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Victoria’s Secret Q4 sales stable on solid comps

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Victoria’s Secret & Co. announced on Wednesday sales for the fourth quarter rose 1% to $2.106 billion, on the back of sold comparable sales growth during the quarter ending February 1.

Victoria’s Secret
The U.S. lingerie giant said comparable sales during the 13-week period increased 5%. As a result of the recovery in the fourth quarter, the Ohio-based firm reported sales of $6.230 billion for the fiscal year 2024, an increase of 1%. Total comparable sales for fiscal year 2024 were flat, the company added.

Net income for the year increased to $165 million, or $2.05 per diluted share, compared to net income of $109 million, or $1.39 per diluted in the prior-year period.

“I am pleased with the strength of our fourth quarter holiday results, which saw sales up in both our Victoria’s Secret and Pink brands and our powerhouse Beauty business. Sales increased across most major merchandise categories, in our stores and digital channels, and in both our North America and International businesses. We won in the big moments of the quarter and gained more than our fair share of the traffic in the mall and online. The teams focused on execution and drove healthy margins, controlled costs, and managed inventory levels extremely well in a highly competitive and promotional holiday environment,” said VS&Co CEO Hillary Super.

“During the holiday season we clearly connected emotionally with our customer through our merchandise offering of the accessible luxuries she loves. After my first holiday season with the business, I continue to be optimistic about our future, our opportunity to further differentiate the brands with compelling storytelling and make even deeper emotional connections with our customers.”

Looking ahead, the company is forecasting sales for the first quarter of 2025 to be in the range of $1.3 billion to $1.33 billion, compared to last year’s $1.359 billion, hurt by an uncertain ​macro environment and a shift in consumer confidence.

“As we look forward to 2025 and the future, we recognize there are near-term headwinds and ongoing uncertainty in the macro environment which we will manage aggressively while also working to build upon our solid foundation, realize the full potential of our brands and drive long-term, sustainable growth,” concluded Super.

This week, Victoria’s Secret said it has halted its promotion goal for Black workers and altered language on diversity, equity and inclusion, joining a slew of U.S. companies in shifting policy.

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Viktor & Rolf returns to ready-to-wear with fall/winter 2025 collection

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Viktor & Rolf is making a return to ready-to-wear, bringing its avant-garde couture sensibilities to everyday fashion with the fall/winter 2025 ready-to-wear collection.

Viktor & Rolf returns to ready-to-wear with fall/winter 2025 collection. – Viktor & Rolf

Drawing inspiration from their Fall/Winter 2024 Haute Couture collection, ‘Haute Abstraction’, the designers translate high-fashion drama into wearable silhouettes. Sharp tailoring, signature detailing, and rich textures define the collection, blending structured precision with practical elements like denim and a collaboration with heritage outerwear brand Mackintosh.

Intricate couture elements, such as delicate tulle ruffles, seamlessly integrate into the collection, elevating essentials like jeans and jackets with sculptural volume. Standout pieces include tailored balloon trousers in Japanese tuxedo wool and a relaxed denim variation.

The color palette transitions from deep, moody tones of black, grey, and dark berry to lighter accents of white, mint, and sky-blue denim. A classic beige hue, ‘golden fawn,’ appears in gabardine daywear, reinforcing Viktor & Rolf’s commitment to timeless wardrobe essentials.

Textures play a key role, with a blend of Italian silk satin, Japanese tuxedo wool, silk-viscose floral jacquard, mohair, superfine alpaca knits, and organic cotton denim. The collection’s layered, duplicated, and deconstructed elements echo signature techniques from Viktor & Rolf’s archival collections, including Spring/Summer 2002’s ‘White’ and Fall/Winter 2003’s ‘One Woman Show’.

“Shifting from couture to ready-to-wear was about designing for real life. Viktor & Rolf wanted to keep the bold shapes and craftsmanship of couture but make them effortless. Everyday life is full of contrasts – moving through different spaces and situations that define us. It’s not about losing bold expression but using it to elevate the ordinary,” the Amsterdam-based fashion house said in a statement. 

The collection launches with a campaign that unfolds against the streets of Paris, captured by Alessandro Furchino Capria.

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Schiaparelli, Rick Owens, Christopher Esber, and Time

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Rick Owens and Schiaparelli became neighbors on Thursday night, at least in terms of their shows, with both presenting punchy collections in adjoining buildings overlooking the Seine. Christopher Esber showed in the complex in the morning, and Time in a gothic church.
 

Schiaparelli: Paris Texas

Ride ‘em cowgirl. Daniel Roseberry went back to his youth in Texas this season and the result was his most concise and commercial collection for the house of Schiaparelli.

Schiaparelli autumn/winter 2025 collection – Courtesy

Though very much wild western, there was nothing hired-hand about these clothes. Instead, it was a notable meeting of big-country cool and Paris sophistication.

Gigi Hadid lassoed everyone’s rapt attention in the opening look – a brilliantly cut suit, with cattle baron pants, cowboy boots and a blazer topped with splayed fur collar. All souped up by alligator tail earrings, and gold-plated ring-master buckles.

Roseberry argued in his program notes that the women he knows and dresses “rarely, if ever, dress for women.” And you could see Hadid truly loved her look, for the authority and dominance it imparted.
 
A smoldering rodeo rider soon followed in white corset/T-shirt and slouchy black leather ranch-hand pants, three cowboy belts wrapped around her waist. She looked simply sensational.
 
A subsequent lady sheriff in houndstooth did reflect Schiap’s surrealist roots via the gargantuan shoulders. As did the anthracite jacquard opera coat or circle checked coats worn with rhinestone rings, Daniel showed for evening.

Schiaparelli autumn/winter 2025 collection
Schiaparelli autumn/winter 2025 collection – Courtesy

While a selection of figure-hugging dresses in snake scale effects, accessorized with huge evil eye and golden lock pendants caused a ripple of oohs and aahs from the three rows of guests. In a savvy move, Daniel has lightened up the hardware, a key element in his vision of Schiap’s brand DNA, making it easier to wear.
 
The models posing in front of several mirrored prosceniums on the desert-brown deep pile carpet runway. All driven on by a country and western soundtrack featuring Brandi Carlile and Lainey Wilson.
 
Before climaxing with the ideal final look: a trompe l’oeil alligator top with scalloped pearl trim over black leather ranch pants and triple belts with the largest buckle a horseshoe. Worn by this season’s favorite model Mona Tougaard, the Turco-Danish-Somali model who closed Chloé in the morning and Schiaparelli tonight.
 

Rick Owens: After-hours cardinal

The high priest of haute fashion Rick Owen served up his latest fashion ceremony just before Schiaparelli – a display of nomadic rock-god style.

Rick Owens – Fall-Winter2025 – 2026 – Womenswear – France – Paris – ©Launchmetrics/spotlight

Emphasizing that idea, Owen’s soundtrack was centered around a living peripatetic rock god, Iggy Pop, and his churning rock anthem, “Mass Production”. 
 
Rick’s show invite was a black-and-white photo with him with a wheelie in a parking lot, underlining the roving rebel mood.
 
Owens’ overpowering idea for next winter were imperial collars that rose six inches above the shoulder. Seen on a whole plethora of bulbous white leather flight jackets; ecru pony akin bombers; plenipotentiary long coats and tough redingotes. Rick also broke new ground with a trio of Mille Feuilles leather jackets, sure to ignite a fresh trend.
 
His cast towering the audience in the show space of the Palais de Tokyo on the banks of the Seine. The current nerve center of Paris Fashion Week with over a dozen shows this season.

Rick Owens – Fall-Winter2025 – 2026 – Womenswear – France – Paris – ©Launchmetrics/spotlight

Every model shod in his signature Perspex heeled platform boots. Teetering somewhat as they toured the dusty runway. It all felt far away from Rick’s recent Cecil B. DeMille spectaculars, even if those shows took place 30 meters away in the art institute’s esplanade. 
 
A sense of ancient ceremony, of a gathering of like minds to impart a message was ever present. Before an equally looming, platform-shod Rick took a languid bow.  The after-hours cardinal of fashion bidding us to go in peace.
 
 

Christopher Esber: Tension and release from ANDAM winner 

It felt like half of Paddington and Bondi Beach showed up for the Thursday show by Christopher Esber, the latest great hope of Australian fashion.
 

Christopher Esber – Fall-Winter2025 – 2026 – Womenswear – France – Paris – ©Launchmetrics/spotlight

Esber’s career has been a slow boil for several years, and this show was billed as his break-out event. The young Australian won the ANDAM prize last July and scores of editors, influencers and fans of note sat on collapse school chairs at the show, held inside the Palais de Tokyo.
 
The set made into an undulating runway, with large curtains of muddy plastic– like a rusty tin warehouse in Parramatta – breaking up the view.
 
The clothes themselves were a testament to Esber’s designer chops. He clearly has plenty of talent, even if the multiplicity of ideas made the show unfocused.
 

Christopher Esber – Fall-Winter2025 – 2026 – Womenswear – France – Paris – ©Launchmetrics/spotlight

What stood out were great technical taffeta skirts, fab leather ruched cocktails and frayed little black dresses. Esber is no slouch when it comes to draping, while his elephantine legged trousers had plenty of bravura. 
 
But, the asymmetrical dresses and spangly cocktails all felt a little off kilter. And the show staging meant the cast kept disappearing before you barely had seen them, preventing the show from taking off. 
 

Time: Korea’s latest happening brand

One brand worth paying attention to is Time, a Korean marque which unveiled a very concise collection of polished urban sportswear on Thursday.

Time autumn/winter 2025 collection
Time autumn/winter 2025 collection – FashionNetwork.com

 
Presented before a 50-meter-long photo of a desert landscape inside the College des Bernardins, a remarkable late gothic church on the Left Bank near Notre Dame. 
 
Suggesting a Classic Road movie and a sense of exploration seen in the clothes, mainly smart modern outerwear for a woman on a journey. Composed of some cool parkas or hipster faux=fur great coats, matching them with soft knobby sweaters, and lots ribbed knits.
 
“A drive back to childhood,” was the title Time’s creative director Choi Jung gave to the collection. 
 
Time’s brother brand is System. Both have shown in Paris for the past several seasons in Paris – each of them displaying very plausible and stylish clothes.
 
In a word, it is right time for Time.
 

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China’s JD.com tops revenue estimate on robust demand, government stimulus lift

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By

Reuters

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March 6, 2025

Chinese e-commerce giant JD.com posted its strongest revenue growth in 11 quarters on Thursday, as deep discounts and government subsidies encouraged customers to spend more, driving up strong year-end sales.

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U.S.-listed shares of JD.com rose more than 5% in early trading, after the company exceeded market expectations for the fourth quarter.

China’s e-commerce leaders such as JD.com and Alibaba have slashed prices to lure shoppers amid intense competition.

The country’s government has also ramped up fiscal stimulus to bolster domestic consumption, which includes incentives for consumer goods trade-ins, encouraging purchase of updated appliances.

JD.com — a major retailer of home appliances in China — expects healthier consumption trends this year on a rebound in demand and an AI-powered improvement in customer experience, CEO Sandy Xu said on a post-earnings call.

The company reported total revenue of 346.99 billion yuan ($47.91 billion) for the fourth quarter, a 13.4% increase over the year earlier. Analysts estimated 332.35 billion yuan, according to data compiled by LSEG.

M Science analyst Vinci Zhang said it is a strong set of results overall. However, most of the revenue beat was driven by electronics and home appliances which is, in turn, being driven by government subsidies.

“So how much of the overall beat is happening organically, we don’t really know,” he said.

SPDB International raised its fourth-quarter revenue estimate for JD.com in January, owing to the government’s trade-in policy. The securities house expects a “significant improvement” in growth of electrified product categories, it said in a report.

JD.com is also venturing into new business areas. It announced its entry into the food delivery market in February.

“The food delivery business is a nice compliment to its existing business structure because JD owns a lot of warehousing and logistics capabilities, so adding on food delivery just feels like it’s a natural extension of that,” Zhang said.

Net income attributable to JD.com’s ordinary shareholders was 9.9 billion yuan for the October-December quarter, compared with 3.4 billion yuan a year earlier.

© Thomson Reuters 2025 All rights reserved.



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