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.



Nike Shares Rise as Apple’s Cook Doubles His Bet on CEO Hill’s Overhaul Effort

A jogger wearing Nike shoes runs along the Charles River in Cambridge, Massachusetts, US, March 18, 2019. (Reuters)
A jogger wearing Nike shoes runs along the Charles River in Cambridge, Massachusetts, US, March 18, 2019. (Reuters)
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Nike Shares Rise as Apple’s Cook Doubles His Bet on CEO Hill’s Overhaul Effort

A jogger wearing Nike shoes runs along the Charles River in Cambridge, Massachusetts, US, March 18, 2019. (Reuters)
A jogger wearing Nike shoes runs along the Charles River in Cambridge, Massachusetts, US, March 18, 2019. (Reuters)

Nike shares rose 5% in early trading on Wednesday after Apple CEO Tim Cook doubled his personal stake in the sportswear maker, raising his bets on the margin-pinching turnaround efforts led by CEO Elliott Hill.

Cook, who has been on Nike's board since 2005, bought 50,000 shares at $58.97 ‌each, according to ‌a regulatory filing. As of December ‌22, ⁠he holds about ‌105,000 shares, which is now worth nearly $6 million.

It was the largest open market stock purchase for a Nike director or executive and possibly the largest in more than a decade, said Jonathan Komp, analyst at Baird Equity Research.

"(We see) Cook's move as a positive signal for the progress under CEO Elliott Hill and Nike's 'Win ⁠Now' actions," Komp said.

The purchase comes days after Nike reported weaker quarterly margins and weak ‌sales in China even as CEO ‍Hill tries to revive demand ‍through fresh marketing plans and innovation focused on running and sports, ‍while phasing out lagging lifestyle brands.

He has also attempted to mend Nike's ties with wholesalers such as Dicks Sporting Goods to increase visibility among shoppers amid stiff competition from newer brands.

However, the strategy has strained Nike's margins, which have been declining for over a year, while its efforts to win back its ⁠premier position in discount-friendly China appears to be faltering.

Nike's shares have slumped nearly 13% since it reported results on December 18 and are on track for the fourth straight year of declines. They were trading at $60.19 on Wednesday.

Cook has been a lead independent director of Nike since 2016 when co-founder Phil Knight stepped down as its chairman.

The Apple CEO "remains extremely close" with Knight, Komp said, adding that he has advised Nike through key strategic decisions including Hill's appointment last year.

Board director and former Intel CEO ‌Robert Swan also bought about 8,700 shares for about $500,000 this week.


Etro Founding Family Exits Group as New Investors Including Türkiye's RAMS Global Join

L Catterton, a private equity firm backed by French luxury giant LVMH, will remain Etro's majority owner. Reuters
L Catterton, a private equity firm backed by French luxury giant LVMH, will remain Etro's majority owner. Reuters
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Etro Founding Family Exits Group as New Investors Including Türkiye's RAMS Global Join

L Catterton, a private equity firm backed by French luxury giant LVMH, will remain Etro's majority owner. Reuters
L Catterton, a private equity firm backed by French luxury giant LVMH, will remain Etro's majority owner. Reuters

The founding family of Italian fashion house Etro has sold the minority stake it still owned in the brand to a group of investors including Turkish group RAMS Global, the company said on Friday.

L Catterton, a private equity firm backed by French luxury giant LVMH, will remain Etro's majority owner and "will continue to actively support the brand's long-term growth strategy," Etro added, according to Reuters.

The new investors comprise also Italian fashion group Swinger International and small private equity firm ⁠RSI.

In addition to buying the stake, they all subscribed to a capital increase that will lower L Catterton's holding in Etro to between 51% and 55% from around 65%.

When including both the acquisition and the capital increase, the deal is worth around 70 ⁠million euros ($82 million), two sources close to the matter said. Etro did not disclose financial details.

Chief Executive Fabrizio Cardinali will remain at the helm, while Faruk Bülbül, representing RAMS Global, will become chairman of the board.

L Catterton bought a 60% stake in the brand known for its paisley motif four years ago, and it slightly increased the holding over the years.

The company, founded by Gimmo Etro in 1968, has ⁠been struggling with its turnaround. Last year it posted a net loss of 23 million euros with net revenues declining to 245 million euros from 261 million euros, according to filings with the local chambers of commerce reviewed by Reuters.

Rothschild advised L Catterton and the Etro family on the deal.

Rothschild had been hired in 2024 to look for a new investor who could buy all or part of the Etro fashion group, sources had previously told Reuters.


Paris Court Rejects Bid to Suspend Shein Platform in France

A customer holds shopping bags with a Shein logo in the first physical space of Chinese online fast-fashion retailer Shein on the day of its opening inside the Le BHV Marais department store, the Bazar de l'Hotel de Ville, in Paris, France, November 5, 2025. REUTERS/Sarah Meyssonnier/File Photo
A customer holds shopping bags with a Shein logo in the first physical space of Chinese online fast-fashion retailer Shein on the day of its opening inside the Le BHV Marais department store, the Bazar de l'Hotel de Ville, in Paris, France, November 5, 2025. REUTERS/Sarah Meyssonnier/File Photo
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Paris Court Rejects Bid to Suspend Shein Platform in France

A customer holds shopping bags with a Shein logo in the first physical space of Chinese online fast-fashion retailer Shein on the day of its opening inside the Le BHV Marais department store, the Bazar de l'Hotel de Ville, in Paris, France, November 5, 2025. REUTERS/Sarah Meyssonnier/File Photo
A customer holds shopping bags with a Shein logo in the first physical space of Chinese online fast-fashion retailer Shein on the day of its opening inside the Le BHV Marais department store, the Bazar de l'Hotel de Ville, in Paris, France, November 5, 2025. REUTERS/Sarah Meyssonnier/File Photo

A Paris court on Friday rejected a government request to suspend Chinese fast-fashion platform Shein in France after authorities found illegal weapons and child-like sex dolls for sale on the fast-fashion giant’s website.

Shein welcomed the decision, saying it remains committed to strengthening its control processes in cooperation with French authorities.

“Our priority remains protecting French consumers and ensuring compliance with local laws and regulations," the company said in an emailed statement to The Associated Press.

The controversy dates to early November, when France’s consumer watchdog and Finance Ministry moved toward suspending Shein’s online marketplace after authorities said they had found childlike sex dolls and prohibited “Class A” weapons listed for sale, even as the company opened its first permanent store in Paris.

French authorities gave Shein hours to remove the items. The company responded by banning the products and largely shutting down third-party marketplace listings in France.

French officials have also asked the European Commission to examine how illegal products were able to appear on the platform under EU rules governing large online intermediaries.