This week, fashion’s biggest headlines covered international runways, creative director shifts and game-changing sales.
On the catwalk,
Elsewhere, June Ambrose announced that she would be leaving her psot as creative director at PUMA Hoops; Farfetch sold to the South Korean e-commerce giant Coupang; Matchesfashion also sold for more than $60 million USD, marking a big loss for Apax Partners, and Nike revealed a $2 million USD savings target, following a weak revenue forecast.
Below, Hypebeast has rounded up the top fashion stories of the week so you can stay up to date on trends in the industry.
Louis Vuitton To Kick Off New “Voyager Show” in Shanghai
Louis Vuitton
Louis Vuitton revealed plans to touch down in Shanghai, China, for its new “Voyager Show” concept, which will see the French luxury label reenvision its destination show directive to align with the “current of global adventure.”
The brand will show its Women’s Pre-Fall 2024 show, governed by Nicolas Ghesquière, at the city’s Long Museum West Bund, pictured above. The location sees Louis Vuitton build on its relationship with the Asia market, following its Men’s Pre-Fall 2024 show in Hong Kong last month.
Balmain and Valentino Will Return to Paris Fashion Week Men’s
Victor Virgile/Gamma-Rapho Via Getty Images
The Fédération de la Haute Couture et de la Mode has released the provisional calendar for Paris Fashion Week Men’s, revealing that a total of 74 houses will debut their Fall 2024 collections throughout the six-day showcase. Taking place from January 16 to January 21, Paris Fashion Week Men’s will feature 42 runway shows and 32 presentations.
Most notably, Balmain and Valentino, both of which have not appeared on the men’s calendar since the onset of the pandemic in 2020, will make their grand return to the event — both on January 20 at 6 p.m. CET and 8:30 p.m. CET, respectively. In the years since their last appearance on the schedule, Balmain has shown its menswear collections in a showroom format, and Valentino opted for Milan Fashion Week Men’s in June, after three years of co-ed shows.
June Ambrose To Step Down as Creative Director of PUMA Hoops
Udo Salters/Patrick Mcmullan/Getty Images
June Ambrose announced earlier this week that she will be stepping down as creative director of PUMA Hoops when her contract expires at the end of this year.
Ambrose took the top seat at the brand in 2020, filling JAY-Z’s big shoes thanks to an introduction with PUMA CEO Bjørn Gulden and PUMA Marketing Director Adam Petrick from the rapper himself. Over the last three years, Ambrose has overseen the label’s first-ever women’s basketball line and its return to New York Fashion Week, among several other notable moments.
“I was able to visually disrupt what the genre of music looked like and I saw a white space to do the same thing in the world of sport,” Ambrose said to BoF about her decision to step down. “I set out to create something that at the time was new and fresh — product that was both performance and lifestyle at the same time.”
Nike Targets $2 Billion USD in Cost Savings Following Weak Revenue Forecast
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NIKE, Inc. shared its fiscal 2024 second quarter results on Thursday, leading to a more than 10% decline in its stock prices on Friday. Despite revenues rising 1% to $13.4 billion USD, the sportswear company’s second-half revenue outlook has been changed to expect lower results.
Now, Nike is targeting $2 million USD in cost savings over the next three years, which it aims to accomplish by simplifying its product assortment, increasing its automation and reducing its staff. The company estimates $400 million USD to $450 million USD in pre-tax restructuring charges, signaling that layoffs are coming.
“Our Q2 results demonstrated how we are getting back on our front foot in our key areas of innovation and growth,” said John Donahoe, President & CEO. “Today we are embracing a company-wide journey to invest in our areas of greatest potential, increase the pace of our innovation, and accelerate our agility and responsiveness.”
Farfetch Sold to South Korean E-Commerce Giant Coupang
Nike
Earlier this week, Farfetch sold to South Korean e-commerce giant Coupang in a deal that will provide the luxury retailer with $500 million USD in emergency funding.
In light of the sale, BOF states that Farfetch is able to “narrowly avoid bankruptcy after a slowing luxury market, M&A missteps and high cost of debt imperilled the platform’s operations, risking ripple effects for partner boutiques and brands.”
There was a previous deal in the works that would have seen Richemont sell 47.5% of its YOOX-NET-A-PORTER stake to Farfetch, though according to people with direct knowledge on the matter, it has since been cancelled.
Nike Honored Kobe Bryant in “That’s Mamba” Campaign
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Nike has launched its latest “That’s Mamba” campaign, honoring the late Kobe Bryant.
The campaign spotlights some of the legendary basketball player’s best moments on the court through billboards across major cities in the U.S. Additionally, the sartorial delivery includes a short clip of a young athlete shooting a basketball with her left hand, as her right arm is injured in a cast — calling back to similar imagery of Bryant, who famously showed up to a Los Angeles Lakers practice and did the same thing in 1999.
The campaign supports the launch of the Nike Kobe 4 Protro “Black Mamba,” as well as the forthcoming “Mamba Mentality” apparel range that’s scheduled to arrive via Nike on December 27. See the full campaign here.
Matchesfashion Sold for $63 Million USD, Marking Heavy Loss for Apax Partners
Matchesfashion
On Wednesday, luxury e-tailer Matches (formerly Matchesfashion) sold to Frasers Group, a retail conglomerate owned by Mike Ashley, for just £52 million GBP ($63 million USD), according to Business of Fashion. The sale marks a significant loss for Matches’ private equity backer Apax Partners, which purchased the company at a reported $1 billion USD valuation in 2017.
Frasers, which already owns British stores including Sports Direct and House of Fraser, has invested a sizable sum in Matches’ Flannels retail chain, as the group looks to elevate into more luxury markets under CEO Michael Murray’s leadership.
Per Murray, the acquisition “will strengthen Frasers’ luxury offering, further deepening our relationships and accelerating our mission to provide consumers with access to the world’s best brands. Whilst the global luxury environment is softer, we are confident that by leveraging our industry-leading ecosystem we will unlock synergies and drive profitable growth for Matches.”
