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Coel, Cruz, Federer, Lipa and Wintour Are Met Gala Chairs

British singer Dua Lipa attends Variety's 2022 Hitmakers Brunch at City Market Social House in Los Angeles, California, on December 3, 2022. (AFP) 
British singer Dua Lipa attends Variety's 2022 Hitmakers Brunch at City Market Social House in Los Angeles, California, on December 3, 2022. (AFP) 
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Coel, Cruz, Federer, Lipa and Wintour Are Met Gala Chairs

British singer Dua Lipa attends Variety's 2022 Hitmakers Brunch at City Market Social House in Los Angeles, California, on December 3, 2022. (AFP) 
British singer Dua Lipa attends Variety's 2022 Hitmakers Brunch at City Market Social House in Los Angeles, California, on December 3, 2022. (AFP) 

A starry group of celebs from film, TV, sports, music and fashion will be channeling the Lagerfeld Look at this year’s Met Gala on May 1. Michaela Coel, Penélope Cruz, Roger Federer, Dua Lipa and Anna Wintour are the evening’s co-chairs. 

Also announced Wednesday was the dress code: Perhaps not surprisingly, it is “In honor of Karl” – i.e. Lagerfeld, the German-born couturier who worked at Chanel, Fendi and Chloe and died in 2019 at age 85. 

The theme comes from the accompanying exhibit at the Met’s Costume Institute. “Karl Lagerfeld: A Line of Beauty” will gather some 150 of his creations to explore his “stylistic language.” Lagerfeld’s original sketches will also be on display. 

The Met Gala, which takes place the first Monday in May, is a huge money-maker for the Costume Institute at the Metropolitan Museum of Art, providing its main source of funding. It’s also one of the biggest nights in fashion and beyond. 

Presented in the museum’s Tisch Gallery, “Karl Lagerfeld: A Line of Beauty” will be on view from May 5 through July 16, 2023. 

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Fashion

Gap's Turnaround Efforts Drive Quarterly Beat in Surprise Early Announcement

FILE PHOTO: The Gap logo is seen on the front of the company's store on Oxford Street in London, Britain, July 1, 2021. REUTERS/John Sibley/File Photo
FILE PHOTO: The Gap logo is seen on the front of the company's store on Oxford Street in London, Britain, July 1, 2021. REUTERS/John Sibley/File Photo
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Gap's Turnaround Efforts Drive Quarterly Beat in Surprise Early Announcement

FILE PHOTO: The Gap logo is seen on the front of the company's store on Oxford Street in London, Britain, July 1, 2021. REUTERS/John Sibley/File Photo
FILE PHOTO: The Gap logo is seen on the front of the company's store on Oxford Street in London, Britain, July 1, 2021. REUTERS/John Sibley/File Photo

Gap on Thursday surpassed Wall Street expectations for the second quarter, as a surprise early announcement of its results showed shoppers turned to its Old Navy and namesake brands to snap up trendy and fashionable clothing.
Shares of Gap closed up nearly 2% at $22.8. The stock was halted during the day following a Bloomberg News report that said the apparel retailer's earnings press release and presentation appeared on its website in the morning, hours earlier than scheduled.
A Gap spokesperson told Reuters that the company's results were briefly and accidentally posted on its website due to an administrative error. It was originally scheduled to release the numbers after the bell.
The Banana Republic owner is in the midst of a brand turnaround under CEO Richard Dickson and has been ramping up its stores with fresher and more chic styles to bring back lost customers.
Dickson on a post-earnings call said Gap's consumer base has broadened and the company is seeing more sell-throughs at full-price, resulting in less discounting.
People, who are otherwise saving dollars and curbing spending on big-ticket items, are more than willing to go all out and spend on in-trend footwear and clothing such as those from Abercrombie & Fitch, Roger Federer-backed On and Deckers Outdoor's Hoka.
"(Gap) is being managed better than it was ... it is not like all four brands are really completely healthy, but they are trending in the right direction under the new management," Morningstar analyst David Swartz said.
Comparable sales at Old Navy rose 5% during the quarter, while the Gap brand posted 3% growth. Banana Republic sales, however, were flat as the brand continues to focus on fixing the fundamentals and improve its pricing and assortment architecture.
Gap's second-quarter net sales rose 5% to $3.72 billion, beating LSEG estimates of $3.63 billion.
It earned 54 cents per share, also topping analysts' average estimate of 40 cents.
The apparel retailer reaffirmed its annual net sales forecast and expects gross margin to expand by about 200 basis points versus its prior forecast of at least a 150-basis-point increase.