Latest news with #PradaSpA
Fashion United
5 days ago
- Business
- Fashion United
Capri Holdings returns to profit in first quarter despite revenue decline
US fashion group Capri Holdings Limited exceeded expectations in the first quarter of the 2025/26 financial year. While the company experienced a significant decline in revenue, it reported a profit, unlike the same period last year, due to significantly lower costs. This is evident from the latest results released on Wednesday. In the first quarter, which ended on June 28, revenue from continuing operations – excluding contributions from the Versace brand, whose sale to fashion group Prada SpA was agreed in mid-April – amounted to 797 million US dollars. This represents a 6.0 percent decrease compared to the same period last year. Adjusted for exchange rate changes, revenue shrank by 7.7 percent. Cost reductions boost results Both brands remaining in the group's portfolio after the Versace sale experienced declines. Michael Kors' revenue decreased by 5.9 percent (7.3 percent currency adjusted) to 635 million US dollars. Jimmy Choo's revenue fell by 6.4 percent (9.2 percent currency adjusted) to 162 million US dollars. Due to significantly lower costs, the group increased its operating profit to 16 million US dollars, compared to 11 million US dollars in the prior-year period. Net profit attributable to shareholders totalled 53 million US dollars. In the prior-year quarter, the group had recorded a corresponding loss of 14 million US dollars due to losses from Versace. Net profit from continuing operations increased from five to 56 million US dollars. Group chief executive officer John Idol sees progress in strategic initiatives Chairman and chief executive officer John Idol viewed the results as confirmation of the strategic course. "We are encouraged by our first quarter results. Trends have steadily improved, resulting in both revenue and earnings per share exceeding our expectations," he said in a statement. "These results demonstrate the progress we are making in implementing our strategic initiatives to revitalise our luxury fashion houses. While it is still early, we are seeing initial signs that our strategies are working." In light of recent developments, management slightly raised its revenue forecast for the current 2025/26 financial year. It now expects revenue in the range of 3.375 to 3.45 billion US dollars. The earnings targets remained unchanged. The company continues to expect operating profit of approximately 100 million US dollars and diluted earnings per share between 1.20 and 1.40 US dollars. This article was translated to English using an AI tool. FashionUnited uses AI language tools to speed up translating (news) articles and proofread the translations to improve the end result. This saves our human journalists time they can spend doing research and writing original articles. Articles translated with the help of AI are checked and edited by a human desk editor prior to going online. If you have questions or comments about this process email us at info@
New Indian Express
29-07-2025
- Business
- New Indian Express
Why a 'Prada' to add value to Kolhapuris?
When the designer brand Prada SpA featured 'leather flat sandals' on the ramp at the Milan Fashion Week a month ago, Indians all over caught on they were being had. It was the modest 'Kolhapuri chappals' being plagiarized and they were rightly outraged. Prada did not acknowledge the cultural origins or the craftsmen who had made the 'Kolhapuris'a part of Maharashtra's daily wear; but what perhaps got the Indian goat was the pricing: A $5 slip-on tagged at $1,340 (Rs 1.16 lakh)! And the cheek, not a penny for the original designers of the unique toe-hold chappals? The backlash was severe. Prada had underestimated our nationalistic troll army, which went to town against the brand appropriating Indian culture. Within days, Prada acknowledged the Indian roots of its new footwear line, and accepted it was inspired by 'traditional Indian footwear'. But here's the rub. There are plenty upholding India's heritage. But why aren't there enough Indian entrepreneurs who can do what Prada did? Those who can design and brand 'kolhapuris' and other footwear and make them international products. Surely there is no rocket science about holding fashion shows andclevermarketing. The Kolhapuri is a 12th Century product. It has its innate strength. Why do you need a Prada to discover it? Low-value leather India has a huge leather industry. The domestic sector produces a whopping 3 billion square feet of leather annually and employs over 4.4 million people. India is the world's second largest exporter of leather garments, the third largest exporter of saddlery and harnesses and the fourth largest exporter of leather goods in the world. Unfortunately, it is high volume, but low value we export. In FY2023, leather and leather products exports peaked at about $5.4 billion. This is peanuts considering the size and the manpower the industry employs. Over the next two years, exports fell 18-20 percent, mainly does to the disruption of the Eurozone by the Ukraine war.
Time of India
24-07-2025
- Entertainment
- Time of India
Prada 'Kolhapuri sandals' scandal proves the power of India's troll army
Retailing for as little as $10, India's beloved Kolhapuri sandals are a staple in wardrobes across the sub-continent. So when luxury brand Prada SpA debuted a new type of footwear at Milan Fashion Week that bore a stark resemblance to them, it didn't take long for the fury to build online. The saga underscores how much power the South Asian giant's digital tribe holds, where online outrage regularly influences public debate — especially when citizens perceive their heritage is under attack. International firms eyeing one of the world's fastest-growing markets should weigh the risks of these cultural missteps. The Italian fashion house's troubles began when it introduced its menswear collection in June. The sandals, described as 'leather footwear,' displayed an open-toe braided pattern that was strikingly similar to Kolhapuri sandals made in the Indian states of Maharashtra and Karnataka. Historically, the sandals were produced for specific communities. For farmers who worked in the fields, they were robust and able to withstand wear-and-tear; for the courtier class and nobles they were more delicate and ostentatious. In 2019, the footwear was awarded the Geographical Indication status, viewed as a mark of authenticity. (Other Indian items to have received this tag include Darjeeling tea and Alphonso mangoes.) But Prada didn't credit India for the designs, prompting a brutal social media backlash. The nationalistic sentiment whipped up by this controversy boosted sales of the traditional sandals. The country's online community is renowned for its digital ferocity — it accused the brand of cultural appropriation, and the furor forced the fashion house into damage control mode. It issued a statement saying it recognized the sandals were inspired by traditional Indian footwear . The luxury brand's experience is a reminder that in India, foreign firms have to be aware of how reputational risk could affect future revenue. Internet penetration is rising, with 55% of the population connected. Social media is growing fast, too: It's estimated the world's most populous nation is home to 462 million social media users. India is a rising global power, one international brands are keen to break into. But local and foreign firms face various challenges: Bureaucracy, shoddy infrastructure and unique consumer behaviors that include a fierce defense of India's rich heritage. All of these factors require a tailored approach. Success in the market lies in the ability to balance local authenticity and global appeal — and the willingness to 'learn to love and speak to India,' as Francois Grouiller, chief executive officer of the luxury consultancy IndLux recently noted. Foreign brands can't afford to ignore India's luxury market, which reached $7.74 billion in 2023, and is projected to approach $12 billion by 2028, a recent Kearney report notes. Other estimates predict the sector could more than triple by 2030, growing to upward of $85 billion. The number of ultra-high-net-worth individuals — people with a net worth of at least $30 million — is expected to grow by 50% by 2028. These forecasts come with the obvious caveats — most notably, there is still a huge wealth gap in the country. While the 100 million wealthiest people are splurging, 400 million of their middle-class counterparts have cut back. Global economic conditions are becoming less supportive, as US President Donald Trump's sweeping tariffs fuel trade tensions and put pressure on future growth. Still, viewing consumers as a long-term opportunity rather than just a short-term play would help these firms thrive. Even more important is understanding that India is home to a diverse market with distinct needs. Some brands have grasped this already — high-end jeweler Bulgari SpA offers a pricey Mangalsutra necklace inspired by a chain traditionally worn by married women — tapping into the desire for luxury with home-grown sensibilities. The Italian brand is not the first — and neither will it be the last — to fall foul of cultural norms. Earlier this year, Gucci made the mistake of calling Bollywood star Alia Bhatt's custom-made sari-lehenga (a fusion of the traditional sari with a long skirt) a gown. Another online frenzy was set off in May, when a viral social media trend was criticized for calling the dupatta — a traditional South Asian shawl — a Scandinavian scarf. Prada doesn't own any retail stores in India, depending instead on the super-rich diaspora and wealthy Indians who travel overseas. But the firm — which has seen its shares lose about 30% since February as investors took fright at its purchase of Versace — isn't taking any chances. In a conciliatory move, it's now working with traditional artisans to understand the history behind the famed Kolhapuris. The luxury fashion house has learned the hard way that cultural fluency is no longer a 'nice to have'— it's central to business survival.
Fashion Network
24-07-2025
- Entertainment
- Fashion Network
Prada scandal proves the power of India's troll army
Retailing for as little as $10, India's beloved Kolhapuri sandals are a staple in wardrobes across the sub-continent. So when luxury brand Prada SpA debuted a new type of footwear at Milan Fashion Week that bore a stark resemblance to them, it didn't take long for the fury to build online. See catwalk The saga underscores how much power the South Asian giant's digital tribe holds, where online outrage regularly influences public debate — especially when citizens perceive their heritage is under attack. International firms eyeing one of the world's fastest-growing markets should weigh the risks of these cultural missteps. The Italian fashion house's troubles began when it introduced its menswear collection in June. The sandals, described as 'leather footwear,' displayed an open-toe braided pattern that was strikingly similar to Kolhapuri sandals made in the Indian states of Maharashtra and Karnataka. (Your columnist has several pairs of Kolhapuris in her wardrobe.) Historically, the sandals were produced for specific communities. For farmers who worked in the fields, they were robust and able to withstand wear-and-tear; for the courtier class and nobles they were more delicate and ostentatious. In 2019, the footwear was awarded the Geographical Indication status, viewed as a mark of authenticity. (Other Indian items to have received this tag include Darjeeling tea and Alphonso mangoes.) But Prada didn't credit India for the designs, prompting a brutal social media backlash. The nationalistic sentiment whipped up by this controversy boosted sales of the traditional sandals. The country's online community is renowned for its digital ferocity — it accused the brand of cultural appropriation, and the furor forced the fashion house into damage control mode. It issued a statement saying it recognized the sandals were inspired by traditional Indian footwear. The luxury brand's experience is a reminder that in India, foreign firms have to be aware of how reputational risk could affect future revenue. Internet penetration is rising, with 55% of the population connected. Social media is growing fast, too: It's estimated the world's most populous nation is home to 462 million social media users. India is a rising global power, one international brands are keen to break into. But local and foreign firms face various challenges: Bureaucracy, shoddy infrastructure and unique consumer behaviors that include a fierce defense of India's rich heritage. All of these factors require a tailored approach. Success in the market lies in the ability to balance local authenticity and global appeal — and the willingness to 'learn to love and speak to India,' as Francois Grouiller, chief executive officer of the luxury consultancy IndLux recently noted. Foreign brands can't afford to ignore India's luxury market, which reached $7.74 billion in 2023, and is projected to approach $12 billion by 2028, a recent Kearney report notes. Other estimates predict the sector could more than triple by 2030, growing to upward of $85 billion. The number of ultra-high-net-worth individuals — people with a net worth of at least $30 million — is expected to grow by 50% by 2028. These forecasts come with the obvious caveats — most notably, there is still a huge wealth gap in the country. While the 100 million wealthiest people are splurging, 400 million of their middle-class counterparts have cut back. Global economic conditions are becoming less supportive, as US President Donald Trump 's sweeping tariffs fuel trade tensions and put pressure on future growth. Still, viewing consumers as a long-term opportunity rather than just a short-term play would help these firms thrive. Even more important is understanding that India is home to a diverse market with distinct needs. Some brands have grasped this already — high-end jeweler Bulgari SpA offers a pricey Mangalsutra necklace inspired by a chain traditionally worn by married women — tapping into the desire for luxury with home-grown sensibilities. The Italian brand is not the first — and neither will it be the last — to fall foul of cultural norms. Earlier this year, Gucci made the mistake of calling Bollywood star Alia Bhatt's custom-made sari-lehenga (a fusion of the traditional sari with a long skirt) a gown. Another online frenzy was set off in May, when a viral social media trend was criticized for calling the dupatta — a traditional South Asian shawl — a Scandinavian scarf. Prada doesn't own any retail stores in India, depending instead on the super-rich diaspora and wealthy Indians who travel overseas. But the firm — which has seen its shares lose about 30% since February as investors took fright at its purchase of Versace — isn't taking any chances. In a conciliatory move, it's now working with traditional artisans to understand the history behind the famed Kolhapuris. The luxury fashion house has learned the hard way that cultural fluency is no longer a 'nice to have'— it's central to business survival.
Economic Times
24-07-2025
- Business
- Economic Times
Prada 'Kolhapuri sandals' scandal proves the power of India's troll army
AP Kolhapuri sandals displayed at shop in Mumbai, India Retailing for as little as $10, India's beloved Kolhapuri sandals are a staple in wardrobes across the sub-continent. So when luxury brand Prada SpA debuted a new type of footwear at Milan Fashion Week that bore a stark resemblance to them, it didn't take long for the fury to build saga underscores how much power the South Asian giant's digital tribe holds, where online outrage regularly influences public debate — especially when citizens perceive their heritage is under attack. International firms eyeing one of the world's fastest-growing markets should weigh the risks of these cultural missteps. The Italian fashion house's troubles began when it introduced its menswear collection in June. The sandals, described as 'leather footwear,' displayed an open-toe braided pattern that was strikingly similar to Kolhapuri sandals made in the Indian states of Maharashtra and Karnataka. Historically, the sandals were produced for specific communities. For farmers who worked in the fields, they were robust and able to withstand wear-and-tear; for the courtier class and nobles they were more delicate and ostentatious. In 2019, the footwear was awarded the Geographical Indication status, viewed as a mark of authenticity. (Other Indian items to have received this tag include Darjeeling tea and Alphonso mangoes.) But Prada didn't credit India for the designs, prompting a brutal social media backlash. The nationalistic sentiment whipped up by this controversy boosted sales of the traditional sandals. The country's online community is renowned for its digital ferocity — it accused the brand of cultural appropriation, and the furor forced the fashion house into damage control mode. It issued a statement saying it recognized the sandals were inspired by traditional Indian footwear. The luxury brand's experience is a reminder that in India, foreign firms have to be aware of how reputational risk could affect future revenue. Internet penetration is rising, with 55% of the population connected. Social media is growing fast, too: It's estimated the world's most populous nation is home to 462 million social media users. India is a rising global power, one international brands are keen to break into. But local and foreign firms face various challenges: Bureaucracy, shoddy infrastructure and unique consumer behaviors that include a fierce defense of India's rich heritage. All of these factors require a tailored approach. Success in the market lies in the ability to balance local authenticity and global appeal — and the willingness to 'learn to love and speak to India,' as Francois Grouiller, chief executive officer of the luxury consultancy IndLux recently noted. Foreign brands can't afford to ignore India's luxury market, which reached $7.74 billion in 2023, and is projected to approach $12 billion by 2028, a recent Kearney report notes. Other estimates predict the sector could more than triple by 2030, growing to upward of $85 billion. The number of ultra-high-net-worth individuals — people with a net worth of at least $30 million — is expected to grow by 50% by 2028. These forecasts come with the obvious caveats — most notably, there is still a huge wealth gap in the country. While the 100 million wealthiest people are splurging, 400 million of their middle-class counterparts have cut back. Global economic conditions are becoming less supportive, as US President Donald Trump's sweeping tariffs fuel trade tensions and put pressure on future growth. Still, viewing consumers as a long-term opportunity rather than just a short-term play would help these firms thrive. Even more important is understanding that India is home to a diverse market with distinct needs. Some brands have grasped this already — high-end jeweler Bulgari SpA offers a pricey Mangalsutra necklace inspired by a chain traditionally worn by married women — tapping into the desire for luxury with home-grown sensibilities. The Italian brand is not the first — and neither will it be the last — to fall foul of cultural norms. Earlier this year, Gucci made the mistake of calling Bollywood star Alia Bhatt's custom-made sari-lehenga (a fusion of the traditional sari with a long skirt) a gown. Another online frenzy was set off in May, when a viral social media trend was criticized for calling the dupatta — a traditional South Asian shawl — a Scandinavian doesn't own any retail stores in India, depending instead on the super-rich diaspora and wealthy Indians who travel overseas. But the firm — which has seen its shares lose about 30% since February as investors took fright at its purchase of Versace — isn't taking any chances. In a conciliatory move, it's now working with traditional artisans to understand the history behind the famed Kolhapuris. The luxury fashion house has learned the hard way that cultural fluency is no longer a 'nice to have'— it's central to business survival.
