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Skechers reports record-breaking 2024 sales of $8.97 billion

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February 9, 2025

U.S. footwear firm Skechers announced on Thursday another record-breaking revenue year for 2024, up 12.1% to $8.97 billion, on the back of another strong quarter ending December 31, led by sales growth across all regions.

Skechers reports record-breaking 2024 sales of $8.97 billion. – Skechers

Fourth quarter sales increased 12.8% as a result of an 18% increase domestically and a 9.8% increase internationally. Wholesale increased 17.5% and direct-to-consumer increased 8.4%. 

Regionally in the quarter, Asia Pacific grew 3.3%, the Americas grew 14.2%, while Europe, Middle East and Africa climbed 24.8%, said the Los Angeles-based company.

For the three months, net earnings were $99.3 million and diluted earnings per share were $0.65 compared with prior year net earnings of $87.2 million and diluted earnings per share of $0.56. 

“Our 2024 record sales were driven by a strong response to our comfort technology products, and the outstanding execution of our talented and dedicated team in developing, marketing and managing the strategic allocation of our footwear, apparel and accessories worldwide,” said Robert Greenberg, chief executive officer of Skechers. 

“The flexibility, determination and creative spirit of the Skechers organization is unparalleled. Our innovative comfort business closely aligns with the needs of consumers of all ages, genders, activities and professions who are embracing our lifestyle and performance product offering.” 

Looking ahead, for the fiscal year 2025, the company expects sales between $9.70 and $9.80 billion and diluted earnings per share between $4.30 and $4.50. 

For the first quarter of 2025, Skechers expects sales between $2.40 and $2.43 billion and diluted earnings per share between $1.10 and $1.15.

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Gucci drags Kering down, but YSL, Bottega Veneta fare better

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February 11, 2025

French luxury giant Kering reported a 12% drop in Q4 sales on Tuesday, but its key Gucci label had a worse time of it, although it did flag a slight improvement in all-important markets China and the US.

Gucci – Fall-Winter2024 – 2025 – Womenswear – Italie – Milan – ©Launchmetrics/spotlight

The conglomerate, which famously axed Gucci designer Sabato de Sarno last week, said sales in the last three months of the year were €4.39 billion.

Gucci is so important because it accounts for nearly half of group sales but also around two-thirds of recurring operating profit. And its Q4 sales were down a painful 24%, worse than the 19% deficit analysts had expected.

Kering’s efforts to turn around Gucci with a less maximalist design approach under De Sarno in the past two years (not exactly minimalist but definitely less OTT than predecessor Alessandro Michele’s style) came to little as it coincided with the global slump in luxury demand.

But while global luxury sales are estimated to have fallen 2% last year, the kind of double-digit figures Kering has turned in suggest bigger problems.

But group chief François-Henri Pinault stayed upbeat and talked of stabilisation and progress to come. 

“In a difficult year, we accelerated the transformation of several of our Houses and moved determinedly to strengthen the health and desirability of our brands for the long term,” he said. 

“Across the group, and at Gucci first and foremost, we made critical decisions to raise the impact of our communications, sharpen our product strategies, and heighten the quality of our distribution, all in the respect of the creative heritage that distinguishes our brands. We secured our organisation, made key hirings, sped up execution, and intensified the efficiency of our operations. Our efforts must remain sustained and we are confident that we have driven Kering to a point of stabilisation, from which we will gradually resume our growth trajectory.”

The numbers

So, let’s look at the details. For the full year, Kering’s revenue amounted to €17.2 billion in 2024, down 12% both reported and on a comparable basis.

Sales from the directly operated retail network, including e-commerce, fell 13% comparable, affected by lower store traffic. 

Wholesale revenue of the Houses was down 22% on a comparable basis, “as they continued to heighten the exclusivity of their distribution”. At group level, Wholesale and Other revenue was down 9% on a comparable basis.

For Q4, as mentioned, revenue was down 12%. Sales from the directly operated retail network decreased 13% on a comparable basis. Trends improved sequentially in all regions, except Japan. Wholesale and Other revenue was down 10% overall on a comparable basis, and Wholesale revenue was down 25% for the Houses.

Recurring operating income fell 46% to €2.6 billion for the year and the recurring operating margin was 14.9% in 2024 versus 24.3% in 2023.

The labels

Gucci’s 2024 revenue fell 23% to €7.7 billion, down 21% on a comparable basis. Sales from the directly operated retail network, accounting for 91% of the total, were down 21% and Wholesale revenue was down 28% (both on a comparable basis).

As we’ve said, Q4 revenue dropped 24% comparable with sales from the directly operated retail network down 21% but “with a slight sequential improvement in North America and Asia-Pacific”. 

Bottega Veneta – Fall-Winter2024 – 2025 – Womenswear – Italie – Milan – ©Launchmetrics/spotlight

It said “the performance of new Leather Goods lines as well as iconic Gucci lines is highly encouraging”. But Wholesale revenue decreased 53% in Q4, “partly reflecting increased selectivity of distribution partners”.

Annual Gucci recurring operating income was €1.6 billion with the operating margin at 21%, “with lower sales resulting in negative operational leverage, although that was mitigated by major efforts to streamline the cost base”.

Yves Saint Laurent fared better but was still negative. 2024 revenue fell 9% to €2.9 billion both reported and comparable. Sales from the directly operated retail network were down 7% while Wholesale revenue fell 25% comparable.

Q4 sales fell 8% comparable and sales from the directly operated retail network dropped 7% but “posted a notable improvement in North America and Asia-Pacific”. New Leather Goods products and reinterpretations of Yves Saint Laurent’s “iconic handbags were very well received”. Wholesale revenue was down 35% in Q4, “due in part to efforts to streamline that distribution channel”.

Yves Saint Laurent achieved recurring operating income of €593 million in 2024 and its recurring operating margin was 20.6%, “reflecting the House’s investments in its collections, stores and clienteling events”.

Bottega Veneta did much better in the year than both those brands as revenue rose 4% reported and 6% on a comparable basis. Sales from the directly operated retail network rose 10% comparable but Wholesale revenue was down 15% “due to the House’s highly selective approach to partners”.

Q4 sales rose 12% comparable with a 17% increase in the directly operated retail network, “driven by outstanding performances in North America and Western Europe. Trends in Asia-Pacific improved. The House’s leather goods offer remains highly successful, underscoring the immense desirability of the Bottega Veneta brand”. Wholesale revenue was down 10% comparable.

Balenciaga – Fall-Winter2024 – 2025 – Womenswear – Paris – ©Launchmetrics/spotlight

Recurring operating income was €255 million in 2024, yielding a recurring operating margin of 14.9%, “as the House continued to make significant investments in its communications and store network”.

Revenue from Other Houses fell 8% reported to €3.2 billion and 7% comparable. On a comparable basis, sales from the directly operated retail network were down 4%, while Wholesale revenue was down 17%.

Q4 sales fell 4% comparable. Sales from the directly operated retail network were down 7%, while Wholesale revenue was up 9%. 

“Balenciaga’s leather goods continued to be well received, while sales at Alexander McQueen suffered from its transition currently underway. Brioni achieved double-digit growth. Jewelry Houses continued to make progress, with a particularly healthy performance at Boucheron”.

The recurring operating loss of the Other Houses was €9 million in 2024, “due to negative operational leverage at Couture and Leather Goods Houses”.

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Adidas A-type ultra-limited launch takes brand into true luxury arena

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February 11, 2025

Adidas Originals has launched a new, premium label that celebrates its heritage with the debut of A-Type. The collection reimagines its famous designs in much finer materials with a higher level of craftsmanship.

Adidas Originals A-Type

And it’s not meant to be just an homage to its archive or a slightly elevated offer. The high-end materials and artisanal manufacturing really do elevate it from mere sports or every day pieces into true luxury.

Adidas is talking about an “artisanal” offer put together in “outstanding ateliers” with pricing of around $1,500 for a leather track jacket.

Not that pricing is hugely relevant at present because for now, it’s something not on general release and only ‘friends and family’ can get their hands on the products. But A-Type will likely be available more widely with future releases.

It’s as if the German sports giant has decided that, after years of high-end designer collabs, it can do true luxury on its own based purely on its proprietary design codes. Its designer link-ups will continue, however.

A-Type’s first offer focuses on a monochrome palette for the Superstar sneaker (no surprise there given its icon status), as well as the Firebird tracksuit and Airliner bag.

The A-Type Superstar is handmade in Italy using premium leather, and comes complete with cashmere shoelaces with silver-plated lace tips. The shoes also come in a moulded box with wooden shoe trees and white gloves — yes, Adidas really is taking this project to high-end extremes.

The Firebird (including top, pants and shorts) harks back to the style of the product’s 1980s launch but also features premium leather materials and handcrafted details and there are cashmere-blended T-shirts to add an extra luxe edge.

Adidas Originals A-Type

The bag, meanwhile, looks back to the 1970s original and reinvents it in supple leather with premium hardware for both large and small sizes.

To underscore the luxury element of all this, Adidas has also included sterling silver Trefoil jewellery in the mix with pendants, rings, and earrings.

It’s all supported by a campaign featuring Pusha T, Tyshawn Jones, Selena Forrest, Fiffany Luu, Paloma Elsesser, and DJ Hank Korsa.

It’s significant that the line was launched during such a high-profile event as New York Fashion Week but that, of course, attracted the ire of campaign group PETA. As well as targeting Coach during NYFW, the group protested about Adidas using “tormented ostriches and other animals”. Its president Ingrid Newkirk said: “PETA is calling on Adidas to step away from leather and stick to the wonderful cruelty-free vegan materials it already offers.”

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Super Bowl Sunday—game day fashions and more

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February 11, 2025

Snow and sludge were not enough to stop the fashion from steaming ahead on Sunday as shows continued on day four. While most eyes eagerly awaited Super Bowl LIX in New Orleans, the garment trade (and those who latch on to it) were preparing their own seasonal victories. Two designers, Jonathan Cohen and Sally LaPointe, referenced sports, while Ulla Johnson entered her golden era.

Ulla Johnson

Ulla Johnson has mastered the impressive runway set. For her Fall/Winter 2025 show, she laid the floor with gold-plated brass tiles on the 14th floor of 555 Greenwich Street, overlooking the Hudson River. She marked the runway with a singular flower-shimmering metal statue, “Le Géant,” by French artist Julie Hamisky, who also designed the jewelry. It made for a dramatic yet poignant moment, perhaps as a solemn tribute to the designer’s mother, who passed away recently.

Show notes referenced a bygone Byzantine era: glistening silken threads, gold leaf, hand painting, hand-felted, and hand embroidery—elements of craft Johnson’s creations are known for—all made modern for today’s wardrobe. The theme suggested evolution, and the collection followed suit.

Most remarkably, it restrained the Bohemian Bourgeoisie, aka Bo-Bo aesthetic; yes, it was still there, but with curtailed pattern use, fewer hippie tropes, and the addition of more tailored styles, the collection read more cerebral than in the past. The music was “Paint It Black” by the Rolling Stones, but covered in Italian, as was for “Knights in White Satin.” The songs were familiar yet different, much like the collection.

All-gold brocade fabrics, woven metallic tweeds, and an embroidery gold-on-black-chiffon look opened the show, marking the shift. Pantsuits in neutral black or tan with a chromatic topper signaled a need from the collection that the Ulla Johnson woman might desire.

Ulla Johnson’s golden elegance on the Fall/Winter 2025 runway – Courtesy of Ulla Johnson

Standouts included great statement outerwear, whether marled felted coat, faux fur, an emerging trend, ombre toppers in yellow, brown, and red car coats or purple, black, and green, and a tan leather trench that topped a brown sequin sweater and olive leather pant.

Capelets adorning denim and twill jacket styles were a distinct take as well. Leather options read sensual more than tough as a short brown miniskirt with a tucked-in thick cable knit sweater (another emerging trend that may be hard to pull off for many) and a black leather A-line skirt paired with a turtleneck worn with a crystal jewelry bra worn over it under brown overcoat. Chunky, crystal-fringed embellishments added a frivolity and insouciance to several styles while the main patterns, shown as intarsia knits, echoed the Baroque reference.

Just before the show started, a production team mopped the shiny flooring—a futile effort with varying degrees of shine; it was impossible to keep them all glistening.  It seems like a good analogy for fashion, but keeping things fresh isn’t always easy. In this show, Johnson succeeded.

Jonathan Cohen

Fun fact: in June 1963, when Muhammad Ali, then known as Cassius Clay, was knocked down by his opponent Henry Cooper at Wembley Stadium, the GOAT boxer said it was because he was distracted by Elizabeth Taylor sitting ringside.

This rare boxing moment was met with defeat and glamour and was the starting point for Jonathan Cohen’s Fall Winter 2025 collection. The designer combined the sport’s motifs with Taylor’s early 60s glamour into a cheeky and sophisticated result that leaned more into an era than earlier efforts.

Speaking to FashionNetwork.com, Cohen explained how the two worlds came together. “The idea of that event was incredible, Liz Taylor in a stunning dress and the expressions on her face. The thoughts were amazing and not always PG,” Cohen explained.

The concept of Taylor’s lavender eyes fixated on the designer to the point he created a jacquard and embroidery print featuring her eyes abstracted that hit on a ‘proper fall coat’ and a column gown with an Empire waist marked by a yellow bow reminiscent of the Camelot era. “I was very invested in this collection; I always am. But once I am done, I move on, and with this collection, I am still living in this world.” (Who isn’t yearning for the Kennedy era right about now?)

Cohen leaned into jackets more than ever, showing snatched-waist peplums and cropped styles often mixed and matched with the other key pattern—an embroidered white-and-yellow floral motif on navy satin. Sheer black skirts with paillette-embroidered flowers were hard to resist.

Jonathan Cohen’s Fall/Winter 2025 collection plays with bold florals and structured tailoring – Courtesy of Jonathan Cohen

The ‘push and pull’ of boxing and fashion was most evidenced in a charming boxer short and cropped work shirt look, jacquard pants with two grosgrain stripes running down the side, and the boxing shoe/boots collaboration with Marina Larroudé of Larroudé for a playful modern touch to the collection. A serendipitous meeting with eyewear legend Selima Salaun of Selima Optique has yielded Cohen’s first eyewear style, the Siouxsie, after the legendary 80s singer.

Cohen encapsulated the collection with a display campaign featuring key New York (mainly) women instrumental in the brand’s success. Cohen clinched the deal regarding a proposition for something not yet in one’s closet this fall.

Sally LaPointe

Sports were also a theme for designer Sally LaPointe, who chose the NBPA headquarters and training facility to showcase her own feat: 15 years as an independently owned and female-founded fashion brand. LaPointe used the regulation-size court as her runway, oddly enough smack dab in the middle of a midtown 6th Ave office building. By default, it became a metaphor for her career journey.

Entitling the collection “Endurance,” a note on the seats defined it as ‘the power to withstand pain or hardships, the ability or strength to continue despite the adverse conditions.’  Whatever the trials the designer went through to get to this point, the collection demonstrated her conviction to execute her vision, making it powerful and seemingly effortless.

LaPointe loves to celebrate musical and dance troupes; this time, her show was opened with a choreographed dance (think drill team on an executive level) by @supa-blackgirl led by Traci Young-Byron. The models were dressed in hot pink boy shorts and hoodies, with the tops flounced with the brand’s signature feather motif.

The models had the fortitude to follow the outstanding performance in their fierce outfits. Out came a slick patent leather jacket, a snakeskin trench, leopard prints as a long coat and brief paired with sheer pieces, and billowing chiffon cape styles topped with fur or marabou. A yellow charmeuse asymmetrical style paired with a black sequin legging only visible on one leg looked like a slam dunk at retail. Making her debut on the Lapointe runway was WNBA Chicago Sky player Kyrse Gondrezick, who possesses the ‘unapologetic confidence’ for the LaPointe look.

Sally LaPointe’s bold leopard print statement for FW25 – Photo credit: Jonas Gustavsson

A big message was that chaps in various fabrications—black leather, leopard fur, and pink feathers—leaned into the Western trend but made it audaciously sexy. The designers also chose some old fur styles in conjunction with Saga Furs. Lapointe showed plenty of shimmery orange looks in a nod to the game ball and an Instagram and sports-fan-worthy crystal minaudières, perfect for those high-profile wives, basketball and otherwise.

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