Top Fashion Stories of the Week: March 10

This week the fashion industry printed its receipts.

on the rise, Prada posted record annual revenues in 2022 of €4.2 billion ($4.4 billion), up 21% year-on-year. in autumn, sneakers and the Gap numbers weren’t that impressive. The former reported a net loss of $540 million in the fourth quarter of 2022, while the latter reported a decline of $273 million over the same period. Along with a few additional factors, both losses are largely due to the closure of their respective YEEZY partnerships.

Elsewhere, Paris Fashion Week is over; Louis Vuitton has revealed it’s headed to a small baroque island in Italy for the Cruise 2024 May show, and Heaven by Marc Jacobs has opened its first store in London.

Below, Hypebeast has rounded up the week’s top fashion stories so you can stay up to date with the industry’s trends.

Prada posted record high annual revenues

in 2022 Prada The Group’s annual revenues reached an all-time high of EUR 4.2 billion (US$ 4.4 billion). The record figure, which marks an increase of 21% over last year’s figure, surpassed the conglomerate’s revenue peak in 2013, according to a financial report by the Milanese luxury group.

Retail sales up 24% to €3.7bn ($3.9bn) and operating profit up 59% to €776m ($821m), both driven by ‘high consumer appeal’ for both Prada and Miu Miu brands. Across all categories, the company saw growth: leather goods rose 18%; ready-made clothing increased by 27% and footwear by 29% compared to the previous year.

Notably, in Q4 2022, Prada Group was the only luxury conglomerate to have two leading brands in the top five of the Lyst Index, with Prada taking first place and Miu Miu fourth. Moreover, Lyst also named Miu Miu “Brand of the Year”.

View Prada Group’s full financial report here.

adidas reported a loss of $540 million in the fourth quarter after ending its partnership with YEEZY

sneakers reported a net loss of $540 million in the fourth quarter of 2022 after ending its partnership with the artist formerly known as Kanye West.

The company’s losses in the fourth quarter, which can also be attributed to rising supply chain costs and lower China revenue, represent a significant difference from fourth quarter 2021 figures, which reported a profit of approximately $224 million. The company anticipates further losses, with forecasts projecting a loss of approximately $527 million in earnings if the German sportswear brand decides to abandon the repurposing of still-in-stock YEEZY products this year.

Meanwhile, net sales in the fourth quarter were approximately $5.5 billion, up just 1.3% from the same quarter in 2021. This number was held back by lost revenues of approximately $632 million that resulted from adidas ceasing its partnership with Ye.

“2023 will be a transitional year to build a base for 2024 and 2025,” Adidas CEO Bjørn Gulden said in a statement. “We need to reduce inventory and lower discounts. In 2024, we can start building a profitable business again. Adidas has all the ingredients to be successful. But we need to refocus on our core: product, consumers, commercial partners and athletes.”

Gap Inc. reported declines in all areas

In 2022, Gap Inc. similarly suffered from declining market share. By the end of the fourth quarter, the company had lost $273 million in revenue, compared to $16 million a year earlier. Meanwhile, net sales fell 6% to $4.24 billion, while comparable sales fell 5%.

Additionally, retail sales were down 3% and online sales, which account for 41% of all Gap sales, were down 10%. The company has also experienced several leadership changes, including the departure of its Chief Financial Officer.

In a statement, Gap Inc. Executive Chairman and Interim CEO Bob Martin said: “To enter fiscal 2023 in a more competitive position, we took swift and effective action to remove excess inventory, improve product balance, particularly at Old Navy, and to significantly optimize our cost structure, resulting in identified annual savings of $550 million so far.”

He added: “The board is getting closer to selecting the next CEO of Gap Inc. As a result of the ongoing work to build a stronger foundation and restore the creative strength of the company, we are optimistic that this will give our new leader a faster acceleration to drive sustainable, profitable growth in the long term.”

Paris Fashion Week is over

Paris Fashion Week wrapped up this week, wrapping up Fall/Winter 2023 Fashion Month.

This week there were some unique shows from well-known and emerging designers. Among them, Alexander McQueen’s Anatomy collection was romantically dark and dramatic; Valentino Pierpaolo Piccioli’s line deconstructed “black tie” conventions, and Ottolinger sparked a dazzling rebellion.

Elsewhere, ERL’s fall 2023 collection explored the evolution of 1970s trust fund kids, and FW23 GmbH embraced fashion in its truest form. Sacai analyzed the modern wardrobe; Louis Vuitton praised French fashion forms, and Y/Project was eccentric, experimental and blunt.

See all of Hypebeast’s Paris Fashion Week coverage here.

Louis Vuitton has revealed the destination of its next crusie show

for cruise 2024, Louis Vuitton heads to a small island in Italy, specifically Isola Bella with Isole Borromean, located on Lake Maggiore. There, the French fashion house will land on May 24, after its pre-fall show in Seoul at the end of April.

Isola Bella has been in the hands of the Borromeo family for 400 years, headed by Prince Vitaliano XI Borromeo and his wife Marina. It’s worth noting that Louis Vuitton will be the first brand to hold a fashion show in a luscious setting that House describes as “a treasure chest of baroque art suspended over the water.”

The Louis Vuitton Cruise 2024 collection will be available in all Louis Vuitton stores worldwide in November 2023. Take a look at the location of the upcoming show above.

Tom Ford has revealed the winners of the 2023 Plastic Innovation Prize

At the Green Carpet Fashion Awards on Thursday night, Tom Ford revealed the winners of its Plastic Innovation Prize, a global competition organized by the non-profit organization Lonely Whale, which aims to “source and scale marine-safe and biodegradable alternatives to traditional thin-film plastic made from fossil fuels”. fuel”.

The honorable mention includes a $1.2 million prize bag designed to help winners scale up their alternatives to thin-film plastics, which account for 46% of all plastic waste in the oceans each year. The sizable sum is a combination of a cash prize and a direct investment by title sponsor Tom Ford Beauty, The Estée Lauder Companies and Trousdale Ventures.

After a nine-month testing phase, a panel of judges selected three winners: Sway, a US-based company that has created replacements for regenerative thin-film plastic with seaweed and home compostable materials; Zerocircle, which also made ocean-safe packaging materials from Indian-grown seaweed, and Notpla, a London-based company that is a pioneer in natural membrane packaging.

From the prize pool, Sway won $600,000, Zerocircle won $250,000 and Notpla earned $150,000. The remaining $200,000 was evenly distributed among the finalists last year.

Heaven by Marc Jacobs opened its first store in London

Heaven by Marc Jacobs has opened its first physical outlet in London.

Located in London’s trendy Soho area, the store is filled with Heaven essentials as well as the latest co-ed collection and special edition collaborations. Inside, the store is outfitted with cartoonish accents, a concrete floor, and a pink carpet – all of which look very branded.

Additionally, the space sells a curated line of homeware and accessories, including CLIMAX books, Sandy Liang designs, JERKS™ menswear, BB.SMITH accessories and Unified Goods posters.

The Heaven by Marc Jacobs store in London is now open at 10 Brewer Street in Soho.

Diesel dropped the Pleasure Island campaign in Spring 2023.

For Spring/Summer 2023, Diesel invites you to book your stay at Pleasure Island, the Italian denim brand’s fancy theme park offering “highly styled adult entertainment” – the setting for this season’s campaign. In the phantasmatic play landscape, the brand’s principles are clear: “All desires, quirks and indulgences are welcome, while all judgmental attitudes are not.”

Under the creative jurisdiction of Glenn Martens – along with art director Chris Simmonds and photographer Johnny Dufort – a collection of tailor pictures stands out in a limitless amusement park. There, models clad in Diesel bodysuits in a light blue swimming pool, viral strappy skirts in a mirrored dance hall, and quintessential denim as they flip over on couches. From Oval D tops and Super Logo menswear to faded denim corsets and oversized cargo pants, the campaign’s casual styles reflect the provocative nature of Pleasure Island, where “anyone can be themselves.”

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