The Austrian luxury hosiery manufacturer Wolford reported a 23.4% drop in sales for the first half of the year on Thursday.
Wolford reports 23.4% decline in first-half sales – shutterstock
Compared to the previous year, revenue decreased by €10.1 million to €33.0 million (H1 2024: €43.1 million). The company attributed this mainly to the lingering impact of delivery delays and store closures that had been initiated in the previous year. Although Wolford stated that these issues were structurally resolved by the end of 2024, their effects continued to impact sales during the first quarter of 2025.
Despite the steep revenue decline, the company reduced its cost base, resulting in a relatively stable EBIT compared to last year. Recent streamlining and efficiency measures contributed to this outcome. Wolford did not disclose specific figures and plans to publish its full half-year report on 19 September.
The results should be viewed “in the context of the expected ongoing transition phase in which the company is actively implementing a comprehensive operational transformation aimed at restoring long-term resilience and profitability.” The company expects the first signs of recovery to appear in the second half of the year.
Looking ahead to 2025, Wolford — part of the Lanvin Group — said it does not anticipate trade policy or the broader economic environment to have a significant negative impact on earnings or sales for the second half or the full year.
FNW with dpa
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Bernard Arnault has paid homage to the late Frank Gehry, the brilliant Canadian-born architect who passed away on Friday in Los Angeles.
Frank Gehry
For Arnault, Gehry designed the Fondation Louis Vuitton, widely seen as the most important work of contemporary architecture ever commissioned by a luxury brand.
Gehry died aged 96 Friday after a short respiratory illness, bringing to an end a truly remarkable career that included buildings such the highly acclaimed Walt Disney Concert Hall in Los Angeles and titanium-clad Guggenheim Museum Bilbao, his greatest masterpiece.
“I am profoundly saddened by the passing of Frank Gehry, in whom I lose a very dear friend and for whom I shall forever retain boundless admiration. I owe to him one of the longest, most intense, and most ambitious creative partnerships I have ever had the privilege to experience. His oeuvre, crowned by the Pritzker Prize, is immense. He will remain a genius of lightness, transparency, and grace,” Arnault said in a release.
In October 2014, in the presence of French president François Hollande, Gehry and Arnault opened the Fondation Louis Vuitton, a brilliant Deconstructivist building with a price tag that ran to some €800 million. Riffing on late 19th-century French architecture which revolutionized the use of glass like the Grand Palais and combining that with computer technology and 3D design, Gehry created a beautiful structure. Built on the edge of the Bois de Boulogne, its unique shape suggested a giant sailboat gathering wind in its sails.
Fondation Louis Vuitton – Courtesy
“Frank Gehry – who possessed an unparalleled gift for shaping forms, pleating glass like canvas, making it dance like a silhouette – will long endure as a living source of inspiration for Louis Vuitton as well as for all the maisons of the LVMH group. With the Fondation Louis Vuitton pour la Création, he bestowed upon Paris and upon France his greatest masterpiece, the highest expression of his creative power, commensurate with the friendship he bore our city and the affection he showed for our culture,” Arnault added.
Gehry was to go on a design several stores and handbags for Louis Vuitton and has two more buildings in the pipeline for the luxury marque. A super-store concept building on Rodeo Drive in LA, due to open in two years, and an adjacent structure beside Louis Vuitton Foundation.
“My wife, my children, and I express our deepest condolences to his wife, Berta, and to his children,” concluded Arnault.
Abel Richard, a new Italian luxury handbag brand, made its global debut in Miami during Art Basel over the weekend.
Handbag brand Abel Richard makes global debut in Miami. – Abel Richard
Founded by entrepreneur and designer Abel Richard Bullock, the brand fuses Italian craftsmanship with materials more commonly found in private aviation, yachting, and automotive luxury.
The launch coincides with the opening of its Miami Design District boutique, where the brand is exhibiting its first style, the Chrono bag—an architectural silhouette that requires more than 1,000 hours to produce and starts at $170,000.
“In our experience, fashion is about feeling, identity, and a sense of belonging. Creating truly one of a kind designs such as the Chrono that embody these feelings is deeply meaningful to us,” said Bullock. “Our hope is that every time someone carries one of our signature Abel Richard bags, they feel a deep connection to their individuality and can express these feelings wearing our designs.”
The Chrono launches in three editions. The Bianco Lustre model features 24K gold mirror accents, pale leather and a pearlescent lacquered shell, priced at $207,000. The Titanio model is produced with satin-brushed proprietary titanium alloy, dark leather and carbon fiber for $170,000. The Noir model is made in matte-black forged carbon and priced at $179,000.
“The Chrono demonstrates what’s possible when innovation drives every decision,” added Bullock. “Its creation is incredibly challenging, but the results are extraordinary. Each piece goes through a thorough process where every curve is calculated to shape the silhouette perfectly. Any small misstep can compromise the design, which is why only pieces that meet every standard move to full production. Hundreds of hours of work go into perfecting each piece, coming together in the Chrono, a singular design that celebrates artistry.”
The Miami Design District boutique spans 3,777 square feet with a gallery-like interior designed in marble, walnut, and brushed brass finishes. Each handbag is presented individually, with curved architectural lines and ambient lighting intended to create a museum-like atmosphere.
The Miami flagship follows a soft opening in Beverly Hills and marks the beginning of a wider retail rollout. Abel Richard plans to open additional boutiques in Manhattan, Scottsdale, London, and Dubai beginning in the first quarter of 2026, as it introduces its limited-edition collections to a global audience.
The Beverly Hills location at 236 N. Rodeo Drive is now open to the public, while the Miami boutique at 3921 NE 2nd Avenue continues to expand its presence.
The demerger of Unilever‘s ice cream division, to be named ‘The Magnum Ice Cream Company,’ which had been delayed in recent months by the US government shutdown, will finally go ahead on Saturday, the British group announced.
Reuters
Unilever said in a statement on Friday that the admission of the new entity’s shares to listing and trading in Amsterdam, London, and New York, as well as the commencement of trading… is expected to take place on Monday, December 8.
The longest federal government shutdown in US history, from October 1 to November 12, fully or partially affected many parts of the federal government, including the securities regulator, after weeks without an agreement between Donald Trump‘s Republicans and the Democratic opposition.
Unilever, which had previously aimed to complete the demerger by mid-November, warned in October that the US securities regulator (SEC) was “not in a position to declare effective” the registration of the new company’s shares. However, the group said it was “determined to implement in 2025” the separation of a division that also includes the Ben & Jerry’s and Cornetto brands, and which will have its primary listing in Amsterdam.
“The registration statement” for the shares in the US “became effective on Thursday, December 4,” Unilever said in its statement. Known for Dove soaps, Axe deodorants and Knorr soups, the group reported a slight decline in third-quarter sales at the end of October, but beat market expectations.
Under pressure from investors, including the activist fund Trian of US billionaire Nelson Peltz, to improve performance, the group last year unveiled a strategic plan to focus on 30 power brands. It then announced the demerger of its ice cream division and, to boost margins, launched a cost-saving plan involving 7,500 job cuts, nearly 6% of the workforce. Unilever’s shares on the London Stock Exchange were steady on Friday shortly after the market opened, at 4,429 pence.
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