Jeweller Pandora Sees Lower Growth in 2025 After Strong US Holiday Sales 

Pandora jewellery is displayed at the outlet retail store at Bicester Village in Oxfordshire, Britain, August 21, 2024. (Reuters) 
Pandora jewellery is displayed at the outlet retail store at Bicester Village in Oxfordshire, Britain, August 21, 2024. (Reuters) 
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Jeweller Pandora Sees Lower Growth in 2025 After Strong US Holiday Sales 

Pandora jewellery is displayed at the outlet retail store at Bicester Village in Oxfordshire, Britain, August 21, 2024. (Reuters) 
Pandora jewellery is displayed at the outlet retail store at Bicester Village in Oxfordshire, Britain, August 21, 2024. (Reuters) 

Danish jewellery maker Pandora said on Wednesday that its growth and profit margin this year would be lower than last, as it expects sluggish demand in Europe and slowing growth in Germany after a strong run.

Pandora, known for its charm bracelets, reported operating profit in line with expectations for the key holiday shopping quarter, but said Black Friday discounts had driven a bigger share of sales, weighing slightly on profitability.

The world's biggest jewellery company by volume said it sees 7-8% organic growth in 2025. Organic growth for 2024 was 13%, better than the company's guidance of 11-12%.

Pandora reported fourth quarter comparable sales growth of 9% in the US, helping drive 6% growth overall. Germany's comparable sales grew by 28%, slower than the 42% growth in the third quarter, while revenues in France and Italy both fell.

"We had a very strong fourth quarter in the US and Canada," Lacik said in an interview. "It's a stronger consumer demand and sentiment in the US than we see in Europe, and one would probably think that that's going to continue into this year."

Pandora said performance in Italy and France was impacted by economic challenges and an "intense promotional environment" - competitive pressure to lower prices and discount products.

Fourth-quarter operating profit rose to 4.15 billion crowns from a year-earlier 3.67 billion, against a mean forecast of 4.10 billion in an analyst poll provided by Pandora. Pandora's operating profit margin was 34.7%, slightly above analysts' average forecast.

The company expects an operating profit margin of around 24.5% in 2025, down from 25.2% last year.

Pandora, whose shares recently hit a record high, also launched a new share buy-back program for up to 4 billion Danish crowns.



Paris Fashion Doyenne Nichanian Bows Out at Hermes after 37 Years

French designer Veronique Nichanian took over ready-to-wear Hermes menswear in 1988. GEOFFROY VAN DER HASSELT / AFP
French designer Veronique Nichanian took over ready-to-wear Hermes menswear in 1988. GEOFFROY VAN DER HASSELT / AFP
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Paris Fashion Doyenne Nichanian Bows Out at Hermes after 37 Years

French designer Veronique Nichanian took over ready-to-wear Hermes menswear in 1988. GEOFFROY VAN DER HASSELT / AFP
French designer Veronique Nichanian took over ready-to-wear Hermes menswear in 1988. GEOFFROY VAN DER HASSELT / AFP

France's Veronique Nichanian will present her final men's collection for Hermes on Saturday after 37 years as chief designer, the end of an era for the family-run firm and one of the industry's top female creatives.

Her departure adds to the upheaval at the top of the European luxury clothing sector over the last 12 months, which has seen a new generation of designers promoted at a host of brands including Chanel, Dior and Gucci, said AFP.

Many of them were barely in school when the doyenne of Paris fashion took over menswear at Hermes in 1988 with instructions from then company boss Jean-Louis Dumas to run it "like your small company".

Paris-born Nichanian helped transform a niche luxury brand known for its scarves and leather goods into a global fashion profit machine with sales of menswear estimated at several billion euros a year.

Her design philosophy mirrors her own discreet personality, with a focus on quality and comfort through quiet evolutions, rather than flashy re-invention.

"It is time to pass the torch," the 71-year-old said as she announced her departure in October, adding that she intended to relax more and fulfil "a long-standing dream" of spending several months in Japan.

Hermes is one of the few fashion houses in a male-dominated industry to have women in charge as creative directors.

Womenswear has been designed since 2014 by fellow French couturier Nadege Vanhee-Cybulski, while Nichanian will be replaced by 30-something London designer Grace Wales Bonner, who previously ran her own label.

Wales Bonner, whose work draws on her father's Afro-Caribbean roots in Jamaica and British tailoring, represents a generational and stylistic shift for the classic French house.

"Grace Wales Bonner is very modern, committed... Hermes has chosen someone who will bring not only quality, but also an image and a point of view," Marie Ottavi, a fashion journalist at France's Liberation newspaper, told AFP.

- 'Macho milieu' -

On the eve of her last show, Nichanian told the Business of Fashion website that no one at Hermes had said "you have to stop" but she had felt the need to step back due to the frenetic pace of the corporate business.

"There's so much change, it loses something magic, the something that makes people happy," she told the website about the fashion industry.

"When I talk to my friends at the different houses, they're not happy. It's not only insecurity, it's pressure."

She started out working under Italian designer Nino Cerruti, who plucked her from her Paris fashion school, L'Ecole de la Chambre Syndicale de la Couture Parisienne (ESCP).

They worked together for eight years before Hermes came knocking.

She told AFP in 2014 she had had to "work harder" and "be determined" as a woman in a man's world.

"It was a pretty macho milieu and the men didn't expect a woman to tell them what to do," she recalled of her early career.

As well as her gradual modernizing touch, she has also won fans for her attention to what she calls "selfish" details, hidden touches of luxury such as a lambskin-lined pocket.

"We women can sometimes make concessions to comfort. But men, never," she told Le Figaro newspaper in 2018. "My whole approach, therefore, is to offer them a comfort that should be felt yet remain invisible, imparting a certain sensuality and a relaxed, chic look."

Her final show during Men's Fashion Week on Saturday will be held at 8:00 pm (1900 GMT) in the historic Paris stock exchange building in the center of the French capital.

Her 76th and final show will not be a "retrospective, but full of nods" to her past work, she told Madame Figaro magazine in early January.


The Trends at Paris Fashion Week Are Statement Coats, Even Bigger Shoulders and Sharp Tailoring

 A model presents a creation by Dior for the Menswear Ready-to-wear Fall-Winter 2026/2027 collection as part of the Men Paris Fashion Week in Paris on January 21, 2026. (AFP)
A model presents a creation by Dior for the Menswear Ready-to-wear Fall-Winter 2026/2027 collection as part of the Men Paris Fashion Week in Paris on January 21, 2026. (AFP)
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The Trends at Paris Fashion Week Are Statement Coats, Even Bigger Shoulders and Sharp Tailoring

 A model presents a creation by Dior for the Menswear Ready-to-wear Fall-Winter 2026/2027 collection as part of the Men Paris Fashion Week in Paris on January 21, 2026. (AFP)
A model presents a creation by Dior for the Menswear Ready-to-wear Fall-Winter 2026/2027 collection as part of the Men Paris Fashion Week in Paris on January 21, 2026. (AFP)

Paris men’s Fashion Week has been arguing for a new kind of authority this season — coat-first.

Across the runways, statement outerwear, bigger shoulders and sharp tailoring have been doing the work, turning familiar staples — trench coats, suits, denim and workwear — into clothes with a harder stance.

With the fashion week heading into its final stretch, the common thread is a push to make menswear more protective, performance-minded and built for real life, without losing the showmanship that defines Paris.

That argument landed most clearly at Dior Men, where Jonathan Anderson bent classic codes into new proportions, and Louis Vuitton, where Pharrell Williams framed luxury as practical convenience — heritage shapes upgraded with weatherproofing, reflectivity, reversibility and engineered comfort.

Other designers from Ami Paris to Rick Owens, Yohji Yamamoto and IM Men at Issey Miyake worked along the same lines: rebuild the shoulder, reshape the body, and lean into the idea of uniform, not as costume, but as modern equipment.

Celebrity presence raises the stakes

Paris menswear is also being driven by celebrity gravity, the kind that turns a runway into a global moment within minutes.

Dior’s room was packed with VIPs including Robert Pattinson, Lewis Hamilton and SZA.

Louis Vuitton delivered a front row mixing music, film and online fame — SZA, Usher, Future and Jackson Wang among them — plus a runway cameo from BamBam of GOT7.

The clothes are the product, but the frenzy is amplified by who is watching, who is posting, and who is seen.

A season built on ‘classic, but smarter’

Instead of chasing novelty for its own sake, many designers are taking familiar silhouettes and making them perform.

At Vuitton, Williams’ show was filled with recognizable pieces — double-breasted suits, blousons, polished outerwear; then the twist arrived in the materials and construction.

Tailoring carried reflective elements for night visibility.

Jackets turned into water-repellent hybrids.

Fabrics were lightened, waterproofed and sometimes embellished with crystal details that mimicked raindrops.

Accessories followed the same logic: caps designed to be crushed and returned to shape; shoes built to flex more like sneakers while still reading as traditional footwear.

The message was clear: luxury is not only a look. It is also capability.

The silhouette: shoulders, height, and controlled volume

Across brands, the silhouette focus moved upward. The shoulder became the season’s main design focus — where structure, protection and attitude all meet.

Anderson’s Dior treated tailoring history as a series of pivots.

Jackets nodded to the 1940s and early 1960s, then were cut abruptly short or shrunken to expose the hipbone.

Ordinary pieces were pushed into new scale, including a round-neck sweater extended to ankle length.

Throughout, he made the familiar feel new by changing proportion, fabric or what it was paired with.

IM Men also leaned into shoulder architecture, remixing outerwear by blending storm flaps into trench coats and amplifying volume.

Yohji Yamamoto used padding along arms and legs to give different bodies a similar shape, then controlled that bulk with buttons and adjustable details.

Even when designers disagreed on mood — sharp, romantic, severe, strange — they converged on shape: the body is being redesigned.

The mood: protection, uniform and modern armor

There has also been a clear emotional undercurrent: protection. Paris is dressing men for a world that feels harder, more uncertain, and more public.

Rick Owens described thinking about police uniforms and the impulse to mock a threat as a way of processing it.

His runway delivered skinny foundations, then added cropped jackets, tactical hybrids, leather and Kevlar-like materials, and ambiguous details that hinted at insignia without turning into costume.

His question — “sheriffs or outlaws?” — captured the season’s tension between authority and rebellion.

Yamamoto also drew from army and working clothes, but described a softer kind of protection: enveloping layers meant to endure long stretches outdoors.

IM Men’s draped, layered looks pushed a related idea, less militant than nomadic: clothing as shelter.

Paris wearability, sharpened

For all the experimentation, the week has not abandoned everyday dressing.

Ami Paris’ anniversary show was built on an idea of real Parisian style — camel coats, stripes, denim, clean tailoring — then refined through better proportion and styling.

The clothes were designed to mix easily, with small shifts that made them feel current: longer coats that sit better on the shoulder and cleaner lines.

The takeaway is that the daily wardrobe still matters, but it is being tightened and upgraded.

Dries Van Noten sharpened that idea with color and craft. Julian Klausner built the show around “coming of age" — men leaving home in hand-me-down coats, then made knitwear the engine, from structured-shoulder cardigans to patterned collar pieces on narrow coats and cloaks.

He also brought kilts and skirt-like belted layers back into the mix.

Saturated, pattern-heavy coats, including Polaroid florals and patchworked panels, showed how Paris can make a wardrobe feel new through layering, proportion and finish.

Styling as the signal

Many of the season’s strongest statements have come from styling as much as garments.

At Dior, Anderson’s “anti-normal” attitude appeared in wild wigs and ruff collars that turned what was formal and old into something sharp and slightly dangerous.

At Vuitton, the styling did the opposite — staying restrained — while letting materials and construction carry the message: classic shapes, but built for movement and weather.

While Dior and Vuitton set the tone, the rest of the schedule reinforced it in different registers — wearability with precision at Ami, confrontation and control at Owens, protection through layering at Yohji, and sculpted outerwear at IM Men.

With the week ending Sunday, the final shows will decide whether this season’s turn toward function and shape becomes a deeper shift or remains a Paris moment where luxury briefly proved it can be practical, too.


Stars Turn Out for Valentino’s Funeral in Rome

US actor Anne Hataway (C), along with her husband Adam Shulman (L), arrives to attend Valentino Garavani's funeral at the Basilica of S. Maria degli Angeli e dei Martiri in Rome, Italy, 23 January 2026. (EPA)
US actor Anne Hataway (C), along with her husband Adam Shulman (L), arrives to attend Valentino Garavani's funeral at the Basilica of S. Maria degli Angeli e dei Martiri in Rome, Italy, 23 January 2026. (EPA)
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Stars Turn Out for Valentino’s Funeral in Rome

US actor Anne Hataway (C), along with her husband Adam Shulman (L), arrives to attend Valentino Garavani's funeral at the Basilica of S. Maria degli Angeli e dei Martiri in Rome, Italy, 23 January 2026. (EPA)
US actor Anne Hataway (C), along with her husband Adam Shulman (L), arrives to attend Valentino Garavani's funeral at the Basilica of S. Maria degli Angeli e dei Martiri in Rome, Italy, 23 January 2026. (EPA)

Anne Hathaway and Donatella Versace were among the stars who attended the funeral Friday of legendary Italian designer Valentino Garavani, with some mourners wearing touches of his trademark red in tribute.

Rome's Basilica of Saint Mary of the Angels and of the Martyrs was decorated with wreaths of white roses while a large photo of the designer, who died on Monday aged 93, was placed in front of the altar.

Throughout a long career, Valentino dressed some of the world's most elegant women, from Elizabeth Taylor and Jackie Kennedy to Princess Diana, Julia Roberts and Gwyneth Paltrow.

Hollywood actress Hathaway, who attended the funeral with her husband Adam Shulman, this week paid tribute to a "titan of a designer" who was also a friend with whom she shared dancing and karaoke.

He "made my world so much brighter, grander and more delightful than I could have ever understood it to be", she wrote on Instagram.

"Now he rests forever surrounded by eternal beauty, a most fitting next chapter for the one true Emperor who gifted us all a legacy of unparalleled magnificence... I love you my darling, and I miss you already," she wrote.

Designers Versace, Tom Ford, Alessandro Michele -- the creative director of Valentino -- Balenciaga's Pier Paolo Piccioli, Anna Fendi and Brunello Cucinelli were also among the guests, as was fashion editor Anna Wintour.

Most of the mourners -- who also included many of Valentino's employees -- wore black. But several wore a red hat, scarf or shawl, recalling the designer's signature color.

Valentino died on Monday at his home in Rome, and his coffin was put on public display at his foundation in the city center on Wednesday and Thursday.

"We'll never find the class that Valentino had again," said one member of the public who came to pay his respects, Francesco Sangiovanni, 81.

"He conquered the world with his refinement... and he enhanced Italy, because he brought Italy to the world. The greatest people wore Valentino," he told AFP.