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Yahoo
08-08-2025
- Entertainment
- Yahoo
Brunello Cucinelli and Wölffer Estate Celebrate Summer in the Hamptons
When it rains, it pours. But on Thursday night, the rainy afternoon and New York's flash flooding cleared the way for a pleasant, breezy dinner out east. For a second year, Brunello Cucinelli linked with Wölffer Estate to host a summertime celebration in the Hamptons. The family-owned Wölffer Estate Stables set the scene for another leisurely evening of wine, Italian cuisine, and convivial conversation. The stable-boarded horses, who occasionally popped their head out from their stables to check out the action, were the party MVPs as guests flocked to say hello. Toward the end of cocktail hour, Joey Wölffer led one of the horses around the central cobblestone area, as a live guitar duo played nearby and bartenders poured a selection of wines from the vineyards. More from WWD Gucci Celebrates GG Monogram Campaign With Emily Ratajkowski in the Hamptons Giorgio Armani Heads to Shelter Island for Mare 2025 Party Nicky Hilton Rothschild, Jacquelyn Jablonski, Sai de Silva Join Max Mara and Marcolin to Fete Latest Eyewear Collection at Wölffer Estate Vineyard A tented dinner setup wasn't the first choice, but ' sometimes things work out the way they're supposed to,' said Wölffer, glancing toward the crowd gathered underneath the clear-top tent and canopy of twinkle lights. A three-tier fountain was the focal point, encircled by two long, curved dinner tables. 'When I walked down here today, I was like — actually, it's spectacular, and it ties the whole area together.' Heading into the second stretch of summer, Wölffer is looking forward to more beach dinners — when the weather allows. 'August is all about beach dinners with the kids and family and being together,' she said. For Brunello Cucinelli chief executive officer Ricardo Stefanelli, the next month is all about family time in Sardinia. ' It's one of the most beautiful places in the world to me,' said Stefanelli, who flew in earlier that day for the dinner and would return the next morning. ' In Italy we all go to vacation in August. It is the month where everything slows down a little bit. We did a lot during the last two months for the presentation of collection, everything went very well. So we're very happy and ready to go on vacation. And then the back to school [season] will come.' The CEO underscored the brand's strong connection to the Hamptons, which he described as ' very similar to our community in Solomeo. It's a very small community of people that loves beauty, loves to take care of what they do and what they are. They love to give back.' During cocktail hour Stefanelli greeted Alexandra Daddario and husband Andrew Form, glasses of Wölffer Estate sparkling rose in hand. Nearby, Sailor Brinkley was video-ing the baskets of heirloom tomatoes and cheese displays within Brunello-coded stalls. 'It's too beautiful,' said Sailor Brinkley, as she was invited to sample from the 'mercato' displays. Her mother, Christie Brinkley, took up the offer, as she was handed a jar of pomodori tucked among vine-ripe tomatoes. Other guests, dressed in a spectrum of Brunello Cucinelli's earthy color palette, included Don Lemon, Nicky Hilton Rothschild, Gabby Karan De Felice, David Burtka, Tamron Hall, Candace Bushnell, Marc Metrick, Roopal Patel, Isaac Boots, Casey Fremont, Carolyn Angel, Sharareh Siadat, and other Hamptons regulars. 'I'm obsessed with these pants,' said Isaac Boot, stopping to compare his similar belted linen fit with another guest. As dinner began with a course of a shared antipasti spread of grilled vegetables, fried sage leaves, and more, Marc Wölffer welcomed the crowd with a spirited 'buonasera' before toasting to the collaboration between the two 'iconic lifestyle brands.' 'At first glance we might appear we're of different worlds: fashion, wine,' he said. 'But you look closer and you see that we share the same heartbeat. Both Brunello and Wölffer Estate were born from family…. We're both grounded in heritage, and driven by innovation.' 'I feel like I'm…back in my little town in Southern Italy,' said Massimo Caronna, CEO of Brunello Cucinelli North America, gazing out at the dining setup and bubbling fountain. The dinner might have reminded Caronna of his hometown, but he's since made the Hamptons his home, after opening Brunello's first store out east. 'People would ask me, 'where's your home?'' he said. 'One night I looked at my wife and said, 'I think we need to buy a house here, I feel people they want us to be part of the community.'' Stefanelli, who's married to Camilla Cucinelli, did his best to explain to his daughter where he was headed for the quick 24-hour trip. He summed up East Hampton as best he could: 'Where the cool people go.' Launch Gallery: Christie Brinkley, Alexandra Daddario, and More at the Brunello Cucinelli Hamptons Dinner Best of WWD A Look Back at SAG Awards Best Dressed Red Carpet Stars SAG Awards Wildest Looks of All Time on the Red Carpet, Photos From the Archive: A Look Back at Marc Jacobs Annual Holiday Party [PHOTOS] Solve the daily Crossword
Yahoo
30-07-2025
- Business
- Yahoo
Kering Deepens Cost Cuts After Another Dismal Quarter
PARIS — Kering is ramping up its cost-cutting efforts as it prepares to welcome new chief executive officer Luca de Meo, who has a reputation as a 'cost killer' specialized in turning around ailing of the presentation of the French luxury group's first-half results on Tuesday focused on its efforts to slash expenditures and curb debt, which include closing stores, selling real estate and reducing is battling to stem the ongoing hemorrhage at Gucci, which posted another 25 percent decline in organic sales in the second quarter as consumers wait for new creative director Demna's debut presentation in September, which will be accompanied by a sprinkling of see-now, buy-now products in net profit plummeted 46 percent in the first half, highlighting the challenges faced by de Meo when he takes the reins on Sept. 15, succeeding François-Henri Pinault, who has held the title since 2005 and navigated the family-controlled conglomerate through multiple transformations. Pinault remains chairman. 'The first half of 2025 has been a period of momentous decisions for Kering,' Pinault said in a statement, referring to de Meo's appointment and the arrival of new creative directors at Gucci, Balenciaga and Bottega Veneta.'Though the numbers we are reporting remain well below our potential, we are certain that our comprehensive efforts of the past two years have set healthy foundations for the next stages in Kering's development,' Pinault added. More from WWD Gucci Celebrates GG Monogram Campaign With Emily Ratajkowski in the Hamptons Angel Reese Taps Into the Clear Shoe Trend With Sharp Transparent Heels in Minneapolis Meryl Streep Revisits Power Dressing in Archival-era Gucci Heels on 'The Devil Wears Prada 2' Set Kering said it will close more stores than initially anticipated after another dismal in the three months to June 31 fell 18 percent at reported exchange rates to 3.7 billion euros, representing a decline of 15 percent in comparable terms. This was below the 3.75 billion euros the market was expecting, and marked a slight worsening from the first financial officer Armelle Poulou said the group now plans to shutter 80 boutiques in 2025, up from the 50 announced at the start of the year. There were 41 net closures in the first half, with Gucci and the 'other houses' group — mainly Balenciaga and Alexander McQueen — accounting for 18 each. Kering also nixed seven outlets, and plans further store closures in 2026 and of its luxury brands saw organic sales declines in the second Laurent fell 10 percent, and the 'other houses' division 16 percent. Bottega Veneta was a moderate bright spot, with a 1 percent rise. The Kering eyewear and corporate division also bucked the trend with a 3 percent increase. By comparison, comparable sales at LVMH Moët Hennessy Louis Vuitton's key fashion and leather goods division were down 9 percent year-over-year in the second quarter, missing consensus estimates. No Quick FixHowever, Kering said it had no plans to sell underperforming brands, amid reports that LVMH is shopping around Marc Jacobs, after offloading its stakes in Off-White and Stella McCartney last year. Kering is focused instead on redressing ailing labels like McQueen, which is undergoing a restructuring.'We have a clear strategy for all the brands, and we are working to execute properly the strategy brand by brand,' said Jean-Marc Duplaix, deputy CEO in charge of operations and finance. 'But so far, when it comes to the portfolio of brands, we have no plan of disposal.'Weighed down by trade wars, geopolitical tensions and financial market volatility, the global market for personal luxury goods will likely fall by between 2 and 5 percent this year, according to the latest Luxury Goods Worldwide Market Study from Bain and anemic demand in China and volatility in the U.S., Kering was impacted by a 'sharp decline' in tourism. Sales in directly operated stores fell 19 percent in Asia-Pacific and 10 percent in North America, an improvement compared with the first quarter. They were down 29 percent in Japan and 17 percent in Western Europe as strong currencies deterred foreign shoppers. Poulou said the group has anticipated the trade deal reached on Sunday under which European Union goods entering the U.S. will be subject to a 15 percent tariff. 'We consider that this is manageable through price adjustments,' she said, noting that some brands preemptively raised prices in the second quarter. A second wave of increases could follow in the fall, depending on consumer Bellettini, Kering's deputy CEO in charge of brand development, said the outlook in China remains murky, despite signs of resilience in high-end products such as fine jewelry and watches.'The general economic environment still creates a low consumer confidence. Currently, the rate of saving is very high,' she said. 'High-quality products are the ones that are performing better at the moment. We still remain positive on China,' Bellettini added. 'But we don't know yet when the trend is going to change. It's very difficult to say.'While Kering has been trimming costs across the board, it does not see a quick return to profit growth. Recurring operating profit for the first half was down 39 percent to 969 million euros, above the consensus estimate of 933 million euros. The recurring operating margin fell to 12.8 percent from 17.5 percent in the same period a year expects the EBIT margin to decline again in the second half, but much less than in the first six months of the year, Poulou said. Given the ongoing weakness in Asia, it has revised downwards its forecast for the gross margin, which is now expected to remain stable in the second half, instead of improving. Hunting for CashKering cut first-half operational expenditures by 11 percent in reported terms, with a substantial contribution from fixed costs. Poulou foresees a decline in the mid- to high single digits for the full year, namely to preserve advertising and promotions spend to sustain brand visibility and amplify upcoming designer debuts. Headcount is down 4 percent year-to-date, with Duplaix noting that staffing levels at Gucci are 22 percent below their 2022 expenditures amounted to 431 million euros in the first half, down 20 percent year-over-year excluding real estate, and were expected to total 1 billion euros for the full year. Kering said it generated 1.5 billion euros in the first half from the ongoing refinancing of real estate and other assets, with another 1.7 billion euros projected for the second half and beyond. Under a deal with private equity firm Ardian valued at 837 million euros, Kering agreed to transfer three of its prestigious addresses in Paris to a new joint venture. It has also sold a building in Tokyo's Omotesando district and The Mall Luxury Outlets, which operates two luxury outlet destinations in a research note earlier this month, Bernstein analyst Luca Solca said de Meo, a turnaround specialist with decades of experience in the automobile industry, must curb Kering's elevated debt levels, and perhaps 'negotiate a larger 'equity for Valentino' deal with Mayhoola.'Two years ago, Kering bought a 30 percent stake in Valentino for 1.7 billion euros in cash as part of a broader strategic partnership with the Qatari investment fund. The French group has an option to buy 100 percent of Valentino's capital by 2028, while Mayhoola could become a shareholder in to Bernstein's tallies, Kering will need up to 3.4 billion euros in cash to pay for the remaining 70 said that while he could not speak on behalf of Mayhoola, he did not believe it would be advantageous for the company to exercise its put option in 2026, given that Valentino's performance in 2025 will be impacted by efforts to streamline its the event that Mayhoola cashes out early, the price would be 'substantially' below 4 billion euros, the executive said in response to an analyst's added that de Meo likely will not lay out his vision until next year.'Luca has already met with several key internal stakeholders in the group, starting with François-Henri, of course, but also Francesca and myself, and he's preparing for his formal arrival,' Duplaix said. 'We are all looking forward to working with him but of course, it will be up to him to define his road map and to tell you when he will have the occasion to present his ambitions,' he said. Best of WWD Harvey Nichols Sees Sales Dip, Losses Widen in Year Marred by Closures Nike Logs $1.3 Billion Profit, But Supply Chain Issues Persist Zegna Shares Start Trading on New York Stock Exchange Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
