Price-conscious customers left the German perfumery chain Douglas facing a decline in profits in its day-to-day trading over the Christmas period.
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According to preliminary figures, sales in the first financial quarter to the end of December rose 1.7% year on year to 1.67 billion euros, the company said in Düsseldorf on Monday. However, the operating margin before interest, taxes, depreciation, amortisation, and special items (adjusted EBITDA) was only 19.9%. A year earlier, this margin was 21.5%. Analysts, on average, had expected 20.8% this time.
Douglas attributed the development to shoppers paying close attention to prices when making purchases. While the key “Singles’ Day” and “Black Week” promotions performed relatively well, they also brought forward purchases for Christmas.
Douglas CEO Sander van der Laan continues to expect sales of 4.65 to 4.8 billion euros for the current financial year to the end of September. The adjusted operating margin is expected to be around 16.5%. The SDax-listed company plans to publish its final figures for the first financial quarter on February 11.
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After closing 2025 at €80 million, up 5%, denim specialist Jacob Cohën is preparing to open its first US mono-brand store in late May: a two-storey, 280-square-metre space on Madison Avenue in New York.
Jacob Cohën, AW 2026-27
“The first level will be dedicated to womenswear and the second to menswear, with a lifestyle-driven concept,” Jennifer Tommasi Bardelle, president and creative director of the brand, tells FashionNetwork.com. “The US market is very important to us: we have been present in the wholesale channel for a couple of years now and have already reached a turnover of €3 million; moreover, the US is our leading country in terms of e-commerce sales, followed by Germany and Italy. The New York opening will be preceded by another opening at the end of April in Monte-Carlo.”
During Milan Men’s Fashion Week, the brand presented its AW 2026-27 collection, with models moving as if they were guests in the lobby of a luxury hotel, a set crafted in denim by designer Fabio Chrestich. The garments are embellished with leather inserts, stitching that traces the brand’s trapezium-shaped logo, and applied rivets. The materials speak to luxury and refinement: ultra-soft nappa, including suede, deerskin, and sheepskin for jackets, bomber jackets and gilets; double-faced cashmere, in solid colours, contrasting combinations or Prince of Wales check, for sharply tailored coats with a distinctly sartorial spirit. Puffer coats and jackets crafted from Loro Piana fabrics are characterised by the StormSystem treatment, which combines a soft handle with practicality.
Jacob Cohën, AW 2026-27
Denim- whose most elevated iteration is the emblem of Jacob Cohën- runs through the collection in shirts and five-pocket jeans with relaxed cuts; in addition, the new Blue Silk Cloud project uses recycled denim mixed with silk and polyester for the garments’ internal padding. The jumpers, in fine cashmere and cashmere- silk yarns, come as polo knits, mock-necks or rollnecks, in colour-block or with geometric patterns. The palette is inspired by autumn and captures shades of brown, burnt tones, taupe, greys, and moss green, through to ochres and ice blue.
For womenswear, the craftsmanship is extremely detailed and deft cuts elegantly reveal the body through skirt slits, openings at the back of silk shirts, and the necklines of cross-over tops, counterbalanced by the solid construction of jackets with structured shoulders.
Trench coats and coats come in suede or pony skin, a material also used for gilets and super-cropped jackets. Denim features contrasting leather trims and details, and Jacob Cohën’s cult styles are reimagined in different fabrics, including leather. For womenswear, the palette includes brown, taupe, ivory, brushstrokes of green that shade from forest to sage, pops of “electric” purple, grey, and indigo blue.
Jacob Cohën, AW 2026-27
“Since S/S 2026 there has been a radical change in the development of the collection, an expansion towards the total look and a broadened leather assortment, from nappa to second-skin leather used for rainwear and blazers, from shearling to ultra-light suede, through to deerskin. We are bringing the hallmark details of our jeans into tops and outerwear, such as buttons, rivets, and poems printed on the inside,” concludes Jennifer Tommasi Bardelle. “In addition, we are moving increasingly towards lifestyle: we have presented padel racket bags in denim and leather and have recently launched our first hemp-based beauty line, developed in collaboration with a company that specialises in natural essences. We have translated the fragrance with which our garments are washed into shampoo, conditioner, shower gel, and body lotion; in addition, we have created a kit for hotels and a wooden beauty box that, once the products are finished, becomes a jewellery box.”
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There was a changing of the guard and of gears at Giorgio Armani Monday morning, as Leo Dell’Orco presented a smooth and chic debut collection for the house, the final important show of Milano Uomo Moda.
A velvet suit by Giorgio Armani – FashionNetwork.com
The collection was the first not designed for the house by eponymous designer Giorgio Armani, who passed away in September last year.
Inevitably, Dell’Orco, Giorgio Armani’s right-hand man for the past four decades, sent out a collection that was hyper respectful of the master’s DNA. Yet he still added his own imprint to a signature collection that featured over a dozen women’s looks that practically matched the menswear designs they marched beside.
Leo also upped the pace of the show, which was no bad thing, and concentrated on what the house of Armani does best- impeccable, fluid tailoring. Most notably with some excellent jackets and blazers. Varying between one-button blazers with elongated shawl lapels made in the house’s signature non-colours of mud, cement, or wheat. To five-button Nehru jackets, again riffing on old Giorgio favourites- from zig zag pattern to waffle style. Paired with forgiving tapered pants that nipped at the ankle it all made for a very flattering silhouette.
A woman’s look on the runway – FashionNetwork.com
Leo did break new ground in terms of colours, showing some great olive green or amethyst velvet shirts, pinstripe jackets and coats- for men and women. Along with superb silk mandarin jackets in dashing Colombia blue. While Giorgio’s love of Asian design was remembered in a great series of silk shirts with high smoking collars.
A change of guard also on the board, where recently appointed members John Hooks and Marco Bizzarri sat smiling in the audience.
“It feels emotional to be back after 15 years,” commented Hooks, the house’s managing director for a decade until 2011. While a beaming Bizzarri predicted: “expect an exciting 18 months at the house of Armani.”
As noted, under the terms of Giorgio Armani’s will, the childless late designer left instructions that his heirs sell 15% of the house within 18 months of his death. And then a further 35% to 54.9% to the same buyer.
Muted tones at Giorgio Armani – FashionNetwork.com
However, after watching this show, one got the distinct impression that no one in Armani is in any great hurry to sell.
Clearly enjoying his new role, Dell’Orco took a few risks with his choice of coats, showing dramatic double-face slate grey topcoats with funnel necks, or the sleekest meeting of a chauffeur’s tunic and long coat in putty grey. One could sense the models loved wearing them, too.
In another marked change, the models appeared quicker and marched faster in two morning shows, held in the famed Armani show-space in the basement of Giorgio’s personal palazzo on central Via Borgonuovo.
The collection and show did lose focus towards the finale, with some odd knits and a good deal or repetition. It lacked the ruthless self-editing for which King Giorgio was famous. But overall, this felt like a successful passage into a new era, and a win for the house.
Leo Dell’Orco with his nephew Gianluca Dell’Orco on the runway – FashionNetwork.com
In a generous gesture, Leo took his bow with his nephew Gianluca Dell’Orco, a design director for menswear.
Bowing, smiling, and ebullient- aided by the galactic funk and gentle techno soundtrack, including Evolver by AstroMat. Armani soundtracks traditionally had been one of Leo Dell’Orco’s responsibilities.
And one could not help to chant during the show “Ashes to Ashes,” the traditional refrain at funerals, suggesting there is a future life immortal in heaven.
Harmont & Blaine’s strategic shift continues apace. The ‘Bassotto’ (Dachshund) brand has recently reorganised its executive leadership and embarked on a second three-year governance period focused on a further development and implementation of its industrial plan. From its stunning 1,200 square metre Milan showroom, the label shared with FashionNetwork.com positive figures for 2025 and further growth for 2026, heralded by the new Autumn-Winter 2026/27 collection titled “The Art of Renewal.”
Harmont & Blaine, Autumn-Winter 2026/27
“The line is called ‘The Art of Renewal’ because it represents something of the culmination of an evolutionary journey for our collection and a return to focusing on raw materials, fabrics, savoir-faire, and the desire to embed value in the product we offer our customers,” says Daniele Ondeggia, Harmont & Blaine’s general manager.
Also designed by Tiziano Foglia, Harmont & Blaine underscores its commitment to the ecosystem and, for the second consecutive season, presents the upcycling capsule collection “Re-Loved,” in collaboration with Roberto Lonoce, co-founder and creative director of Re-Jàvu Milano, while also developing the theme of earth dye in denim- namely, the use of natural raw materials in manufacturing and highly sustainable techniques in fabric dyeing. These responsible, alternative treatments are applied not only to cotton but also to jeans overdyed with natural earth pigments, using low-water washes and finishes.
Typically strong in shirts, polos, and trousers, over the past decade Harmont & Blaine has successfully increased its recognition as a total look brand, with an offer that now encompasses footwear, accessories, knitwear, scarves, and bags- the result of substantial work on evolution and brand awareness. “The brand is no longer solely masculine. The women’s collection is now a flagship in its own right and is achieving spectacular growth,” Ondeggia is keen to emphasise. “We have finally found the right coherence between the women’s offer and the menswear style, with a high perceived value- so much so that H&B womenswear sales are growing by 40–50% every year, accounting for around 10% of overall revenue.”
Harmont & Blaine, Autumn-Winter 2026/27
Among the reasons why the Bassotto management believes there can be significant growth for the brand in the near future is the completion of its infrastructure. “A few weeks ago we launched our CRM and marketing automation engine; we have invested in human capital, hiring a specialist in this field with extensive experience and a strong track record in previous roles,” says the general manager.
Harmont & Blaine is headquartered in Naples and is distributed in 46 countries. With around 120 directly operated mono-brand stores and shop-in-shops (about half in Italy) and no fewer than 38 points of sale in Spain, its second-largest market, the brand is focusing strongly on the Iberian Peninsula, where it is finalising the establishment of a subsidiary in Portugal, a country where it did not previously have a presence, specifically in the Algarve.
With its 630 employees, about 480 of whom are in Italy (and as many as 1,000 across the indirect workforce), Harmont & Blaine is pursuing a strategy of brand takeovers in elegant, prestigious locations- such as ski resorts or mountain refuges in winter, and resorts or beach clubs in summer. “We have recently made several investments in this area by sponsoring in Capri- the place from which our collection draws its inspiration- the main bar in the Piazzetta, Bar Tiberio, which we have ‘Bassotto-ised’ with every possible fabric and element,” the executive says. “Of course, we organised several events on site, also because we own a boutique in Capri, on Via Camerelle. The new element is Cortina, where we sponsored Chalet Tofane and opened a corner at the Cortina cooperative, with targeted initiatives for the Olympics.”
Harmont & Blaine, Autumn-Winter 2026/27
Further development prospects in Spain will come thanks to El Corte Inglés, where the Italian brand currently has 34 corners, with some potential openings in this historic department store chain in the pipeline. “So Spain, resort takeovers, eco-sustainability, digital, and wholesale will be our primary focus areas- the channels where we expect to see a huge acceleration in 2026 in terms of sales,” summarises the manager.
Although Harmont & Blaine’s image is always associated with summer, the Mediterranean and colour, the numbers show that the brand now generates 50% of its turnover in autumn-winter. “However, we want to address more forcefully a market segment that knows us less well: the mountain outdoor segment. We have many garments that are perfect for this purpose, and for the Olympics we have developed a high-quality capsule,” says the general manager, who is very pleased with the recently signed EU-Mercosur agreement, which will further liberalise trade between the two areas.
“In Latin America, particularly in Central and South America, we are historically very strong. We are not present in Brazil, but we are distributed in Mexico through a partnership with Palacio de Hierro, where we have our own subsidiary with 14 stores,” Ondeggia explains. “Then the company has partnerships in place with all the countries in that area, from the Caribbean islands to Puerto Rico and Santo Domingo, and in Venezuela, Colombia, Peru, Ecuador, and Panama, precisely because the product meets the appreciation of a local clientele that loves colour and freshness. It will now be an even more important outlet.”
Harmont & Blaine, Autumn-Winter 2026/27
Harmont & Blaine also established a subsidiary in the US last year, opening two stores in Miami, at Aventura Mall and Brickell City Centre. This marked a direct entry after the brand had been present in the US for many years only through a distributor. And the US is the Bassotto brand’s second-largest e-commerce market.
According to the executive, e-commerce has great growth potential for the Neapolitan brand, following an investment in digital transformation that began in 2024 and started to bear fruit in 2025. “The infrastructure is powerful; we believe this technological investment will allow us to see solid double-digit growth in the e-shop’s revenue, which we currently consider insufficient, at around 4%,” reveals Ondeggia. “Womenswear, for example, performs very well in brick-and-mortar, but we have to learn to push it online.”
What about wholesale? On 2025 revenue of €103 million, the wholesale share is about 20%. The brand has around 350 multi-brand clients in Italy and another 200 around the world, and in addition to Portugal the company is advancing a distribution project in India, a country now growing by around 10% a year, where the Bassotto is about to enter via a local distributor.
“For all these reasons, we expect significant growth in 2026,” continues Daniele Ondeggia, “also because we have an ongoing process to streamline our operational engine, ranging from the collection structure to merchandising and buying processes, through to distribution and the revision of the production footprint, to give more space to local workshops- nearshoring in contrast to what has happened in past years, when many relied on the Far East. Therefore,” he continues, “even at the organisational level, we are trying to rationalise, streamline, and recalibrate the business model in a market environment that offers many opportunities but also much uncertainty- not least the numerous luxury brands that have seen significant drops in their share prices.”
For the executive, the shareholder base is confident. It consists of the founding family, the Menniti-Montefusco, who control the brand with a 60% stake, alongside Bassotto 2.0, a club deal that acquired 40% of the company, a stake that had in turn been held by the Clessidra fund for eight years. “I joined the company precisely when the fund came in,” Ondeggia concludes. “In this organisation, the front-runner of the club deal is engineer Riccardo Bruno, the person who at Clessidra invested in Harmont & Blaine. Now, however, he has chosen to invest in the brand independently, with his own money, precisely because he knows the brand’s potential well.”
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