Paris Couture Season Kicks off with Frivolity, Seaborne Life

Kylie Jenner attends the Schiaparelli Haute Couture Spring-Summer 2023 collection presented in Paris, Monday, Jan. 23, 2023. (AP)
Kylie Jenner attends the Schiaparelli Haute Couture Spring-Summer 2023 collection presented in Paris, Monday, Jan. 23, 2023. (AP)
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Paris Couture Season Kicks off with Frivolity, Seaborne Life

Kylie Jenner attends the Schiaparelli Haute Couture Spring-Summer 2023 collection presented in Paris, Monday, Jan. 23, 2023. (AP)
Kylie Jenner attends the Schiaparelli Haute Couture Spring-Summer 2023 collection presented in Paris, Monday, Jan. 23, 2023. (AP)

Schiaparelli kicked off haute couture season Monday with plenty of glamorous frivolity and exaggerated silhouettes ahead of the highly anticipated show by powerhouse Christian Dior.

Schiaparelli

Schiaparelli also offered surreal takes on classics harking back to the 1930s heyday of house founder Elsa Schiaparelli.

The mood at the first spring-summer couture show of the season was enlivened by gold accents and intricate embellishments in front of a slew of VIPs inside the gilded atrium of the Petit Palais.

Designer Daniel Roseberry was in top form, taking classical styles and giving them unexpected twists. A dark tuxedo with stiff oversize shoulders was transformed into a minimalist, space-age jumpsuit.

A bronze bustier reimagined as a giant oyster shell rose up like a fan to obscure the model’s face. Its stunning pearl embellishments were rendered in organic, crystallized layers showing off the deftness of the house atelier.

Myriad embellished baubles — almost resembling wet pearls — organically dripped off a blown-up bolero jacket as if it had been created for a seaborne princess.

The collection was also reverential to the house founder whose unique brand of frivolity charmed audiences around the world. A giant lion’s head — replete with fangs and bushy mane — added a bite to this collection. It was fun, inventive and smart — a nod to Surrealism but also a powerful statement about the use of fur.

Iris van Herpen goes digital

Against the grain of Paris Fashion Week, which is turning its back on digital, Dutch wunderkind Iris van Herpen said she was proud to announce that instead of a traditional runway show, the brand “shows a digital presentation that allows for more creative freedom and storytelling.”

Van Herpen offered an in-person presentation of her spring collection as well as “Carte Blanche,” a stylized video in which she teamed up with French artist Julie Gautier to explore how feminine beauty can be used as a form of control.

A limp red dress, with sinews revealing inches of flesh, resembled a poisonous sea creature, while interlocking circles evoked spiky coral. Billowing blue and silver portions of generous fabric adorned a flowing gown, reminiscent of the organic inspiration of the award-winning couturier who designed for such artists as Bjork.



LVMH Shares Drop after Missing Second-quarter Estimates

A man walks past a shop of fashion house Dior in Paris, France, April 15, 2024. REUTERS/Manon Cruz/File Photo Purchase Licensing Rights
A man walks past a shop of fashion house Dior in Paris, France, April 15, 2024. REUTERS/Manon Cruz/File Photo Purchase Licensing Rights
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LVMH Shares Drop after Missing Second-quarter Estimates

A man walks past a shop of fashion house Dior in Paris, France, April 15, 2024. REUTERS/Manon Cruz/File Photo Purchase Licensing Rights
A man walks past a shop of fashion house Dior in Paris, France, April 15, 2024. REUTERS/Manon Cruz/File Photo Purchase Licensing Rights

Shares in LVMH (LVMH.PA) fell as much as 6.5% in early Wednesday trade and were on track for their biggest one-day drop since October 2023 after second-quarter sales growth at the French luxury goods giant missed analysts' consensus estimate.

The world's biggest luxury group said late Tuesday its quarterly sales rose 1% year on year to 20.98 billion euros ($22.76 billion), undershooting the 21.6 billion expected on average by analysts polled by LSEG.

At 1000 GMT, LVMH's shares were down 4.5%.

The earnings miss weighed on other luxury stocks, with Hermes (HRMS.PA), down around 2% and Kering (PRTP.PA), off 3%.

Kering is scheduled to report second-quarter sales after the market close and Hermes reports on Thursday, Reuters reported.

Jittery investors are looking for evidence that the industry will pick up from a recent slowdown, as inflation-hit shoppers hold off from splashing out on designer fashion.

JPMorgan analyst Chiara Battistini cut full year profit forecasts by 2-3% for the group, citing softer trends at LVMH's fashion and leather goods division, home to Louis Vuitton and Dior.

"The soft print is likely to add to ongoing investors’ concerns on the sector more broadly in our view, confirming that even best-in-class players like LVMH cannot be immune from the challenging backdrop," said Battistini in a note to clients.

The weakness of the yen, which has prompted a flood of Chinese shoppers to Japan seeking bargains on luxury goods, added pressure to margins, another source of concern.

Equita cut 2024 sales estimates for LVMH by 3% - attributing 1% to currency fluctuations - and lowered its second half organic sales estimate to 7% growth from 10% growth previously.

The lack of visibility for the second half beyond the easing of comparative figures - as the Chinese post-pandemic lockdown bounce tapered off a year ago - is unlikely to improve investor sentiment to the luxury sector, Citi analyst Thomas Chauvet said in an email to clients.

"No miracle with the luxury bellwether; sector likely to remain out of favour," he wrote.

Jefferies analysts said the miss came as investors eye Chinese shoppers for their potential to "resume their pre-COVID role as the locomotive of industry growth and debate when Western consumers will have fully digested their COVID overspend".

LVMH shares have been volatile since the luxury slowdown emerged, and are down about 20% over the past year, with middle-class shoppers in China, the world's No. 2 economy, a key focus as they rein in purchases at home amid a property slump and job insecurity.

LVMH offered some reassurance, with finance chief Jean-Jacques Guiony telling analysts during a call on Tuesday that Chinese customers were "holding up quite well," while business with US and European customers was "slightly better".