Let the Fashion Policing Begin on Opening Day of Tokyo Games

From left, Czech track cyclist Tomas Babek, hammer thrower Katerina Safrankova, rider Miroslav Trunda, artistic gymnast Aneta Holasova and rider Miloslav Prihoda, pose wearing the new Olympic uniforms for The Tokyo Olympic Summer Games 2020, in Prague, Czech Republic, Tuesday, June 22, 2021. (AP)
From left, Czech track cyclist Tomas Babek, hammer thrower Katerina Safrankova, rider Miroslav Trunda, artistic gymnast Aneta Holasova and rider Miloslav Prihoda, pose wearing the new Olympic uniforms for The Tokyo Olympic Summer Games 2020, in Prague, Czech Republic, Tuesday, June 22, 2021. (AP)
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Let the Fashion Policing Begin on Opening Day of Tokyo Games

From left, Czech track cyclist Tomas Babek, hammer thrower Katerina Safrankova, rider Miroslav Trunda, artistic gymnast Aneta Holasova and rider Miloslav Prihoda, pose wearing the new Olympic uniforms for The Tokyo Olympic Summer Games 2020, in Prague, Czech Republic, Tuesday, June 22, 2021. (AP)
From left, Czech track cyclist Tomas Babek, hammer thrower Katerina Safrankova, rider Miroslav Trunda, artistic gymnast Aneta Holasova and rider Miloslav Prihoda, pose wearing the new Olympic uniforms for The Tokyo Olympic Summer Games 2020, in Prague, Czech Republic, Tuesday, June 22, 2021. (AP)

Let the fashion policing begin.

The Olympics in Tokyo open Friday, when the world’s athletes will march behind their flag-bearers. And when they do, the peanut gallery on what they’re wearing will be open, too.

Olympic gear makes for lively social media fodder, starting with the hours-long Parade of Nations. The year-long wait due to the pandemic has given enthusiasts extra time to ponder what they love or hate.

There’s the Czech Republic and its traditional indigo block-print design with matching fans, already the butt of some jokes. It follows the country’s loud umbrellas and neon-blue Wellington boots of 2012 in London, along with its “Beetlejuice” stripes in Rio in 2016.

Israel’s athletes have see-through nylon jackets with huge pockets, while Emporio Armani decked out Italy’s team in track suits with a reinterpretation of Japan’s rising sun in the colors of the Italian flag: red, green and white. Liberia received the gift of designer Telfar Clemens, the buzzy Liberian American who makes sought-after bags and created their kits for the first time.

Things used to be a lot simpler for the athletes, fashion wise. In the beginning, there was no parade, or opening ceremony for that matter. Athletes wore whatever they chose, often walking with the equipment of their sports.

“In the early days it was no big deal,” said David Wallechinksy, executive board member and past president of the International Society of Olympic Historians. “People would just come on. If a team wanted to dress alike they did.”

Wallechinksy unearthed an image in an archival film showing the 1924 British curlers walking in the Winter Games parade in Chamonix, France, their brooms held high.

In the beginning, clothes were optional altogether, during competition anyway, according to scholars. Athletes often performed in the nude in Ancient Greece. In more modern times, parade uniforms often pay homage to a host country, in addition to traditions, athletic feats and patriotic flourishes.

This year, the pandemic has brought on another element: masks.

Australia has on offer for athletes a sand-colored blazer lined with the names of the country’s 320 Olympic gold medalists. For the closing ceremony, Canada’s Olympic organizers teamed with Levi’s to produce a denim “Canadian tuxedo” jacket alive with Japanese street-style graffiti to be worn with white denim pants.

“This is the gang that comes after you if you say you tried watching ‘Schitt’s Creek’ but couldn’t get into it,” New York Times culture writer Dave Itzkoff tweeted of the look in April, several months after the jacket was unveiled with Team Canada’s other gear.

Alison Brown, host of the Olympic fans podcast “Keep the Flame Alive,” said outfitting Olympic teams, including those competing in the Paralympics, isn’t easy.

“They have to fit all kinds of body types. Think tiny gymnasts, brawny weightlifters and lanky basketball players. They have to convey something about the nation, honor the host, be serious enough for the solemnity of the occasion but practical enough to be comfortable for hours of standing in the heat,” she said.

Count Brown among the fans of the Czech uniforms, done by Zuzana Osako in Prague. They include the team’s mainstay, a gymnast, built into the design. Men will be in blue vests with white pants and women in blue blouses and white skirts.

“They managed to blend elements of Czech folk tradition, traditional Japanese indigo dying techniques, and a call out to the great Czech gymnast Vera Caslavska, but still keep the outfit wearable and comfortable for the heat,” Brown said.

Of Canada’s denim jackets, she said: “I think I wore something similar in 1987. I wonder if anyone over 12 really wants to wear it.”

Lucia Kinghorn, vice president of design at Hudson’s Bay, which helped created Canada’s uniforms and other Olympic gear, is aware of the scorn.

“For as many naysayers, we have even more fans,” she said. “We’re proud of the thoughtful design behind Team Canada’s clothing and happy that so many people are talking about it.”

Brown was similarly unimpressed by the looks for Team USA. They include blue denim pants for the opening parade and white denim pants for the closing ceremony.

“The US has stayed with the same designer, Ralph Lauren, as it has for years, leading to another yachting look. Yawn,” she said. “Also, it’s expected to be very hot in Tokyo. Jeans, a knit top, scarf and a blazer? Who wants to wear denim in that kind of heat and humidity?”

The denim is lightweight in a stretchy fabric.

Japan’s uniforms harken back to those worn by the Japanese team at the opening ceremony of the last Olympics to be held in Tokyo, in 1964. Back then, jackets were red and trousers were white. The colors are switched this year.

“It’s in line with the many call-backs organizers are including to 1964,” Brown said.

Her favorite parade look so far is Mexico’s. The Mexico Olympic Committee held a national vote online to choose the opening ceremony looks from three designs created by High Life. The winning design honors Oaxaca in a single, brightly colored lapel.

“The blazer includes one floral lapel in traditional Zapotec embroidery. So beautiful without being costumey,” Brown said.

The embroidery was done by Oaxacan artisans, making each lapel among the 150 blazers a different custom design, said Jeannette Haber, marketing director of High Life. The artisans, she said, were “happy to be part of the project, and that their designs and their work could have this worldwide exposure.”

Whole collections for sale to consumers are built around what Olympic athletes wear during opening ceremonies.

“It’s a great moment for these brands to show their team spirit and their innovation in new technologies,” said Ted Stafford, fashion director of Men’s Health magazine and market director for Esquire.

That includes a cooling unit Ralph Lauren built into a white denim jacket for the Team USA flag-bearer.

“It’s the world stage and it sets the tone,” Stafford said. “It’s more than just a big fashion show.”



Ralph Lauren Goes Minimal for Latest Fashion Show, with Muted Tones and a More Intimate Setting

File photo: Fall-Winter 2022 fashion from Ralph Lauren is modeled, Tuesday, March 22, 2022, in New York. (AP)
File photo: Fall-Winter 2022 fashion from Ralph Lauren is modeled, Tuesday, March 22, 2022, in New York. (AP)
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Ralph Lauren Goes Minimal for Latest Fashion Show, with Muted Tones and a More Intimate Setting

File photo: Fall-Winter 2022 fashion from Ralph Lauren is modeled, Tuesday, March 22, 2022, in New York. (AP)
File photo: Fall-Winter 2022 fashion from Ralph Lauren is modeled, Tuesday, March 22, 2022, in New York. (AP)

Ralph Lauren has been known for many grand fashion show over the years: taking over Central Park for a sumptuous anniversary celebration, for example, or staging a runway show amid his eye-popping classic car collection.
But for his Fall/Holiday 2024 collection, he decided to go minimal — at least, minimal in Ralph Lauren terms. That meant an intimate show Monday night in a (relatively) small design studio at his New York City offices, inspired by his first women’s fashion show in 1972, where he displayed his wares to editors and friends in his own office.
In front of a typically starry front row that included actors Glenn Close, Jessica Chastain, Kerry Washington, Rebecca Hall and Jodie Turner-Smith, Lauren opened his show on a note of timelessness — his longtime ethos — with the appearance of muse and supermodel Christy Turlington, now 55, in a sleek beige wool coat.
What followed were a series of designs in soothing neutral tones: tans, browns, grays, black and metallics. The soft palette characterized both daytime garments like tailored jackets and sweaters with trousers, and evening wear like slinky, sequined gowns. There were roomy sweaters, lots of boots and wide leather belts with “RL” buckles.
There were Lauren’s familiar Western accents, like long fringes on coats and jacket sleeves. And especially the occasional cowboy hat, which accompanied not only casual ensembles but, to close out the show with a memorable look, a backless gown dress in sparkly gold.
Lauren, 84, appeared briefly at the end, in well-worn jeans, to cheers from the crowd, which also included Vogue editor Anna Wintour.
Close wore a white Lauren pantsuit. “This is a very, very special suit," the actor said. “It was made especially for me. Custom. Five years ago. I won a SAG award in it. So here I am. It looks just as beautiful. It’s a shame to wear something like this only once.”
Close added that growing up in New England, “the mentality was, you buy something that has great quality and then you wear it until it wears out. That’s how I was brought up."
After the show, guests walked the few blocks down to Lauren’s Polo Bar restaurant, where the designer was again cheered when he made his entrance — before tucking into one of his restaurant’s signature burgers.
Lauren's son, David, an executive at the label, discussed the task of creating new designs each season. “You know, everything changes," he said. “You're always looking at new fabrics and you’re looking at new silhouettes, and you’re looking at new ways to bring the brand to life. But there is a philosophy. There is a style.”
With Wintour's Met Gala coming up in exactly a week, David Lauren was asked if the label would be dressing any stars. “Not this year," he said. "We’ve been so involved over the years, but this year we have a fashion show and we’re about to outfit team USA (for the Olympics in Paris) and do a men’s presentation in Milan. So our plate is full.”


Fast-fashion Giant Shein Wants to Sell Skincare, Toothpaste

FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo
FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo
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Fast-fashion Giant Shein Wants to Sell Skincare, Toothpaste

FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo
FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo

Online fast-fashion retailer Shein is courting brands like toothpaste conglomerate Colgate-Palmolive and toymaker Hasbro as it tries to sell more household names on its platform, Reuters reported.
Known for cheap own-brand clothing and accessories, Shein is moving into other categories and has given brands and retailers access to its platform in nine European countries so far, having done so in the United States, Brazil, and Mexico last year.
The strategy, part of Shein's plan to build credibility and better compete with Amazon, is enabling the business to expand and develop new ways of selling goods ahead of a planned stock market listing later this year.
Shein presented its marketplace services at an event in Madrid last month alongside Colgate-Palmolive, Hasbro , Orangina maker Suntory Beverage & Food, and Spanish cosmetics brand Bella Aurora.
"Everybody associates Shein with fashion, but we are doing all verticals," Christina Fontana, senior director of brand operations for Europe, Middle East and Africa at Shein, told delegates at a conference in Paris on April 17.
Seeing shoppers opening Shein and searching for other brands provided the impetus, Fontana said.
"Our consumers want brands, if that's what they're looking for, that's what we're going to give them."
Fontana, who previously worked for AliBaba, is one of several marketplace experts Shein has poached from the Chinese e-commerce giant and other firms.
That recruitment has helped fuel rapid expansion. Shein had an average 108 million monthly active users in European Union member states in the six months to Jan. 31.
But the company's growth has brought new complications, including new EU rules requiring it to police its platform for illegal or harmful products.
In Europe, Shein's marketplace is so far available in Britain, France, Germany, Italy, the Netherlands, Poland, Portugal, Spain, and Sweden.
Whether the new marketplaces succeed and enable Shein to compete with Amazon and AliExpress will depend on what brands the company can attract, experts say.
"If Shein wants to compete as a trustworthy reputable marketplace platform, it really needs endorsement from well-known Western brands," said Xiaofeng Wang, e-commerce analyst at Forrester in Singapore.
SUPERCHARGE SALES
In a Zoom webinar aimed at potential sellers in the United States on Thursday, Shein's head of seller marketing Claire Lin pitched an opportunity for brands to reach millions of shoppers and "supercharge" sales, Reuters said.
"Our shopping experience is very sticky, it's very much gamified," she said. "It's fun to shop on our site, so what we see is the minimum shopping time is around eight minutes, well above industry average."
Shein shoppers are Gen Z and millennial, and skew female - with around an 80-20 split of women versus men, Lin said.
Home, electronics, and beauty & health are currently top-performing categories, she said, and the only category Shein does not offer is food and beverages.
The gross merchandise value (total value of products sold) in the home category tripled in 2023, while electronics grew by 2.5 times, and beauty & health grew by 2.1 times, according to a slide shown during the webinar.
Selling directly through a marketplace can provide a significant sales boost for brands. But before doing so, manufacturers typically seek assurances that the marketplace is a good fit for the audience they want to reach, and that they will have control over pricing and promotions.
Shein's platforms have attracted many third-party retailers.
Products from beauty and skincare brands like Caudalie, CeraVe, La Roche-Posay, Shiseido, The Ordinary, Rimmel, and Weleda are currently being sold on Shein's platform in the US, Britain, Brazil, and Mexico via third-party retailers.
Jayn Sterland, UK & Ireland country manager at Weleda, said the Swiss cosmetics brand was not considering selling on Shein directly.
When assessing a marketplace, reputation, perception, and environmental impact are among the key factors the brand looks at, Sterland added, pointing to sustainability initiatives Weleda works on with Amazon, where it sells directly.
Colgate-Palmolive did not reply to a request for comment. A Hasbro spokesperson said the company participated in the Madrid event "to talk generally about the pros and cons of marketplaces".
A Suntory spokesperson said: "We don't sell any of our drinks on Shein's marketplace and we don't have any plans to, this was just an opportunity to share best practice."


Online Retailer Shein Is Latest to Face Strict European Union Digital Regulations

 26 April 2024, Spain, Madrid: Shein Accessories are pictured in an ephemeral store during its opening at ABC Serrano in Madrid. (dpa)
26 April 2024, Spain, Madrid: Shein Accessories are pictured in an ephemeral store during its opening at ABC Serrano in Madrid. (dpa)
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Online Retailer Shein Is Latest to Face Strict European Union Digital Regulations

 26 April 2024, Spain, Madrid: Shein Accessories are pictured in an ephemeral store during its opening at ABC Serrano in Madrid. (dpa)
26 April 2024, Spain, Madrid: Shein Accessories are pictured in an ephemeral store during its opening at ABC Serrano in Madrid. (dpa)

Online fast-fashion retailer Shein must face the European Union's strictest level of digital regulations, the bloc said on Friday as it added the company to its list of big platforms that need extra scrutiny.

The EU's Executive Commission said it formally classed Shein as a “very large online platform” under the 27-nation bloc's Digital Services Act, an expansive rulebook designed to clean up online platforms and keep internet users safe.

Shein is a low-cost online retailer that was founded in China but is now based in Singapore. It reaches customers mainly through its app. The company said it will “work constructively” to "deliver a safe and compliant environment for our online community.”

“We share the Commission’s ambition to ensure consumers in the EU can shop online with peace of mind, and we are committed to playing our part," Leonard Lin, Shein's global head of public affairs, said in a statement. “We also share a commitment to the principles of transparency and accountability that are at the core of the DSA."

Shein has had a meteoric rise in the West by offering low-cost apparel and household items, primarily targeting younger women through social media partnerships with online influencers and celebrities.

Because it has more than 45 million European users, Shein has to start obeying the most stringent requirements by August. They include taking specific measures to protect online users and assessing and mitigating any “systemic risks” from its services, such as limiting the sale of illegal or counterfeit products.

Shein's obligations also include adjusting its user interfaces and recommendation algorithms to prevent risks to consumer safety and well-being, and filing annual risk assessment reports evaluating potential harm to consumers, especially children, the commission said.

The EU already has 22 tech names including Facebook, TikTok, YouTube, Instagram, Amazon and Google Search on its list of the biggest online services that need the toughest tier of supervision since the DSA took effect last year.

Other online services operating in the EU aren't exempt - they still have to comply with the law's general requirements. Violations are punishable by fines of up to 6% of a company's annual worldwide revenue.


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%.