Sir Paul Smith will stage his next runway show in Milan during the next menswear season in the Italian fashion capital in June, in a major change to the international catwalk calendar.

 
The British designer will hold his show at 5PM on Saturday, June 21, the second day of the four-day Milan Uomo Moda. This will be Paul Smith’s first show at Milano Fashion Week Men’s, listed on the official calendar of the Camera Nazionale della Moda Italiana, Italian fashion’s governing body.
 
The decision will be welcome news for the Camera, which has been losing men’s shows in the wake of Covid, in part because many Italian labels now fold their menswear shows into joint catwalk displays during the women’s wear season.

“For the first time ever, I’m delighted to be showing my new collection as a part of Milan Men’s Fashion Week in June. I’ve proudly had my own showroom in Milan for 22 years and have great affection for the city. I’ll be hosting a salon style show which I know will be intimate and honest to who we are,” said Sir Paul Smith, founder and designer of Britain’s most successful independent fashion house.
 
The British brand will present an intimate showcase of its Spring/Summer 2026 collection at their Milan showroom on Viale Umbria, welcoming press, buyers, and guests to join them. Smith’s shows and presentations can vary enormously. Paul’s most recent was a design tutorial with live models in Paris in January, where he explained the inspiration – his father’s love of photography – beside a mock-up of dad’s actual darkroom.
 
Previously, Smith has shown his menswear collections consistently during the Paris menswear season, probably the most loyal foreign designers to the City of Light. Though the designer has a deep-seated love of Italy, owning a country house in Tuscany, and sourcing many of his design ideas from the Italian peninsula.
 
Since the earliest days of the company, Paul Smith has enjoyed a deep connection to Italy. Drawing inspiration from the innate style of the country’s residents and working with their expert craftspeople to create a superior product, Italy is a key part of the Paul Smith story, the London-based house said in a release.
 
The house was careful to underline in its release that Paul Smith is Britain’s leading independent design company and a true fashion institution. Beginning in 1970 with a single three-by-three-meter shop in Paul’s hometown of Nottingham, it has grown into a global enterprise, with more than 130 shops across 60 countries. All throughout this, the guiding principle has been Paul’s design philosophy of ‘classic with a twist,’ with every piece reflecting his irrepressible spirit.
 
 
 
 
 

Prada S.p.A. on Thursday announced that it has entered into a definitive agreement to acquire 100% of Versace from Capri Holdings, completing a negotiation that had lasted just a few months.

 
The cash consideration, based on an Enterprise Value of €1.25 billion, is subject to adjustments at closing. However, the sticker price is also significantly less than the €1.83 billion Capri paid to buy Versace back in 2018.
 
Founded in 1978 in Milan, Versace is one of the leading international fashion design houses and epitome of Italian luxury worldwide. Building on a remarkable brand awareness, Versace stands as a distinctive asset in the luxury landscape. Deeply rooted in the history of fashion, the brand displays strong potential to read contemporaneity and marked sensibility in capturing and anticipating the spirit of today’s and future society, Prada stressed in a release.

“We are delighted to welcome Versace to the Prada Group and to build a new chapter for a brand with which we share a strong commitment to creativity, craftmanship and heritage. We aim to continue Versace’s legacy celebrating and re-interpreting its bold and timeless aesthetic; at the same time, we will provide it with a strong platform, reinforced by years of ongoing investments and rooted in longstanding relationships. Our organization is ready and well positioned to write a new page in Versace’s history, drawing on the Group’s values while continuing to execute with confidence and rigorous focus,” said Patrizio Bertelli, Prada Group Chairman and Executive Director.
 
The deal comes three weeks after Capri announced that Donatella Versace, sister of founder Gianni Versace, had stepped down as the house’s creative director to become its ambassador. She was replaced by Dario Vitale, formerly the design director of Miu Miu, the fastest growing label in the Prada group.

 
With its highly recognizable aesthetic, the brand constitutes a strongly complementary addition to the Prada Group’s portfolio and displays significant untapped growth potential leveraging multiple value creation levers, Prada noted.
 
Within the Prada Group, Versace will maintain its creative DNA and cultural authenticity, while benefitting from the full strength of the Group’s consolidated platform, including industrial capabilities, retail execution and operational expertise.

“The acquisition of Versace marks another step in the evolutionary journey of our Group, adding a new dimension, different and complementary. The Group’s infrastructure is strong, we have verticalized our brands’ organizations and reinforced our routines and processes. We feel ready to open this new chapter. Versace has huge potential. The journey will be long and will require disciplined execution and patience. The evolution of a brand always needs time and constant focus. I would like to thank Capri Holdings for having preserved and enhanced the heritage of this wonderful brand. Notwithstanding the sector uncertainties, we look at the future with confidence, focused on a long-term strategic vision,” added Andrea Guerra, Group Chief Executive Officer.

Eyewear specialist InSpecs has released its preliminary results for 2024 and while its profit margin rose, revenue, underlying EBITDA and cash flows from operating activities all fell.

The company, which makes and markets its own brands as well as operating licenses for Barbour, Joseph, Radley, Superdry, Temperley and Viktor&Rolf, among others, said group revenue fell to £198.3 million from £203.3 million. At constant currency though it was only down to £203.2 million.

The gross profit margin rose to 52.2% from 50.9% but underlying EBITDA fell to £17.6 million from £18 million. Operating profit actually managed to rise to £3.4 million from £2.9 million but cash flows from operating activities were down to £14.2 million from £16.9 million. However, the company’s net debt excluding leasing was reduced to £22.9 million from £24.2 million.

The year saw a number of achievements including distribution agreed for key new brands in leading retailers across the US, Canada and Europe; completion of the group’s new state-of-the-art manufacturing facility in Vietnam; the integration of the US businesses; group centralised procurement generating supply chain efficiencies; the launch of a new optics product ‘Optaro’, being a video magnifier specifically made for smartphones; and new finance facilities put in place until 2027 with improved terms.

The company also responded to the current tariff situation and doesn’t seem excessively worried.

Its non-US based businesses aren’t currently affected by the recent changes in tariffs, and the group is “confident that the continuing focus on supply chain efficiencies, reducing operational expenditure and selective pass through of cost increases to preserve margins across key markets will largely mitigate the effects of these new tariffs”.

The company also set out its medium-term ambition to deliver CAGR organic revenue growth 40% above the market rate, which is currently forecast to grow at 3% CAGR over the next five years, as well as double-digit underlying EBITDA.

CEO Richard Peck said the firm “demonstrated resilience in 2024 despite challenging macroeconomic conditions, with revenue declining by 2.5% due to softer consumer demand and competitor consolidation. However, our continued focus throughout the year on the integration and simplification of our business has been significant.

“The first quarter has laid the groundwork for a pivotal year and as we move forward, the focus remains on sharpening efficiency, streamlining operations, and advancing key initiatives. Notwithstanding the recently announced tariffs and caution in relation to market conditions, compelling new projects in the pipeline give us confidence in delivering on market expectations for 2025.”