Kors Honors Feminist Icon as New York Fashion Week Wraps Up

Gloria Steinem (C) speaks to New York State Governor Kathy Hochul and English magazine editor Anna Wintour at New York Fashion Week on February 15, 2023. ANGELA WEISS / AFP
Gloria Steinem (C) speaks to New York State Governor Kathy Hochul and English magazine editor Anna Wintour at New York Fashion Week on February 15, 2023. ANGELA WEISS / AFP
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Kors Honors Feminist Icon as New York Fashion Week Wraps Up

Gloria Steinem (C) speaks to New York State Governor Kathy Hochul and English magazine editor Anna Wintour at New York Fashion Week on February 15, 2023. ANGELA WEISS / AFP
Gloria Steinem (C) speaks to New York State Governor Kathy Hochul and English magazine editor Anna Wintour at New York Fashion Week on February 15, 2023. ANGELA WEISS / AFP

American designer Michael Kors paid tribute to US feminist icon Gloria Steinem on the final day of New York Fashion Week Wednesday.

His Fall-Winter 2023 parade saw several models wear round, low-hanging belts in a nod to the 88-year-old Steinem's signature look, said AFP.

Steinem, considered the leader of second-wave feminism in America in the late 1960s and early '70s, sat front row at the show in Manhattan's West Village.

She looked on alongside Vogue editor-in-chief and high priestess of fashion Anna Wintour, and actresses Mindy Kaling and Kate Hudson.

"The women who intrigued me then (and who) still intrigue me today are the women who break the rules, do things their own way," Kors told reporters Tuesday, ahead of the show.

"Even though they're strong or they're powerful, and they're smart, they're happy to admit that they love fashion, and they enjoy fashion," he added.

Steinem said in a 2015 interview that she often wore a "concho" belt.

A concho is a metal ornament, often silver and round, that has its origins in the culture of the Navajo Native American nation.

Uruguayan-American Gabriela Hearst is another designer who drew inspiration from non-conformist, pioneering women for the New York parade.

On Tuesday, she honored Irish architect Eileen Gray, who paved the way for the modernist architecture movement in the 1920s.

Her homage was evident in Hearst's straight, functional cuts of recycled cashmere jackets, trousers and long coats.

Gray's "Dragons" armchair sold at auction in Paris for almost 22 million euros ($28 million) in 2009, more than 30 years after her death aged 98.

It set a record for 20th Century decorative art.

"She never got to see this reality and, like many women, she undervalued herself and her excellence," Hearst said in her designer's notes.

Meanwhile Philippe and David Blond, the duo at the helm of The Blonds, tinged their collection with references to old Hollywood.

Glittering dresses and fake furs were combined with Louboutin stilettos and a James Bond soundtrack.

Their inspiration was, of course, Elizabeth Taylor, David Blond revealed backstage.



Nike Sinks as Gloomy Sales Forecast Fans Growth Concerns

The Nike swoosh logo is seen outside the store on 5th Ave in New York, New York, US, March 19, 2019. (Reuters)
The Nike swoosh logo is seen outside the store on 5th Ave in New York, New York, US, March 19, 2019. (Reuters)
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Nike Sinks as Gloomy Sales Forecast Fans Growth Concerns

The Nike swoosh logo is seen outside the store on 5th Ave in New York, New York, US, March 19, 2019. (Reuters)
The Nike swoosh logo is seen outside the store on 5th Ave in New York, New York, US, March 19, 2019. (Reuters)

Nike shares slumped 15% premarket on Friday as a forecast for a surprise drop in annual sales amplified investor concerns about the pace of the sportswear giant's efforts to stem market share losses to upstart brands such as On and Hoka.

The company on Thursday projected a mid-single-digit percentage fall in fiscal 2025 revenue, compared to analysts' estimates of a near 1% rise, dragging shares of rivals and sportswear retailers across Europe, UK and US on Friday, Reuters reported.

British sportswear retailer JD Sports fell as much as 6.6% and Germany's Puma lost 4%, while Adidas was flat after briefly rising nearly 2%.

"Nike shares are headed for a stay in the proverbial penalty box until new product innovations actually start to manifest themselves and management regains investor trust," Wedbush analyst Tom Nikic said in a note.

To be sure, Nike has cut back on oversupplied brands including Air Force 1 to curb a worsening sales decline as part of a $2 billion cost-cutting plan launched late last year.

Nike is set to roll out this year an Air Max version and Pegasus 41 with full-length foam midsole made from ReactX to boost sustainability, responding to concerns over stagnating innovation.

The company was "also accelerating planned reductions for our three largest franchises ... while we have work to do, we are very focused on scaling the newness to offset this planned reduction," CEO John Donahoe said on a post-earnings call.

Newer sporting goods brands, including Hoka, Asics, New Balance and On, accounted for 35% of global market share in 2023 compared to the 20% held over the 2013-2020 period, according to a RBC research report released in June.

"They know where the problems are, but they're having trouble right now generating demand and it is going to be a transition period that is going to take some time in different markets," Morningstar analyst David Swartz said.

Nike's US market share in the sports footwear category fell to 34.97% in 2023 from 35.37% in 2022, and 35.40% in 2021, according to GlobalData.

At least six brokerages downgraded the stock and 15 cut their price targets on Nike.

Nike's shares were trading at 25.13 times profit estimates while On and Deckers were trading at 37.41 and 31.13 times earnings expectations.