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Reliance misses third-quarter profit estimates at $2.06 billion for the October-December quarter

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January 19, 2026

On Friday, India’s Reliance Industries posted an 186.45 billion rupees ($2.06 billion) profit for the October-December quarter, missing analysts’ average estimate of 196.44 billion rupees, according to data compiled by LSEG.

Reliance Retail’s youth fashion retail format ‘Yousta’ – Yousta

 
Shares of Reliance Industries fell as much as 2.7% in early trade on Monday after the conglomerate announced missing its third-quarter profit estimates, weighed down by slowing earnings growth in its retail segment. Shares of the Mukesh Ambani-led firm were trading at 1,426. 60 rupees, as of 9:41 am, and were among the top five losers on the benchmark Nifty 50 Index 
 
UBS analysts trimmed Oil-to-Chemicals(O2C) and retail estimates slightly but said they still see room for a valuation re-rating, as the company’s earnings before interest and taxes (EBIT) mix increasingly shifts toward structural growth drivers such as digital and retail, reducing dependence on the cyclical oil and gas segment. Festive discounting, investment in hyper-local delivery startups, and a one-off impact from India’s new labour code trimmed core margins at its retail unit to 8% from 8.6% a year earlier.

Retail growth softened primarily because the festive season was brought forward and due to the one-month impact of the consumer products demerger, analysts at Emkay said. Core earnings for the segment grew 1.3% to 69.15 billion rupees, compared with 9.5% growth a year earlier.
 
Reliance’s oil and gas segment weakened due to lower output and softer price realisations from its ageing KG-D6 fields, leading to an 8.4% revenue decline and a 12.7% drop in core earnings amid higher maintenance costs. Meanwhile, analysts at Systematix forecast a rise of 5%, 12%, and 9% O2C, Retail, and Jio revenue CAGR, respectively, during FY25-FY28, while a 12% decline in their oil and gas businesses.
 

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Tod’s boss Della Valle says new law against labour exploitation needed

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Ansa

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Nicola Mira

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January 19, 2026

Tod’s boss Diego Della Valle is of the opinion that “the next step has to be proper new legislation tailored to our industry, it takes 10 days to establish what the problems are and which solutions to put forward.” He spoke after several fashion labels, including Tod’s, were placed under judicial administration. Tod’s and three of its senior executives have been investigated by the Milan prosecutor’s office for alleged labour exploitation by some of its manufacturing subcontractors.

Diego Della Valle

“If we want to solve this issue,” said Della Valle, speaking at Tod’s fashion week presentation in Milan, “we need to talk about it… if we’re keen to solve [it] we could do it very quickly. We have to understand that small artisans are powerless because they need the work, how can they monitor five stages in the supply chain?”

“We need to sit down and take the time to understand that small entrepreneurs are injured parties, and we must protect them,” continued Della Valle. “It mustn’t even cross our mind to talk about labour exploitation, ours is a world of decent people. The [current labour] law was introduced over 20 years ago to fight really serious, nasty problems existing at the time, especially in agricultural areas. We can’t have people around the world say that we don’t care about the work of others, because that’s not true,” he added. “Entrepreneurs and legislators, we have the job of sitting at a table together, with the goal of drawing up within a month a law that will apply to and protect everyone concerned,” said Della Valle.

“When I invited [RAI TV programme] Report to visit our company,” said Della Valle about the recently broadcast interview, “I was happy to do so, because I wanted them to see what our companies are like, how they work locally. Companies do many things for their communities, I don’t want to talk about myself, many other businessmen do it. Let’s show – this is what I’m asking – the nice side [of our world] too, otherwise it’s all just horrible.” Della Valle recommended that “my entrepreneur friends invite lawmakers in their local areas to show them their companies, and I’m sure we’ll all make a grand impression.”

“Dozens of workers have been with us for three generations, and they work with integrity and have solid personal principles because that’s their background. My grandfather was a shoemaker, it’s not as if we come from the moon, it’s just not part of Italian entrepreneurial culture to be exploitative. Often, when these things happen, those who’re involved in the work aren’t even aware of them,” concluded Della Valle.

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Womenswear label Vivetta enters menswear, opens new Milanese headquarters

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Nicola Mira

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January 19, 2026

Italian label Vivetta is investing in the future, and has revealed two major new steps in its strategic evolution: it is entering menswear, and is about to open new headquarters in Milan’s central luxury shopping district.

Vivetta

In June 2025, Vivetta’s new owner, the Modamet holding company, announced that Vivetta Ponti, who founded the label in 2009 and was the creative brains behind her eponymous label, was leaving the post of creative director. She was replaced by an in-house design team, which debuted with the 2026 Resort collection. Vivetta has now revealed it is opening new headquarters in via Senato, in the very heart of Milan.

A sizeable space acquired by Modamet, soon to be home to Vivetta’s commercial offices and showroom, and where the label’s latest collection will be presented to a select group of Italian and international buyers.

In parallel, Vivetta has announced it is making a first foray in men’s fashion, presenting its inaugural collection for the pre-fall 2026-27 season. Vivetta menswear’s official runway launch is scheduled for next February, with a co-ed show at Milan Fashion Week.
 
“Vivetta is looking to the future, and is actually investing at a time when many are pulling back. Acquiring a new space in Milan is an important step along the route we have taken to ensure [Vivetta] is able to expand and grow as it deserves,” said Nicoletta Raponi, CEO of Vivetta, in a press release. “While we await the appointment of the person who will take creative charge of the label, we are laying the foundations for ensuring our vision’s success,” she added.

Nicoletta Raponi, CEO of Vivetta
Nicoletta Raponi, CEO of Vivetta

 
In 2022, Modamet acquired a stake and became involved in the running of Vivetta, buying a 58% share in the company that owns the label. Modamet, based in Arezzo, Tuscany, and owned by the Anselmi family, increased its stake in July 2025, taking full control of Vivetta. Modamet is a holding company that also controls Chimera Gold S.r.l., a long-established Arezzo company active in high-end jewellery and metal components for the fashion industry. As well as in fashion, Modamet has interests in real estate, sports and pharmaceuticals.

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Valentino Garavani dies aged 93

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January 19, 2026

Valentino Garavani, an icon of Italian fashion, founder of his eponymous maison, and widely regarded as one of the greatest designers of all time, died in Rome on January 19, surrounded by his loved ones.

Born in Voghera, Italy on May 11, 1932, he showed remarkable artistic talent from an early age, which led him to study drawing and fashion in Paris, where he worked with couturiers such as Jean Dessès and Guy Laroche.

Upon returning to Italy, he opened his first atelier on Via Condotti in Rome in 1960, supported by his business partner, Giancarlo Giammetti. International success soon followed: his debut show at Florence’s Palazzo Pitti in 1962 marked his breakthrough, establishing him as an undisputed standard-bearer of Italian fashion worldwide. In 1968, the famous “V” logo was introduced, later becoming the emblem of the maison. Equally iconic is his signature red, inspired by a gown he saw at the opera in his youth, which made this shade a defining hallmark of the house.

Valentino Garavani announced his retirement in 2007, at the age of 75, with a final show celebrating his extraordinary career. His legacy is also chronicled in the 2008 documentary directed by Matt Tyrnauer: “Valentino: The Last Emperor.”

Garavani’s lying in state will be held at PM23, Piazza Mignanelli 23 in Rome, on Wednesday and Thursday, January 21 and 22, 2026, from 11:00 to 18:00. The funeral will take place on Friday, January 23, 2026, at 11:00, at the Basilica of Santa Maria degli Angeli e dei Martiri, Piazza della Repubblica 8, Rome.

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