Chinese Fast-Fashion Giant Shein Aims to Be More Sustainable

Executive Vice Chairman of Chinese fast-fashion retailer Shein, Donald Tang, talks to public during the World Retail Congress in Barcelona, Spain April 25, 2023. (Reuters)
Executive Vice Chairman of Chinese fast-fashion retailer Shein, Donald Tang, talks to public during the World Retail Congress in Barcelona, Spain April 25, 2023. (Reuters)
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Chinese Fast-Fashion Giant Shein Aims to Be More Sustainable

Executive Vice Chairman of Chinese fast-fashion retailer Shein, Donald Tang, talks to public during the World Retail Congress in Barcelona, Spain April 25, 2023. (Reuters)
Executive Vice Chairman of Chinese fast-fashion retailer Shein, Donald Tang, talks to public during the World Retail Congress in Barcelona, Spain April 25, 2023. (Reuters)

Chinese fast-fashion retailer Shein plans to become more focused on sustainability, Executive Vice Chairman Donald Tang said on Tuesday, adding that consumers are no longer just concerned about affordability.

Shein sells $10 dresses and $5 tops and has taken market share from other affordable fashion retailers. The company produces clothing in China to sell online in the United States, Europe and Asia and has been criticized for promoting throwaway fashion.

"Consumers these days are no longer looking just at price: in the next phase to continue to grow you need to have ESG in mind," Tang said at the World Retail Congress in Barcelona.

ESG, an acronym for environmental, social, and governance, is a term used to describe corporations' efforts to be more responsible.

Tang said that Shein is offering customers an option to pick higher-quality materials and pay a premium for them for certain items.

He also mentioned Shein Exchange, the company's platform where shoppers can resell used clothes, which launched in the US in October and aims to start in other markets this year.

Shein continues to grow "very robustly", Tang said, and regularly has less than 2% of unsold inventory.



Zara-Owner Inditex Q1 Profit Beats Forecasts as Sale Boon Continues 

Shoppers walk past a Zara clothes store, part of the Spanish group Inditex, in Las Palmas de Gran Canaria, Spain, December 13, 2022. (Reuters)
Shoppers walk past a Zara clothes store, part of the Spanish group Inditex, in Las Palmas de Gran Canaria, Spain, December 13, 2022. (Reuters)
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Zara-Owner Inditex Q1 Profit Beats Forecasts as Sale Boon Continues 

Shoppers walk past a Zara clothes store, part of the Spanish group Inditex, in Las Palmas de Gran Canaria, Spain, December 13, 2022. (Reuters)
Shoppers walk past a Zara clothes store, part of the Spanish group Inditex, in Las Palmas de Gran Canaria, Spain, December 13, 2022. (Reuters)

Zara-owner Inditex said on Wednesday sales of its spring-summer collection jumped by 16% over the past month, in a sign the fast fashion retailer can continue its strong run despite higher wage costs and the loss of its Russian business.

The results came as the world's biggest fast fashion company reported a better-than-expected 54% rise in first-quarter profit, as sales kept pace after a strong 2022, when it outperformed other retailers during the cost of living crisis.

Net profit came in at 1.2 billion euros ($1.24 billion) for the quarter that ended in April, exceeding analysts' average expectations of 980 million euros in a Refinitiv poll.

The results suggest Inditex, whose market capitalization exceeded 100 billion euros ($107 billion) for the first time last week, has successfully navigated the challenges of keeping prices competitive despite cost pressures, including a 20% rise in average wages for shop workers in Spain.

Inditex reported solid sales, in line with analyst expectations of 7.56 billion euros, even after selling its profitable Russian division in 2022 and absorbing higher labour costs.

Rival H&M has struggled to compete for shoppers impacted by a cost of living crisis. H&M's sales had also been hit by bad weather in its home market.

Inditex's in-store and online sales rose 13% to 7.6 billion euros in the first quarter, inline with the 13.5% in the first six weeks of the 2023 financial year reported earlier in the year.

Part of Inditex's strategy, which also owns Pull&Bear and Massimo Dutti, is to maintain higher prices outside the Eurozone. In countries such as the United States and Mexico some clothes are up to 91% more expensive than in its home market.

Lower demand in the US caused by a tougher macro environment has been offset by less weather-affected sales in southern Europe.

The gross margin reached a record 60.5%, showing it has been able to pass on higher prices to shoppers. The company sees its gross margin remaining stable in 2023.

Last year, the fashion company benefited from successfully passing on higher prices to shoppers despite a cost of living crisis squeezing margins at most retailers. Inditex also began to charge online returns in more countries with no impact on sales, the company said.

Inditex plans to open 30 more stores in the US in two years. Analysts believe only the strongest global fashion retailers will gain market share in an environment where consumers are becoming more discerning.

Inditex also took the decision to invest more in the customer experience at stores with new self-scanning checkouts and replacing hard anti-theft tags with chips sewn into garments to avoid long queues.


Armani Tests Sustainable Cotton Production in Italy

FILE PHOTO: The logo of Italian fashion company Giorgio Armani is seen at a shop in Zurich, Switzerland July 8, 2021.  REUTERS/Arnd Wiegmann/File Photo
FILE PHOTO: The logo of Italian fashion company Giorgio Armani is seen at a shop in Zurich, Switzerland July 8, 2021. REUTERS/Arnd Wiegmann/File Photo
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Armani Tests Sustainable Cotton Production in Italy

FILE PHOTO: The logo of Italian fashion company Giorgio Armani is seen at a shop in Zurich, Switzerland July 8, 2021.  REUTERS/Arnd Wiegmann/File Photo
FILE PHOTO: The logo of Italian fashion company Giorgio Armani is seen at a shop in Zurich, Switzerland July 8, 2021. REUTERS/Arnd Wiegmann/File Photo

Luxury fashion house Armani Group has started an experimental agroforestry plantation in southern Italy to test new ways to produce cotton sustainably, it said on Monday.

Armani said cotton planting started last month over one hectare of land - to be expanded to five hectares - in the southern region of Apulia.

Agroforestry is a land-use system that plants trees in and around crop and pastureland.

"Over five years, this farm site will be among the first field experiments in Europe testing agroforestry cotton with alternative tree species and regenerative practices," Reuters quoted Armani as saying in a statement.

The project is in collaboration with the Sustainable Markets Initiative’s Fashion Task Force and the Circular Bioeconomy Alliance, both founded by Britain's King Charles in his former role as the Prince of Wales, Armani Group said.

Sustainability has been a growing focus for the fashion sector this year, with both Armani and Gucci and Yves Saint Laurent owner Kering pledging cuts to greenhouse gas emissions, and EU governments agreeing a ban on the destruction of unsold textiles.


Shein Tries to Thread US-China Needle

Executive Vice Chairman of Chinese fast-fashion retailer Shein, Donald Tang, talks to public during the World Retail Congress in Barcelona, Spain April 25, 2023. REUTERS
Executive Vice Chairman of Chinese fast-fashion retailer Shein, Donald Tang, talks to public during the World Retail Congress in Barcelona, Spain April 25, 2023. REUTERS
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Shein Tries to Thread US-China Needle

Executive Vice Chairman of Chinese fast-fashion retailer Shein, Donald Tang, talks to public during the World Retail Congress in Barcelona, Spain April 25, 2023. REUTERS
Executive Vice Chairman of Chinese fast-fashion retailer Shein, Donald Tang, talks to public during the World Retail Congress in Barcelona, Spain April 25, 2023. REUTERS

Shein is threading the world’s trickiest geopolitical needle. The fast fashion phenom, now worth $66 billion, is a formidable rival to Inditex's (ITX.MC) Zara and H&M (HMb.ST) thanks to its marketing prowess and efficient Chinese supply chains – and despite the US-China trade war. But rising American pressure is forcing it to tweak its business model right as it tries to list there.

Shein, pronounced "shee-in", leapt to success by peddling $5 crop tops and $15 bikinis on its app - so affordable that some less environmentally conscious customers have claimed to wear them once and toss them. On an average day, the company pushes out more than 6,000 new designs to keep young buyers hooked. This speed entails some legal costs; it has been frequently sued by clothing makers who allege the company is ripping off their styles, logos and images. Shein denies doing so deliberately.

Shein can afford lawyers, however. Rivals are struggling to defend against its brutal combination of cheap prices and blistering-fast product development. Last year, its top line surged 46% to $23 billion, per the Wall Street Journal, surpassing $22 billion at H&M and outpacing the 18% growth at Inditex. It is now targeting $59 billion in sales by 2025 as it gears up for an initial public offering this year, according to the Financial Times, Reuters reported.

As with contract electronics manufacturer Foxconn, Shein has been accused of unsafe working conditions, low pay, excessive overtime, and using forced labor as it seeks to wring efficiencies from its supply chains. It denies any wrongdoing, and claims its secret sauce is technology and data; it mines viral fashion trends and styles online and feeds the ideas in real time to its network of manufacturers, most of which are located in the southern province of Guangdong. These factories are integrated across a single platform that shares data on sales, capacity, procurement of fabrics and more.

The strategy is to push small batches of 100 to 200 units of a given style into the market, then crank up production quickly if they sell well. A Boston Consulting Group report notes that this model allows Shein to keep inventory turnover at just 40 days. That is far lower than Uniqlo-owner Fast Retailing’s (9983.T) 147 days, as estimated by Morningstar analysts. It also has a slick social media strategy that mobilises TikTok and Instagram influencers.

Another not-so-secret ingredient to success is a trade-war loophole. Overseas packages shipped directly to U.S. customers are exempt from the standard 16.5% import duty and 7.5% tariff on Chinese goods provided they are worth less than $800. Bernstein estimates the average order on Shein is worth around $80. Moreover, most of these packages are not subject to the usual customs inspections that check for intellectual property violations or banned cotton from Xinjiang.


Once-high-flying Retailer ASOS Falls after FTSE 250 Relegation

FILE PHOTO: Smartphone with an ASOS app and a keyboard are seen in front of a displayed ASOS logo in this illustration picture taken October 13, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Smartphone with an ASOS app and a keyboard are seen in front of a displayed ASOS logo in this illustration picture taken October 13, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
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Once-high-flying Retailer ASOS Falls after FTSE 250 Relegation

FILE PHOTO: Smartphone with an ASOS app and a keyboard are seen in front of a displayed ASOS logo in this illustration picture taken October 13, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Smartphone with an ASOS app and a keyboard are seen in front of a displayed ASOS logo in this illustration picture taken October 13, 2020. REUTERS/Dado Ruvic/Illustration/File Photo

ASOS, the British online fashion pioneer valued at more than 7 billion pounds ($8.8 billion) just over two years ago, has been relegated from the FTSE 250 index of mid-sized companies, illustrating the sharp decline in its fortunes.

It shares fell 3% to a 12-year low of 333 pence in early deals on Thursday, giving it a market value of about 400 million pounds, following the quarterly reshuffle by FTSE Russell. It will move to the FTSE SmallCap index on June 16.

The company, like rival Boohoo, grew rapidly as 20-somethings around the world snapped up its fast fashion, and demand surged again during the pandemic when high street rivals were closed.

But it has been hit by supply chain issues, high product returns, increased competition and a cost-of-living squeeze. Earlier this month it posted a first-half loss of 87.4 million pounds.

British Land was the only company relegated from the FTSE 100 index in the June quarterly review, FTSE Russell said. It will be replaced by engineering group IMI.


Shein Plans to Bolster Compliance and Logistics Execs Ahead of US Marketplace

FILE PHOTO: A Shein logo is pictured at the company's office in the central business district of Singapore, October 18, 2022. REUTERS/Chen LinREUTERS
FILE PHOTO: A Shein logo is pictured at the company's office in the central business district of Singapore, October 18, 2022. REUTERS/Chen LinREUTERS
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Shein Plans to Bolster Compliance and Logistics Execs Ahead of US Marketplace

FILE PHOTO: A Shein logo is pictured at the company's office in the central business district of Singapore, October 18, 2022. REUTERS/Chen LinREUTERS
FILE PHOTO: A Shein logo is pictured at the company's office in the central business district of Singapore, October 18, 2022. REUTERS/Chen LinREUTERS

Fast-fashion retailer Shein is boosting senior leaders and executives to roll out its US marketplace and to meet regulatory compliance as it deepens its footprint in North America and looks to diversify away from China.

The company is hiring a US head of logistics, who will be a liaison between Shein’s US and Singapore headquarters, according to a LinkedIn job posting. The company is also hiring an anti-money laundering and compliance executive and a number of US marketplace personnel, as reported by Modern Retail, Reuters reported.

The hiring comes as Shein, a Singapore-based, China-founded e-retailer, faces more scrutiny from US lawmakers who have worries about the company’s connections to China. It is not clear when the company wants to fill the role.

The head of logistics will manage Shein’s relationships with its third-party logistics companies, warehouses and trucking companies. The person will also help the retailer’s overseas logistics team “optimize the import process and handle some daily customs clearance exceptions (cross-border sellers’ orders),” according to the job posting.

Shein, which gained popularity in the US for its $10 dresses and $5 accessories, has come under scrutiny by multiple governments for its relationship with China. US and Brazil lawmakers have particularly criticized its use of customs exemptions that allows low-cost packages shipped directly to consumers to enter the countries duty-free. Brazil is still deciding on a tax rate for shipments from international e-commerce companies.

The US exemption, which was raised from $200 to $800 in 2016, was originally created to offset the costs of checking low-priced shipments, but critics say that e-commerce companies, especially those from China, have disproportionately benefited from it. Critics of the exemption also worry that de minimis shipments from China evade regulations banning forced labor in the consumer product supply chain.

A bipartisan group of two dozen US representatives in May called for the Securities and Exchange Commission to halt Shein's planned initial public offering until it verifies it does not use forced labor.

A separate group of lawmakers on the Select Committee on the Chinese Communist Party sent a letter to Shein in May citing forced labor concerns and its use of de minimis. The company has denied using forced labor and previously said it is voluntarily cooperating with the Committee as it is "committed to respecting human rights and adhering to local laws and regulations in each market” it operates in.


Michael Kors Owner Capri Posts Upbeat Sales, Profit on China Recovery

People walk by a Michael Kors store in Lakewood, Colorado June 1, 2016. (Reuters)
People walk by a Michael Kors store in Lakewood, Colorado June 1, 2016. (Reuters)
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Michael Kors Owner Capri Posts Upbeat Sales, Profit on China Recovery

People walk by a Michael Kors store in Lakewood, Colorado June 1, 2016. (Reuters)
People walk by a Michael Kors store in Lakewood, Colorado June 1, 2016. (Reuters)

Michael Kors parent Capri Holdings Ltd on Wednesday beat estimates for fourth-quarter revenue and profit, buoyed by a sales rebound in China following easing of pandemic-related curbs late last year.

Shares of the luxury group, which also owns Versace and Jimmy Choo brands, rose 5% in premarket trading.

Chinese consumers, unshackled from COVID-19 restrictions, have returned to splurging on luxury handbags and apparel, countering a slowdown in demand from the company's North American market which accounted for 57% of the group's revenue in 2022.

Capri posted adjusted earnings per share of 97 cents, higher than 94 cents that analysts had expected.

The luxury group posted quarterly revenue of $1.34 billion, compared with analysts' average estimate of $1.28 billion, according to IBES data from Refinitiv.


Russian Clothing Brands Plug Gap Left by Western Rivals 

A seamstress works on a piece of Russian brand "Closer" at a sewing workshop in Moscow, Russia April 20, 2023. (Reuters)
A seamstress works on a piece of Russian brand "Closer" at a sewing workshop in Moscow, Russia April 20, 2023. (Reuters)
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Russian Clothing Brands Plug Gap Left by Western Rivals 

A seamstress works on a piece of Russian brand "Closer" at a sewing workshop in Moscow, Russia April 20, 2023. (Reuters)
A seamstress works on a piece of Russian brand "Closer" at a sewing workshop in Moscow, Russia April 20, 2023. (Reuters)

Russian designers and brands are helping the retail sector gradually recover from a turbulent 15 months of store closures and slumping demand, with new labels plugging the gap left by foreign rivals and shoppers tentatively returning.

Hundreds of foreign retailers shut up shop in response to Russia dispatching troops to Ukraine in February 2022, leaving some of Moscow's most prestigious streets with boarded up stores and the industry reeling from a roughly $2.5 billion hit.

Spain's Inditex flagship Zara store in central Moscow, which sat idle for over a year, last month reopened under new management and a new brand, MAAG, leaving customers largely satisfied.

"It looks like nothing has changed since you-know-who was here," Moscow resident Anton told Reuters outside the store.

Fellow Muscovite Antonina said: "I did not find any differences apart from the variety of choice. There's less of everything at the moment."

Money talking

Retail sales, a key gauge of consumer demand, slumped in 2022, hit by soaring inflation and falling wages, while the Western exodus contributed to heavy industry losses, said Oleg Klimov, the president of Russia's Council of Shopping Centers, with logistics and payment concerns taking months to resolve.

"People in general just did not understand what was going on," he told Reuters. "They did not want to spend money. The losses were about 200 billion roubles ($2.47 billion).

"But it is recovering now," he added. "Money always eventually changes hands."

Russians' access to Western products, such as McDonald's burgers and Levi's jeans - symbols of the kind of freedom capitalism could offer as the Soviet Union collapsed - is waning.

Gloria Jeans, once a re-seller of Levi's jeans, has taken over Swedish retailer H&M's central Moscow store.

And the West's shunning of Russia, along with export bans and punitive sanctions, complicates trading routes.

"The biggest problem is international transactions," said Ksenia Zhdanova, who runs her own KSEW clothing brand and is commercial director for online Russian designer wear marketplace Richmill.

"Our industry is extremely dependent on import."

Another problem is the shortage of staff, Zhdanova said, citing a lack of seamstresses and professionals in textiles that she believed only government-led initiatives could resolve.

Russians have developed solutions with small-scale imports and online sellers helping to keep foreign brands alive, but some things remain difficult to find.

Shopper Irina Nikulina said she did not miss foreign brands too much, except when needing something simple, like a reasonably priced white t-shirt.

Tatiana Vakhonina said she missed Swedish furniture giant IKEA and Zara the most.

"We go to Kazakhstan for shopping now," she said. "But some things cannot you buy at all anymore."


Ralph Lauren Results Top Estimates as Shoppers Snap up Polos, Pricey Sweaters

People sit outside a Ralph Lauren store on New Bond Street in London, Britain, March 11, 2023. (Reuters)
People sit outside a Ralph Lauren store on New Bond Street in London, Britain, March 11, 2023. (Reuters)
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Ralph Lauren Results Top Estimates as Shoppers Snap up Polos, Pricey Sweaters

People sit outside a Ralph Lauren store on New Bond Street in London, Britain, March 11, 2023. (Reuters)
People sit outside a Ralph Lauren store on New Bond Street in London, Britain, March 11, 2023. (Reuters)

Ralph Lauren Corp beat profit estimates and reported a surprise rise in fourth-quarter revenue on Thursday as its new seasonal collections resonated with affluent shoppers at a time when luxury spending has cooled in the United States.

The company's shares rose nearly 8% after it also posted a more than 30% jump in sales in China, with demand in the key luxury market rebounding sharply.

While overall US luxury spending has taken a hit, Ralph Lauren's moves to double down on its outdoor wear and women's clothing collections have drawn more shoppers.

Strong demand for its cable-knit sweaters and Polos have also helped the company keep promotions minimal, with quarterly revenue in North America, its biggest market, decreasing a smaller-than-expected 3%.

Ralph Lauren's core higher-income customer base has been resilient, even in North America, Chief Executive Patrice Louvet said.

"(The) more value-oriented consumers are a smaller part of our customer base and getting smaller and smaller, as we bring in more higher-value consumers."

Meanwhile, luxury companies ranging from LVMH and Gucci-owner Kering to Coach handbag maker Tapestry have flagged softer demand in the United States.

"Ralph Lauren has been running a really good business on all fronts, so even in a volatile sort of time, they've been able to have a decent performance," said Jessica Ramirez, senior analyst at Jane Hali and Associates.

The company's Asia segment revenue rose 13% to $390 million.

Fourth-quarter net revenue increased 1% to $1.54 billion, compared with analysts' estimates of a drop to $1.47 billion, according to Refinitiv IBES data.

Excluding items, Ralph Lauren earned 90 cents per share, beating estimates of 61 cents.

The company forecast fiscal 2024 revenue to increase in the low-single digit range, on a constant currency basis. Analysts are expecting a 5.6% rise to $6.73 billion.


Louis Vuitton Braves Rain on Its Italian Island Paradise

Bad weather was likely not top of mind when the storied luxury label chose Isola Bella as the venue for its Cruise 2024 collection. GABRIEL BOUYS / AFP
Bad weather was likely not top of mind when the storied luxury label chose Isola Bella as the venue for its Cruise 2024 collection. GABRIEL BOUYS / AFP
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Louis Vuitton Braves Rain on Its Italian Island Paradise

Bad weather was likely not top of mind when the storied luxury label chose Isola Bella as the venue for its Cruise 2024 collection. GABRIEL BOUYS / AFP
Bad weather was likely not top of mind when the storied luxury label chose Isola Bella as the venue for its Cruise 2024 collection. GABRIEL BOUYS / AFP

Louis Vuitton valiantly battled pounding rain on an Italian island paradise while presenting its cruise collection Wednesday night, the weather sending celebrity guests underneath umbrellas and dampening a hairdo or two.

But when you're the flagship brand within the powerhouse LVMH portfolio, with a guest list that includes Catherine Deneuve, Cate Blanchett and Emma Stone, what's a little rain?

Bad weather was likely not top of mind when the storied luxury label led by Nicolas Ghesquiere chose the tiny Isola Bella, a jewel of an island in the azure waters of Lake Maggiore, as an appropriately jaw-dropping venue for its Cruise 2024 collection, AFP said.

But the rain arrived nonetheless, forcing the show originally planned for the island's formal terraced gardens to take place within the baroque Palazzo Borromeo, still owned by the family of the same name whose noble ancestry dates to the 13th century.

"It's the one thing Nicolas can't control, is the weather," the editor-in-chief of Vogue Thailand, Ford Laosuksri, told AFP after the show, as guests lingered to sip bubbly while hoping (in vain) for the rain to stop.

Laosuksri was wearing a crocheted floral top and sandals -- an endearing if not foolhardy gesture amid the steady rain.

"I didn't want to ruin my velvet shoes," he confided.

Ghesquiere, Louis Vuitton's artistic director since 2013, sent models through the ornate, high-ceilinged rooms of the 17th-century palazzo in eclectic, futuristic creations for which he is celebrated.

Some looks recalled scuba gear adorned with avant garde ruffling, while others felt like fencers' uniforms, protective with thick quilting over the chest.

Fabric was cinched tight like an accordion at the bodice of a sleeveless dress with color blocks in royal blue and yellow gold, imparting texture and movement, while a shiny black dress came with a drawstring neckline that called to mind a popular handbag by the brand.

Sweaters became more airy with a translucent stripe at the midriff, while three chiffon gowns cut on the bias -- in dusty pink, sea green and baby blue -- sported exaggerated puffy sleeves worthy of the Edwardian age.

"It was beautiful, it was flowy but still powerful," said Philippine actress Heart Evangelista.

From fishing to fashion

Louis Vuitton's event was the first-ever fashion show allowed on Isola Bella, a former fishing village transformed by the Borromeos into a sumptuous paradise fit for royalty.

Kings, queens and emperors have been guests at Palazzo Borromeo over the years, including Queen Victoria, Napoleon and Josephine, and even Prince Charles and Princess Diana in 1985.

On Wednesday celebrities and influencers from around the world -- including US actress Jennifer Connelly and Felix from K-Pop's Stray Kids -- descended on the island.

Trying not to slip, guests took cover under the transparent umbrellas provided by the brand before escaping into the palazzo.

Following the show, some guests stood on benches and posed for pictures under the watchful gaze of centuries of Borromeo elders whose portraits line the walls.

Cruise collections are designed to offer warm-weather wardrobes for jet-setters lucky enough to escape to sunny locales during the drab winter months. In recent years, they have become destination events, with brands choosing more and more exotic spots to backdrop their luxury looks.

Louis Vuitton's show comes on the heels of Dior's, which showed a Frida Kahlo-inspired cruise collection in Mexico City Saturday, and Chanel's earlier this month at Hollywood's Paramount Studios.


CEO: M&S Will Pass on Lower Costs to Consumers Immediately

Logo of Marks & Spencer. Reuters file photo
Logo of Marks & Spencer. Reuters file photo
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CEO: M&S Will Pass on Lower Costs to Consumers Immediately

Logo of Marks & Spencer. Reuters file photo
Logo of Marks & Spencer. Reuters file photo

British retailer Marks & Spencer will pass on lower costs to consumers as soon as commodity prices come down, chief executive Stuart Machin said on Wednesday.
"As commodity prices come down, of course we will pass that on immediately," Machin told reporters.

Marks & Spencer sees profit in its current financial year coming in about five to ten million pounds lower than the 482 million pounds ($608 million) it made in the 2022/23 financial year as higher costs weigh on its bottom line.
"The 2023/24 numbers might be just slightly below, five to 10 million below, what we delivered in 22/23 but we're going to do everything during the year to try and offset that," Interim Chief Financial Officer Jeremy Townsend told reporters.