French label A.P.C. has opened its first store in the Middle East inside the high-end Solitaire shopping mall in Riyadh, which was recently inaugurated in the capital of Saudi Arabia. The A.P.C. store is located on the first of the mall’s three floors, near stores by Corneliani, Liu Jo, Hanro and Eleventy.
The A.P.C. store extends over more than 100 square metres, and showcases the French label’s womenswear, menswear and accessories collections, in a refined environment designed by architecture studio Laurent Deroo Architecte. The opening is the first step in A.P.C.’s collaboration in the Middle East with local retail group Beside.
Beside was founded in 1991 and is active in nine countries, operating some 160 stores for various Western brands. Last December, Beside opened a Longchamp store at the Dubai Mall, and is also the local partner for labels such as Diesel, Fred Perry, Pinko and Scotch & Soda. The group is led by Hisham Bedier and is part of Saudi conglomerate Taj Holding, founded in 2008 by Omar Abdulaziz Henaidy, currently its president.
The agreement with A.P.C. is set to lead to store openings in the Gulf Cooperation Council region (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE) as well as in Egypt. Another opening is planned in Abu Dhabi in 2025, and a third A.P.C. store is expected to be confirmed in 2026.
A.P.C., led since last autumn by CEO Pierre-Arnaud Grenade, operates nearly 80 stores worldwide, and in 2023 it recorded revenue exceeding €100 million.
London Fashion Week wrapped up with Burberry sending its Autumn/Winter collection down the catwalk on Monday, capping off a relatively muted event in the rainy British capital.
Even the British luxury house sought to ditch the gloom with a show themed around a countryside getaway, transporting its guests to the cozy, old-fashioned charm of a British country house.
Creative director Daniel Lee, who joined Burberry a little over two years ago, was “inspired by the incredible British interiors”, and luxurious fabrics like velvet were used in the famous trench coat, tailored suits and flowing dresses.
Quilted jackets and skirts covered in florals blended into the tapestries draped onto the white pillars of the Tate Britain, while other styles included oversized knit sweaters, perfect for an evening by the fire.
The somber hues, with flashes of bright orange, yellow or blue, were inspired by Lee’s time “in autumn walking in nature, in Yorkshire,” the 39-year-old English designer told reporters after the show.
Lee has tried to give the troubled British house a facelift while remaining true to its traditional, luxury roots, exemplified in his fifth and latest collection.
Alongside former supermodel Naomi Campbell, the runway featured actors who have starred in royal dramas “The Crown” and “Downtown Abbey” as well as Regency-era drama “Bridgerton”, as Burberry tried to slot itself into the roster of traditional storylines seeing a popular revival.
The fashion giant famed for its trench coats and signature tartan print is the subject of rumours about the departure of its creative director, who could be replaced by English designer Kim Jones.
However, these were brushed off by Lee. “I love the brand, it’s an incredible brand. It’s really an honour to work for Burberry,” he said.
Burberry, which has been experiencing months of financial difficulty, began an “emergency” refocusing on its iconic products such as its trademark trench coat late last year in a bid to stave off falling sales.
Chief Executive Joshua Schulman was brought in last July and tasked with turning around Burberry’s fortunes.
“Josh has been here for just over six months, and things are going well, things are definitely improving,” said Lee. “I think we’re all in a really positive place.”
Brands across London Fashion Week and the world are grappling with a reduced appetite for luxury products.
Still, there was room for spectacle across the four days — from a captivating monologue by Florence Pugh opening a “rebellious” Harris Reed catwalk to master milliner Stephen Jones flexing his muscles with hats made out of chocolate, satin and even glass.
On the catwalks, 1980’s-inspired bubble skirts, fabrics from seersucker to sheer, plenty of corsets and lingerie, tailoring and streetwear were paraded down dramatic sets dotted around London.
Despite the presence of renowned designers such as Simone Rocha and Richard Quinn, and promising stylists such as S.S. Daley and Harris Reed, several fashion experts said London Fashion Week was falling further behind Paris and New York every year.
“There is a bit of a damp spirit, an empty feeling, to the London schedule at the moment,” Daley told The Guardian newspaper before his show.
Caroline Rush, the director of the British Fashion Council which organises London Fashion Week, acknowledged it was “a particularly challenging time” for British brands.
Brands have been dealt several blows following the pandemic, such as Brexit and last year’s closure of the global luxury online platform Matches Fashion.
This year’s event is almost a day shorter than the previous Autumn-Winter 2024 fashion week, with several designers opting for a dinner or presentation instead of a pricier runway show.
Buyers and influencers such as Beka Gvishiani of Style Not Com, an Instagram account that charts fashion news, did not make the trip, while Northern Irish designer Jonathan Anderson was also absent with his brand JW Anderson.
Rush, who is organising her last London Fashion Week, said the event remains “so relevant because … we have so many small independent businesses, they need a platform to be able to show to reach global audiences.”
The Dodo Group announced on Monday it has partnered with Luxury Brands to invest in U.S. pro-ageing skincare brand Prai Beauty. Financial terms of the investment were not disclosed.
Prai Beauty
The strategic move positions Prai Beauty for rapid expansion, according to a press release.
Founded by Cathy Kangas in 1999, Prai Beauty is a skincare brand focused on the 50-plus market. Since its debut, the brand has began known for its science-backed formulations that target the face, neck and décolletage region.
“Prai Beauty has built an impressive reputation as a leader in targeted skincare solutions,” said Michael Dodo, co-founder and chairman of Luxury Brands, an investment firm founded in 2011 that specialises in acquiring and investing in long-standing businesses across beauty, luxury brands, retail, and food & beverage sectors.
“We see tremendous potential for expansion across direct-to-consumer, TV shopping, and retail channels. Our investment will focus on accelerating R&D and marketing initiatives to elevate the brand’s presence globally.”
As part of the investment from Dodo and Luxury Brands, Kangas will continue to lead the heritage skincare brand, “ensuring continuity and innovation,” ahead of its new new phase of growth.
“This partnership marks an exciting milestone for Prai Beauty. With the strategic support of Dodo Group and Luxury Brands LLC, we are poised for unprecedented global expansion,” said Kangas.
“I look forward to collaborating with Michael Dodo and his team to bring our innovative skincare solutions to even more consumers worldwide.”
Founded in 2017, Luxury Brands is a conglomerate with a diverse portfolio of subsidiary companies and brands including Youngblood Mineral Cosmetics and Skincare, FHI Heat, Stylus, Neo Bond, Hair Veil, Daily Beauty, and more.
Major outlet center owner Tanger announced net income available to common shareholders was $0.88 per share, or $97.7 million for the year, on the back of positive fourth-quarter results.
Tanger acquires Pinecrest Shopping Center in Cleveland. – Tanger
For the fourth quarter ended December 31, net income available to common shareholders was $0.23 per share, or $26.3 million, compared to $0.22 per share, or $23.5 million, for the prior year period.
Funds from operations available to common shareholders was $0.54 per share, or $63.3 million, compared to $0.52 per share, or $58.2 million, for the prior year.
Core funds from operations available to common shareholders was $0.54 per share, or $63.3 million, compared to $0.52 per share, or $58.2 million, for the prior year.
“I am pleased to report another quarter of strong performance contributing to a successful year as we saw improved sales productivity and delivered robust organic growth. We acquired two open-air shopping centers, The Promenade at Chenal in Little Rock, Arkansas, in December and Pinecrest in Cleveland, Ohio, post-year-end,” said Stephen Yalof, president and chief executive officer.
“We continue to execute our external growth strategy and apply our leasing, marketing, and operations platform at these market-dominant shopping centers to further elevate the exceptional experience they offer.”
Occupancy was 98% on December 31, 2024 compared to 97.4% on September 30, 2024 and 97.3% on December 31, 2023.
Same center net operating income, which is presented on a cash basis, increased 3.0% to $93.8 million for the fourth quarter of 2024 from $91.0 million for the fourth quarter of 2023, while average tenant sales per square foot was $444 for the twelve months ended December 31, 2024 compared to $438 for the twelve months ended September 30, 2024 and $436 for the twelve months ended December 31, 2023.
Looking ahead for 2025, the company projects diluted net income per share of 94 cents to $1.02.
Yalof added, “Leasing momentum remains strong as we continue to add new retailers, brands, and uses to our centers, enhancing the shopping environment for our customers. Our balance sheet provides the liquidity and flexibility to execute our business plan and unlock additional value for our stakeholders.”
Earlier this month, Tanger announced its acquisition of Pinecrest, a premier 640,000-square-foot mixed-use shopping center in Cleveland, Ohio.
Tanger’s portfolio includes 38 outlet centers, one adjacent managed center, and three open-air lifestyle centers including over 16 million square feet in 21 U.S. states and Canada.