Iconic New York Discount Luxury Store Reopens After Pandemic Bust 

A customers shops during the reopening of the Century 21 flagship department store in New York City on May 16, 2023. (AFP)
A customers shops during the reopening of the Century 21 flagship department store in New York City on May 16, 2023. (AFP)
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Iconic New York Discount Luxury Store Reopens After Pandemic Bust 

A customers shops during the reopening of the Century 21 flagship department store in New York City on May 16, 2023. (AFP)
A customers shops during the reopening of the Century 21 flagship department store in New York City on May 16, 2023. (AFP)

Forced to shutter during the Covid-19 pandemic, discount luxury goods store Century21 reopened its flagship location in Manhattan on Tuesday, drawing elated crowds of bargain hunters back to the New York institution.

Shoppers traversed the city and even state borders to line up from as early as 6:00 am to be some of the first to enter the legendary Big Apple department store near the World Trade Center complex in lower Manhattan.

Under red balloons and to the applause of Century21 owners the Gindi family, the first shoppers shouted with joy as they entered the store after three years of closure due to the pandemic, which brought New York to its knees in 2020 and 2021.

"It means so much to the people of New York," said 63-year-old Gale Kaplan, who traveled from Brooklyn across the East River for the reopening.

"During 9/11 it closed and when it reopened, everybody was so joyful, so to see it able to come back after Covid, it feels like a real new blossoming of New York and I'm just thrilled to be back here shopping."

Brooklyn was the home of the first iteration of Century21, founded in 1961 and decked with clothes and accessories from coveted brands such as Valentino, Louis Vuitton, Calvin Klein, Ralph Lauren, Guess, Levi's, Kate Spade, Helmut Lang, but at end of stock reduced prices that defied all competition.

'The best store'

Melody White, 62, traveled from the borough of Queens to get in line by 6:00 am.

"I was really, really upset when they closed because it's the best store, you could get the best buys, nice clothes, everything."

Kaplan was "more excited standing on line to the Century21 opening than I was on line for the Sistine Chapel," she said.

"That's how happy I am."

Also all smiles, Century21 vice president Eddie Gindi said Tuesday was "an incredible day for us."

"Right now we're making history," he said, more than 20 years after almost disappearing after the September 11, 2001, attacks that destroyed the twin towers at the nearby World Trade Center, and three years after the company filed for bankruptcy as New York was battered by the pandemic.

"We don't take this for granted," he said.

New York Mayor Eric Adams, who has put the economic and touristic recovery of the megalopolis at the heart of his policies -- despite inflation -- was also celebrating, hugging the Gindi family in the store, its aisles again stacked with merchandise.

"When they had to close, it just broke their hearts. And all they thought about is how do we come back?... How do we serve the people? It was a main anchor for our tourists, they would come here and line up and shop, to see the good products that we had in all places," he said.

For Gindi, the grand reopening of Century21 "is bringing back the spirit of New York City like no other company can do because we are part of the thread of New York City," one of the world's leading economic and commercial centers.



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.