
Would you pay £575 for a Britney Spears tour T-shirt?
In March this year, it was announced that Demna Gvasalia would be leaving Balenciaga. His destination, however, was a curveball; Kering choppering him into Gucci, its spangly jewel in the crown, a house of hi falutin glamour and those distinctive double G branded bags. Granted, Demna knows how to create buzz with logomania – although how much design nous it takes to emblazon your brand name across everything and anything is debatable – but Gucci's signature sense of seduction, throughout all of its iterations from Tom Ford to Alessandro Michele, isn't something Demna's dark arts dabble in.
His is a deliberately jarring, quirky-ugly aesthetic that doesn't seem to tally with what Gucci stands for. Time will tell whether the house that once sold us must-have bags and defined the 1990s (and early 2020s) fashion is ready for a darkly turbulent aesthetic. Granted, Balenciaga couture can make some exceptionally beautiful clothes – as exhibited on the Cannes red carpet by Balenciaga ambassador Isabelle Huppert – but that's the rarity rather than the rule. Balenciaga is set to be taken over by Pier Paolo Piccioli, an Italian designer known for his sense of romance and feminine exuberance.
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Times
13 minutes ago
- Times
American investors pile into UK shares in boost to London market
American investors have pumped more than $15 billion into UK equities since the start of the year — more than into other overseas markets — according to new that provides a boost to the embattled London Stock Exchange (LSE). The FTSE 100 is trading at record highs, suggesting Britain is seen as a relatively safe haven for investors in the face of political and economic turbulence sparked by President Trump's tariffs. Schroders, the investment manager that provided the research, demand from US investors for UK equities may have 'outstripped their appetite for other markets' because shares in London also appear to be relatively cheap, despite the rally in recent weeks. 'We are currently seeing increased interest in UK companies from our US and international investors, with many noting the relative value available across a range of sectors,' said Sue Noffke, head of UK equities at Schroders. The analysis of data published by the US Treasury shows that while American investors have also put more money into Asia, Japan, Latin America and China, they have not been buying shares in Europe when the UK markets are excluded. It provides a flavour of investor appetite for Britain at a time when the LSE is fighting to attract more initial public offerings and reverse the trend of more companies being taken over than new ones listing on the market. Closely watched data compiled by the financial technology company Calastone shows that domestic investors are continuing to shun the UK stock market, but the analysis by Schroders appears to indicate that this is not the case for American investors. Further data from Morningstar Direct, scrutinising exchange-traded funds (ETFs) linked to the FTSE, shows that investors bought ETFs in June and July — the first two consecutive months of inflows in a year. António Simões, chief executive of the insurance giant Legal & General (L&G), said there was 'pent-up' demand among international investors for UK shares, while Dame Amanda Blanc, boss of insurance rival Aviva, said 'investors are definitely more interested in the UK'. She added: 'If you look at the UK — strong regulatory environment, strong rule of law — the environment is seen as a positive one.' Among the big companies on the FTSE 100 to have attracted overseas investors is the fund manager M&G, in which the Japanese insurer Dai-ichi Life is planning to take a 15 per cent stake as part of a strategic partnership. Another Japanese company, Meiji Yasuda Life, has bought a near 5 per cent stake in L&G, while Aviva has attracted the attention of the big US investor Capital Research and Management with a position of nearly 5 per cent. Anecdotally, City figures have detected a more positive attitude towards the UK stock market in recent weeks from international investors. Simon French, managing director at broker Panmure Liberum, said the UK was looking attractive relative to other countries: 'The French can't pass a budget, the German economy has grown even slower than the UK, Canada is in the cross-hairs of the US [trade war], Japan has debt twice the size of the UK's.' Julian Morse, joint chief executive of the City firm Cavendish, noted that the FTSE All-Share index has also hit record highs. 'The fact that the FTSE 100 and FTSE All-Share have just reached record levels means significant inflows have occurred and they are likely to have a large overseas weighting.' Companies are also buying back their shares, which helps to increase their stock prices and also boosts FTSE indices. Mike Coop, chief investment officer for Europe, the Middle East and Africa at Morningstar Wealth, said another factor was that investors were shifting out of cash as interest rates start to fall, in the hunt for higher returns. 'Many investors have reduced their cash holdings following the drop in interest rates. At the same time, there has been less selling pressure from both local and foreign investors,' said Coop. Noffke said Schroders had seen investor interest in 'financial institutions, as well as firms within the defence and AI industries'. 'In addition, some domestic defensive stocks — such as those in telecoms, utilities and insurance — are trading at a discount compared to their international peers, yet appear to have been largely overlooked by domestic investors,' she said. Schroders' research also showed that investors were continuing to buy shares in the US, where stock markets are also at record levels. Markets fell in April when Trump first announced his 'liberation day' tariffs but have since recovered.


Daily Mail
13 minutes ago
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British horse racing to go on STRIKE for the first time ever - with four events scrapped in backlash to Rachel Reeves' proposed betting tax rise
British racing has taken the astonishing decision to go on strike with all four meetings set to be staged on September 10 being cancelled. The unprecedented action has been taken as the sport protests at the proposed rise to betting tax. Chancellor Rachel Reeves declined to rule out the possibility of raising tax on gambling after a thinktank said £3.2billion could be raised. Such a move, however, has been met with widespread dismay in racing. To take a stand, the fixtures at Uttoxeter, Lingfield, Kempton and Carlisle have been cancelled. It is expected to cost the industry, which provides jobs for 85,000 people, £700,000. The British Horseracing Authority (BHA) has campaigned vociferously against the Treasury's intention to raise tax paid by bookmakers on gambling profits from racing and other sports 15 to 21 per cent – the same as slot machines and casinos. Jim Mullen, Chief Executive of The Jockey Club which owns Kempton and Carlisle, has said tax rises would cause 'irreparable damage' to a sport that continues to be second only to football in terms of drawing in crowds. Mullen told The Sunday Times: 'Our sport has to come together. By cancelling racing fixtures, we hope the government will take a moment to reflect on the harm this tax will cause.'


Daily Mail
13 minutes ago
- Daily Mail
FINSBURY GROWTH & INCOME TRUST PLC: AI is the key to getting out of doldrums
Before the pandemic, Nick Train's Finsbury Growth & Income Trust reliably beat the market. But the past five years have not been kind to Train's concentrated buy-and-hold portfolio of well-known UK companies. Finsbury Growth & Income last beat the market in 2020, when its shares fell just 0.7 per cent in a year in which the UK stock market fell 11.6 per cent. Although the UK stock market staged a post-lockdown bounce, since then it has been out of favour and some of the big hitters in the Finsbury Growth & Income portfolio, such as Diageo, Burberry and Schroders, have been deeply unloved by investors. But Train is optimistic, saying he believes there is a cohort of more growth-orientated companies coming through in the UK that are world class and can profit from rapid advances in technology. While investors have focused on chasing up US tech giants' share prices amid the artificial intelligence boom, Train says they are some FTSE-listed companies that also offer a huge opportunity to profit from the application of AI. He says: 'If you look at the shape of Finsbury's portfolio over the past four or five years, there has definitely been a shift towards these London-listed data and data analytics software companies that seem to us to have an extraordinary opportunity ahead of them. And arguably a really intriguing valuation opportunity as well.' Chief among those is RELX, formerly Reed Elsevier. The information-based analytics provider for businesses is a global leader in its field and Train says that is reflected in how it has gone from the 68th largest company in the FTSE 100 in 2000 to sixth today. He says the next 20 years could be as good for RELX as the past two decades, citing its AI tool for lawyers delivering a 280 per cent return on investment for early adopters. Train says if this can be repeated in the scientific and drug research market, the potential for investors 'and humanity' is great. Among Train's other holdings that he believes can benefit from AI to improve their services and profits are property firm Rightmove and credit scorer Experian. He also took a rare new position last year, buying into the world's largest shipping broker Clarkson. He says it is a 'truly world class UK company with a clear opportunity to use technology to create new value.' Though the UK stock market has staged a recent resurgence, with the FTSE 100 up 11 per cent since the start of the year, Finsbury has continued to lag, with a return of just 0.3 per cent. The trust has a share price total return of 9.7 per cent over the past year, but just 15.8 per cent over five years. Over the past decade though, the return is a much healthier 90 per cent. Train, who has run Finsbury for almost 25 years, says he has tackled the past tough years making sure he 'stuck to a clear set of principles'. He says: 'It is no fun underperforming. And it really behoves you in those circumstances to behave in a disciplined way. I hope that we have done that.' Train believes his Warren Buffett-influenced investing style of constructing a concentrated portfolio of high-quality shares will shine through. Finsbury Growth & Income shares are trading at 7 per cent below net asset value, offering the chance to buy in at a discount. Ongoing annual charges are 0.61 per cent and its unique stock market identification code is 0781606.