Dior Transforms Mumbai’s Gateway of India into Fashion Ramp

Models present creations from Christian Dior's Fall 2023 collection during a fashion show in Mumbai on March 30, 2023. (AFP)
Models present creations from Christian Dior's Fall 2023 collection during a fashion show in Mumbai on March 30, 2023. (AFP)
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Dior Transforms Mumbai’s Gateway of India into Fashion Ramp

Models present creations from Christian Dior's Fall 2023 collection during a fashion show in Mumbai on March 30, 2023. (AFP)
Models present creations from Christian Dior's Fall 2023 collection during a fashion show in Mumbai on March 30, 2023. (AFP)

In a glittering splash of luxury fashion, Dior transformed Mumbai’s grand, historic Gateway of India monument into a runway laden with celebrity, beauty and craftsmanship.

Flanked by the brightly lit, iconic Taj Mahal Palace hotel, the spectacular decor turned the heritage site in India’s entertainment and business capital into a blend of color and style as the models lined up Thursday to showcase the Paris fashion house's 2023 pre-fall collection.

The runway, lined with traditional Indian floral designs, reverberated with fusion beats from live musicians as Indian artistry and craftsmanship took center stage in creative director Maria Grazia Chiuri’s collection.

The lineup featured silk dresses, evening coats and sari-inspired skirts that referenced traditional Indian silhouettes. The show opened with an array of neutrals, subtly transitioning to forest green before giving way to a blaze of bright colors and patterns. Throughout it all, most of the models sported strings of pearls wound around their necks.

“I personally wanted to celebrate and showcase the incredible knowledge India offers to the international world of fashion in the field of embroidery, the mastery of the artisans who continue to work on this craft, and the commitment of Chanakya’s founders to preserving India’s history and culture, portrayed by each embroidery technique,” Chiuri said in an Instagram post.

Dior has had a long association with India through the Mumbai-based atelier Chanakya, which works with artisans and underprivileged women. The show brought the spotlight back on India’s luxury fashion market where major Western fashion brands like Pierre Cardin, Yves Saint Laurent and Valentino have presented their collections in the past.

India, now the world’s fifth-largest economy, has always been known for its intricate embroidery art, opulent textiles and embellishments. With a young and aspirational middle class that has easy access to internet — and a rising number of uber-rich — it is fast emerging as a key consumer market for international fashion labels.

Many Indian designers have also opened stores in the global fashion capitals like New York and Dubai and have been showcasing their collections during international fashion weeks.

To flesh out the guest list, Dior drew on a range of A-list invitees from India and elsewhere. Bollywood actors in attendance included the legendary Rekha, fashion icon Sonam Kapoor Ahuja and Anushka Sharma, accompanied by her husband, Indian cricketer Virat Kohli.

Western celebrities of Indian origin or descent — like Freida Pinto, Simone Ashley of “Bridgerton”, sitarist Anoushka Shankar and Vanity Fair editor-in-chief Radhika Jones — took in the show. Other guests included actor Maisie Williams from “Game of Thrones” and Thai actors Mile and Apo from “KinnPorsche.”



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".