Louboutin on 30 Years of Red Obsession

File photo: French shoe designer Christian Louboutin poses with one of his creations during a photo session at the Palais de la Porte Doree in Paris a few days before the opening of his exhibition. PHOTO: AFP
File photo: French shoe designer Christian Louboutin poses with one of his creations during a photo session at the Palais de la Porte Doree in Paris a few days before the opening of his exhibition. PHOTO: AFP
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Louboutin on 30 Years of Red Obsession

File photo: French shoe designer Christian Louboutin poses with one of his creations during a photo session at the Palais de la Porte Doree in Paris a few days before the opening of his exhibition. PHOTO: AFP
File photo: French shoe designer Christian Louboutin poses with one of his creations during a photo session at the Palais de la Porte Doree in Paris a few days before the opening of his exhibition. PHOTO: AFP

It was 30 years ago that Christian Louboutin borrowed his assistant's nail varnish to fix a problematic sole and inadvertently created a design that would make him globally famous.

It was 1993 and Louboutin, then 30, was examining a pink and purple shoe prototype. The black sole was too dominant, he felt, and so called for his assistant.

"I took the nail polish and erased the black. I wasn't thinking to add the red," he recalled to AFP in his brightly decorated Paris apartment.

"But suddenly it was a revelation!"

The earlier idea of releasing a different color sole each season never materialized.

"People who don't like to wear colors still like red," he said.

"The obsession began with the fact that red is more than just a color for me.

"I have very early memories of women dressed in black but already with red nails and lips. It began with cinema, the actresses of the 1950s like Sophia Loren."

He marked the 30th anniversary of his famous red sole this week with a dance performance at the Opera Comique and will soon open his first hotel in Portugal named "Vermelho" (Red).

The black stiletto with the red sole remains his best-selling model, despite the range of flats and mid-heels.

He rejects the idea of heels as anti-feminist, saying he delights in seeing customers put on a pair of stilettos and admire themselves "front, profile and back" without caring what their "husband, boyfriend or girlfriend will think".

Or little girls trying on their mother's heels without anyone telling them to: "There is a kind of infantile pleasure in seeing life from a little higher up."

For him, heels are a symbol of female empowerment.

He thinks of Tina Turner in her heyday, or Beyonce now, teetering on heels but incarnating "feminism, much more than someone who lets themselves go".

With the passing of lockdowns and lounging around in pajamas, it is time to celebrate, he added.

His new collection, inspired by flamenco, sees him collaborate with Rossy de Palma, the flamboyant Spanish star of many Pedro Almodovar movies.

"I like singular people, and there is only one Rossy," he said. "Someone who exudes amusement, pleasure, laughter, everything."



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".