Met Gala: Rihanna, Jared Leto as Choupette, Kim K. In Pearls

Barbadian singer/actress Rihanna arrive for the 2023 Met Gala at the Metropolitan Museum of Art on May 1, 2023, in New York. (AFP)
Barbadian singer/actress Rihanna arrive for the 2023 Met Gala at the Metropolitan Museum of Art on May 1, 2023, in New York. (AFP)
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Met Gala: Rihanna, Jared Leto as Choupette, Kim K. In Pearls

Barbadian singer/actress Rihanna arrive for the 2023 Met Gala at the Metropolitan Museum of Art on May 1, 2023, in New York. (AFP)
Barbadian singer/actress Rihanna arrive for the 2023 Met Gala at the Metropolitan Museum of Art on May 1, 2023, in New York. (AFP)

Rihanna shut down the Met Gala carpet Monday encased in white camellias on a jacket with a long train gown. Janelle Monáe dropped a bulky coat to reveal a see-through cage and Jeremy Pope walked in a 32-foot cape emblazoned with the visage of Karl Lagerfeld.

In the spirit of Lagerfeld himself (he was not often on time), Rihanna and her Valentino couture had the carpet to themselves save her partner, A$AP Rocky, who wore a red tartan skirt over crystal-studded jeans with a train of his own. They showed up well past everyone else.

Around her neck was a short Bulgari necklace in Akoya cultured pearls and pearl-shaped diamonds.

Lagerfeld was the honoree at the A-list gala with many in the crowd of about 400 dressed in vintage looks from the fashion houses where he worked during a career of more than 60 years.

But elegant wasn't entirely the hallmark of the evening. Jared Leto dressed as Choupette, Lagerfeld's beloved fluffy cat. Lil Nas X went full cat covered in crystals by Pat McGrath and Dior Men.

Bad Bunny showed up late in bright white from head to toe with a long cape also adorned with camellias, a Coco Chanel motif embraced by Lagerfeld. Monáe’s look, with a black sparkly leotard underneath, was made by Thom Browne.

Cardi B first donned pink then switched to a full black ballgown with, you guessed it, camellias. Up top, she said, “is giving Karl, the house of Chanel and Karl at the same time.” It was a men's white collar shirt accent with a black men's tie. The outfit in honor of Lagerfeld was done by an up-and-coming British design house, Chenpeng Studio.

“The Met Gala dress code was ‘in honor of Karl’ and guests definitely understood the assignment,” said Alison Cohn, deputy fashion news editor for Harper's Bazaar. “They referenced the many signatures Karl Lagerfeld developed over his six-decade plus career.”

Many used boucle fabric (Teyana Taylor's Thom Browne suit and Anne Hathaway's Versace safety pin number). Also adorned in camellias were Emily Blunt in a Michael Kors blouse and Adut Akech in a Carolina Herrera gown.

Dua Lipa walked in a white Chanel ballgown from the fashion house’s archive and Nicole Kidman chose a look Lagerfeld himself made for her 20 years ago.

And there were some bombshells: Serena Williams wore a flapper Gucci look when she announced she's pregnant with her second child.

Lipa, a gala co-chair, wore a Tiffany & Co. diamond around her neck. She called her cream-colored dress, by Chanel from 1992, “very, very special” as it has been on her mood boards.

Claudia Schiffer wore the gown on the runway for its debut, although hers had a matching hat. Lipa's necklace in platinum included a center diamond of more than 200 carats.

Nicole Kidman said it was Lagerfeld who ignited her fashion spark. She wore a pale pink gown created by Lagerfeld for a Chanel No. 5 commercial she starred in. It's adorned with 3,000 silver crystals for the ad directed by Baz Luhrmann.

“I’m very grateful to wear it,” she told The Associated Press. “He was so much a part of my life, as were his whole team. He was the one really sort of shepherded me … in terms of my love of fashion.”

Kidman topped off her look with Harry Winston diamonds.

“My favorite look was Nicole Kidman's ethereal feathered sequin Chanel gown. Typically stars wear new couture straight off the runway or have a custom look commissioned. It was a lovely statement about sustainability, proving that beautifully hand-crafted pieces never go out of style,” Cohn said.

Kim Kardashian, meanwhile, went with loops and loops of pearls all over her Schiaparelli look. And Cardi B went big in pink, complete with a feathery head piece.

Many in the crowd counted Lagerfeld as a friend or worked with him at Chanel, Fendi, Chloe or one of the other fashion houses where he created.

And many guests wore black to walk the unusual carpet in a line design. It was a color Lagerfeld wore almost exclusively. Black-and-white combos were also plentiful.

Kristen Stewart wore the color duo in a suit with a cropped white jacket. And Cara Delevingne honored her old friend Lagerfeld with a ruffled white shirt look short in front with a train at the back. Ruffled shirts were among Lagerfeld's favorites.

The classic colors weren't for Viola Davis. She walked in a stunning neon pink strapless gown with long feathers at the bodice.

Frenchye M. Harris, CEO and founder of the online fashion site The Black Fashion Movement had one word for Davis: “Gorgeous!”

She called Anne Hathaway's Chanel-inspired but Versace-created look with the pins and camellias at the breast “super cool and a great marriage between the brands.”

Gigi Hadid wore Givenchy in black with feathers, a drop waist and sheer train in tulle. It took more than 300 hours to make. Kendall Jenner was also in black, sans pants. She wore a sparkly leotard with long sleeves that has pieces doubling as a train. On her feet were kinky, towering black boots, all courtesy of Marc Jacobs.

Jenner's high white collar was a nod to those worn by Lagerfeld. Her hair was in a high ponytail.

Rita Ora was also in black, a stunner of a peekaboo sheer look from Prabal Gurung. It was silk tulle with corset detailing and sexy draping in chiffon. One shoulder was dropped.

Margot Robbie, who stars in this summer's “Barbie” live-action film, wore a 1993 Chanel gown in black that Cindy Crawford first wore on a runway. Robbie said she was the last Chanel ambassador to be handpicked by Lagerfeld.

“I feel really great in it. It's an honor," she said.

The invitation-only gala earned $17.4 million last year for the museum's Costume Institute, a self-funding department with a budget dependent on the gala's success. The price of attending went up this year to $300,000 for a table and $50,000 for a single ticket.

The guests from fashion, film, music, theater, sports, tech and social media were asked to dress “in honor of Karl” by gala mastermind Anna Wintour, a close Lagerfeld friend who first signed on to the event in 1995 and took over the helm in 1999.

The party coincides with the Costume Institute's blockbuster spring exhibition: "Karl Lagerfeld: A Line of Beauty.”

American fashion was last year's vibe. It followed gilded glamour and white tie. Camp was the theme in 2019, producing what is considered one of the wackiest displays of dress by the celebrity crowd.

Lagerfeld worked for Chanel, Fendi, Chloé, Jean Patou, Balmain, his own brand and more.

This year’s five hosts include Wintour, as usual, and also Michaela Coel, longtime Chanel ambassador Penélope Cruz, and recently retired tennis superstar Roger Federer.

Cruz looked like a bride with a sheer hood on her white Chanel belted gown with silver details from spring/summer couture collection in 1988.

Asked how he got to be a Met Gala co-chair, Federer said it helps to know Wintour. He said it makes sense for athletes to be at the gala because they’ve become a bigger part of the fashion world in recent years.

“I think the sports people have gotten more and more fashionable,” Federer told the AP. “We’re fortunate to get onto covers much more frequently nowadays. Before it was always the models, the good-looking people, not the athletes.”

Fendi, where Lagerfeld worked for more than 20 years, was also represented. Suki Waterhouse wore a 2019 Fendi design by Lagerfeld in silk tulle and delicate flowers and birds on sheer panels.

Lagerfeld's cat, Choupette, had been rumored to attend but her humans posted on Instagram earlier in the day the 11-year-old feline was staying put in Paris. Doja Cat's cat-eared hood on a sparkling white and silver-beaded dress was an ode by Oscar de la Renta. She wore prosthetics that gave her a feline face and claws.

Chloe Fineman carried a cat-shaped bag and Emma Chamberlain wore “Choupette blue,” a light blue hue created by Lagerfeld. James Corden also showed up in the shade.

As for Leto, he swapped out his cat costume for a black caped look.



Hermes Q1 Sales Jump 17% on Growth Across Regions

(FILES) An employee holds a USD129,000 crocodile Hermes Birkin Bag for the press to see during a private opening for the new Hermes store on Wall Street in New York 21 June 2007. (Photo by Timothy A. CLARY / AFP)
(FILES) An employee holds a USD129,000 crocodile Hermes Birkin Bag for the press to see during a private opening for the new Hermes store on Wall Street in New York 21 June 2007. (Photo by Timothy A. CLARY / AFP)
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Hermes Q1 Sales Jump 17% on Growth Across Regions

(FILES) An employee holds a USD129,000 crocodile Hermes Birkin Bag for the press to see during a private opening for the new Hermes store on Wall Street in New York 21 June 2007. (Photo by Timothy A. CLARY / AFP)
(FILES) An employee holds a USD129,000 crocodile Hermes Birkin Bag for the press to see during a private opening for the new Hermes store on Wall Street in New York 21 June 2007. (Photo by Timothy A. CLARY / AFP)

Birkin bag maker Hermes reported a 17% surge in first-quarter sales on Thursday, sustaining a rapid growth rate from the previous quarter and underlining strong demand for high end luxury.
Sales rose to 3.81 billion euros ($4.08 billion) for the three months to March 31 and beat expectations for a 13% rise, according to consensus provider Visible Alpha.
One of the most consistent performers in the luxury goods sector, Hermes is known for its ability to maintain strong growth even in the face of deteriorating economic conditions.
Its first-quarter growth far outpaced larger rival LVMH , underlining the strength of businesses operating in the top end of the market and defying broader weakness in key market China.
Sales updates from several leading luxury groups including LVMH and Kering have offered little reassurance that Chinese demand for high-end fashion is bouncing back, Reuters reported.
Hermes, which sells handbags priced at more than $10,000, said its sales in Asia excluding Japan grew 14%, and all other regions reported double-digit rises.
The company saw "slightly softer" traffic in China in March following the Chinese New Year holiday, Eric du Halgouet, executive vice-president finance, told journalists.
However strong demand from wealthier clients offset a reduction in purchases by those seeking more affordable silk items and fashion accessories, he said.


Prada Outshines Rivals with 16% Revenue Lift Boosted by Miu Miu

The logo of fashion house Prada is seen outside a shop in Milan, Italy, April 8, 2024. (Reuters)
The logo of fashion house Prada is seen outside a shop in Milan, Italy, April 8, 2024. (Reuters)
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Prada Outshines Rivals with 16% Revenue Lift Boosted by Miu Miu

The logo of fashion house Prada is seen outside a shop in Milan, Italy, April 8, 2024. (Reuters)
The logo of fashion house Prada is seen outside a shop in Milan, Italy, April 8, 2024. (Reuters)

Italy's Prada defied a slowdown across the luxury sector in the first quarter, reporting booming demand for its high fashion brand Miu Miu and continued growth in Asia.

Family-owned Prada on Wednesday reported sales up 16% to 1.19 billion euros ($1.27 billion) at constant exchange rates, slightly above a 1.14 billion euro consensus cited by analysts.

Its performance contrasts with that of Gucci-owner Kering. The French group on Tuesday forecast a 40% to 45% plunge in first-half operating profit, after first-quarter sales declined. LVMH's sales grew 3% in the first quarter.

For Prada, Europe and Asia Pacific, and in particular Japan, drove the sales growth, while the Americas lagged.

In a post-results conference call Prada echoed comments of other luxury brands saying Chinese shoppers were travelling more and spending more abroad in places like Japan and Europe, reducing sales at home in the holiday period.

Among its brands, flagship label Prada's retail sales grew by 7% in the January-March period, while Miu Miu, which contributes around 15% of total sales, posted an 89% increase.

"Over the first quarter, we delivered a solid performance in a more challenging market environment," Prada Group Chairman Patrizio Bertelli said in a statement.

"While the industry is experiencing new dynamics, we retain our ambition to deliver solid, sustainable and above market growth," Chief Executive Andrea Guerra said.

Guerra told an analyst call that the luxury industry had entered a new phase where strong creativity and a brand's positioning and desirability would drive performance.

He added that the sales trend in April was similar to that seen in the first quarter.

A dual listing, which was expected in Milan, is still on the agenda though not a priority at the moment, CFO Andrea Bonini told analysts, dismissing a press report about a possible triple listing.

The group is not planning to add additional shops this year, while 10-15 store openings for Miu Miu are slated for 2025, and five to 10 for Prada.

Prada shares rose 2.2% on the Hong Kong stock exchange before the results. Since the beginning of January the stock has risen around 37%.


From Milan to Riyadh... Marangoni International Institute to Open in 2025

Officials are seen at the press conference on Tuesday. (Photo: Turki al-Okaili)
Officials are seen at the press conference on Tuesday. (Photo: Turki al-Okaili)
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From Milan to Riyadh... Marangoni International Institute to Open in 2025

Officials are seen at the press conference on Tuesday. (Photo: Turki al-Okaili)
Officials are seen at the press conference on Tuesday. (Photo: Turki al-Okaili)

Istituto Marangoni, one of the top fashion universities in Milan, unveiled a strategic partnership with the Saudi Fashion Commission to establish an institute in Riyadh in 2025.

The announcement came during a press conference in the Saudi capital on Tuesday, in the presence of Deputy Minister of Culture Hamed bin Mohammed Fayez.

According to a statement, the institute’s mission in the Kingdom is to open new horizons for developing local talent, empowering women, and enhancing employment with the aim to transform the fashion sector into a dynamic market for young consumers and innovators in the digital world. The institute will be accredited by the Saudi Technical and Vocational Training Corporation (TVTC).

The institute aims to provide academic services designed to boost career paths in the fields of fashion, business and luxury management. The main academic program includes a 3-year advanced diploma, and is available in specific basic areas, such as fashion product design and management, creative direction, perfume and cosmetics management and interior design.

Officials underlined the importance of this partnership, which they said reflected efforts to bolster foreign investments in the Kingdom.

In remarks to Asharq Al-Awsat, Chief Executive Officer of the Fashion Commission of Saudi Arabia's Ministry of Culture Burak Cakmak said the partnership with the Marangoni Institute was a good indicator of the foreign investors’ interest to work in the fashion sector in the Kingdom.

He added that the authority has worked over the past three years on many aspects to empower the sector, including identifying local brands, providing programs to professionalize business, and supporting talent at the international and local levels, leading to the launch of Fashion Week in Riyadh in October last year.

Managing Director of Istituto Marangoni Stefania Valenti explained that Saudi Arabia’s Vision 2030 has encouraged the institute to work with the Kingdom, pointing to the presence of a consistent program led by the Saudi Fashion Commission.

Moreover, she added that the growth of local and international brands in the Saudi market requires ready creative management.


Kering’s Shares Dive 9% as Gucci Falters 

A logo of fashion house Gucci is seen outside a shop in Paris, France, April 15, 2024. (Reuters)
A logo of fashion house Gucci is seen outside a shop in Paris, France, April 15, 2024. (Reuters)
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Kering’s Shares Dive 9% as Gucci Falters 

A logo of fashion house Gucci is seen outside a shop in Paris, France, April 15, 2024. (Reuters)
A logo of fashion house Gucci is seen outside a shop in Paris, France, April 15, 2024. (Reuters)

Shares in French luxury group Kering fell by as much as 9.3% in early trade on Wednesday, to their lowest level in over 6 years, as the market digested news of a likely 40%-45% plunge in first-half operating profit.

First-quarter sales at Kering declined 10%, the company reported after the market close on Tuesday, as wealthy shoppers curbed spending on products from its star label Gucci, reflecting a wider slowdown in luxury buying.

In the all-important Chinese market, a property crisis and high youth unemployment have weighed on Chinese shoppers' appetite for high end fashion and the company does not expect much improvement in the second quarter, company executives told analysts.

So far this year, Kering's share price has lost around a fifth of its value.

Its dive on Wednesday to the lowest level since October 2017 put it on track for the biggest one-day drop since March 20, a day after a previous warning from Kering that dashed hopes it had stemmed sales declines at Gucci.

The century-old Italian fashion house, which accounts for half of group sales and two-thirds of profit, is undergoing an overhaul. Executives are seeking to reignite sales with an aesthetic reset, led by creative director Sabato de Sarno, and including an emphasis on leather goods.

Executives say that early products from the new Ancora collection, which include glossy Jackie bags and chunky, platform loafers, have been well received, but stores will not be fully stocked with the products until later this year.

Kering's performance dragged down other luxury companies, with Burberry - which is also revamping its brand - down 3%, while shares of larger rivals LVMH and Hermes were slightly lower, down 0.5% and 0.2% respectively.

While management is positive about margin recovery in the second half as the new Gucci collection becomes more available, analysts at JPMorgan said the execution risk was high.

"We think it is too early to turn more constructive on this turnaround journey," they said.


Russia Approves Deal for Hugo Boss to Sell Russian Business

A man walks his dog in a meadow, set in spring colors, outside Moscow, Russia, 23 April 2023. EPA/MAXIM SHIPENKOV
A man walks his dog in a meadow, set in spring colors, outside Moscow, Russia, 23 April 2023. EPA/MAXIM SHIPENKOV
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Russia Approves Deal for Hugo Boss to Sell Russian Business

A man walks his dog in a meadow, set in spring colors, outside Moscow, Russia, 23 April 2023. EPA/MAXIM SHIPENKOV
A man walks his dog in a meadow, set in spring colors, outside Moscow, Russia, 23 April 2023. EPA/MAXIM SHIPENKOV

Russia's government commission on foreign asset sales has approved a deal for German fashion house Hugo Boss to sell its Russian business to retailer Stockmann, Interfax reported on Wednesday, citing a government official.
Hugo Boss did not immediately respond to a request for comment.
Hugo Boss, along with many retailers, temporarily suspended its retail business operations in Russia soon after Moscow dispatched its army to Ukraine in February 2022. It also said it had paused its e-commerce activities in the Russian market and stopped advertising.
Interfax cited Deputy Minister of Industry and Trade Viktor Yevtukhov as saying that the government commission had approved the sale, with one of the conditions being all jobs are preserved.
The deal is expected to close in the third quarter of this year, Interfax reported.


Italian Fashion House Valentino Suffers Drop in Profit in 2023

The logo of fashion house Valentino is seen outside a shop in Milan, Italy, April 8, 2024. REUTERS/Claudia Greco
The logo of fashion house Valentino is seen outside a shop in Milan, Italy, April 8, 2024. REUTERS/Claudia Greco
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Italian Fashion House Valentino Suffers Drop in Profit in 2023

The logo of fashion house Valentino is seen outside a shop in Milan, Italy, April 8, 2024. REUTERS/Claudia Greco
The logo of fashion house Valentino is seen outside a shop in Milan, Italy, April 8, 2024. REUTERS/Claudia Greco

Operating profit at Italian fashion house Valentino dropped 18% last year, to 99 million euros ($105.7 million), the company said on Tuesday.
Last year French luxury group Kering, which is struggling to revive sales at its star brand Gucci, bought a 30% stake in Valentino, with an option to purchase the whole of company's share capital by 2028.
Valentino added its 2023 revenues dropped 3% at constant exchange rate, to 1.35 billion euros ($1.44 billion).
Earlier this year Valentino hired former Gucci designer Alessandro Michele as creative director, after the departure of longtime incumbent Pierpaolo Piccioli.
Direct sales, which include e-commerce and represents 66% of total sales, rose 3% last year, boosted by a positive performance in Asia Pacific and Japan, the company said.
The second half of the year was challenging for the European market, while the Americas showed "encouraging signs" in the same period, the fashion house added.


British Retailer JD Sports to Buy US Rival Hibbett for $1.08 Billion

FILE PHOTO: JD Sports logo is seen on the exterior of a store in London, Britain, November 17, 2021. REUTERS/May James/File Photo
FILE PHOTO: JD Sports logo is seen on the exterior of a store in London, Britain, November 17, 2021. REUTERS/May James/File Photo
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British Retailer JD Sports to Buy US Rival Hibbett for $1.08 Billion

FILE PHOTO: JD Sports logo is seen on the exterior of a store in London, Britain, November 17, 2021. REUTERS/May James/File Photo
FILE PHOTO: JD Sports logo is seen on the exterior of a store in London, Britain, November 17, 2021. REUTERS/May James/File Photo

JD Sports Fashion has proposed to buy American athletic-fashion retailer Hibbett Inc for about $1.08 billion, the companies said on Tuesday, as the British sportswear retailer expands across the southeastern US.
JD Sports, Britain's largest sportswear retailer, will pay $87.50 per Hibbett share in cash, representing a premium of about 20% to the US firm's last closing price.
The Bury, Greater Manchester-based company said it expects to fund the deal and refinance Hibbett's existing debt through its existing US cash resources of $300 million and a $1 billion extension to its existing bank facilities.
The enlarged group would have combined revenues of about 4.7 billion pounds ($5.80 billion) in North America, JD Sports said, adding that the region's contribution to total sales would increase to about 40% from the current 32%.


Apparel Maker Gildan Recommends Two Browning West Nominees to Board

Representation photo: A model presents a creation from the Fall/Winter 2023/2024 Collection by British designer Kim Jones for Dior fashion house during the Paris Fashion Week, in Paris, France, 20 January 2023. (EPA)
Representation photo: A model presents a creation from the Fall/Winter 2023/2024 Collection by British designer Kim Jones for Dior fashion house during the Paris Fashion Week, in Paris, France, 20 January 2023. (EPA)
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Apparel Maker Gildan Recommends Two Browning West Nominees to Board

Representation photo: A model presents a creation from the Fall/Winter 2023/2024 Collection by British designer Kim Jones for Dior fashion house during the Paris Fashion Week, in Paris, France, 20 January 2023. (EPA)
Representation photo: A model presents a creation from the Fall/Winter 2023/2024 Collection by British designer Kim Jones for Dior fashion house during the Paris Fashion Week, in Paris, France, 20 January 2023. (EPA)

Gildan Activewear recommended the election of two Browning West nominees to its board on Monday, ahead of its annual and special shareholder meeting on May 28.
The Canadian clothing maker's board has been clashing with activist fund Browning West, which owns 5% of Gildan, following the ouster of co-founder and CEO Glenn Chamandy in December, Reuters said.
In January, Browning West escalated its fight with Gildan, expanding its list of board candidates to eight from five and called an annual and special shareholder meeting amid the ongoing dispute to replace a majority of its board members and reinstate Chamandy as CEO.
On Monday, the board recommended the election of Karen Stuckey and J.P. Towner, nominated by Browning West. It also appointed five new independent directors to its board effective May 1, 2024.
Gildan had said in March its board decided to put the company up for sale and is in talks with multiple bidders.
The company added on Monday that external interest in an acquisition persists and the process is ongoing.


Louis Vuitton Holds 'Voyager' Fashion Show in Shanghai

A logo of Louis Vuitton is displayed on a Louis Vuitton store on the Champs-Elysees avenue in Paris, France, March 30, 2024. (Reuters)
A logo of Louis Vuitton is displayed on a Louis Vuitton store on the Champs-Elysees avenue in Paris, France, March 30, 2024. (Reuters)
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Louis Vuitton Holds 'Voyager' Fashion Show in Shanghai

A logo of Louis Vuitton is displayed on a Louis Vuitton store on the Champs-Elysees avenue in Paris, France, March 30, 2024. (Reuters)
A logo of Louis Vuitton is displayed on a Louis Vuitton store on the Champs-Elysees avenue in Paris, France, March 30, 2024. (Reuters)

Louis Vuitton debuted its newly-labeled "Voyager" traveling show in Shanghai on Thursday night, showing off asymmetric hemlines and boxy leather vests in the country that is one of the brand's key markets.
More than 1,000 invitees, including international celebrities like Cate Blanchett and local stars such as Zhou Dongyu and Jackson Wang, took in the pre-fall collection designed by women's artistic director Nicolas Ghesquière, Reuters said.
The show was held in the cavernous concrete expanse of the Atelier Deshaus-designed Long Museum, in the riverside West Bund art district. It included pieces made in collaboration with Beijing-based artist Sun Yitian, who painstakingly paints photographs of inflated plastic animals, including ducklings, cats and rabbits. Reprints of her works were incorporated into the opening designs of the show.
In the days leading up to the show, images of Sun's work popped up around Shanghai, China's most international city, projected onto the exterior of malls and plastering walls in hip shopping and lifestyle districts.
For Louis Vuitton, the largest luxury brand in the LVMH stable, China continues to represent one of the world's most important luxury opportunities, even as a broader economic slowdown and consumer malaise stymie growth.
LVMH said on Tuesday that year-on-year sales for the quarter ending in March rose 3% on an organic basis, but purchases by Chinese shoppers globally grew 10%.
Last year, Louis Vuitton's men's line, helmed by Pharell Williams, staged a large-scale show in Hong Kong.


L’Oreal Shares Shine After Sales Beat Expectations 

A cosmetic display of French cosmetics group L'Oreal is seen at a duty free shop at the Nice International Airport, in Nice, France, October 10, 2018. (Reuters)
A cosmetic display of French cosmetics group L'Oreal is seen at a duty free shop at the Nice International Airport, in Nice, France, October 10, 2018. (Reuters)
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L’Oreal Shares Shine After Sales Beat Expectations 

A cosmetic display of French cosmetics group L'Oreal is seen at a duty free shop at the Nice International Airport, in Nice, France, October 10, 2018. (Reuters)
A cosmetic display of French cosmetics group L'Oreal is seen at a duty free shop at the Nice International Airport, in Nice, France, October 10, 2018. (Reuters)

Shares in L'Oreal rose more than 4% in early Friday trading after the French cosmetics giant beat expectations with a strong rise in first quarter sales on Thursday evening, allaying concerns about a slowdown in the United States.

L'Oreal shares were up 5.0% at 0745 GMT having lost 6% this year up to Thursday's close.

"A rock solid quarter, despite concerns," said analysts at Barclays. While L'Oreal did acknowledge a slowdown in the United States, it "comfortably surprised to the upside," both in the US and Europe, they said.

The world's biggest beauty company reported more than 12% sales growth in both North America and Europe, lifted by its mass market range and dermatological products, which helped offset weakness in the luxury segment.

"L'Oreal delivered a strong beat," Bernstein analysts wrote in a note to investors.

They noted L'Oreal's ability to shift investments in advertising and promotions to different parts of the world and across categories and demographics, enabling it to optimize global growth and make it more resilient.