Versace Reaches for the Stars with Glittery Hollywood Show

Alexander Edwards, left, and Cher arrive at the Versace Fall/Winter collection presentation on Thursday, March 9, 2023, at the Pacific Design Center in West Hollywood, Calif. (Photo by Jordan Strauss/Invision/AP)
Alexander Edwards, left, and Cher arrive at the Versace Fall/Winter collection presentation on Thursday, March 9, 2023, at the Pacific Design Center in West Hollywood, Calif. (Photo by Jordan Strauss/Invision/AP)
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Versace Reaches for the Stars with Glittery Hollywood Show

Alexander Edwards, left, and Cher arrive at the Versace Fall/Winter collection presentation on Thursday, March 9, 2023, at the Pacific Design Center in West Hollywood, Calif. (Photo by Jordan Strauss/Invision/AP)
Alexander Edwards, left, and Cher arrive at the Versace Fall/Winter collection presentation on Thursday, March 9, 2023, at the Pacific Design Center in West Hollywood, Calif. (Photo by Jordan Strauss/Invision/AP)

Decamping from her usual base in Milan to show her wares in Los Angeles — only three days before the Oscars — Donatella Versace says she was inspired by the energy, glamour and power of Hollywood. She had plenty of that, but needed one more thing to make it all work: good weather.

And so, with rain expected on Friday, Versace was forced move her show ahead by a day. It may have been chaotic, but it was the right move, The Associated Press said.

Her star-studded runway show Thursday took place on a cool but gorgeous Los Angeles evening on a spectacular rooftop overlooking the snow-capped San Gabriel mountains, sleek skyscrapers, and the Hollywood hills. Oh, and daylight ceded to darkness right as the show ended — just in time to turn on the floodlights, blast “Let’s Go Crazy” by Prince and head to cocktails.

The sun was still out when the crowd began making its way up to the roof of the imposing Pacific Design Center on Melrose Avenue, with its distinctive blue glass exterior.

Guests included a cross-section of the music, film, fashion and sports worlds: Cher was there, as was Elton John, Dua Lipa, Miley Cyrus, and Lil Nas X. From cinema, there were two best supporting actress Oscar winners — Ariana DeBose and Anne Hathaway — plus a favorite for best supporting actor this year, Ke Huy Quan. From sports, former NBA star Dwyane Wade was there with wife Gabrielle Union.

Attendees jostled to take selfies with the spectacular view behind them, and staffers warned them not to step too far backward and fall off the building.

In creating her 2023 fall-winter line, Versace harked back to a 1995 collection of Atelier Versace, the label’s couture line, with a campaign starring Madonna. Color choices began with black and included caramel and chocolate, as well as apricot, turquoise and pink. Prints included an animal print from the Versace archive and a falling flower motif.

Supermodel Gigi Hadid opened the show in a black, hourglass jacket and knee-length pencil skirt, a sleek tailored look that gradually segued to more glittery ensembles. Naomi Campbell came later, in a slinky black dress with elbow-length gloves.

After a cascade of black outfits for both women and men, a sudden burst of bright pink surfaced, in a wool cropped jacket and miniskirt, then a minidress in a tangerine hue. More than halfway through the show came the luxurious, satiny printed dresses — often minis, and accompanied by those elbow-length gloves for added glamour.

Streetwear was nowhere to be seen, and the long gloves seemed to evoke the Golden Age of Hollywood, which began in the mid-1920s and continued for several decades. Paired with the up-to-there minis, and often accessorized with big sunglasses, they aimed to create what Versace described as “energy from clashing Golden Age glamour with contemporary attitude, and confident power."

How confident? The designer has called this collection a form of armor. As for Los Angeles, Versace has called it “a natural home for us" — a place that makes her feel free and close to nature.
Los Angeles is also, of course, a city of stars — and never more than during Oscar week. The moments before the show felt like a dry run for the Oscars red carpet, with celebrities reuniting or meeting for the first time.

Dua Lipa was shown on social media meeting and sitting next to Cher. And one set of stars seemed particularly thrilled to be meeting: Ke Huy Quan of “Everything Everywhere All at Once” and Hathaway, who each expressed their fandom for the other.

“I’m fainting!” Hathaway said when she laid eyes on Quan. “Everyone is so happy for you!”

Quan replied: “I love you so much."



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".