Matty Bovan Energizes Milan Fashion, Armani Offers Elegance

Models wear creations as part of the Benetton women's Spring Summer 2023 collection presented in Milan, Italy, Sunday, Sept. 25, 2022. (AP Photo/Alberto Pezzali)
Models wear creations as part of the Benetton women's Spring Summer 2023 collection presented in Milan, Italy, Sunday, Sept. 25, 2022. (AP Photo/Alberto Pezzali)
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Matty Bovan Energizes Milan Fashion, Armani Offers Elegance

Models wear creations as part of the Benetton women's Spring Summer 2023 collection presented in Milan, Italy, Sunday, Sept. 25, 2022. (AP Photo/Alberto Pezzali)
Models wear creations as part of the Benetton women's Spring Summer 2023 collection presented in Milan, Italy, Sunday, Sept. 25, 2022. (AP Photo/Alberto Pezzali)

Milan Fashion Week closed Sunday after five days of mostly womenswear previews that celebrated diversity and renewal, with more designers of color represented than ever and a host of new talent making their debuts at major fashion houses.

The Italian fashion council was promoting sustainability with the return of the Green Carpet awards Sunday night recognizing progress in practices that reduce waste in the industry and its carbon footprint.

Even while the fashion world was raising awareness about sustainability, this season’s calendar presented unsustainable trajectories between shows, forcing the fashion crowd to travel back and forth, multiple times in one day, in an already gridlocked city. Even biking proved a challenge with few bike lanes on the routes.

Fashion week closed as Italians went to the polls for an unseasonal parliamentary election.

Giorgio Armani voted early, even as he prepared the finishing touches on his runway show and to appear at the Green Carpet Awards. Asked about the elections, he responded: “That it may be a productive day. Stop.”

“This is new energy for Milan,” Stefano Gabbana gushed backstage to British designer Matty Bovan. “Bravo,” chimed in Domenico Dolce, The Associated Press reported.

“I am exhausted,″ Bovan confessed to fashion journalists moments earlier. “I haven’t run like that for years.”

Bovan said his colorful, definitely energetic and fantastical collection reflects “English surrealism at its best.”

The collaboration with Dolce & Gabbana gave him access to the designing duo’s ateliers, and Bovan was still overwhelmed by the quality of their craftsmanship “I have never seen work like that. I have never had access to work like that. It is just of a scale,’’ he said.

The Milan stalwarts also provide handbags, denim and corsetry, all of which Bovan has worked over with embroidery, crocheting or painting, about 90% of that by his own hand.



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)
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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.