Prada Plays With Contrasts at Milan Fashion Week Show

Models present creations from the Prada Spring/Summer 2023 collection during Milan Fashion Week in Milan, Italy, September 22, 2022. REUTERS/Alessandro Garofalo
Models present creations from the Prada Spring/Summer 2023 collection during Milan Fashion Week in Milan, Italy, September 22, 2022. REUTERS/Alessandro Garofalo
TT

Prada Plays With Contrasts at Milan Fashion Week Show

Models present creations from the Prada Spring/Summer 2023 collection during Milan Fashion Week in Milan, Italy, September 22, 2022. REUTERS/Alessandro Garofalo
Models present creations from the Prada Spring/Summer 2023 collection during Milan Fashion Week in Milan, Italy, September 22, 2022. REUTERS/Alessandro Garofalo

Simplicity and contrasts were the main themes at the Prada catwalk show in Milan on Thursday, with the Italian luxury label stripping off "unnecessary complication" in its latest womenswear collection.

Designers Miuccia Prada and Raf Simons opened the Spring/Summer 2023 show with sharp grey looks including pointy-collared shirts, slim-fit trousers and a jumpsuit.

Reinforcing the idea of simplicity were sleeveless dresses made with a paper base fabric. The frocks bore slits at the front, creases and folds.

"The clothes are about simplicity, with no unnecessary complication," Miuccia Prada said in a statement, Reuters reported.

"There is no complicated structure, nothing unnecessary. No nonsense - the rawness, the crudeness represents absolute simplicity. We wanted to do something with the most simple, modest material - with paper. Then we used this system of reduction and simplicity as a means of making beauty."

Outerwear consisted of light opera coats and black leather jackets. Some coats had large bows at the back.

Last season's sheer looks continued at Thursday's show, with models wearing transparent tops and skirts.

The designers, who worked with film director Nicolas Winding Refn for the show, stuck to a minimalist color palette of grey, white, black with bursts of bright lime, orange and red occasionally appearing on tops, handbags or shoes.

Milan Fashion Week runs until Sept. 26 with the likes of heavyweights Gucci, Versace, Dolce & Gabbana and Giorgio Armani among those presenting their latest creations.



Birkenstock Results Beat on Resilient Demand, Forecasts Margin Recovery

A Birkenstock shoe is displayed at Birkenstock shoe store in London, Britain, October 11, 2023. (Reuters)
A Birkenstock shoe is displayed at Birkenstock shoe store in London, Britain, October 11, 2023. (Reuters)
TT

Birkenstock Results Beat on Resilient Demand, Forecasts Margin Recovery

A Birkenstock shoe is displayed at Birkenstock shoe store in London, Britain, October 11, 2023. (Reuters)
A Birkenstock shoe is displayed at Birkenstock shoe store in London, Britain, October 11, 2023. (Reuters)

Birkenstock beat market expectations for fourth-quarter results on robust demand for its pricey footwear and forecast a recovery in margins in fiscal 2025, sending the company's shares up 7% on Wednesday.

With fresh styles becoming a priority for consumers, Birkenstock's sandals and closed-toe clogs have drawn new customers both at its own stores and at retailers.

The company bypassed steep discounting trends evident during the holiday shopping season, which Birkenstock executives said was off to a strong start globally.

"The expansion of ranges into more closed-toe silhouette has helped boost revenue, given that they offer multi-season wear," Susannah Streeter, head of money and markets at Hargreaves Lansdown, said.

Germany-based Birkenstock's average selling prices across its product range were up 8% in fiscal 2024, in part due to higher sales of clogs, the company said, adding that closed-toe styles now made up about a third of its business.

The company has invested in expanding its global store presence and increasing manufacturing capacity this year to meet demand.

While it led to a 330-basis point drop in gross margins in fiscal 2024, Birkenstock forecast a recovery in margins in fiscal 2025 as it ramps up production from new facilities.

The company reported fourth-quarter revenue of 455.8 million euros ($478.27 million), compared with the average analyst estimate of 439.2 million euros, according to data compiled by LSEG.

However, Birkenstock's forecast for fiscal 2025 revenue to increase between 15% and 17% was below estimates of 17.5% growth.

"It would appear with this incredibly healthy growth, the company is choosing to adopt a conservative approach that they expect to be able to meet and beat," BMO Capital Markets analyst Simeon Siegel said.

On an adjusted basis, Birkenstock earned 0.29 euro per share, beating estimates of 0.26 euro.