Shares in French cosmetics giant L’Oréal fell by more than 4% in early trade on Friday after the company posted its slowest quarterly sales since the height of the pandemic, dragged down by weak Chinese demand.
Trading 3.9% lower at 0808 GMT, L’Oréal was the second-biggest faller on European equity markets.
The 2.5% rise in fourth-quarter sales was a slowdown from the 3.4% rise in the third quarter, and the slowest quarterly growth since 2020. Analysts had expected quarterly sales to rise more than 4%.
Speaking to analysts on Friday, finance chief Christophe Babule said the Chinese market failed to stabilise towards the end of last year. Revenues in North Asia, which includes China, were down by 3.6%, after a 6.5% decline in the prior period.
Barclays analysts said weak sales in China and a slowdown in the company’s derma division were the main factors for the earnings miss.
“We think investors will remain nervous around whether this is symptomatic of deeper structural problems until growth inflects,” the note added.
Fourth-quarter sales also grew more slowly than expected in North America, rising by 1.4%, down from growth of 5.2% in the third quarter.
The Luxe division, which markets the Valentino and Yves Saint Laurent perfumes, also missed growth expectations by 4 percentage points.
Separately, L’Oréal said on Friday it struck a deal to produce beauty products for the popular French luxury fashion label Jacquemus in which the cosmetics maker would also take a minority stake.
CFO Babule on Friday said that proceeds from selling a stake in pharma company Sanofi would give L’Oréal additional financial firepower for acquisitions.
UK fashion house Paul Smith has attracted a major retail name to its board.Ewan Venters, the former chief executive of high-end London department store Fortnum & Mason, has joined the house as an independent director.
Venters, who oversaw a period of record performance during his eight years at Fortnum & Mason and has also held management roles at Selfridges, has agreed to become an non-executive at the business headed by founder Sir Paul, who remains heavily involved in the business as chairman, reported Sky News.
“Ewan is joining us at a pivotal moment for the company as we consider a number of key strategies to shape the future of our special brand,” said Sir Paul. He added that Venters’ “extensive experience in the retail, hospitality and cultural sectors will bring a welcome fresh perspective on what we do.”
Venters recently stepped down as head of global contemporary art gallery Hauser & Wirth but remains the chair of the private sector council of the government’s ‘Great’ campaign. He is also a trustee of the King’s Foundation and was awarded an OBE in the King’s Honours List in 2024 for services to international trade.
Venters said: “I have been friends with Sir Paul for some time, and I have long been an admirer of what is indisputably a great British brand. This is a very exciting moment for the Paul Smith label, and I am looking forward to the challenges ahead.”
Before the New York Fashion Week Fall/Winter 2025 season, some industry opinion was that the season lacked powerhouse brands. With their strong showings, three brands, Christopher John Rogers, Brandon Maxwell, and Todd Snyder, proved that creativity, ingenuity, and American can-do spirits prevail in these troubling times. After a five-year hiatus,Christopher John Rogers was a welcome addition to the official calendar. He held his show at the Brooklyn Navy Yard venue, which is big enough for every guest to have a front-row seat, making his vision unobstructed.
This season, his collection ‘Exhale’ referenced the work of artists Angela de la Cruz and Hélio Oiticica. Post-show, he explained the nuance of the inspiration, where it wasn’t necessarily specific works that became apparent aspects of the garment.
“It was more the sense of play. With Angela and Hélios’s works, it’s about the process, not the end result. When we were draping, on our mood board, there weren’t many fashion references but rather looking at things like sea slugs, umbrellas, pieces of artwork wrapped up with a string; that tension of things being pulled,” he said of the clothes.
Thus, how a skirt hem became a multi-tiered graphic dimensional handkerchief style on a series of fitted bodice sundresses or the flounce of a fitted jacket fell like the shape of a closed umbrella recalled the inspiration.
Rogers’ signatures were out in full force —color, and stripes— though he pushed them further. While he has skewed toward rainbow-based themes in the past, his exploration of dynamic unexpected combos of hues marked this outing. Fabric straps of varying lengths attached at the hip or multi-color grosgrain ribbons sewn on the hem of a crisp trench were another way to explore stripes. He explored monochromatic looks, even dark brown and black, which is not what he is typically associated with, but he insists he includes them.
Rogers doubled down on the American approach with his fabrics; think matte cotton piques, twills, wool tailoring, viscose satin, and silk grosgrain, all of which seemingly also make for good color saturation effect. They also had that crisp sundress feel, even with an elaborate ball gown version predominantly red, white, and blue, perhaps in a cheeky nod to the stars and stripes. Rogers numbers his collection and doesn’t seem to get too caught up in typical seasons, though some knits and suits were more geared toward fall.
Backstage greeting VIPS guests, family, friends, and press, Rogers was caught up in the emotion of the moment, the literal exhale one must feel once a runway show is complete. It’s an emotionally trying time for many creatives as even after day one, there is a mood among designers, especially LGBTQIA+ communities, that Rogers expressed in show notes.
“In a time when identity and personhood are globally challenged, the pursuit of one’s own happiness and autonomy can feel like a daunting but essential endeavor.”
The climb may have been further burdened this time, but Rogers rose to the occasion and prevailed. Brandon Maxwell is carrying the torch for American design and kicked off as the first significant Fall Winter 2025 NYFW show, which was the epitome of a well-executed American sportswear collection—and production was also on point —that offered plenty of reasons to shop come fall.
Brandon Maxwell fall/winter 2025 collection in New York – Courtesy
Post-show, the designer spoke to FashionNetwork.com about the highly personal creative process that led to the collection that referenced his Fall 2017 collection (shown precisely at the start of the last Trump administration) as well as a collection from February 2020.
“Eight years ago, I was expressing rage in a more severe way. I’ve done a lot of therapy on that show. I also looked at the collection before the pandemic, which was heavily plaid with American sportswear staples. Going into this one, the world is changing again. I didn’t want to do something that felt timid or ask for permission to exist. The last couple of times, I was calmly expressing grief and loss. This time, I wanted to embrace my rage,” he explained.
The clothes were rooted in Maxwell’s missive to dress the woman far daytime, reflecting a cool sharpness and high wearability factor rather than anger. Though maybe the prevailing animal prints roared. Layering and contrast were key to looks, whether via a black-and-white topper over a white blazer and black turtleneck or oversized striped men’s shirts with plaid skirts with a sweater-tied-around-the-waist effect.
Leather, a staple of Maxwell’s oeuvre, captivated with skirts such as a pleated skirt with sheer panels or wide-lapel oversized jackets with an 80s combo bomber-biker mood and fantasy quilted leather harness top with a technical edge. Cozy protection was evidenced in sweaters tied around the neck, shawls draped over the arm, oversized scarves attached to dusters, and ruching effect on fine gauge turtlenecks.
It all comprised a stylish yet related American sensibility. In his show notes, Maxwell expressed his gratitude for being a U.S.-based creative.
“I am so proud to be an American with the choice and the idea of waking up every day and creating something when we live in these specific times. I value and respect that, and it’s not easy; it’s about grit and perseverance.”
Todd Snyder’s clothes may appeal to a broad swath of American males looking for a tasteful style without being too ‘fashionable.’ Still, this season, he looked to a certain 1980s Parisian man hanging out on the Left Bank’s Saint-Germain neighborhood to guide his collection.
Todd Snyder Fall 2025 collection in New York – Courtesy
In an ode to this artsy enclave, the ‘Saint-Germain’ show was held at the Academy Mansion, a 1920 Upper East Side architectural treasure with stately rooms giving it a European mood. The young waiters offered champagne and such to guests such as Brendan Fraser and former colleague and ‘RHONY’-star Jenna Lyons (Giving it a hip mood was DJ Jivan Calderone, son of Victor and Athena Calderone, also in attendance.) The runway was divided into three rooms; thus, each room had its own vignette and was super intimate.
In show notes, Snyder described the archetypical uniforms of the day: Sorbonne undergrads, a writer in a cafe, businessmen lunching, tradesmen hanging at the tabac, and a jazz player off to a gig. Adding a bit of spice was adding Oscar Wilde’s look later in life while living in the Parisian enclave.
Snyder delivered these tropes without making them dated or costume-y. Main themes were riffs on those gents: nubby wool overcoats, enlarged suit jacket silhouettes, looser pleated front pants, a proposition of baggy Bermuda style pants for fall, wide wale corduroy looks and lots of mohair sweaters and vests with white shirts—also a key look for the UK-influenced New Wave/Alternative crowd of the eighties who found these fifties and sixties relics while engaging in the new-found sport of thrifting for style sake.
Speaking to FashionNetwork.com backstage, Snyder discussed his references for the season. “London has always influenced me, but Paris came into my heart on my trip there this year, and I fell in love with the style, so I always tried to figure out the blend. I’m always inspired by the British military. So, it’s this: American sportswear and French uniforms as a study, brought together.”
The military uniform was most evidenced in the monochromatic looks such as the moss green and mauve suits. It was also one of the many luxury fabrics Snyder was touting in the collection. “I’m here to say that crepe is back,” he added.
The show had a whopping 65 looks, but that probably had something to do with the after-show plan. Snyder, the consummate nice guy, was staging a second show for company employees, many who had a direct hand in creating the collection, so that they could take pride in the effort too.
ASOS has hired a key name in fashion retail to head global marketing for its fashion brands Topshop and Topman. Moses Rashid, founder and former head of sneaker resale site The Edit Ldn, will be responsible for reshaping their entire marketing strategy, “building awareness within global markets [and] re-engaging the brand with relevant audiences”.
Topshop
However, near top of the regeneration list is heading the brands’ plan to relaunch topshop.com across the next 12 months.
He’ll report into Michelle Wilson, managing director of Topshop and Topman.
In a post on LinkedIn, Rashid confirmed his new appointment: “I’m pleased to announce I have joined Topshop and Topman as global marketing director. Topshop was an institution for many of us, it was known for being innovative, rebellious and inspirational, so to be afforded this opportunity is truly exciting.”
Rashid sold The Edit Ldn platform a year ago to Brand Alley. After remaining on as chief executive, he announced last month he had stepped down and exited the business.
Topshop’s currently owned by ASOS and Heartland, an arm of Danish fashion group Bestseller. Heartland acquired a 75% stake in the business from ASOS last September in a £135 million deal.