Latest news with #Panconesi
Business of Fashion
2 days ago
- Business
- Business of Fashion
LuisaViaRoma Files for Court Protection Amid Deepening Financial Strain
LuisaViaRoma has filed for court protection from creditors as it undertakes financial restructuring, according to a letter sent by the luxury retailer to vendors and reviewed by The Business of Fashion. Under Italian law, companies in financial distress can file for court protection from creditors, some of whom may be threatening legal action over unpaid invoices, similar to a Chapter 11 filing in the US. Gianvito Rossi and Moschino Kids are among LuisaViaRoma's vendors who have filed legal debt collection orders, according to documents included in the Florence-based retailer's letter. The Court of Florence has scheduled a hearing for LuisaViaRoma's request for Aug. 27. LuisaViaRoma said it has over 1,250 creditors, some of which have been chasing payment for months. One American label confirmed it has not been paid by LuisaViaRoma since delivering its last purchase order in April. The label received a letter from LuisaViaRoma in late April that promised a new payment schedule to be announced in May, but this did not materialise. 'For some brands, being owed $60,000 can lead to bankruptcy,' said the sales agent of another label stocked at LuisaViaRoma that has not been paid since March. LuisaViaRoma joins a growing list of retailers struggling financially as luxury spending decelerates. In June, Saks Global reached an agreement with bondholders for $600 million in new debt, which prompted the credit rating agency S&P to downgrade the company's status and called the refinancing akin to a default. In February, Saks announced contentious new payment terms that pushed some brand partners away. Founded as a boutique in Florence in 1930, LuisaViaRoma emerged as one of the major luxury e-commerce players in Europe in recent years, with seven brick-and-mortar locations in Italy and one in New York operated by a subsidiary that opened last year. Long owned by the Panconesi family, it received a minority investment from Milan private equity firm Style Capital 2021. In the first quarter of 2025, LuisaViaRoma's sales fell 13 percent year-over-year, according to the documents reviewed by BoF. In April and May, sales contracted by more than 30 percent. In June, the retailer reduced its corporate headcount by 20 percent, or 70 roles. Around the same time, it named board member Angelo Rodolfi as chief restructuring officer. Last month, LuisaViaRoma announced the closure of its Milan office, citing a reorganisation strategy in order to streamline the business. In an interview with Women's Wear Daily published July 19, LuisaViaRoma chief executive Tommaso Maria Andorlini said the company was not seeking court mediation regarding creditor negotiations. But behind the scenes, the retailer had already sought confirmation of protections under Italian insolvency law. On July 16, LuisaViaRoma submitted an application to the Tribunal of Florence, seeking a 120-day reprieve from legal action by its vendors and financial creditors, including its main creditor UniCredit S.p.A., with whom it has a €25 million financing agreement that expired on July 21. LuisaViaRoma did not respond to a request for comment. A Struggling Business Citing 'temporary economic and financial imbalance,' LuisaViaRoma pointed to the declining luxury fashion market at large as well as US tariffs and other rising costs, such as transportation. It also outlined a number of internal missteps, including pursuing unsustainable growth. An overinvestment in inventory purchases, meanwhile, led to higher management costs and lowered margins. 'The company is now oversized and overly rigid,' it said in the July 16 filing. 'The company has incurred losses and developed a situation of financial tension, leading to overdue payables to suppliers. In turn, suppliers slowed deliveries and shortened payment terms.' Nonetheless, LuisaViaRoma has a comprehensive plan for recovery, as outlined in its request for court protection. In order to boost margins, the retailer will expand its private labels, Annagreta and The Core, which commands higher margins than third-party brands, and launch a new marketplace model that will 'unify the fragmented landscape of Italian luxury fashion distribution,' with partnerships already lined up with independent e-commerce sites Camera Buyer Italia and Additionally, LuisaViaRoma will shutter at least two stores and reduce exposure to less-profitable markets, including the US. Other cost-cutting measures include scaling back from three warehouses to just one and renegotiating payment terms with vendors.
CairoScene
28-06-2025
- Entertainment
- CairoScene
The SceneStyled Bandage Dress Edit
Once an iconic dress, always an iconic dress - Hervé Léger's second-skin bandage dress is lacing itself back into the fashion bloodstream. In the mid-2000s, the bandage dress held nightlife in a chokehold. Cut from thick elastic panels and precision-engineered to sculpt the body like a Roman column, it became a cultural fixture - spotted on everyone from Beyoncé to Kim Kardashian to Cindy Crawford. But the dress didn't start in Hollywood. Before the paparazzi flashes, there was Azzedine Alaïa - the Tunisian couturier whose bodycon legacy fed directly into Léger's hands. Now, in 2025, the bandage dress is finding new footing. Less about the nightclub, more about form, fit, and recontextualisation. Labels are revisiting the silhouett, showing it in soft metallics, earthy palettes, and sculptural cuts that reference both the '90s and something more future-forward. And in the MENA region, we're are pairing the dress with acid green heels, architectural ear cuffs, archival clutches, and fragrances that smell like heat waves. Below, we break down five ways to style the reborn bandage dress - regionally sourced, editorially sharp, and still clinging on (in the best way). LOOK 5 | Resort 2026 Collection Amina Muaddi, Anok 155 Patent Leather Platform Pumps Sculptural and sky-high, these silver platforms ground the body-hugging silhouette with a bit of 2000s maximalist nostalgia. Okhtein, Soiree Clutch Crystals, chrome, and the silhouette of a vintage minaudière—Okhtein's Soiree clutch brings a glam-metal energy to the look. Martyre, Astrid Studs in Sterling Silver Minimalist with edge. These studs give structure without shouting, balancing the volume of the dress. Yacine Hamdi, Silver Eargrillz Custom-moulded with a rebellious curve, these eargrillz reframe the bandage dress as something a little less predictable. Panconesi, The Triptych Arm Cuff Like wearable sculpture—Panconesi's Triptych wraps the wrist in geometry and tension. Panconesi, Blow Up Single Cuff Silver Chunky and bulbous in all the right ways, this wrist cuff adds industrial drama. Amouage, Reflection Woman Fresh white florals with unexpected depth—a scent that lingers like silk on skin. TANYA GOWN | SS'25 Collection Dara Hamarneh, Valletta in Green Calf Hair A textured twist on minimalism. Bold in colour, rich in material, and just the right size to feel intentional. Yuniu Jewels, Vinti Rings Deconstructed and stackable, these rings bring kinetic energy to an otherwise structured silhouette. Bil Arabi, Ya Ein Earrings Bold and symbolic. An iconic Bil Arabi design that brings language and legacy into the look. Duha Bakadi, Dama Shoes in Green Lime-bright and strappy with an architectural heel. Summer on your feet. Desirs, Suntan Vanilla Sun, sand, and sugar. This is SPF and skin heat bottled into scent. REMI GOWN | SS'15 Collection Amel Batita, Red Brocot Gloves Opera-length gloves in textured red velvet—gothic, romantic, and unapologetically extra. Amr Saad, 590 Hipster in Black Angular, blacked-out frames for when you need to look unfazed at brunch. Touchless, Ruby Silk Clutch Andrea Wazen, Nora Pump 105 in Black Pointed, sharp, and laced with evening energy. A structured contrast to the softness of the dress. Ibrahim Al Qurashi, Black Diamond Carbon Smoky and smooth with a mineral edge. Think private driver, tinted windows. LOOK 15 | Fall 2025 Collection Nicoli Shoes, Enero - Silver Like disco for your feet. These reflective heels light up the clean lines of the dress. Dania Shinkar, Mila Crystal Embellished Encrusted, embellished, and structured to hold the drama. Jude Benhalim, Ember Earrings in Blue Coloured lucite in sculptural form. These drop earrings bring liquid architecture to the ears. Jude Benhalim, Essence Bracelet in Blue A bold, cuffed companion that repeats the visual rhythm of the earrings. Jude Benhalim, Vault Cuff in Silver A finishing strike of silver to layer or let stand alone. Reef, Coral Warm spice softened by sea salt. Less beachy, more mineral memory. VALERIA DRESS | SS'25 Collection Thuna, Selena Silver Sandal Silver, strappy, and barely-there. These sandals whisper instead of scream. Mesh Mesh, Sārab in Frost White Minimalism with a mirage effect. This structured white bag pulls light and shape into one. Begum Khan, Mari Earrings Bold botanical forms dipped in shine. These earrings feel ceremonial and grounded. Begum Khan, Mari Ring Stacked with symbolism, finished with a punch of sculptural drama. Begum Khan, Mega Singapore Orchid Bracelet A maximalist's dream in floral form. The bracelet doesn't blend—it commands. Gissah, Imperial Valley Dry florals and desert air. A scent that moves like wind across stone.
