Cannes Fashion Highlights

Isabelle Huppert was entirely covered in green Balenciaga right down to her toes PATRICIA DE MELO MOREIRA AFP
Isabelle Huppert was entirely covered in green Balenciaga right down to her toes PATRICIA DE MELO MOREIRA AFP
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Cannes Fashion Highlights

Isabelle Huppert was entirely covered in green Balenciaga right down to her toes PATRICIA DE MELO MOREIRA AFP
Isabelle Huppert was entirely covered in green Balenciaga right down to her toes PATRICIA DE MELO MOREIRA AFP

It is one of the special aspects of the Cannes Film Festival that it serves as much as a parade of extremely expensive clothing as it does as a showcase for devastating films that often focus on poverty, inequality and social crises.

What should one wear to the premiere of a film about a family struggling to make ends meet ("Leila's Brothers"), or desperate African refugees forced into crime ("Tori and Lokita") or a biting satire about the excesses of the super-rich ("Triangle of Sadness")?

The answer is always: something fabulous! Though only for women of course, thanks to the festival's rules about which gender is allowed to be colorful and which is condemned to formal black tie.

Baby bump
The hottest fashion accessory in 2022 is the foetus. Rihanna made the baby bump an integral part of her look at Paris Fashion Week earlier this year, and it was the turn of Brazilian model Adriana Lima to put her belly on full display at Cannes.

She appeared first in a black robe with the tummy section open. But perhaps her most arresting look of the festival fortnight was the apparent homage to Princess Leia's slave outfit from "Return of the Jedi", which she sported for the premiere of "Elvis".

- Covered up

Balenciaga has created some very bold looks for recent red carpets -- not least shrouding Kim Kardashian head-to-toe in black for last year's Met Gala, or wrapping her entirely in yellow Balenciaga-branded packing tape at Paris Fashion Week in March.

Another of the label's ambassadors, French actress Isabelle Huppert, at least left her face on show this week at Cannes as she coated herself entirely in green -- in a dress that covered even her shoes and hands.

Deepika brings Bollywood glam
By selecting Indian superstar Deepika Padukone as one of the jury members this year, the festival knew they would get a daily display of Bollywood megastyle walking up the red carpet.

Depending on the day, there were elaborate saris, or a neck full of jewels, or a slinky black dress and heavy kohl eyeliner, and at one point a giant-shouldered furry black-and-gold combination by Louis Vuitton that looked rather warmer than the sweltering Cannes weather required.

- Lips and feathers

Jake Gyllenhaal made a rare public appearance with his French model girlfriend Jeanne Cadieu, and her dress was a lip-smacking delight.

The hot pink look featured an image of pursed lips across the chest that led to more than a few double-takes on the red carpet.

Other outfits that caught the eye of fashionistas included the silver mirror gown worn by Eva Longoria for the launch of "Top Gun: Maverick", the canary yellow in which Women in Motion award-winner Viola Davis appeared, and the black feather dress chosen by Naomi Campbell.

There will no doubt be more bold choices to get the cameras flashing as the festival reaches its climax with the awards night on Saturday.

- Buckled up

Although men are very constrained in their options about what they can wear on the red carpet at Cannes, the ever-colorful Australian director Baz Luhrmann managed to sneak a bit of fun into his outfit for the premiere of his new film with a jewel-encrusted Elvis belt buckle.

One invitee who seemed uninterested in the fusty dress code was Greek director Panos Koutras, who showed up at the Elvis premiere in a bright orange suit.



Puma Shares Plunge 20% as Weak Profit Shakes Confidence

The logo of German sports goods firm Puma is seen at the entrance of one of its stores in Vienna, Austria, March 18, 2016. REUTERS/Leonhard Foeger/File Photo
The logo of German sports goods firm Puma is seen at the entrance of one of its stores in Vienna, Austria, March 18, 2016. REUTERS/Leonhard Foeger/File Photo
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Puma Shares Plunge 20% as Weak Profit Shakes Confidence

The logo of German sports goods firm Puma is seen at the entrance of one of its stores in Vienna, Austria, March 18, 2016. REUTERS/Leonhard Foeger/File Photo
The logo of German sports goods firm Puma is seen at the entrance of one of its stores in Vienna, Austria, March 18, 2016. REUTERS/Leonhard Foeger/File Photo

Puma lost a fifth of its market value on Thursday after the German sportswear brand reported lower than expected fourth-quarter sales and a drop in annual profit, raising questions about its ability to compete with bigger rivals Adidas and Nike.

The poor results late on Wednesday came after Adidas reported strong sales and profitability, highlighting the work Puma still faces to boost its brand and take a bigger slice of the $400 billion global sportswear market.

Puma shares were down 20% at 33.5 euros as of 1330 GMT, on course for their worst day ever and hitting their lowest level since March 2018.

Puma has been relaunching shoes such as the 1999 motor racing-inspired "Speedcat" as it tries to muscle into a market dominated by Adidas' retro Samba soccer sneakers, but JPMorgan analysts said sales trends for the Speedcat have been weaker than expected so far.

Newer, fast-growing brands such as On Running and Hoka have shaken up the sportswear industry, eroding the dominance of Nike , which has seen slowing sales, and creating more competition for shelf space at top sporting goods retailers.

"This will make investors question what the competitive advantage of Puma is," said Deutsche Bank Research analyst Adam Cochrane.

"If Puma is not really taking market share, at a time when its biggest competitor (Nike) is weak, is the customer not accepting the brand premiumisation it is trying to put through?"

Puma has increased spending on marketing to boost its brand perception, and the Speedcat is priced at 109.95 euros ($114.44) on its website, on par with Adidas' Samba – whereas Puma shoes have traditionally been cheaper than Adidas and Nike.

Puma has said it aims to sell between 4 million and 6 million pairs of the Speedcat in 2025.

Puma's fourth-quarter sales rose 9.8% in currency-adjusted terms, below the 12% growth expected by analysts. Net profit last year fell to 282 million euros ($293 million) from 305 million, in part due to higher interest payments on its debt.

The company did not explain what led to its weaker than expected sales. CEO Arne Freundt had said in November he was confident about demand heading into the year-end shopping season, Reuters reported.

The strength of the US dollar poses a problem for Puma, which pays its Asian suppliers in dollars but makes a big share of revenues in euros.

On the back of the weak profit, Puma launched a cost-cutting programme aiming to reach an earnings before interest and tax (EBIT) margin of 8.5% by 2027, up from 7.1% in 2024.

"While we achieved solid sales growth in 2024 and made meaningful progress on our strategic initiatives, we are not satisfied with our profitability," Freundt said in a statement.

Puma said it would continue to make "strategic investments" in its brand to boost growth.

But Barclays analysts said there was a risk the cost-cutting drive would take management's focus away from increasing sales.

"At this stage, we see more questions than answers about the path that Puma will take in the next three years to 2027," they said in a note.

Puma is scheduled to provide more detailed guidance when it publishes its full-year report on March 12.