Global luxury brands are scaling back orders with Italian suppliers, as the spread of the coronavirus from key market China to major manufacturing hub Italy hits business across the sector, industry sources said.
Higher costs, partly linked to Stella McCartney's buyout of her brand from Kering, helped to wipe out profits at the brand in its latest year, with the just-filed accounts showing an operating loss of more than £10m.
Faced with the retail sector’s troubles and the need for the French department store group to transform itself, the supervisory board has decided to end Le Printemps’ collaboration with Paolo de Cesare, CEO since 2007.
Balenciaga made a big impact at Paris Fashion Week on Sunday, staging its show on a submerged runway and revealing a dark and powerful collection marked by a neo-Gothic spirit that oscillated between past and future.
Emmanuel Macron fêted fashion creativity with a gilded dinner inside the Élysée Palace on Monday night, praising the imaginative foreign elements in the industry, but picking out Jean-Paul Gaultier for special praise.
The Kering-owned Italian luxury label had been declining since 2016, but in 2019 it started growing again under the aegis of creative director Daniel Lee, generating a revenue of €1.16 billion, up 5.3%.
At the presentation of the luxury group's annual results, boss François-Henri Pinault said there is no acquisition on the cards at the moment, the priority being ensuring the growth of Kering's own labels.