This week, fashion’s biggest headlines covered designer exits, brand rankings, financial reports, brand ambassadorships and more.
Among the standouts, LOEWE claimed the crown for the world’s hottest brand in the second quarter of this year on the Lyst Index, beating out Miu Miu for the top spot. Meanwhile, reports surfaced stating John Galliano is departing from Maison Margiela, though the brand has not confirmed the news.
BLACKPINK’s Lisa became the newest face of Louis Vuitton, while LVMH’s sales slipped in the first half of this year, according to its latest financial report. Revenues were down at Gucci too, per Kering’s recent documents, while Hermès saw sales climb by 13% in the last three months.
Below, Hypebeast has rounded up the top fashion stories of the week so you can stay up to date on trends in the industry.
LOEWE Named the World’s Hottest Brand in Q2 2024
LOEWE was named the world’s hottest brand in the Lyst Index’s Q2 2024 report, beating out Miuccia Prada‘s Miu Miu for the top spot.
Miu Miu and Prada took second and third place, followed by Anthony Vaccarello‘s Saint Laurent in fourth. . Gucci, Balenciaga, and Versace all climbed within the top 10, charting ahead of Bottega Veneta, Jacquemus, and Moncler. Kim Kardashian’s SKIMS notably claimed 12th place.
See the full list here.
John Galliano Reportedly Exiting Maison Margiela
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John Galliano is reportedly leaving Maison Margiela.
According to “several sources familiar with the matter,” the designer has not resigned his contract at the brand, which is set to expire in October. Galliano’s departure will mark the end of a 10-year stint that has (for the most part) put him back in society’s good graces.
In case you need a quick refresher, Galliano assumed Margiela’s top seat in 2014, a mere three and a half years after he was fired from Dior for two drunken, antisemitic rants in Paris cafés, for which he was convicted of “public insults” based on origin, religion, race or ethnicity.
But after a decade of expertly purveying Margiela’s artistic fashion language, years of repopularizing the House’s adored Tabi silhouette, and a 2024 Artisanal show that stopped the industry in its tracks, incited a doll-like beauty revolution and earned a glowing review from The New York Times’ chief fashion critic Vanessa Friedman, who called it “the sort of immersive show that hasn’t been seen in more than a decade,” it seems that Galliano’s powerful vision has overshadowed any remnant of his former unruliness.
Nonetheless, the rumor mill is working overtime, and it’s not all that unlikely that Galliano might want to bow out from Margiela on the highest note and move elsewhere. Rumors suggest he could be going to Dior, Fendi or Chanel; but no official announcement has been made.
BLACKPINK’s Lisa Named Newest Louis Vuitton Ambassador
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Louis Vuitton
BLACKPINK’s LISA has officially been named a Louis Vuitton brand ambassador. In her new role, the K-pop star will represent the brand at key events and appear in future promotional imagery.
On the announcement, Lisa said, “Nicolas Ghesquière’s identity is strongly reflected in the designs that he creates and that is what makes Louis Vuitton pieces so special. I’m very excited to see how his ideas come to life.”
Creative director Nicolas Ghesquière added, “I am very excited to welcome Lisa as a house ambassador. She has a daring spirit and charisma that I find incredibly compelling. She is as bold and creative with her music as she is with her fashion, and it is a privilege to accompany her on this journey.”
LVMH Sales Slipped in First Half of 2024 Amid Luxury Slowdown
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LVMH on Tuesday shared its financial report for the first half of 2024, revealing a fall in revenues for the second consecutive quarter.
Despite earning 2% organic growth in the first six months of this year, the world’s largest luxury conglomerate reported revenues of €41.7 billion EUR in H1 2024, down 1% from the same period last year. The results also failed to meet analysts’ estimates of €42.3 billion EUR, proving that even the most influential luxury labels are still being affected by the ongoing luxury slowdown.
Net profit was down by 14% to reach €7.27 billion EUR in the first half of this year. Profit from recurring operations, meanwhile, declined by 8% to €10.65 billion EUR, with an operating margin of 25.6%.
Peter Hawkings Exited Tom Ford
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Tom Ford
Peter Hawkings is stepping down as creative director of Tom Ford, less than one year after taking the reins from the label’s namesake founder. The brand’s Spring 2025 collection will be revealed in a showroom format in September, and Hawkings’ successor will be announced soon, per the company.
“I would like to express my gratitude to Peter for his exceptional contributions to Tom Ford from the very beginning,” Guillaume Jesel, president and CEO of Tom Ford and luxury business development at The Estée Lauder Companies, said in a statement.
“I want to thank Peter for his collaboration since Tom Ford Fashion became part of the Ermenegildo Zegna Group. Along with his team, Peter has contributed to this important initial phase of development. I wish him all the best in his next chapter,” Lelio Gavazza, CEO of Tom Ford Fashion, added.
Gucci Sales Fell 20% in First Half of 2024
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Kering on Wednesday shared its half-year financial results, revealing that its revenues fell 11% in the six months ending June 30.
The group’s sales decline can largely be attributed to poor performance at Gucci, which accounts for roughly half of the group’s sales and two-thirds of its profit. The brand’s revenues were down 20% (or 18% on a currency-adjusted basis) at €4.09 billion EUR. Kering has attempted to revamp the label over the last year, with the appointment of CEO Jean-François Palus and creative director Sabato de Sarno, whose more minimal design aesthetic has struggled to increase consumer demand amid a luxury slowdown.
href=”https://hypebeast.com/tags/saint-laurent”>Saint Laurent, meanwhile, saw revenues fall by 9% (or 7% on a currency-adjusted basis) to €1.4 billion EUR, and the conglomerate’s “Other Houses” division, which primarily includes Balenciaga and Alexander McQueen, was down 7% (or 6% on a currency-adjusted basis) to €1.7 billion EUR. Bottega Veneta’s revenues were flat when compared to the same period last year.
CFDA Revealed the Preliminary New York Fashion Week Calendar
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The Council of Fashion Designers of America (CFDA) has released the preliminary New York Fashion Week calendar for the Spring/Summer 2025 season. Running from September 6 to 11, the event includes more than 60 confirmed runway shows and presentations, with more to be shown digitally and via appointments.
Among the standouts, Off-White™ is scheduled to debut on the NYFW calendar with a runway show on September 8 at 12 p.m. ET. Alaïa, Toteme and Ronald van der Kemp will also debut their first collections in America’s fashion capital this season, while more first-time additions include Advisry, Campillo, Michael Fausto, Salon 1884 and TWP.
A legion of brands will return to the New York Fashion Week stage, including 3.1 Phillip Lim, Alejandra Alonso Rojas, Andrew Kwon, Area, Brandon Maxwell, Carolina Herrera, Coach, Collina Strada, Delpozo, Diotima, Eckhaus Latta and many more. See the full rundown here.
Hermès Sales Jumped 13% in Q2 2024
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Hermès, famous for its high-end luxury goods and expensive Birkin bags, saw sales increase by 13% in the second quarter of this year. The brand, which surpassed analysts’ estimates of an 11/5% jump, raked in revenues of €3.7 billion EUR (approx. $4.02 billion USD) in the three-month period.
In Europe, excluding France, the brand saw sales climb by 18%. In Japan, revenues were up 19.5%, and while neighboring luxury labels recorded losses in China, Hermès saw stable figures in the region.
“The Chinese clientele is a very sophisticated clientele that is currently looking for high-quality products, not necessarily with logos. This change that’s underway is helping us,” said Hermès executive chairman Axel Dumas.
See the full report here.
