A blockbuster show by Saint Laurent dedicated to clothing “as a form of discourse” kicked off a hotly anticipated Paris Fashion Week on Monday that is set to underline the big changes underway at the top of luxury labels.
The Spring-Summer 2026 womenswear week began with France’s Victor Weinsanto who sent out drag queen Nicky Doll as a model for his corset-heavy collection inspired by the pomp and style of the Versailles Palace.
Newcomer Belgian designer Julie Kegels had Spanish singer Rosalia on the front row for her early afternoon debut event, where models stepped out of an apartment door and onto a catwalk in the upmarket Passy neighbourhood of the capital.
The day closed with a blockbuster Saint Laurent production on Place du Trocadero, opposite the Eiffel Tower, where models in black leather jackets or bold flowing fabrics walked between flowerbeds of white hydrangeas arranged in the shape of the label’s logo.
Creative director Anthony Vaccarello had the increasingly polarised politics of many countries on his mind as he argued that luxury clothing, instead of being a symbol of income inequality, could be a language of exchange.
“At a time when dialogue is fading, style becomes a form of discourse — not one that imposes but one that connects and adds nuance,” he wrote in his show notes.
This Paris Fashion Week, which follows a historic one in Milan, is set to feature around 10 different labels with new creative directors following a flurry of new appointments over the last year.
“We’re opening a new chapter, not so much for Fashion Week itself, but for what fashion will be over the next 10 years,” Pierre Groppo, fashion editor-in-chief of Vanity Fair magazine in France, told AFP.
VIPs and fashionistas are all jostling for the hottest ticket in the French capital, Franco-Belgian designer Matthieu Blazy‘s debut at Chanel, which will take place on the penultimate day on October 6.
Blazy was poached from Kering-owned Italian brand Bottega Veneta to take over at Chanel in December.
He faces the daunting task of turning the page on Karl Lagerfeld‘s decades-long dominance of the French powerhouse.
The “Kaiser” defined the hugely profitable brand up to his death in 2019 and was succeeded by his longtime co-worker Virginie Viard, who was seen as a successful continuity candidate.
Blazy, who first caught the eye as a designer at Maison Margiela, has given almost nothing away about his intentions after taking over one of the most sought-after spots in the fashion business in December.
Another hotly awaited moment in Paris will be Jonathan Anderson’s first women’s collection for LVMH-owned Dior, on October 1, after the Northern Irish designer’s well-received debut men’s line in June.
Attention will also focus on Pierpaolo Piccioli at Balenciaga, who is succeeding the streetwear-loving Demna, who has switched to struggling Gucci.
There is further change ahead too, with LVMH-owned Fendi announcing Monday that its veteran menswear designer Silvia Venturini Fendi, granddaughter of the label’s founders, would be moving to an honorary role.
The fashion world’s attention shifts to Paris after an emotional celebration on Sunday night in Milan of Giorgio Armani, who died earlier in September.
Many A-listers from Cate Blanchett, Glenn Close to Richard Gere turned out for the Giorgio Armani show, the final collection the Italian designer worked on before his death earlier this month.
It had originally been intended as a celebration of 50 years of Armani’s fashion house, but became a tribute to the legend, who died on September 4, aged 91.
Elsewhere in Milan, Demna’s debut at Gucci won praise from Simon Longland, head of fashion buying at upscale London department store Harrods, but the first collection from British designer Louise Trotter’s at Bottega Venetahe was “without doubt the highlight of the week”, he wrote.
Dutch designer Duran Lantink will be hoping he can create similar buzz when he sends down models for the first time in Paris for Jean Paul Gaultier.
The week will also see the debut of Jack McCollough and Lazaro Hernandez at Loewe, Miguel Castro Freitas at Mugler and Mark Thomas at Carven.
Some major designers will be showing only their second collections — often considered by industry insiders as more meaningful than the debuts.
Paris Fashion Week comes at a tricky time for the luxury industry, which faces slowing demand in China, US tariffs on exports and uncertainty over the global economy.
Intimates and swim specialist Bravissimo Limited has filed its accounts for the period to the end of March and they showed much higher sales. However, it’s hard to get a clear picture of just how the company is faring.
Bravissimo
The UK-based company is part of Bravissimo Group Limited, which acts as its holding entity, as well as being the holding company for the US arm of the business.
That parent company was wholly acquired by Wacoal Europe Ltd partway through the period in late September last year. But the firm’s year-end date was changed to 31 March from 31 October at that point, which means the current period is 17 months against 12 months the ‘year’ before.
But with that in mind, its’s still worth looking at the figures for the UK operation.
For the 17 months reported, the company’s revenue was £79.3 million. For the comparison period (the 12 months to the end of October 2023) it was £57.6 million. Gross profit in the latest period was £49 million compared to £36.2 million for the shorter period previously. The gross profit margin for the most recent extra long ‘year’ was 61.8% compared to 6.2% in the previous year. That’s because the elongated period included two autumn seasons and autumn and winter sales typically have lower margins due to fewer swimwear pieces being shifted (swimwear has higher margins).
But the company said that despite the challenging inflationary environment cost were well controlled and the reported operating profit for the 17 months was £1.4 million. Had the firm being reporting its financial year as it did previously, that figure would have been £2.6 million, up from £2.5 million the year before.
Bravissimo also said that it had more active customers at the end of the latest period compared to the previous year and its website traffic was up as well, although retail store footfall dropped slightly. The website conversion rate edged upwards and the retail conversion rate was broadly stable.
In the previous year, the company said it had fully recovered from the effects of the pandemic, but it’s likely that the current year will feature worse results than those just filed.
In June 2025, the company said a warehouse fire meant disruption and delays to supply chains for its online customers. The fire was quickly extinguished, but the disruptions involving having to find temporary storage facilities. The brand stopped accepting orders online or over the phone until the issue was resolved.
It only reported being back online in late September but at least it said the business saw a 70% year-on-year rise in total sales on the day of its relaunch. Lingerie sales alone were up 90% compared to the same day last year.
Pepco’s preliminary results for FY25 showed the European value retail giant turning in a “strong financial performance” as it said “significant strategic execution delivers [a] transformational year”.
Pepco
The results, for the 12 months to the end of September, showed revenue rising 8.7% to €4.5 billion. Like for like (LFL) revenue growth was 2.6% after a 3% fall in the previous year. The gross profit margin rose to 48% from 47% and underlying EBITDA on an IFRS 16 basis was up 10.3% at €865 million. On a pre-IFRS 16 basis it was up 10.6% at €531 million. Underlying profit after tax rose 19.7% to €219 million.
All that came as the sale of Poundland was successfully completed in June 2025, “significantly simplifying the group structure”.
Pepco’s FMCG exit was also completed including the conversion of most Pepco plus stores in Iberia, “generating encouraging results”.
The company also saw an improved performance in Poland and Western Europe in general and the acceleration of its digital journey with a new website, app and loyalty scheme ready for launch in Q1 FY26.
It also said that the Dealz chain is now fully independent and the divestment process is intended to start next year as it explores strategic options for the business.
The big event during the year was the aforementioned sale of Poundland, the UK operation that had been a drain on the wider business in recent periods. With that now divested, it’s clear that the company is able to move forward and it confirmed that FY26 underlying EBITDA is expected to grow at least 9%.
That view is boosted by current trading. In the first financial quarter-to-date (1 October to 13 December 2025), Pepco LFL revenues have risen 3.9% excluding FMCG (LFL of +0.3% including FMCG).
It saw a solid start to the quarter in October but this was partially offset by a weaker November in line with the broader market, before returning to growth in December.
Dealz, as mentioned, is next to be divested but for now it’s dragging down the overall company performance, Pepco saying that this reflects “challenging trading conditions across all categories, particularly in health and beauty”.
Commenting on the results overall, CEO Stephan Borchert said: “2025 was a real turning point… the group has executed at exceptional pace, delivering significant progress in a short timeframe. The decision to refocus on Pepco and exclusively on our core categories of clothing and general merchandise has been validated by these strong results, in particular our gross margin and free cash performance, which were both ahead of expectations.
“We opened 247 net new stores with strengthened store economics and returns on capital for Pepco across our geographies, as we progressed our disciplined opening plans in both Western Europe, and Central and Eastern Europe. The performance of Western Europe has become a clear growth engine, exceeding our initial expectations. It is clear this region is now prepared for future accelerated growth.
“The development of our digital capabilities is progressing as per plan, and we are on track for launch during calendar Q1 2026.”
Activist investor Elliott Management has amassed a stake of more than $1 billion in Lululemon Athletica and is lining up a potential CEO candidate as it pushes to revive the struggling athletic apparel retailer, a source told Reuters on Wednesday.
Lululemon
Elliott has been working closely for months with veteran retail executive Jane Nielsen, former chief financial officer and chief operations officer at Ralph Lauren, and views her as a potential CEO candidate, the source added.
The hedge fund is now one of Lululemon’s biggest investors, with the move coming amid a busy year for Elliott that already includes a recent investment in PepsiCo and an earlier proxy fight at Phillips66.
The Wall Street Journal first reported the stake. Elliott and Lululemon did not immediately respond to Reuters’ requests for comment.
Last week, Lululemon said CEO Calvin McDonald would step down in January after seven years in the role, without naming a successor. Its share price rose after news of McDonald’s impending departure but has dropped about 60% from its peak two years ago.
The company, valued at $25 billion, now likely faces an expensive and drawn-out board dispute over the position of CEO. Its founder and largest shareholder, Chip Wilson, has also called for an urgent CEO search, led by new, independent directors with deep company knowledge to restore a product-first focus.
Wilson, who has previously courted criticism by saying some women’s body shapes “just actually don’t work” with Lululemon yoga pants, has publicly blamed McDonald and the board for the company’s lagging share price.
Known for its high-priced leggings and athleisure wear, Lululemon has ceded market share to newer brands such as Alo Yoga and to lower-cost private-label lookalikes, with executives voicing disappointment with product execution.
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