 |
|
|
|||||
Italian fashion designer Giorgio Armani’s work spanned the worlds of celebrity, fashion and power. His death announced Thursday at age 91 has elicited an outpouring of tributes. Ralph Lauren “I have always had the deepest respect and admiration for Giorgio Armani, not only as a designer who never strayed from his vision, but as a man who loved his family and friends, and his homeland in such a special way. Though he was an icon of the world of fashion, he lived with great humility and a love of living that inspired the way he worked and the way he lived. He created a world reflecting all the things he loved with a foreverness that will be his legacy.” the American designer, in a statement to The Associated Press. Anna Wintour “Giorgio Armani had such a clear force of personality and vision that you knew his work instantly, wherever you found it. He understood power and attitude and elegance as well as anyone ever has in fashion, and he understood women too: how they wanted to dress and what message they wanted to send as they asserted themselves through his rise in the ’70s, ’80s, and beyond. He also never confined himself to one field or one discipline, and understood that fashion can’t exist in a silo. For him fashion wasn’t one thing: It was also film, music, sport, art, design, and architecture, and he left his mark in all these worldsand everywhere he went.” the chief content officer for Condé Nast, in a statement. Mira Sorvino “I still can’t believe it. I mean, I was just told like 20 minutes ago that he had passed and I did not even know he was in ill health. And I did not think of him as that old, you know. For me, he was like eternal this brilliant, kind man who was so talented and created this whole kind of sophisticated, understated glamour that really defined the ’90s in a way. And he discovered me at the Venice Film Festival when “Mighty Aphrodite” premiered there and asked if I could, if he could dress me. And he started dressing me then. I wore his beautiful designs to most of my most important moments in my career and in my personal life. I will really miss him and I think the world will miss him.” the actor, in an interview with The Associated Press, recounting how Armani made her a retro-glam Oscar dress and her wedding dress. Jessica Chastain “Mr. Armani was such a visionary. Family is very important to him. His friends were very important to him. He was such an incredible artist. And his legacy will go on and on, through the beautiful thing he’s created.” the actor, in an interview with AP, recounting that she met her husband Gian Luca Passi de Preposulo at an Armani fashion show in Paris in 2012. Leonardo DiCaprio “Giorgio Armani was a visionary whose influence reached far beyond design. I first met him many years ago in Milan and I remember being blown away by his creativity and genius. He was a legendary force who inspired generations, and his legacy will continue to shape and uplift the world for years to come.” the actor, on his Instagram story. Donatella Versace “The world lost a giant today. He made history and will be remembered forever.” the Italian fashion designer, on Instagram. Julia Roberts “A true friend. A Legend.” the actor, adding a broken heart emoji, on Instagram. Morgan Freeman “On screen and off, in quiet moments and on the grandest stages, I have had the honor of wearing Armani. Today, we remember a man whose genius touched many lives and whose legacy of grace and timeless style will endure.” the actor, in a statement. Charles Leclerc “A great honour to have had the chance to meet and work with such an amazing person. You will be missed Giorgio.” the Ferrari F1 driver and an Armani ambassador, on Instagram. Giorgia Meloni “Giorgio Armani leaves us at 91 years old. With his elegance, sobriety, and creativity, he was able to bring luster to Italian fashion and inspire the entire world. An icon, a tireless worker, a symbol of the best of Italy. Thank you for everything.” the Italian prime minister, across her social media accounts and originally posted in Italian. Victoria Beckham “The fashion world has lost a true legend in Giorgio Armani a visionary designer whose legacy will live on forever. I feel honoured to have called him a friend.” the English fashion designer and former Spice Girl, on Instagram. Russell Crowe “Giorgio. 1997 at the Cannes film festival, after my bag was lost in transit, LA Confidential producer Arnon Milchan sent me to the Armani store with a credit card to get a suit for the premiere. That began a love affair with Armani suits that continues to this day. Mr. Armani has made a deep contribution, to fashion, to design, to popular culture. His energy, vision and finesse has made a mark acknowledged around the globe. I adored him. He was so kind. So many significant moments in my life, awards, wedding, Wimbledon all in Armani. I have been looking forward to seeing him, plans were in place for Milan at the end of this month. Alas What a life he had, from his beginnings to his glory.” the actor, on X. Samuel L. Jackson “Thank you, Mr. Giorgio Armani, for your countless years of friendship, collaboration and dedication to your visionary craft. May God bless you as you are welcomed into eternal peace.” the actor, on Instagram. Valentino Garavani “I mourn someone I have always considered a friend, never a rival. I can only bow to his immense talent, to the changes he brought to fashion, and above all, to his unwavering loyalty to one style: his own.” the Italian designer behind Valentino, on Instagram. Cindy Crawford “Heartbroken to hear about the passing of a legend. A true master of his craft.” the supermodel, on Instagram. Diane Von Furstenberg “Goodbye and rest in peace. Caro Giorgio! You have touched so many people with your elegance and will continue to inspire forever.” the Belgian designer, on Instagram. Michelle Pfeiffer “I am heartbroken to hear of Mr. Armanis passing. Kind, generous and loyal. A true pioneer of elegance. A global inspiration. And today, a massive loss for all. Thank you for everything Mr. Armani, it was an honor and privilege to ork with you on so many momentous occasions in my life and to witness your craft firsthand.” the actor, on Instagram. Diane Kruger Incredibly saddened to hear about the passing of Giorgio Armani. One of the nicest people and mentors I was lucky enough to meet and work with. Thinking about Roberta and his family and everyone who worked with him. the actor, on Instagram. Associated Press
Category:
E-Commerce
World shares rose Friday after U.S. stocks climbed to a record as Wall Street made its final moves ahead of an update on the American job market that could clear the way for cuts to interest rates that investors love.In early European trading, Germany’s DAX index added 0.2% to 23,815.68, while Britain’s FTSE 100 rose 0.3% to 9,246.59. In Paris, the CAC 40 edged up 0.1% to 7,707.13.The future for S&P 500 rose 0.3% while that for the Dow Jones Industrial Average was up 0.1%.In Tokyo, the Nikkei 225 added over 1% to 43,018.75 after data released Friday showed Japan’s labor cash earnings rose 4.1% year-on-year in July, up from 3.1% in June. Another report showed household spending climbed 1.4% in July from the same month a year ago, marking growth for the third month in a row.President Donald Trump also signed an executive order Thursday implementing the U.S. trade deal with Japan negotiated in July, with lower tariffs on Japanese car imports.“Solid wage growth is likely to support recovery in spending and sustainable inflation,” ING Economics said in a commentary, adding Friday’s data reinforces its expectation that the Bank of Japan will hike rates in October.Chinese markets rebounded after three days of decline. Hong Kong’s Hang Seng index jumped 1.5% to 25,434.93, while the Shanghai Composite index added 1.2% to 3,812.51.South Korea’s Kospi edged up 0.1% to 3,205.12, and Australia’s S&P/ASX 200 rose 0.5% to 8,871.20.Taiwan’s Taiex jumped 1.3%, while India’s BSE Sensex bucked the trend, falling less than 0.1%.On Wall Street on Thursday, the S&P 500 added 0.8% to top the all-time high it set last week. The Dow Jones Industrial Average rose 350 points, or 0.8%, and the Nasdaq composite gained 1%.Stocks got some lift from easing pressure from the bond market, where Treasury yields fell following the latest reports on the U.S. job market to come in worse than economists expected. One report suggested employers, not including the government, nearly halved their hiring in August from the prior month. Another said that more workers applied for unemployment benefits last week in an indication of rising layoffs.Neither number is flashing a recession, and a third report on activity for businesses in the information and other services industries showed stronger-than-expected growth.The upside for investors of a slowdown in the job market is that it could push the Federal Reserve to cut its main interest rate for the first time this year at its next meeting in a couple weeks. Such cuts can kickstart the economy and job market, though they can also accelerate inflation.So far this year, the Fed has kept its main interest rate on hold because it’s been more worried about inflation potentially worsening because of Trump’s tariffs than about the job market.A more comprehensive report on the job market’s health during August will arrive Friday from the U.S. Labor Department and it will likely carry much weight with the Fed. Ahead of it, the yield on the 10-year Treasury fell to 4.16% from 4.22% late Wednesday.In other dealings Friday, benchmark U.S. crude lost 38 cents to $63.10 per barrel. Brent crude, the international standard, slid 32 cents to $66.67 per barrel.The U.S. dollar slipped to 148.14 Japanese yen from 148.40 yen. The euro rose to $1.1682 from $1.1654. AP Business Writer Stan Choe in New York contributed to this report. Teresa Cerojano, Associated Press
Category:
E-Commerce
Investors in athletic apparel maker Lululemon Athletica are seeing red this morning after the company reported its second-quarter fiscal 2025 results. While the athleisure brand surpassed Wall Street earnings estimates for the quarter, it provided guidance that alarmed its investors. Heres what you need to know about that guidance and why Lululemon’s stock (Nasdaq: LULU) is crashing. Lululemon Q2 results by the numbers After the closing bell yesterday, Lululemon reported its Q2 results for fiscal 2025, which ended on August 3, 2025. On the surface, the company had some modest wins for the quarter. The highlight was the companys international net revenue, which increased 22%. International comparable sales increased 15%, and gross profit increased 5% to $1.5 billion. The company also posted diluted earnings per share (EPS) of $3.10. As noted by CNBC, these results handily beat LSEG analyst expectations of an EPS of $2.88. Yet its the companys Americas numbers, which include the United States, where cracks have begun to show. Despite strong international net revenue and comparable sales increases, net revenue in the Americas increased by just 1%. And Americas comparable sales decreased 4%. These Americas results offset a substantial number of the significant gains that Lululemon saw internationally for the quarter, and reduced its global net revenue increase to just 7% (to $2.5 billion). Global comparable sales increased just 1%. In total, Lululemon posted revenue for the quarter of $2.53 billion, slightly behind the $2.54 billion analysts expected. But those results arent primarily what have investors spooked. Rather, Lululemon’s guidance for its 2025 full fiscal-year earnings and revenue appears to have shaken investor confidence. Impact of de minimis exemption expiration and Trumps tariffs Along with its Q2 earnings, Lululemon updated its full-year earnings and revenue guidance for fiscal 2025. In terms of 2025 revenue, Lululemon said it expects to take in between $10.85 billion and $11 billion for its fiscal year. That range is below the $11.18 billion that Wall Street analysts were expecting. However, the revenue shortfall doesnt seem to be the main thing driving LULU shares lower this morning. That would be the companys revised full-year earnings outlook for 2025. Now Lululemon says it expects diluted earnings per share to be between $12.77 and $12.97. That is well below what Wall Street analysts were expecting, which CNBC says was an EPS of $14.45 per share. Why did Lululemons guidance fall so sharply? Blame two Trump-fueled policy shifts: tariffs and the end of the de minimis exemption. As Lululemon noted in its earnings release, The guidance for 2025 includes an estimated reduction in gross profit of approximately $240 million, net of currently anticipated mitigation efforts, including vendor savings, and pricing actions, reflecting our current assumptions about higher levels of tariffs on imports into the United States and the removal of the de minimis exemption. American businesses have relied on the de minimis exemption for years. It previously allowed goods valued at less than $800 to enter the country tariff-free. This means a U.S. customer could order up to $800 worth of product and a company like Lululemon could ship it to them directly without paying any import duty, thus keeping down costs. As of last month, this de minimis exemption is now a thing of the past, meaning companies will now pay more to get their goods to U.S. customers. And if companies pass those costs onto customers, customers could cut back on spending. Thats a big factor why Lululemons is forecasting a full fiscal year gross profit reduction of $240 million. LULU stock has had a bad 2025 As of the time of this writing, LULU shares are currently plummeting in premarket trading. The stock price is currently down 19% to $166.94 per share. It hasn’t been that low for over five years. But even before todays premarket crash, LULU shares have had a rough time as of late. Largely thanks to fears over how Trump’s tariffs will impact the companywhich relies on significant imports from Southeast Asian nationsLULU stock has dropped sharply in 2025. As of yesterdays closing price of $206.09, LULU shares have lost more than 46% of their value since the year began.
Category:
E-Commerce
All news |
||||||||||||||||||
|
||||||||||||||||||