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Véronique Nichanian quits Hermès, ending longest current run in a fashion house

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October 16, 2025

Véronique Nichanian, the longest-running creative director of a significant fashion house, is leaving Hermès, the Paris-based house confirmed on Thursday.
 

Véronique Nichanian – ©Launchmetrics/spotlight

In a major surprise, Nichanian has decided to bring down the curtains on her 37-year tenure at Hermès. Her final runway show for Hermès will take place next January, 2026, in Paris, during the next menswear season.
 
Nichanian joined Hermès back in 1988, presenting twice yearly fashion shows for Hermès with collections that many regard as the highest expression of quiet luxury – for either men or women – even. Even if Nichanian never designed any women’s wear.

Petite, polished and famously polite, Nichanian held the title of artistic director of the French saddler’s menswear division with a certain sangfroid. Of Armenian origin, Nichanian, 71, began her career at Nino Cerruti, before moving to Hermès.
 

Hermes – Spring-Summer2026 – Menswear – France – Paris – ©Launchmetrics/spotlight

Her latest and penultimate collection was staged on June 28 in Paris. It exhibited all her skills — a dashing, chic summer collection made from unexpected fabrics. Throughout her career, even if she designed for the most establishment brand in France, Véronique loved using revolutionary materials.
 
Presented inside the Conseil de Surveillance, a temple to French 1930s Rationalist architecture. An airy collection, where trousers were made of leather lattice material, and cardigans in knitted leather.  Half the shirts had openings, inserts or little fabric windows, “latticed with light and air,” in the words of Véronique.

Hermes – Spring-Summer2026 – Menswear – France – Paris – ©Launchmetrics/spotlight

Over a dozen guys carried big bags, totes, weekenders or sailor keep-alls. “I love a great big bag, since I am a tiny one,” laughed the diminutive, but always dynamic designer.
 
Though famously discreet, her fashion influence was considerable. Dragging men out of dark woolen suits, dressing patricians in the lightest nylon; celebrating life with dramatic printed Hermès silk shirts. Making nonchalance the leitmotif of Hermès – the single most valuable luxury brand on the planet.
 
Her next show, the 76th, in January during Men’s Fashion Week, will be her last. 
 
The house has not announced the name of a new artistic director, though an announcement is expected in the coming days. 

Hermes – Spring-Summer2026 – Menswear – France – Paris – ©Launchmetrics/spotlight

 
The house has also yet to release an official communiqué, but did confirm Nichanian is quitting. Curiously, even though the Hermès family is the single most Protestant clan in France, the one interview Nichanian has so far granted has been to Le Figaro; a Paris daily famed for its pro-Catholic leanings.

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Kering announces ‘phased’ acquisition of jewellery components manufacturer Raselli Franco Group

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December 18, 2025

“This acquisition marks a strategic step for Kering and illustrates our ambition in the jewellery sector”: for his first acquisition at the helm of Kering, Luca de Meo, CEO of the French luxury group since September, has opted for an Italian player. On Thursday, the group announced the “phased” acquisition of Raselli Franco Group, an Italian company specialising in the manufacture of jewellery, with the aim of taking full ownership by 2032.

Kering to gradually increase its stake in the Raselli Franco Group – Raselli Franco

The first stage of this progressive acquisition will take place in 2026, in a transaction that values the company— a long-standing Kering partner based in Valenza, between Milan and Turin, with offices in Paris, the United States, Canada, China and Hong Kong— at around 575 million euros.

“The acquisition will be carried out in several stages, starting with an initial stake of 20% in the first quarter of 2026, for an amount of 115 million euros,” the group said in a statement, stressing that the agreement envisages full ownership by 2032.

“By securing essential production capacity for our jewellery business, this partnership will strengthen our value chain and accelerate the growth of our Houses,” said de Meo in the press release. Kering owns the Boucheron, Pomellato, DoDo and Qeelin jewellery brands.

Founded in 1969, Raselli Franco Group is internationally recognised for its expertise and capacity for innovation in jewellery prototyping and manufacturing, according to Kering.

The company spans the entire value chain, from sourcing raw materials and precious stones to research and development, design, component creation, assembly and quality control, the luxury group said.

In the first nine months of the year, Kering’s sales fell by 14% to 11 billion euros, but in the third quarter, the jewellery brands posted “very solid momentum, with double-digit revenue growth”, the group said when presenting its results. The segment recorded double-digit growth, with Boucheron cited as the growth driver, performing particularly well in the United States and Asia-Pacific. As for Pomellato and Qeelin, commentary was positive on the development of both brands.

With AFP

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OVS sees sales rise 6% in the first nine months, EBITDA up 9.4%

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December 18, 2025

In the nine months from February 1 to October 31, 2025, OVS Spa reported net sales of 1,244.7 million euros, up 5.8% on the first nine months of 2024. Pro-forma growth, excluding Goldenpoint’s contribution, was 2.9%, four percentage points ahead of the market.

Stefano Beraldo, OVS Group CEO

By sales channel, direct store sales totalled 1,004 million euros (+7.6% versus 2024; pro-forma growth +4.0%). The franchising and B2B channel posted revenues of 241 million euros, down 0.9% year on year due to lower sales to off-price marketplaces, while business with franchise partners edged up slightly.

During the period, adjusted EBITDA reached 152.3 million euros, up 17.1 million on the same period of 2024, with a positive contribution from Goldenpoint. Breaking this down, OVS’s EBITDA rose by 11.6 million to 122.8 million euros; Upim‘s EBITDA was 30.5 million, compared with 29.3 million last year; and Stefanel‘s EBITDA increased by around 2 million euros.

The third quarter confirmed the group’s positive momentum, with net sales of 452 million euros (+9%; +4.1% excluding Goldenpoint). Adjusted EBITDA was 50.6 million euros, up 9.4%.

“The growth in the third quarter was particularly significant given the challenging basis for comparison with the same period last year, which recorded an exceptional +13%. (…) This performance reflects the effectiveness of the strategic choices made, particularly in the womenswear segment, with an assortment structured around collections with distinct and complementary identities. The Piombo, Les Copains, and B.Angel collections are therefore delivering significantly better sales per square metre than the rest of the range. The beauty segment also continued to deliver excellent results, with double-digit growth,” commented CEO Stefano Beraldo.

“In terms of performance by banner, the strongest growth was achieved by OVS, while Upim consolidated the exceptional +8% posted in the first nine months of 2024. Stefanel also performed very well, with like-for-like growth of around 10% in the quarter. Finally, our approach to managing Goldenpoint is beginning to deliver its first results: overall sales are up by around 10% on the comparable period, driven by the success of the product categories developed by our design studios,” he said. 

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Puma secures more than €600 million in additional financing facilities

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December 18, 2025

Sportswear business Puma has secured additional financing of more than €600 million. It comprises a €500 million facility and a further €108 million in committed credit lines, according to a statement on Thursday. The aim is to reduce utilisation of the existing €1.2 billion revolving credit facility while increasing the company’s financial flexibility.

Reuters

The new €500 million facility is fully guaranteed by Santander Corporate & Investment Banking (Santander CIB). Both new financing instruments have maturities of up to two years.

Markus Neubrand, CFO of Puma SE, said: “While our existing syndicated credit facility and promissory notes remain available, today’s announcement will enhance our financial flexibility as we work to finalise our long-term financing structure. The fact that our banking partners have further expanded their commitment and business relationship underlines the confidence in our future business model and strategic direction. This will enable us to realise our strategic priorities and our goal of establishing Puma as a top-three sports brand worldwide.”

FashionNetwork.com with dpa

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