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Brunello Cucinelli rejects short sellers’ report over Russia business

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September 25, 2025

Italian fashion group Brunello Cucinelli on Thursday rejected reports by short sellers that it is still conducting substantial business in Russia, saying its reduced activities in the area are in full compliance with European Union regulations.

Brunello Cucinelli – Spring-Summer2025 – Womenswear – Italie – Milan – ©Launchmetrics/spotlight

Following Russia’s invasion of Ukraine in 2022, the EU banned exports of luxury goods worth more than 300 euros ($350.28) to Russia, designed as a blow to the country’s elite. Earlier on Thursday, financial analysis group Morpheus Research published a report saying it had shorted Cucinelli’s Milan-listed shares.

It claimed the company misled investors and keeps operating several stores in Moscow, selling a wide range of high-end clothing and accessories, and still trading with Russian partners despite sanctions. The fashion company, based in central Italy, said in a statement that staff in its Russian showroom provided customer care services for clients.

Its spaces in larger multi-brand stores are still open and products for sale are those that can be legally shipped to Russia, along with inventory delivered before sanctions were introduced, the group said, without elaborating.

Cucinelli added that inspections by Italy’s Customs Agency confirmed full compliance in the procedures but did not say when they took place.

The Morpheus report also alleged that Cucinelli is using the Russian market to get rid of excess inventory but the brand, known for its high-end plush cashmere products, responded that “figures provide a clear and accurate perspective on this matter and rule out any speculation regarding the use of the Russian market to reduce stock or clear excess inventory”.

Cucinelli also said the company was considering legal action against Morpheus “to protect its reputation and the interests of all its stakeholders”. The move by Morpheus sent Cucinelli shares down almost 5%, prompting the Italian Bourse to suspend trading in the stock. The shares closed down over 17.3% at 85 euros. Cucinelli, with almost 1.3 billion euros ($1.52 billion) in revenue at the end of 2024, said the share of Russian sales on its total turnover has fallen by more than two-thirds from 2021 and that the market now accounted for just 2% of its revenue. Exports to its Russian unit fell to 5 million euros in 2024 from 16 million euros in 2021, it added.
 

© Thomson Reuters 2025 All rights reserved.



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Koio relaunches the Primo with Rose Anvil

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December 7, 2025

NYC-based footwear brand Koio is relaunching The Primo, the high-top sneaker that debuted the brand in 2015, in a limited-edition collaboration with leatherworker and YouTube creator Rose Anvil for its tenth anniversary.

Koio relaunches the Primo with Rose Anvil. – Koio

The updated Primo maintains Koio’s original Italian build standards, with internal upgrades including a full leather Strobel board, leather toe cap and counter, and a gum outsole. The upper is crafted from vegetable-tanned, untreated Vachetta calf leather sourced from Italian tannery Conceria Annarita, allowing the sneaker to naturally darken and develop a unique patina with wear.

“Reintroducing the Primo for our ten-year anniversary is incredibly meaningful,” said Johannes Quodt, co-founder of Koio. “It was the shoe that launched the brand, so bringing it back with Rose Anvil’s technical rigor felt like the right way to honor its legacy. The Vachetta leather will age beautifully, making this one of the most personal and character-rich versions we’ve ever created.”

The Primo first debuted in February 2015 at Koio’s Bowery pop-up, created by the founders as their ideal high-top sneaker. The silhouette remained a core style for five years before the brand shifted focus as its range expanded. Koio continued to receive requests from collectors and longtime customers to bring back the original design, prompting the reissue as part of the brand’s tenth-anniversary celebrations.

“The Primo was already a well-built sneaker, but replacing every internal synthetic component with leather significantly elevates the craftsmanship,” said Weston Kay, Rose Anvil. “Using untreated Vachetta leather means the shoe doesn’t just look good out of the box but it continues to improve over time.”

Koio’s work with Rose Anvil follows the success of their first collaboration—the Koio x Rose Anvil Capri Triple White—which sold out in less than 24 hours.

The limited-edition Primo is priced at $325 and is now available exclusively online.

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Victoria’s Secret raises full-year outlook on strong Q3

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December 7, 2025

Victoria’s Secret & Co. on Friday reported better-than-expected sales in the third quarter, prompting the U.S. lingerie giant to raise its full year outlook.

Victoria’s Secret raises full-year outlook on strong Q3. – Victoria’s Secret

The Ohio-based company said sales for the three months ending November 1 totalled $1.472 billion, up 9% from the third quarter of 2024 and above its previously communicated guidance range of $1.390 billion to $1.420 billion. Meanwhile, total comparable sales for the third quarter of 2025 increased 8%.

Victoria’s Secret recouped its earnings, reporting a net loss of $37 million, or $0.46 per diluted share, compared to net loss of $56 million, or $0.71 per diluted share, for the third quarter of 2024.

“With two iconic brands, Victoria’s Secret and Pink, a curated product assortment, high-emotion marketing and a relentless customer focus, we are reinforcing our leadership in global intimates and beauty,” said Victoria’s Secret & Co. CEO, Hillary Super.

“As we continue to advance our Path to Potential strategy, we are accelerating global growth, elevating brand distinctiveness, and unlocking greater value across our ecosystem to drive long-term profitable growth.”

Looking ahead, the company is now forecasting full-year net sales in the range of $6.450 billion to $6.480 billion, compared to prior guidance of $6.330 billion to $6.410 billion for the full year 2025. Adjusted net income per diluted share is estimated to be in the range of $2.40 to $2.65, compared to prior guidance of $1.80 to $2.20.

For the fourth quarter, the company is forecasting net sales to be in the range of $2.170 billion to $2.200 billion compared to last year’s fourth quarter net sales of $2.106 billion.

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Bernard Arnault pays homage to late Frank Gehry

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December 7, 2025

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
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.
 

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