Beppe Modenese, Creator of Milan Fashion System, Dies at 90

Honorary president of the Italian Fashion Chamber, Beppe Modenese, attends a news conference in Milan, Italy, Tuesday, May 31, 2016. (AP)
Honorary president of the Italian Fashion Chamber, Beppe Modenese, attends a news conference in Milan, Italy, Tuesday, May 31, 2016. (AP)
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Beppe Modenese, Creator of Milan Fashion System, Dies at 90

Honorary president of the Italian Fashion Chamber, Beppe Modenese, attends a news conference in Milan, Italy, Tuesday, May 31, 2016. (AP)
Honorary president of the Italian Fashion Chamber, Beppe Modenese, attends a news conference in Milan, Italy, Tuesday, May 31, 2016. (AP)

Beppe Modenese, the force behind the coalescence of Italian ready-to-wear fashion in the northern city of Milan, has died. He was 90.

Modenese died Saturday in the fashion capital. No cause of death was given.

Dubbed “Italy’s Prime Minister of Fashion” in 1983 by Women’s Wear Daily, Modenese remained a front-row mainstay into recent seasons, maintaining the official title of honorary president of the Italian fashion council, the Italian National Fashion Chamber. An impeccable dresser, he was known for one extravagance: red socks.

“Beppe Modenese contributed like no one else to the birth of the Italian fashion system,’’ fashion council president Carlo Capasa said in a statement. “We lose a reference figure and an icon, many of us also lose a generous friend. We will miss his intelligence and elegance, his sense of humor, and his wit, but Beppe leaves us a great legacy to honor.”

Modenese started his fashion career in the 1950s in Florence, working with Giovanni Battista Giorgini to organize the first Italian runway shows in Florence in the early 1950s, as Italian fashion began to gain an international following around such houses as Emilio Pucci and Roberto Capucci.

He was instrumental in later moving the center of fashion gravity from Florence’s Pitti Palace to Milan, persuading such founding fashion names as Missoni to make the transition, and sharing a lifelong friendship with the late founder Ottavio Missioni and his widow, Margherita.

He was among the founders of the Italian High Fashion Syndicated, which later became the Italian National Fashion Chamber, which he led for many years. During his tenure, runway shows were concentrated in the now-old Milan convention center, but now have since decentralized to locations throughout the city, with many designers constructing their own venues.

As the head of the fashion council, Modenese discovered many talents, notably Domenico Dolce and Stefano Gabbana, who made their Milan runway debut in 1985.

The Amazon Prime series, Made In Italy, includes an episode focusing on another important chapter in his career promoting Italian fashion as a system, his organization of Idea Como, which he engineered as a place for designers and textile makers to meet.

Giorgio Armani recalled their early days in Milan, both as outsiders, Armani having arrived from the Lombardy province of Piacenza and Beppe from the neighboring Piedmont region.

“This perhaps gave us more enthusiasm, a desire to invent a life and a job that we tried and tested, day in, day out,” Armani said in tribute. “Beppe dealt with public relations with the elegance and taste that everyone has always appreciated, but also with a different organizational and, I would say, political vision. A system had to be organized: the pret-a-porter system, and he did it so well that it still bears his mark today.”

Modenese was also remembered by conductor Riccardo Muti, who wrote in a tribute published in Corriere della Sera, that he got to know the fashion protagonist during the two decades that Muti was music director of La Scala, which Modenese frequented.

“After the performances we would go to their Milan home for extraordinary evenings, both for the quality of the guests and conversations, both deep and light, full of irony and humor," Muti wrote, adding that Modenese was “a great music lover, who never missed the Ravenna Festival,” founded by Muti's wife.

Modenese will be buried in his native down of Alba, in the neighboring region of Piedmont.



L’Oreal Shares Bounce on Third-Quarter Sales

A L'Oreal sign is displayed at the beauty products section of a department store inside a shopping mall in Beijing, China June 10, 2025. (Reuters)
A L'Oreal sign is displayed at the beauty products section of a department store inside a shopping mall in Beijing, China June 10, 2025. (Reuters)
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L’Oreal Shares Bounce on Third-Quarter Sales

A L'Oreal sign is displayed at the beauty products section of a department store inside a shopping mall in Beijing, China June 10, 2025. (Reuters)
A L'Oreal sign is displayed at the beauty products section of a department store inside a shopping mall in Beijing, China June 10, 2025. (Reuters)

Shares in L'Oreal rose 4% on Friday, hitting their highest in more than two years, after the French cosmetics giant reported third-quarter sales well ahead of expectations on strong demand for premium products in China and elsewhere.

Sales from July ‌to September rose ‌7.7% on an adjusted like-for-like basis ‌to €11.56 ⁠billion ($12.95 billion), topping a ⁠consensus analyst forecast of 5.9% growth in a Visible Alpha poll, L'Oreal said late on Thursday.

The maker of Lancome creams and Prada perfumes beat estimates for growth in all regions apart from Latin America, with North Asia, which is ⁠predominantly China, significantly ahead. All of its ‌divisions apart from ‌its mass market unit exceeded expectations.

"L'Oreal, once again, beat a ‌high bar," Barclays analysts said in a note.

Analysts ‌at Jefferies called the report "an impressively strong update", highlighting a "momentum shift in China and Europe" that lifted the growth rate in its Luxe division.

The group generates ‌a third of its revenue from its luxury division, but in China that ⁠business ⁠accounts for about two thirds of its sales in the market, positioning it well for a pick-up in Chinese demand. L'Oreal says it is growing three times faster than the market in China.

Shares were up 4.4% at €431.2 ($482.60) by 0917 GMT, the highest since June 2024. The shares are up by more than 17% this year.

"We see scope for the shares to test €450 as investors increasingly recognize the durability of its superior growth profile," the Barclays analysts added.


Gucci Owner Kering Drops 12% as Luxury Braces for Tough Winter

The logo of French luxury group Kering is pictured on the day of the Kering General Assembly meeting at the company's headquarters in Paris, France, May 28. (Reuters)
The logo of French luxury group Kering is pictured on the day of the Kering General Assembly meeting at the company's headquarters in Paris, France, May 28. (Reuters)
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Gucci Owner Kering Drops 12% as Luxury Braces for Tough Winter

The logo of French luxury group Kering is pictured on the day of the Kering General Assembly meeting at the company's headquarters in Paris, France, May 28. (Reuters)
The logo of French luxury group Kering is pictured on the day of the Kering General Assembly meeting at the company's headquarters in Paris, France, May 28. (Reuters)

Shares in Gucci owner Kering tumbled 12% on Friday after the group reported further sales declines, but said it would stick with CEO Luca de Meo's turnaround plan and accelerate store closures, aiming for 125 by year-end.

The recovery long promised by luxury brands seems nowhere in sight, as the expansion of war ‌in the Middle ‌East, along with China's tax crackdown on ‌the ⁠wealthy, piled further ⁠pressure on the world's biggest luxury conglomerates in the third quarter, and executives buckled in for a tough winter.

Riots in Paris, leaving Louis Vuitton shop windows smashed and electric-bike bonfires near luxury shopping hub Place Vendome, threw into sharp relief the political risk faced by luxury brands not just abroad but also ⁠at home.

Shares in LVMH and Hermes were ‌also down 1% to 1.5% on ‌Friday, as crude prices hit their highest level since early May, worsening ‌the squeeze on households that has curbed consumers' ability to ‌splurge on handbags and clothes.

Gucci's decline has continued despite de Meo's plan to make the brand's prices more enticing to middle-class consumers and creative director Demna's new collections hitting stores.

"The progress made on ‌improving brand desirability remains in its very early stages," JPMorgan analyst Chiara Battistini said in a ⁠note. Gucci ⁠sales improved in wholesale, but were down 6% overall as fewer shoppers visited its stores.

While Kering struggles to execute a turnaround against a weak economic backdrop, even high-end Hermes is showing signs of slowing, with its ready-to-wear division falling 2% in the third quarter due to weak Chinese demand. Overall, Hermes reported its weakest quarterly sales growth since 2020.

Across the sector, valuations have taken a beating as investors reassess future growth prospects. After a 40% slide in share price since January 1, Hermes' valuation is its lowest since 2014, while LVMH's is at a 10-year low.


UK's Debenhams Returns to Profit after Five Years, Expects Further Cost Cuts

FILE PHOTO: Debenhams logo is seen on smartphone in front of a displayed Boohoo logo in this illustration taken January 25, 2021. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Debenhams logo is seen on smartphone in front of a displayed Boohoo logo in this illustration taken January 25, 2021. REUTERS/Dado Ruvic/Illustration/File Photo
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UK's Debenhams Returns to Profit after Five Years, Expects Further Cost Cuts

FILE PHOTO: Debenhams logo is seen on smartphone in front of a displayed Boohoo logo in this illustration taken January 25, 2021. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Debenhams logo is seen on smartphone in front of a displayed Boohoo logo in this illustration taken January 25, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

British fashion ‌retailer Debenhams , also known as boohoo, reported a profit for the first time in five years on Friday and expects further cost cuts as a turnaround plan gathers pace, said Reuters.

Here are some more details:

-The company reported pretax profit of £28.3 million ($37.89 million) for the six ‌months ended August ‌31, compared to a ‌loss ⁠of £17.9 million a year ⁠ago, its first profit before tax since August 2021.

-Expects to reduce costs related to depreciation, lease and interest in fiscal year 2028, while a new financial ⁠facility should further cut costs.

-Debt ‌to be ‌negligible by the end of the ‌year thanks to the disposal of ‌Sheffield automation and lease assignment and sale of Nasty Gal brand, the retailer said.

-The company reported steady growth ‌in September and reiterated its previous annual forecast of gross merchandise value (GMV) ⁠growth ⁠and adjusted core profit no less than £59 million.

-It expects to deliver more than £100 million in profit before tax in the medium term and become a multi-billion-pound GMV business.

-The group's turnaround plan has been focused on streamlining its operations to tackle mounting debt and slow demand at its youth brands.