Milan Fashion Week Goes on under Shadow of Russian Attack

Gigi Hadid wears a creation as part of the Moschino Fall/Winter 2022-2023 fashion collection, unveiled during the Fashion Week in Milan, Italy, Thursday, Feb. 24, 2022. (AP)
Gigi Hadid wears a creation as part of the Moschino Fall/Winter 2022-2023 fashion collection, unveiled during the Fashion Week in Milan, Italy, Thursday, Feb. 24, 2022. (AP)
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Milan Fashion Week Goes on under Shadow of Russian Attack

Gigi Hadid wears a creation as part of the Moschino Fall/Winter 2022-2023 fashion collection, unveiled during the Fashion Week in Milan, Italy, Thursday, Feb. 24, 2022. (AP)
Gigi Hadid wears a creation as part of the Moschino Fall/Winter 2022-2023 fashion collection, unveiled during the Fashion Week in Milan, Italy, Thursday, Feb. 24, 2022. (AP)

Milan Fashion Week continued Thursday under the shadow of the Russian invasion of Ukraine and the possible economic repercussions as the West moves toward tighter sanctions.

The head of the Italian fashion council said more than 1 billion euros worth of luxury exports to Russia could be at risk, even as Russian buyers return to Milan for the first time since the pandemic thanks to a deal brokered with the government to recognize the Sputnik V for business travelers.

“If things continue like this, there will be damage,’’ Carlo Capasa, president of the Italian National Fashion Chamber, told The Associated Press. “But it is not even the moment to think about the economic damage, but instead the damage that man does to himself.”

Even if the runways didn't reflect it, the invasion was running in the background as the fashion world made their rounds, and the realization that once again, the world can change in a flash. It was exactly two years ago during the February fashion week previews that the first case in the West of locally transmitted virus was detected near Milan.

"We're coming out of the pandemic. I don't want to think about a European war. I think we have had enough,'' said Arianna Casadei, the third generation of a shoe-making family from Italy's Emilia Romagna coast.

Highlights from Thursday’s preview shows of mostly womenswear for next fall and winter:

Prada’s pragmatism
Make way for the Prada tank top as the new staple for next winter as Miuccia Prada and Raf Simons mark the second year of their creative collaboration.

The simple white branded tank grounds a collection that employs the sheers from eveningwear as durable daytime looks layered with practical tanks and panties, enveloped in masculine overcoats made pretty with wispy faux fur and feathers applied like arm bands.

The skirt of the season is made in three tiers, like confections, mixing up leather, knits, velvet and sheers, sometimes adorned with sequins and rhinestones. It all has the air of upcycling and easily personalized looks.

Jackets also had feminine cutouts, and were adorned with thick ornamental chains that drape, without enclosing. They were worn with sturdy pleated wool skirts with a 1950s flair.

Simons said the collection echoes “revolutionary moments in Prada’s history.”

“The collection is about the history of women, the history of people, not the history of fashion,’’ Prada said in notes.

Moschino’s girls without guilt
Nothing quite says “Let Them Eat Cake” more than a runway show that features looks crafted to resemble furnishings in a European palace of some bygone century. So was Jeremy Scott’s brocade- and velvet-rich collection for Moschino.

Scott had his fun, sending out one model with the motto: “Gilt without Guilt,” and he had multiple jokes about breasts, at one point serving them up pointedly on a silver platter. But beneath the lamp-shade, candelabra and bird cage hats and beyond the grandfather clock dress, the collection featured day suits in bright patterns mimicking Oriental rugs, as well as an array of smart office dresses with pretty piping and button details.

There was also black eveningwear, like the elegant gown with sculpted details around the bare neck worn with opera gloves by Bella Hadid.

In a final flourish, Gigi Hadid twirled off the runway in a gold lame’ gown with a tulle mermaid finish, golden ivy running up her arms as if a statuette.

Scott took a final bow dressed as an astronaut, a nod to the opening music from a “Space Odyssey” but otherwise a head-scratcher.

Emporio Armani’s color play
In a sign that the pandemic is at last easing, Emporio Armani opened up hundreds of seats in its two shows to employees after officials gave the OK to allow full seating.

Giorgio Armani’s line for youthful dressers combined menswear with womenswear after the house postponed the January men’s show due to a virus surge. The merging provided a perfect complement, with geometric motifs running through both collections — in shades of gray for men contrasting with the pink, coral, seafoam green, red and blues for women.

For her, there were flouncy skirts with structured jackets, soft velvety pants with bold silken blouses. Men wore soft jackets tied at the waist, with off-kilter hats and easy-fitting trousers.

Sunnei’s sprint
Loris Messina and Simone Rizzo literally had models sprinting down an outdoor runway for their Sunnei, and in a tongue-in-cheek comment on how fast the fashion world moves, asked guests to film them only in slow motion.

A faux bossy female voice warned that they would be checking all Instagram posts for scofflaws. ”We like to create a moment, to have people enter in our world,'' Rizzo said.

Rizzo said the pair had always envisioned a fast-moving runway, and came up with a collection that reflected that, including wide-legged trousers and leggings, but also thick fuzzy knitwear and rubberized accessories that gave tell-tale signs of motion.

“We were thinking about the kind of girl living right now, who is always running,'' Rizzo said. But he also saw ties to the greater global situation. “We were thinking about how we all run around without thinking of what is going on around. Even what is happening right now in the world makes us understand we really need to calm down.”

Max Mara volumes
Max Mara offered cold weather wear for next winter that envelopes with dramatic silhouettes. Tight bodices give way to teddy bear fuzzy big skirts. Trousers are wide-legged and cuffed, worn with fanny packs that double as hand muffs.

A geometrical motif ran through the collection, from raised patterns on sock booties to square quilting on puffer jackets that provided a studied contrast to ribbing on knitwear. The house’s monochromes ran from basic camel and black and white to flashes of red and yellow.



Kering’s Fourth-Quarter Sales Fall Less Than Expected as Gucci Slide Continues

The logo of French luxury group Kering is seen at Kering headquarters in Paris, France, February 13, 2023. (Reuters)
The logo of French luxury group Kering is seen at Kering headquarters in Paris, France, February 13, 2023. (Reuters)
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Kering’s Fourth-Quarter Sales Fall Less Than Expected as Gucci Slide Continues

The logo of French luxury group Kering is seen at Kering headquarters in Paris, France, February 13, 2023. (Reuters)
The logo of French luxury group Kering is seen at Kering headquarters in Paris, France, February 13, 2023. (Reuters)

Kering reported on Tuesday a slightly smaller-than-expected drop in fourth-quarter sales, as investors await details of CEO Luca de Meo's plans ​to revive the Gucci owner's flagging fortunes.

Sales reached 3.9 billion euros ($4.64 billion), down 3% from the previous year when adjusted for currency swings. That beat analysts' consensus forecast for a 5% drop, according to Visible Alpha.

The revenue drop was 10% at Italian flagship label Gucci, which accounts for most of Kering's profits, versus analyst expectations of a 12% decline.

It ‌was the brand's ‌10th straight quarter of revenue ‌decline.

Finance ⁠Chief ​Armelle ‌Poulou told journalists Gucci saw some improvement at the end of last year in "almost all regions", helped by newly introduced products and handbag sales.

Grappling with weak sales since the maximalist styles of Gucci's former star designer Alessandro Michele fell out of fashion in 2022, Kering has faced heightened investor scrutiny over its high ⁠debt and declining profitability.

Free cash from operations fell by 35% last year ‌when excluding one-off payments from real estate ‍sales, reaching 2.3 billion euros, Kering ‍said.

"For Kering, it's really about (restoring) the broad desirability globally," said ‍JPMorgan analyst Chiara Battistini.

Facing an uncertain business outlook, the group, which also owns Gucci Balenciaga, Bottega Veneta and Yves Saint Laurent, further reduced its store network by 75 boutiques with further closures planned, Poulou said.

The ​earnings underscored the steep challenges Kering faces to catch up with peers even though its shares have ⁠risen around 50% since de Meo's appointment was announced last June.

"2025 did not reflect Kering's true potential or the strength of our brands, but it enabled us to lay the foundations for our future recovery," said Poulou.

Kering's annual operating income reached 1.63 billion euros, less than a third of its 2022 level. Kering's operating profit margin fell to 11% group-wide and 16% at Gucci, down from 28% and 36% three years earlier.

By contrast, LVMH delivered a 22% margin last year amid ‌a broader luxury slowdown, with its leather and fashion division - home to Louis Vuitton and Dior - hitting 35%.


Pieter Mulier Named Creative Director of Versace

(FILES) Pieter Mulier attends the 2025 CFDA Awards at The American Museum of Natural History on November 03, 2025 in New York City. (Photo by Dimitrios Kambouris / GETTY IMAGES NORTH AMERICA / AFP)
(FILES) Pieter Mulier attends the 2025 CFDA Awards at The American Museum of Natural History on November 03, 2025 in New York City. (Photo by Dimitrios Kambouris / GETTY IMAGES NORTH AMERICA / AFP)
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Pieter Mulier Named Creative Director of Versace

(FILES) Pieter Mulier attends the 2025 CFDA Awards at The American Museum of Natural History on November 03, 2025 in New York City. (Photo by Dimitrios Kambouris / GETTY IMAGES NORTH AMERICA / AFP)
(FILES) Pieter Mulier attends the 2025 CFDA Awards at The American Museum of Natural History on November 03, 2025 in New York City. (Photo by Dimitrios Kambouris / GETTY IMAGES NORTH AMERICA / AFP)

Belgian fashion designer Pieter Mulier has been named the new creative director of the Milan fashion house Versace starting July 1, according to an announcement on Thursday from the Prada Group, which owns Versace.

Mulier is currently creative director of the French fashion house Alaïa, and was previously the right-hand man of fellow Belgian designer and Prada co-creative director Raf Simons at Calvin Klein, Jil Sander and Dior.

In his new role, Mulier will report to Versace executive chairman Lorenzo Bertelli, the designated successor to manage the family-run Prada Group. Bertelli is the son of Miuccia Prada and Prada Group chairman Patrizio Bertelli.

“We believe that he can truly unlock Versace’s full potential and that he will be able to engage in a fruitful dialogue,’’ The Associated Press quoted Lorenzo Bertelli as saying of Mulier in a statement.

Mulier takes over from Dario Vitale, who departed in December after previewing just one collection during his short-lived Versace stint.

Mulier was honored last fall by supermodel and longtime Alaïa muse Naomi Campbell at the Council of Fashion Designers of America for his work paying tribute to brand founder Azzedine Alaïa. Mulier took the creative helm in 2021, after Alaïa’s death.


Ralph Lauren’s Margin Caution Eclipses Stronger‑than‑expected Quarterly Results

Guests wait after viewing the latest Ralph Lauren collection in New York City, US, April 17, 2025. REUTERS/Caitlin Ochs/File photo
Guests wait after viewing the latest Ralph Lauren collection in New York City, US, April 17, 2025. REUTERS/Caitlin Ochs/File photo
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Ralph Lauren’s Margin Caution Eclipses Stronger‑than‑expected Quarterly Results

Guests wait after viewing the latest Ralph Lauren collection in New York City, US, April 17, 2025. REUTERS/Caitlin Ochs/File photo
Guests wait after viewing the latest Ralph Lauren collection in New York City, US, April 17, 2025. REUTERS/Caitlin Ochs/File photo

Ralph Lauren posted third-quarter results above Wall Street estimates on Thursday, but the luxury retailer's warning of margin pressure tied to US tariffs sent its shares down nearly 6.4% in premarket trading.

The company expects fourth-quarter margins, its smallest revenue period, to shrink about 80 to 120 basis points due to higher tariff pressure and marketing spend.

Ralph Lauren, which sources its products from regions such as China, India and Vietnam, has relied on raising prices and reallocating production to regions with lower duty exposure to offset US tariff pressures, Reuters reported.

"Ralph Lauren has been able to raise prices for some time now. There is some limit on how long it can continue to do this. I think (the company's) gross margins are near peak levels," Morningstar analyst David Swartz said.

The company, which sells $148 striped linen shirts and $498 leather handbags, has tightened inventory, lifted full-price sales and refreshed core styles, boosting its appeal among wealthier and younger customers, including Gen Z.

Higher-income households are still splurging on luxury items, travel and restaurant meals, while lower- and middle-income consumers are strained by higher costs for rents and food as well as a softer job market.

The New York City-based company saw quarterly operating costs jump 12% year-on-year as it ramped up brand building efforts through sports-focused brand campaigns such as Wimbledon and the US Open tennis championship.

The luxury retailer said revenue in the quarter ended December 27 rose 12% to $2.41 billion, above analysts' estimates of a 7.9% rise to $2.31 billion, according to data compiled by LSEG.

It earned $6.22 per share, excluding items, compared to expectations of $5.81, aided by a 220 basis points increase in margins and an 18% rise in average unit retail across its direct-to-consumer channel.

Ralph Lauren now expects fiscal 2026 revenue to rise in the high single to low double digits on a constant currency basis, up from its prior forecast of a 5% to 7% growth.