Versace Reaches for the Stars with Glittery Hollywood Show

Alexander Edwards, left, and Cher arrive at the Versace Fall/Winter collection presentation on Thursday, March 9, 2023, at the Pacific Design Center in West Hollywood, Calif. (Photo by Jordan Strauss/Invision/AP)
Alexander Edwards, left, and Cher arrive at the Versace Fall/Winter collection presentation on Thursday, March 9, 2023, at the Pacific Design Center in West Hollywood, Calif. (Photo by Jordan Strauss/Invision/AP)
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Versace Reaches for the Stars with Glittery Hollywood Show

Alexander Edwards, left, and Cher arrive at the Versace Fall/Winter collection presentation on Thursday, March 9, 2023, at the Pacific Design Center in West Hollywood, Calif. (Photo by Jordan Strauss/Invision/AP)
Alexander Edwards, left, and Cher arrive at the Versace Fall/Winter collection presentation on Thursday, March 9, 2023, at the Pacific Design Center in West Hollywood, Calif. (Photo by Jordan Strauss/Invision/AP)

Decamping from her usual base in Milan to show her wares in Los Angeles — only three days before the Oscars — Donatella Versace says she was inspired by the energy, glamour and power of Hollywood. She had plenty of that, but needed one more thing to make it all work: good weather.

And so, with rain expected on Friday, Versace was forced move her show ahead by a day. It may have been chaotic, but it was the right move, The Associated Press said.

Her star-studded runway show Thursday took place on a cool but gorgeous Los Angeles evening on a spectacular rooftop overlooking the snow-capped San Gabriel mountains, sleek skyscrapers, and the Hollywood hills. Oh, and daylight ceded to darkness right as the show ended — just in time to turn on the floodlights, blast “Let’s Go Crazy” by Prince and head to cocktails.

The sun was still out when the crowd began making its way up to the roof of the imposing Pacific Design Center on Melrose Avenue, with its distinctive blue glass exterior.

Guests included a cross-section of the music, film, fashion and sports worlds: Cher was there, as was Elton John, Dua Lipa, Miley Cyrus, and Lil Nas X. From cinema, there were two best supporting actress Oscar winners — Ariana DeBose and Anne Hathaway — plus a favorite for best supporting actor this year, Ke Huy Quan. From sports, former NBA star Dwyane Wade was there with wife Gabrielle Union.

Attendees jostled to take selfies with the spectacular view behind them, and staffers warned them not to step too far backward and fall off the building.

In creating her 2023 fall-winter line, Versace harked back to a 1995 collection of Atelier Versace, the label’s couture line, with a campaign starring Madonna. Color choices began with black and included caramel and chocolate, as well as apricot, turquoise and pink. Prints included an animal print from the Versace archive and a falling flower motif.

Supermodel Gigi Hadid opened the show in a black, hourglass jacket and knee-length pencil skirt, a sleek tailored look that gradually segued to more glittery ensembles. Naomi Campbell came later, in a slinky black dress with elbow-length gloves.

After a cascade of black outfits for both women and men, a sudden burst of bright pink surfaced, in a wool cropped jacket and miniskirt, then a minidress in a tangerine hue. More than halfway through the show came the luxurious, satiny printed dresses — often minis, and accompanied by those elbow-length gloves for added glamour.

Streetwear was nowhere to be seen, and the long gloves seemed to evoke the Golden Age of Hollywood, which began in the mid-1920s and continued for several decades. Paired with the up-to-there minis, and often accessorized with big sunglasses, they aimed to create what Versace described as “energy from clashing Golden Age glamour with contemporary attitude, and confident power."

How confident? The designer has called this collection a form of armor. As for Los Angeles, Versace has called it “a natural home for us" — a place that makes her feel free and close to nature.
Los Angeles is also, of course, a city of stars — and never more than during Oscar week. The moments before the show felt like a dry run for the Oscars red carpet, with celebrities reuniting or meeting for the first time.

Dua Lipa was shown on social media meeting and sitting next to Cher. And one set of stars seemed particularly thrilled to be meeting: Ke Huy Quan of “Everything Everywhere All at Once” and Hathaway, who each expressed their fandom for the other.

“I’m fainting!” Hathaway said when she laid eyes on Quan. “Everyone is so happy for you!”

Quan replied: “I love you so much."



Puma Shares Plunge 20% as Weak Profit Shakes Confidence

The logo of German sports goods firm Puma is seen at the entrance of one of its stores in Vienna, Austria, March 18, 2016. REUTERS/Leonhard Foeger/File Photo
The logo of German sports goods firm Puma is seen at the entrance of one of its stores in Vienna, Austria, March 18, 2016. REUTERS/Leonhard Foeger/File Photo
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Puma Shares Plunge 20% as Weak Profit Shakes Confidence

The logo of German sports goods firm Puma is seen at the entrance of one of its stores in Vienna, Austria, March 18, 2016. REUTERS/Leonhard Foeger/File Photo
The logo of German sports goods firm Puma is seen at the entrance of one of its stores in Vienna, Austria, March 18, 2016. REUTERS/Leonhard Foeger/File Photo

Puma lost a fifth of its market value on Thursday after the German sportswear brand reported lower than expected fourth-quarter sales and a drop in annual profit, raising questions about its ability to compete with bigger rivals Adidas and Nike.

The poor results late on Wednesday came after Adidas reported strong sales and profitability, highlighting the work Puma still faces to boost its brand and take a bigger slice of the $400 billion global sportswear market.

Puma shares were down 20% at 33.5 euros as of 1330 GMT, on course for their worst day ever and hitting their lowest level since March 2018.

Puma has been relaunching shoes such as the 1999 motor racing-inspired "Speedcat" as it tries to muscle into a market dominated by Adidas' retro Samba soccer sneakers, but JPMorgan analysts said sales trends for the Speedcat have been weaker than expected so far.

Newer, fast-growing brands such as On Running and Hoka have shaken up the sportswear industry, eroding the dominance of Nike , which has seen slowing sales, and creating more competition for shelf space at top sporting goods retailers.

"This will make investors question what the competitive advantage of Puma is," said Deutsche Bank Research analyst Adam Cochrane.

"If Puma is not really taking market share, at a time when its biggest competitor (Nike) is weak, is the customer not accepting the brand premiumisation it is trying to put through?"

Puma has increased spending on marketing to boost its brand perception, and the Speedcat is priced at 109.95 euros ($114.44) on its website, on par with Adidas' Samba – whereas Puma shoes have traditionally been cheaper than Adidas and Nike.

Puma has said it aims to sell between 4 million and 6 million pairs of the Speedcat in 2025.

Puma's fourth-quarter sales rose 9.8% in currency-adjusted terms, below the 12% growth expected by analysts. Net profit last year fell to 282 million euros ($293 million) from 305 million, in part due to higher interest payments on its debt.

The company did not explain what led to its weaker than expected sales. CEO Arne Freundt had said in November he was confident about demand heading into the year-end shopping season, Reuters reported.

The strength of the US dollar poses a problem for Puma, which pays its Asian suppliers in dollars but makes a big share of revenues in euros.

On the back of the weak profit, Puma launched a cost-cutting programme aiming to reach an earnings before interest and tax (EBIT) margin of 8.5% by 2027, up from 7.1% in 2024.

"While we achieved solid sales growth in 2024 and made meaningful progress on our strategic initiatives, we are not satisfied with our profitability," Freundt said in a statement.

Puma said it would continue to make "strategic investments" in its brand to boost growth.

But Barclays analysts said there was a risk the cost-cutting drive would take management's focus away from increasing sales.

"At this stage, we see more questions than answers about the path that Puma will take in the next three years to 2027," they said in a note.

Puma is scheduled to provide more detailed guidance when it publishes its full-year report on March 12.