China-founded company's pursuit of a London listing after it confidentially filed papers with the British regulator last June.

But it will also have to contend with market turmoil caused by US President Donald Trump's 145% tariffs on Chinese goods and tighter rules on duty-free shipments from China to the US.

Shein, which sells $10 dresses and $12 jeans in more than 150 countries and was valued at $66 billion in its last fundraising round in 2023, will also need to secure approvals from Chinese regulators, notably the China Securities Regulatory Commission (CSRC), for the London float, sources have said.

The company in recent weeks informed the CSRC of the FCA's approval but has yet to receive a green light from the regulator, said one of the sources. They declined to be named as the information remains private.

Shein and the FCA declined to comment, while the CSRC did not respond to a request for comment.

Shein, whose clothes are produced at thousands of factories mostly in China, last year sought Beijing's approval to go public in London, despite the company having moved its headquarters from Nanjing, China, to Singapore in 2022.

Shein's filing with the CSRC makes it subject to Beijing's new listing rules for Chinese firms going public offshore, sources have said.

Shein does not own or operate any manufacturing facilities and instead sources its products from around 5,800 third-party contract manufacturers mainly in China, subjecting it to the CSRC's listing rules, a separate source said previously.

The rules are applied on "a substance over form" basis, giving the CSRC discretion on when and how to implement them, the source added.

Shein ships the majority of its products directly to shoppers by air in individually addressed packages.

Under the CSRC's rules, a host of authorities such as the National Development and Reform Commission, which supervises foreign holdings in local firms, the cybersecurity regulator and others may get involved in approving offshore IPO applications.

'DE MINIMIS' ISSUES

Shein, founded by China-born entrepreneur Sky Xu, initially aimed to go public in London in the first half of this year, contingent on securing approvals from regulators in both the UK and China, Reuters reported in January.

But its prospects have come under a cloud in recent months as the Trump administration moved to end the "de minimis" duty exemption, which allows shipments worth less than $800 duty-free entry to the US and has helped Shein keep prices low.

Trump last week signed an executive order ending de minimis for shipments from China and Hong Kong effective on May 2.

The measure's removal could force it to hike prices in the US, its biggest market, though the change has been widely expected and Shein has sought to adapt by adding suppliers in Brazil and Türkiye.

The development, along with market turmoil caused by Trump's tariffs on China, could also delay the fast-fashion group's original IPO schedule to the second half of the year, said the sources.

In February, Reuters reported that Shein was set to cut its valuation in a potential listing to around $50 billion, nearly a quarter less than the $66 billion valuation it achieved in a $2 billion private fundraising in 2023.

Shein's eventual IPO valuation will hinge on the impact of the de minimis termination on its business, sources have said. The amount to be raised in the IPO remains unclear.

Trump's trade war with China has more broadly triggered fears of resurgent inflation and weaker consumer spending in the US, muddying the outlook for retailers including Shein and its Chinese discount goods rival Temu.

The stock market volatility of the past week also makes pricing an IPO very challenging, and has caused companies like Swedish fintech Klarna to pause their listing plans.

Shein last year shifted its focus to a London listing, ending an attempt at a US IPO after pushback from US lawmakers concerned about alleged labor practices in its supply chain in China.

Shein has said it has a zero-tolerance policy for forced labor and child labor in its supply chain.