Maverick Georgian Designer Demna Debuts for Gucci in Milan

The 44-year-old took over at the Italian luxury fashion house in July after a decade at fellow Kering brand Balenciaga. GEOFFROY VAN DER HASSELT / AFP/File
The 44-year-old took over at the Italian luxury fashion house in July after a decade at fellow Kering brand Balenciaga. GEOFFROY VAN DER HASSELT / AFP/File
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Maverick Georgian Designer Demna Debuts for Gucci in Milan

The 44-year-old took over at the Italian luxury fashion house in July after a decade at fellow Kering brand Balenciaga. GEOFFROY VAN DER HASSELT / AFP/File
The 44-year-old took over at the Italian luxury fashion house in July after a decade at fellow Kering brand Balenciaga. GEOFFROY VAN DER HASSELT / AFP/File

Maverick Georgian designer Demna makes his debut for Gucci at Milan Fashion Week on Tuesday with a film of a family of Italian characters bursting with attitude, as the house pledged a "new era" its history.

The 44-year-old took over at Gucci in July after a decade at fellow Kering brand Balenciaga, charged with helping reverse falling sales, said AFP.

Demna, who goes by one name, said it was too soon for a full catwalk show this season, but unveiled a series of looks on Monday that will feature in a film premiering on Tuesday night.

Presented as portraits of "La Famiglia" ("The Family"), the mixed men and women's collection takes a humorous look at stereotypes such as the diva, the influencer, the narcissist and the mama's boy.

There are knock-out red-carpet gowns, thigh-skimming fake fur coats, chic outfits, sheer vests and minis, classic accessories and more than a nod to Tom Ford's past reign.

"To me, all these archetypes represent the Gucci crowd, the customers of Gucci in the future who will each of them be able to find something in the collection they can relate to," Demna told fashion outlet WWD in an interview published Monday.

The looks will feature in a film, "The Tiger", directed by acclaimed filmmakers Spike Jonze and Halina Reijn, although the details are still under wraps.

The collection, which the label said "marks the genesis of a new Gucci era", will be on sale at 10 boutiques across the world.

Creative power

At Balenciaga, Demna -- who dropped his last name, Gvasalia, in 2021 -- drove sales sharply higher and grabbed the headlines with often provocative creations.

But Gucci is another story.

The Italian fashion house, famous for its handbags, has struggled since the Covid pandemic against a slowing Chinese appetite for luxury goods that has hit the sector hard worldwide.

Some analysts have questioned whether Demna's recipe for success at Balenciaga -- which leaned heavily on showmanship and streetwear-influenced design -- would work in his new job.

But he dismissed this as "superficial", telling WWD: "Why would I come to Gucci to do what I've done before?"

"If someone thinks that I will come here and do an oversize bomber with a GG monogram, it means they didn't understand anything about my work until now," he said.

Shares in Kering, which counts on Gucci as its main profit generator, fell around 12 percent on the day of the announcement of Demna's appointment.

But Kering chief Francois-Henri Pinault has insisted that Demna's "creative power is exactly what Gucci needs".

Demna, who fled war in the Georgian region of Abkhazia as a child, achieved early notoriety with his $2,000 "Ikea" bag, a luxury leather version of the 99-cent original.

He followed it up with an $1,800 garbage bag -- the so-called "trash pouch" -- in a show in March 2022 that was dedicated to Ukrainian refugees.

Demna's lowest point came later that year when he was forced to apologize for an ad campaign that appeared to reference child abuse and had underage models in what looked like bondage gear.

The designer, who co-founded the label Vetements with his brother in 2014 before joining Balenciaga, has plenty of fans among celebrities and influencers.

"Demna's great strength is capturing what people want," commented Alix Morabito, buying director for womenswear at France's Galeries Lafayette department stores.



China's HongShan Reportedly Eyes $2.9 Billion Golden Goose Deal by Christmas

People walk in a commercial street at the historical Shichahai district in Beijing, China, December 3, 2025. REUTERS/Sarah Meyssonnier
People walk in a commercial street at the historical Shichahai district in Beijing, China, December 3, 2025. REUTERS/Sarah Meyssonnier
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China's HongShan Reportedly Eyes $2.9 Billion Golden Goose Deal by Christmas

People walk in a commercial street at the historical Shichahai district in Beijing, China, December 3, 2025. REUTERS/Sarah Meyssonnier
People walk in a commercial street at the historical Shichahai district in Beijing, China, December 3, 2025. REUTERS/Sarah Meyssonnier

China's HongShan Capital Group (HSG) has sent a 2.5 billion euro ($2.91 billion) offer to private equity Permira to buy Italian luxury sneaker maker Golden Goose, with the aim of signing the deal by Christmas, daily la Repubblica reported on Friday.

Details still need to be defined but the offer gives the luxury group an enterprise value of 10 times the core profit expected by the end of the year, debt included, the newspaper said.

Golden Goose's revenues totaled 655 million euros in 2024, with an adjusted core profit of 227 million euros.

HSG has asked veteran fashion industry executive Marco Bizzarri to become Golden Goose's future chairman, la Repubblica said, adding that the Chinese private equity aims to expand Golden Goose's directly-managed stores, particularly in Asia, and plans to list the group in the medium-term.

Last year the Venice-based company, which sells sneakers for more than 500 euros a pair, shelved plans for an initial public offering on the Milan Bourse, citing market volatility caused by political uncertainty in Europe.


Debenhams' New Pay Plan Without Vote 'Disgraceful', Says Top Investor Frasers

Debenhams logo is seen on smartphone in front of a displayed Boohoo logo in this illustration taken January 25, 2021. (Reuters)
Debenhams logo is seen on smartphone in front of a displayed Boohoo logo in this illustration taken January 25, 2021. (Reuters)
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Debenhams' New Pay Plan Without Vote 'Disgraceful', Says Top Investor Frasers

Debenhams logo is seen on smartphone in front of a displayed Boohoo logo in this illustration taken January 25, 2021. (Reuters)
Debenhams logo is seen on smartphone in front of a displayed Boohoo logo in this illustration taken January 25, 2021. (Reuters)

A move by struggling British online fashion retailer Debenhams to push ahead with a new executive pay scheme without seeking approval from investors was "utterly disgraceful", the finance chief of rival Frasers said on Thursday.

Frasers is Debenhams' biggest investor with a 29.7% stake.

Last week, Debenhams said that one of the reasons it was not asking for a shareholder vote on the new pay scheme worth up to 222 million pounds ($296 million) was because a "major competitor" investor, which it did not name, had tried to block previous resolutions.

Debenhams has been locked in a long-running tussle with Frasers, majority-owned by British retail tycoon Mike Ashley, which unsuccessfully attempted to block its rebrand and oust its co-founder.

Frasers' chief financial officer Chris Wootton said Debenhams' latest move, which could see CEO Dan Finley earn up to 148 million pounds if Debenhams' share price hits 3 pounds over the next five years, was "typical corporate governance from them, utterly disgraceful".

However, he told Reuters that if Debenhams achieved a share price of 3 pounds "shareholders will be happy."

Debenhams shares were trading at 22.25 pence on Thursday, down 3.3%.


Zara Owner Inditex Reports Strong Start to Winter Sales

FILE PHOTO: A person walks by a Zara store in Plaza de Espana in Madrid, Spain, June 11, 2025. REUTERS/Ana Beltran/File Photo
FILE PHOTO: A person walks by a Zara store in Plaza de Espana in Madrid, Spain, June 11, 2025. REUTERS/Ana Beltran/File Photo
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Zara Owner Inditex Reports Strong Start to Winter Sales

FILE PHOTO: A person walks by a Zara store in Plaza de Espana in Madrid, Spain, June 11, 2025. REUTERS/Ana Beltran/File Photo
FILE PHOTO: A person walks by a Zara store in Plaza de Espana in Madrid, Spain, June 11, 2025. REUTERS/Ana Beltran/File Photo

Zara owner Inditex said sales grew 10.6% in constant currency over the start of its fourth quarter, beating analysts' expectations for the November period that includes the crucial Black Friday sales.

The $178 billion fast fashion giant also reported on Wednesday sales of 9.8 billion euros ($11.41 billion) for its third quarter ending October 31, higher than the 9.69 billion euros expected by analysts according to an LSEG estimate.

The results from Inditex, seen as a bellwether for the global fast fashion sector, provide a first glimpse into how successful the key Black Friday sales weekend was for retailers.

The strong sales growth in the period from November 1 to December 1 compared to a year ago marked an acceleration from the nine-month currency-adjusted growth rate of 6.2%, an encouraging sign for the fourth quarter, its biggest in terms of revenues.