Egypt Dusts Off Pyramids for Fashion, Pop and Art Shows

French fashion house Dior presented its 2023 fall men's collection in the shadow of Egypt's ancient Giza pyramids on Saturday. Ahmed HASAN / AFP
French fashion house Dior presented its 2023 fall men's collection in the shadow of Egypt's ancient Giza pyramids on Saturday. Ahmed HASAN / AFP
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Egypt Dusts Off Pyramids for Fashion, Pop and Art Shows

French fashion house Dior presented its 2023 fall men's collection in the shadow of Egypt's ancient Giza pyramids on Saturday. Ahmed HASAN / AFP
French fashion house Dior presented its 2023 fall men's collection in the shadow of Egypt's ancient Giza pyramids on Saturday. Ahmed HASAN / AFP

Egypt is using the ancient grandeur of its pyramids as a backdrop for modern pop concerts and fashion shows, hoping to boost tourism and the luxury brand sector beloved by its moneyed elite.

French fashion house Dior debuted its latest collection Saturday at the Giza pyramids, after Italian designer Stefano Ricci held a show at Luxor's dramatic Temple of Hatshepsut in October.

Dior CEO Pietro Beccari told AFP the fashion house chose the pyramids as far more than "just a useless background", drawing on Egyptian astrology for the collection named "Celestial".

Before that, American pop bands Maroon 5 and the Black Eyed Peas performed at the Giza Necropolis, where contemporary art was also recently shown at the latest Art d'Egypte exhibition.

The modern cultural push is a new direction for Egypt's image.

Long a cultural powerhouse in the Arab world, with wildly popular singers and movie stars especially in its heyday in the 1950s-70s, Egypt has set its sights on its ancient heritage to attract the global spotlight once more.

A harbinger of the new embrace of ancient culture and history was a "golden parade" last year of 22 pharaohs that crossed Cairo from an old to a new museum in a carnival-style grand spectacle.

It was part of a push by President Abdel Fattah al-Sisi's government to revive tourism, which accounts for 10 percent of GDP and some two million jobs.

- 'Vital' glamour -
Showcasing Egypt's heritage in a new context "will encourage other brands and international cultural figures to come to Egypt," said art historian Bahia Shehab.

Fashion photographer Mohsen Othman agreed that such glamorous events are "vital".

Big brands like Dior "come in with a huge budget," employ local talent and "support young creators who can put Egypt on the global fashion map".

Iman Eldeeb, whose agency cast two Egyptian models for Saturday's show, told AFP it was a "long-awaited step for the fashion world in Egypt".

Egypt's luxury goods sector has grown despite years of economic turmoil that saw the pound lose half its value in a 2016 currency devaluation.

Despite the downturn, Egypt, the Arab world's most populous country, is home to 86,000 millionaires, according to the bank Credit Suisse.

"The richest one percent are enough to create demand," said public relations specialist Ingy Ismail, who advises luxury brands.

The boutiques in the shopping centers of Cairo's chic new satellite cities, she said, are "up to the standards of international luxury brands".

- 'Young creative talent' -
Egypt's bubble of super rich has helped create a home-grown fashion design scene whose pioneers have recently ventured onto the catwalks of Milan and Paris.

At this year's Paris Fashion Week, Cairo-based luxury brand Okhtein showed a resin-made bustier that evoked Egyptian alabaster at French fashion house Balmain's show.

It was a rare success story for Egypt's creative sector, where "most people are self-taught, working hard with scarce resources to try and meet international standards," said Othman, the photographer.

Ismail said the country's luxury clothing and jewelry market "has gone from under 100 Egyptian brands to more than 1,000 today", fueled by "a huge pool of young creative talent".

International events offer rare exposure, but getting them to the country is still a challenge.

"It is a big step for the government to authorize Art d'Egypte and Dior to organize events at the foot of the pyramids," the art show's curator, Nadine Abdel Ghaffar, told AFP.

- Timeless marvels -
But "promoting the country's culture" must be a priority, added Abdel Ghaffar, who believes a dedicated government body could better promote exhibitions, concerts, shows and even film production.

Shehab, the art historian, said many realize that Egypt, known for its timeless architectural marvels in the desert, needs to project an updated image of itself.

"There's more and more awareness about the need for soft power and for culture as a representation for the country," she said, cautioning however that Egypt still requires "better infrastructure" to make this happen.

The latest Egypt-themed production was a Disney+ TV miniseries, Marvel Comics' "Moon Knight," for which two entire Cairo city blocks were built from scratch -- on a set in Budapest.



Nike Shares Rise as Apple’s Cook Doubles His Bet on CEO Hill’s Overhaul Effort

A jogger wearing Nike shoes runs along the Charles River in Cambridge, Massachusetts, US, March 18, 2019. (Reuters)
A jogger wearing Nike shoes runs along the Charles River in Cambridge, Massachusetts, US, March 18, 2019. (Reuters)
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Nike Shares Rise as Apple’s Cook Doubles His Bet on CEO Hill’s Overhaul Effort

A jogger wearing Nike shoes runs along the Charles River in Cambridge, Massachusetts, US, March 18, 2019. (Reuters)
A jogger wearing Nike shoes runs along the Charles River in Cambridge, Massachusetts, US, March 18, 2019. (Reuters)

Nike shares rose 5% in early trading on Wednesday after Apple CEO Tim Cook doubled his personal stake in the sportswear maker, raising his bets on the margin-pinching turnaround efforts led by CEO Elliott Hill.

Cook, who has been on Nike's board since 2005, bought 50,000 shares at $58.97 ‌each, according to ‌a regulatory filing. As of December ‌22, ⁠he holds about ‌105,000 shares, which is now worth nearly $6 million.

It was the largest open market stock purchase for a Nike director or executive and possibly the largest in more than a decade, said Jonathan Komp, analyst at Baird Equity Research.

"(We see) Cook's move as a positive signal for the progress under CEO Elliott Hill and Nike's 'Win ⁠Now' actions," Komp said.

The purchase comes days after Nike reported weaker quarterly margins and weak ‌sales in China even as CEO ‍Hill tries to revive demand ‍through fresh marketing plans and innovation focused on running and sports, ‍while phasing out lagging lifestyle brands.

He has also attempted to mend Nike's ties with wholesalers such as Dicks Sporting Goods to increase visibility among shoppers amid stiff competition from newer brands.

However, the strategy has strained Nike's margins, which have been declining for over a year, while its efforts to win back its ⁠premier position in discount-friendly China appears to be faltering.

Nike's shares have slumped nearly 13% since it reported results on December 18 and are on track for the fourth straight year of declines. They were trading at $60.19 on Wednesday.

Cook has been a lead independent director of Nike since 2016 when co-founder Phil Knight stepped down as its chairman.

The Apple CEO "remains extremely close" with Knight, Komp said, adding that he has advised Nike through key strategic decisions including Hill's appointment last year.

Board director and former Intel CEO ‌Robert Swan also bought about 8,700 shares for about $500,000 this week.


Etro Founding Family Exits Group as New Investors Including Türkiye's RAMS Global Join

L Catterton, a private equity firm backed by French luxury giant LVMH, will remain Etro's majority owner. Reuters
L Catterton, a private equity firm backed by French luxury giant LVMH, will remain Etro's majority owner. Reuters
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Etro Founding Family Exits Group as New Investors Including Türkiye's RAMS Global Join

L Catterton, a private equity firm backed by French luxury giant LVMH, will remain Etro's majority owner. Reuters
L Catterton, a private equity firm backed by French luxury giant LVMH, will remain Etro's majority owner. Reuters

The founding family of Italian fashion house Etro has sold the minority stake it still owned in the brand to a group of investors including Turkish group RAMS Global, the company said on Friday.

L Catterton, a private equity firm backed by French luxury giant LVMH, will remain Etro's majority owner and "will continue to actively support the brand's long-term growth strategy," Etro added, according to Reuters.

The new investors comprise also Italian fashion group Swinger International and small private equity firm ⁠RSI.

In addition to buying the stake, they all subscribed to a capital increase that will lower L Catterton's holding in Etro to between 51% and 55% from around 65%.

When including both the acquisition and the capital increase, the deal is worth around 70 ⁠million euros ($82 million), two sources close to the matter said. Etro did not disclose financial details.

Chief Executive Fabrizio Cardinali will remain at the helm, while Faruk Bülbül, representing RAMS Global, will become chairman of the board.

L Catterton bought a 60% stake in the brand known for its paisley motif four years ago, and it slightly increased the holding over the years.

The company, founded by Gimmo Etro in 1968, has ⁠been struggling with its turnaround. Last year it posted a net loss of 23 million euros with net revenues declining to 245 million euros from 261 million euros, according to filings with the local chambers of commerce reviewed by Reuters.

Rothschild advised L Catterton and the Etro family on the deal.

Rothschild had been hired in 2024 to look for a new investor who could buy all or part of the Etro fashion group, sources had previously told Reuters.


Paris Court Rejects Bid to Suspend Shein Platform in France

A customer holds shopping bags with a Shein logo in the first physical space of Chinese online fast-fashion retailer Shein on the day of its opening inside the Le BHV Marais department store, the Bazar de l'Hotel de Ville, in Paris, France, November 5, 2025. REUTERS/Sarah Meyssonnier/File Photo
A customer holds shopping bags with a Shein logo in the first physical space of Chinese online fast-fashion retailer Shein on the day of its opening inside the Le BHV Marais department store, the Bazar de l'Hotel de Ville, in Paris, France, November 5, 2025. REUTERS/Sarah Meyssonnier/File Photo
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Paris Court Rejects Bid to Suspend Shein Platform in France

A customer holds shopping bags with a Shein logo in the first physical space of Chinese online fast-fashion retailer Shein on the day of its opening inside the Le BHV Marais department store, the Bazar de l'Hotel de Ville, in Paris, France, November 5, 2025. REUTERS/Sarah Meyssonnier/File Photo
A customer holds shopping bags with a Shein logo in the first physical space of Chinese online fast-fashion retailer Shein on the day of its opening inside the Le BHV Marais department store, the Bazar de l'Hotel de Ville, in Paris, France, November 5, 2025. REUTERS/Sarah Meyssonnier/File Photo

A Paris court on Friday rejected a government request to suspend Chinese fast-fashion platform Shein in France after authorities found illegal weapons and child-like sex dolls for sale on the fast-fashion giant’s website.

Shein welcomed the decision, saying it remains committed to strengthening its control processes in cooperation with French authorities.

“Our priority remains protecting French consumers and ensuring compliance with local laws and regulations," the company said in an emailed statement to The Associated Press.

The controversy dates to early November, when France’s consumer watchdog and Finance Ministry moved toward suspending Shein’s online marketplace after authorities said they had found childlike sex dolls and prohibited “Class A” weapons listed for sale, even as the company opened its first permanent store in Paris.

French authorities gave Shein hours to remove the items. The company responded by banning the products and largely shutting down third-party marketplace listings in France.

French officials have also asked the European Commission to examine how illegal products were able to appear on the platform under EU rules governing large online intermediaries.