Egypt Dusts Off Pyramids for Fashion, Pop and Art Shows

French fashion house Dior presented its 2023 fall men's collection in the shadow of Egypt's ancient Giza pyramids on Saturday. Ahmed HASAN / AFP
French fashion house Dior presented its 2023 fall men's collection in the shadow of Egypt's ancient Giza pyramids on Saturday. Ahmed HASAN / AFP
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Egypt Dusts Off Pyramids for Fashion, Pop and Art Shows

French fashion house Dior presented its 2023 fall men's collection in the shadow of Egypt's ancient Giza pyramids on Saturday. Ahmed HASAN / AFP
French fashion house Dior presented its 2023 fall men's collection in the shadow of Egypt's ancient Giza pyramids on Saturday. Ahmed HASAN / AFP

Egypt is using the ancient grandeur of its pyramids as a backdrop for modern pop concerts and fashion shows, hoping to boost tourism and the luxury brand sector beloved by its moneyed elite.

French fashion house Dior debuted its latest collection Saturday at the Giza pyramids, after Italian designer Stefano Ricci held a show at Luxor's dramatic Temple of Hatshepsut in October.

Dior CEO Pietro Beccari told AFP the fashion house chose the pyramids as far more than "just a useless background", drawing on Egyptian astrology for the collection named "Celestial".

Before that, American pop bands Maroon 5 and the Black Eyed Peas performed at the Giza Necropolis, where contemporary art was also recently shown at the latest Art d'Egypte exhibition.

The modern cultural push is a new direction for Egypt's image.

Long a cultural powerhouse in the Arab world, with wildly popular singers and movie stars especially in its heyday in the 1950s-70s, Egypt has set its sights on its ancient heritage to attract the global spotlight once more.

A harbinger of the new embrace of ancient culture and history was a "golden parade" last year of 22 pharaohs that crossed Cairo from an old to a new museum in a carnival-style grand spectacle.

It was part of a push by President Abdel Fattah al-Sisi's government to revive tourism, which accounts for 10 percent of GDP and some two million jobs.

- 'Vital' glamour -
Showcasing Egypt's heritage in a new context "will encourage other brands and international cultural figures to come to Egypt," said art historian Bahia Shehab.

Fashion photographer Mohsen Othman agreed that such glamorous events are "vital".

Big brands like Dior "come in with a huge budget," employ local talent and "support young creators who can put Egypt on the global fashion map".

Iman Eldeeb, whose agency cast two Egyptian models for Saturday's show, told AFP it was a "long-awaited step for the fashion world in Egypt".

Egypt's luxury goods sector has grown despite years of economic turmoil that saw the pound lose half its value in a 2016 currency devaluation.

Despite the downturn, Egypt, the Arab world's most populous country, is home to 86,000 millionaires, according to the bank Credit Suisse.

"The richest one percent are enough to create demand," said public relations specialist Ingy Ismail, who advises luxury brands.

The boutiques in the shopping centers of Cairo's chic new satellite cities, she said, are "up to the standards of international luxury brands".

- 'Young creative talent' -
Egypt's bubble of super rich has helped create a home-grown fashion design scene whose pioneers have recently ventured onto the catwalks of Milan and Paris.

At this year's Paris Fashion Week, Cairo-based luxury brand Okhtein showed a resin-made bustier that evoked Egyptian alabaster at French fashion house Balmain's show.

It was a rare success story for Egypt's creative sector, where "most people are self-taught, working hard with scarce resources to try and meet international standards," said Othman, the photographer.

Ismail said the country's luxury clothing and jewelry market "has gone from under 100 Egyptian brands to more than 1,000 today", fueled by "a huge pool of young creative talent".

International events offer rare exposure, but getting them to the country is still a challenge.

"It is a big step for the government to authorize Art d'Egypte and Dior to organize events at the foot of the pyramids," the art show's curator, Nadine Abdel Ghaffar, told AFP.

- Timeless marvels -
But "promoting the country's culture" must be a priority, added Abdel Ghaffar, who believes a dedicated government body could better promote exhibitions, concerts, shows and even film production.

Shehab, the art historian, said many realize that Egypt, known for its timeless architectural marvels in the desert, needs to project an updated image of itself.

"There's more and more awareness about the need for soft power and for culture as a representation for the country," she said, cautioning however that Egypt still requires "better infrastructure" to make this happen.

The latest Egypt-themed production was a Disney+ TV miniseries, Marvel Comics' "Moon Knight," for which two entire Cairo city blocks were built from scratch -- on a set in Budapest.



L’Oreal Shares Bounce on Third-Quarter Sales

A L'Oreal sign is displayed at the beauty products section of a department store inside a shopping mall in Beijing, China June 10, 2025. (Reuters)
A L'Oreal sign is displayed at the beauty products section of a department store inside a shopping mall in Beijing, China June 10, 2025. (Reuters)
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L’Oreal Shares Bounce on Third-Quarter Sales

A L'Oreal sign is displayed at the beauty products section of a department store inside a shopping mall in Beijing, China June 10, 2025. (Reuters)
A L'Oreal sign is displayed at the beauty products section of a department store inside a shopping mall in Beijing, China June 10, 2025. (Reuters)

Shares in L'Oreal rose 4% on Friday, hitting their highest in more than two years, after the French cosmetics giant reported third-quarter sales well ahead of expectations on strong demand for premium products in China and elsewhere.

Sales from July ‌to September rose ‌7.7% on an adjusted like-for-like basis ‌to €11.56 ⁠billion ($12.95 billion), topping a ⁠consensus analyst forecast of 5.9% growth in a Visible Alpha poll, L'Oreal said late on Thursday.

The maker of Lancome creams and Prada perfumes beat estimates for growth in all regions apart from Latin America, with North Asia, which is ⁠predominantly China, significantly ahead. All of its ‌divisions apart from ‌its mass market unit exceeded expectations.

"L'Oreal, once again, beat a ‌high bar," Barclays analysts said in a note.

Analysts ‌at Jefferies called the report "an impressively strong update", highlighting a "momentum shift in China and Europe" that lifted the growth rate in its Luxe division.

The group generates ‌a third of its revenue from its luxury division, but in China that ⁠business ⁠accounts for about two thirds of its sales in the market, positioning it well for a pick-up in Chinese demand. L'Oreal says it is growing three times faster than the market in China.

Shares were up 4.4% at €431.2 ($482.60) by 0917 GMT, the highest since June 2024. The shares are up by more than 17% this year.

"We see scope for the shares to test €450 as investors increasingly recognize the durability of its superior growth profile," the Barclays analysts added.


Gucci Owner Kering Drops 12% as Luxury Braces for Tough Winter

The logo of French luxury group Kering is pictured on the day of the Kering General Assembly meeting at the company's headquarters in Paris, France, May 28. (Reuters)
The logo of French luxury group Kering is pictured on the day of the Kering General Assembly meeting at the company's headquarters in Paris, France, May 28. (Reuters)
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Gucci Owner Kering Drops 12% as Luxury Braces for Tough Winter

The logo of French luxury group Kering is pictured on the day of the Kering General Assembly meeting at the company's headquarters in Paris, France, May 28. (Reuters)
The logo of French luxury group Kering is pictured on the day of the Kering General Assembly meeting at the company's headquarters in Paris, France, May 28. (Reuters)

Shares in Gucci owner Kering tumbled 12% on Friday after the group reported further sales declines, but said it would stick with CEO Luca de Meo's turnaround plan and accelerate store closures, aiming for 125 by year-end.

The recovery long promised by luxury brands seems nowhere in sight, as the expansion of war ‌in the Middle ‌East, along with China's tax crackdown on ‌the ⁠wealthy, piled further ⁠pressure on the world's biggest luxury conglomerates in the third quarter, and executives buckled in for a tough winter.

Riots in Paris, leaving Louis Vuitton shop windows smashed and electric-bike bonfires near luxury shopping hub Place Vendome, threw into sharp relief the political risk faced by luxury brands not just abroad but also ⁠at home.

Shares in LVMH and Hermes were ‌also down 1% to 1.5% on ‌Friday, as crude prices hit their highest level since early May, worsening ‌the squeeze on households that has curbed consumers' ability to ‌splurge on handbags and clothes.

Gucci's decline has continued despite de Meo's plan to make the brand's prices more enticing to middle-class consumers and creative director Demna's new collections hitting stores.

"The progress made on ‌improving brand desirability remains in its very early stages," JPMorgan analyst Chiara Battistini said in a ⁠note. Gucci ⁠sales improved in wholesale, but were down 6% overall as fewer shoppers visited its stores.

While Kering struggles to execute a turnaround against a weak economic backdrop, even high-end Hermes is showing signs of slowing, with its ready-to-wear division falling 2% in the third quarter due to weak Chinese demand. Overall, Hermes reported its weakest quarterly sales growth since 2020.

Across the sector, valuations have taken a beating as investors reassess future growth prospects. After a 40% slide in share price since January 1, Hermes' valuation is its lowest since 2014, while LVMH's is at a 10-year low.


UK's Debenhams Returns to Profit after Five Years, Expects Further Cost Cuts

FILE PHOTO: Debenhams logo is seen on smartphone in front of a displayed Boohoo logo in this illustration taken January 25, 2021. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Debenhams logo is seen on smartphone in front of a displayed Boohoo logo in this illustration taken January 25, 2021. REUTERS/Dado Ruvic/Illustration/File Photo
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UK's Debenhams Returns to Profit after Five Years, Expects Further Cost Cuts

FILE PHOTO: Debenhams logo is seen on smartphone in front of a displayed Boohoo logo in this illustration taken January 25, 2021. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Debenhams logo is seen on smartphone in front of a displayed Boohoo logo in this illustration taken January 25, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

British fashion ‌retailer Debenhams , also known as boohoo, reported a profit for the first time in five years on Friday and expects further cost cuts as a turnaround plan gathers pace, said Reuters.

Here are some more details:

-The company reported pretax profit of £28.3 million ($37.89 million) for the six ‌months ended August ‌31, compared to a ‌loss ⁠of £17.9 million a year ⁠ago, its first profit before tax since August 2021.

-Expects to reduce costs related to depreciation, lease and interest in fiscal year 2028, while a new financial ⁠facility should further cut costs.

-Debt ‌to be ‌negligible by the end of the ‌year thanks to the disposal of ‌Sheffield automation and lease assignment and sale of Nasty Gal brand, the retailer said.

-The company reported steady growth ‌in September and reiterated its previous annual forecast of gross merchandise value (GMV) ⁠growth ⁠and adjusted core profit no less than £59 million.

-It expects to deliver more than £100 million in profit before tax in the medium term and become a multi-billion-pound GMV business.

-The group's turnaround plan has been focused on streamlining its operations to tackle mounting debt and slow demand at its youth brands.