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Yahoo
22-05-2025
- Business
- Yahoo
Ralph Lauren Tops Q4 Estimates, But Sees Sales Growth Slowing This Year
Ralph Lauren Corp. charged past profit and sales projections in its fiscal fourth quarter — and while the company forecast continued expansion this year, waning consumer confidence is expected to slow the growth rate. 'The consumer is pressured from a sentiment standpoint in the key markets,' Patrice Louvet, president and chief executive officer, told WWD on Thursday.' You look at U.S. data, you look at UK data, you look at China data, the consumer sentiment is clearly challenged.' More from WWD See, Shop, Snack: The New Spots in Cannes Shep and Ian Are Back at Vineyard Vines Kate Middleton Revives Alessandra Rich Polka-dot Dress With Pearls and Heritage at VE Day Thanksgiving Service The company has been steadily elevating its positioning and prices for about eight years, building a base that weathered the pandemic and its aftermath and is now being buffeted by President Trump's trade war. The core Ralph Lauren customer is holding up, for now. 'We have not seen so far a change in behavior and engagement with our core consumer and are encouraged by the momentum that we have and this around the world,' Louvet said. 'What we expect is that at some point this negative consumer sentiment is going to translate into purchasing behavior.' Over the last fiscal year, Ralph Laruen's revenues rose 7 percent to $7.1 billion — an increase of 8 percent in constant currencies. But this year, the company is projecting that to slow to a low-single digit increase in constant currencies. That points to a significant slowdown in the fall since high-single digit growth is expected to continue for the first fiscal quarter. 'The way companies in the U.S. are going to be dealing with the tariffs is through pricing,' Louvet said. 'So it's likely that in the back half, which for us starts in September, the consumer will feel incremental inflationary pressure. That's our current forecast. Things could change meaningfully. There could be a continued disconnect between consumer sentiment and consumer purchasing pattern. And then obviously there's still uncertainty in terms of what the final situation will be on tariffs and that will impact different companies' strategy.' For now, the company is still working with plenty of momentum. Fourth-quarter net income increased 42 percent to $129 million, or $2.03 a diluted share, from $90.7 million, or $1.38, a year earlier. Excluding restructuring and other changes, adjusted earnings rose to $2.27 — 23 cents ahead of the $2.04 analysts had penciled in, according to Yahoo Finance. Revenues for the quarter ended March 29 rose 8.3 percent to $1.7 billion from $1.6 billion a year earlier — stronger than the 5.1 percent expansion analysts forecast. Shares of Ralph Lauren company inched up 1.5 percent to $278 in premarket trading. 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
Yahoo
21-05-2025
- Entertainment
- Yahoo
A Look Back at Prince Harry and Meghan Markle's Royal Wedding: The Dress, Ring and Celebrity Guests
Seven years ago today, Prince Harry wed Meghan Markle in a highly publicized and televised wedding event at St. George's Chapel in Windsor Castle on May 19, 2018. The nuptials were among the most highly anticipated contemporary royal weddings, including Prince William and Kate Middleton's in April 2011. Prince Harry and Meghan's wedding brought together members of the British royal family, including Prince William, who served as his brother's best man, as well as Queen Elizabeth II, Prince Philip, Duke of Edinburgh, then-Prince Charles, the then-Duchess of Cornwall. Members of the entertainment industry were also among distinguished guests. Following their wedding, Meghan and Prince Harry assumed the titles the Duke and Duchess of Sussex. More from WWD Long Considered Second-tier, Affiliate Marketing Gains Ground Queen Camilla Goes Black and White in Anna Valentine Dress With Coordinated Hat for VE Day Thanksgiving Service Kate Middleton Revives Alessandra Rich Polka-dot Dress With Pearls and Heritage at VE Day Thanksgiving Service Prior to the event, anticipation over Meghan's wedding dress reached its peak, with much speculation. Ahead, WWD breaks down all the details behind Prince Harry and Meghan's 2018 wedding and where the couple is today. Meghan's engagement ring holds sentimental value for the couple. Created by Cleave & Company, the engagement ring features a 3-carat cushion-cut center stone sourced from Botswana, a special place the couple traveled to during their courtship. The Botswana diamond is flanked by two smaller diamonds from a brooch that belonged to Prince Harry's mother, the late Princess Diana. The ring originally featured a gold setting, but was updated in 2019 when the Duchess of Sussex had it replaced with a pave band. The honor of designing Meghan's wedding dress went to British designer Clare Waight Keller of Givenchy Haute Couture. The dress featured a minimal, unembellished design. She wore Queen Mary's Diamond Bandeau Tiara, which was on loan from Queen Elizabeth II. Meghan also wore a 16-foot veil with her dress, featuring symbols of the Commonwealth. 'I said, 'Wouldn't it be amazing if we took the 53 countries of the Commonwealth and embroidered a flower, and some flora and fauna from each one, and they would go on that journey up the aisle with you?'' said Waight Keller in conversation with WWD in May 2018, adding that Markle 'immediately loved the idea.' 'I aimed for a very modern and fresh design, just like I find Meghan to be, so I really wanted to represent her. I wanted her to feel absolutely incredible in the dress and, also, I wanted her to feel like it was absolutely right for the occasion,' Waight Keller said. 'Meghan is genuine, warm, radiant and a really strong woman. She knows what she wants and, really, it was an absolute joy working with her. I believe part of the simplicity and modernity of this dress is the fabric, a double silk cady.' The dress took more than 3,000 hours over four months to create. 'What we can read from Meghan's ensemble is that she's telling the world that she understands her responsibility, she understands the duty that she has to perform,' William Hansen, an etiquette coach, said in an interview following the wedding, per WWD's coverage of the occasion. 'It's a more traditional dress, although it does have a very contemporary and up-to-date feel to it. There are the covered shoulders and the veil. There's a nod to the past with Queen Mary's diamond bandeau tiara, and a nod to the present, which is seen in her veil and in the embroidered flowers that represent the countries of the Commonwealth and Prince Harry's role.' Prince Harry and Meghan Markle's wedding also merged the worlds of the British royal family and members of Hollywood. Among Meghan's longtime friends, 23-time Grand Slam champion Serena Williams and her husband, Reddit co-founder Alexis Ohanian, attended the May 2018 nuptials. Meghan's 'Suits' co-stars were also in attendance at the event. Oprah Winfrey was also among the guests. Actor George Clooney and his wife, British lawyer and human rights activist Amal Clooney, also attended the event. Among members of the British royal family, Prince William and Kate Middleton attended, Queen Elizabeth II and Prince Philip, then-Prince Charles and Camilla, then-Duchess of Cornwall, and other members including Princess Beatrice and Princess Eugenie. Following their wedding ceremony, Meghan and Harry attended a reception at Frogmore House hosted by the Duke of Sussex's father. Meghan changed her look, forgoing her Givenchy Haute couture gown for a Stella McCartney halter dress. The floor-length, sleeveless dress featured a backless element. Her hair was also pulled up into a loose bun with wisps of hair to frame her face. 'I am so proud and honored to have been chosen by the Duchess of Sussex to make her evening gown and represent British design,' said McCartney. 'It has truly been one of the most humbling moments of my career and I am so proud of all the team on this stunning sunny royal day. In early 2020, Prince Harry and Meghan made the decision to step back from their duties as senior members of the British royal family. They resettled in Montecito, Calif., in June 2020, where the couple raise their two children Prince Archie, 6, and Princess Lilibet, 3. The couple was interviewed by Oprah Winfrey in March 2021. They also appeared in the Netflix docu-series December 2022, both of which focused on their time prior to and during their senior royals in the British royal family. The couple co-founded the nonprofit organization The Archewell Foundation. In 2025, Meghan rebranded her American Riviera Orchard lifestyle brand to As Ever. The company debuted an assortment of jams, honey, tea and more in April 2025. Meghan also starred in a Netflix series 'With Love, Meghan,' which debuted prior to the release of As Ever products in March 2025. In the series' first week on Netflix, 'With Love, Meghan' generated $1 million in media impact value for Loro Piana, according to Launchmetrics, a designer Meghan wore in the first season. Prince Harry continues to be heavily involved in the annual Invictus Games and also wrote a memoir, 'Spare,' which debuted in January 2023. View Gallery Launch Gallery: Meghan Markle and Prince Harry's Wedding Photographer Talks About the Happy Couple Best of WWD Inside Joan Rivers' Iconic Personal Jewelry Collection and Its $2.5M Christie's Auction: Black Diamonds, Pearls and More Gems 'Pride & Prejudice' 2005 Film Costumes: A Look Back 20 Years Later, Photos Costume Designer Jacqueline Durran on 'Pride & Prejudice' 20 Years Later: 'It Feels Like a Different Era of Filmmaking'
Yahoo
18-05-2025
- Entertainment
- Yahoo
Queen Letizia of Spain Favors Vatican Tradition With Modernity in Redondo Brand's Dress for Pope Leo's Inauguration Mass
King Felipe VI of Spain and Queen Letizia of Spain were among the royal attendees at the inaugural mass for Pope Leo XIV on Sunday in Vatican City. Letizia was one of a small group of women who wore all-white, a privilege afforded to her by historic custom. Letizia chose a simple tea-length dress in white crepe from Redondo Brand that featured long sleeves and asymmetrical draped detail at the neckline. The Spanish occasionwear label was founded by Jorge Redondo in 2019. More from WWD Queen Camilla Goes Black and White in Anna Valentine Dress With Coordinated Hat for VE Day Thanksgiving Service King Charles and Queen Camilla Unveil Coronation Portraits After 2024's Viral Official Painting Split Public Opinion Kate Middleton Suits Up in Holland Cooper on Wedding Anniversary With Prince William for Scotland Trip She accessorized with a lace mantilla, small white handbag as well as earrings featuring Australian pearls from Ansorena1845. Her ring was from Coreterno. She chose a pair of neutral Magrit pumps. She often wears shoes from the brand and chose the company's 'Clara' style. For some royal women, all-white dressing—Privilège du Blanc—symbolizes purity and Vatican ties for Catholic queens and consorts. Letizia did not have the privilege during the inaugural mass of Pope Francis, but received it when Felipe became King. Other attendees at Pope Leo's mass included U.S. Vice President JD Vance and his wife Usha Vance, Grand Duchess Maria Teresa and Grand Duke Henri of Luxembourg, and Princess Charlene and Prince Albert of Monaco. Pope Leo made history on May 8 when he became the first American to hold the role. View Gallery Launch Gallery: Pope Leo Inauguration Mass Brings Usha Vance, Queen Letizia and More: Guest Arrivals Photos, Live Updates [PHOTOS] Best of WWD Vittoria Ceretti's Runway Modeling & Red Carpet Photos Through the Years [PHOTOS] Zara Tindall's Royal Style Through the Years: Equestrian Influences, Formal Occasions and More, Photos 'Queen of Cannes' Bella Hadid's Cannes Looks: All the Dresses, Live Updates [PHOTOS]
Yahoo
16-05-2025
- Automotive
- Yahoo
Johann Rupert Talks Gold, Geopolitics and Trump Tariffs as Richemont Jewelry Sales Surge in 2025
LONDON — Don't rip off your customers, build long-term value and never underestimate Chinese ingenuity was just some of the advice that Richemont founder and chairman Johann Rupert offered as the luxury giant unveiled a 4 percent uptick in full-year sales to 21.4 billion euros, powered by double-digit gains in jewelry. In addition to detailing the year's performance, where sales in Richemont's key watch division fell 13 percent due to lackluster demand in Asia-Pacific, Rupert offered his thoughts on U.S. President Donald Trump's tariff strategy, and the future of China, following the fiscal 2025 results presentation. More from WWD Richemont Jewelry Sales Surge at the End of a Difficult Year for Luxury Van Cleef & Arpels' 'Spring Is Blooming' Returns to Rockefeller Center Queen Camilla Goes Black and White in Anna Valentine Dress With Coordinated Hat for VE Day Thanksgiving Service 'China is going to come back, but when — I am not sure. The Chinese have been saving for a while, but I think they experienced a cultural shock during lockdown, and there are still scars, especially in some of the major cities. The people have a lot of savings, and it's only a matter of time before they feel relaxed enough to spend again,' said Rupert, as he touted the country's ingenuity — and manufacturing muscle. Rupert described the recent motor show, Auto Shanghai, as 'astonishing,' due to all of the locally made electric vehicles. Five years ago, China was importing most of its cars; now it's making them locally. 'When you see dramatic shifts like that, you know the power of China. It is unstoppable and will continue to grow,' said Rupert, adding that Richemont has been lucky so far because the Chinese haven't entered the luxury goods arena in a 'meaningful' way. 'We still have relevance as luxury goods manufacturers there, and a very high reputation that we built up over the years. I expect that when the consumers get a little bit more confident, things will return to normal,' he said. Despite that brand equity, China failed to deliver for Richemont in the fiscal year ended March 31. The Asia-Pacific region was down 13 percent, with a 23 percent decline in China, Hong Kong and Macao. Asia-Pacific now represents 33 percent of sales compared with 40 percent in the previous period. By contrast, the Americas saw a 16 percent uptick in full-year sales, and now represents 25 percent of Richemont's revenue. In fiscal 2025, sales came from all business channels and areas with growth accelerating in the second half. Looking ahead, Rupert said he's concerned about the potential impact of U.S. tariffs, but he also understands what Trump is trying to do. 'I believe the United States are using the tariffs in a transactional manner, and I do believe there are wise people in the Treasury of the United States who do not wish to have a total cessation of world trade,' he said. Rupert added: 'There are imbalances that need to be addressed. The United States cannot carry on blowing up its debt which stands at nearly $37 trillion, and so President Trump is doing things that need to be done to address the overall situation.' Richemont, which produces all of its watches and some of its jewelry in Switzerland, is holding its nerve on any substantial price increases until it sees where tariffs land. Rupert said he is loath to raise prices drastically — anywhere — for fear of damaging the relationship with the local customer. 'We were not greedy in the post-COVID boom period. And I think our resilient results today prove that we have not suffered the revenge of our clients. We will obviously monitor the various trade restrictions, but our goal is to continuously keep the value relationship for our clients,' Rupert said. Richemont raised prices slightly at Cartier and Van Cleef & Arpels earlier this year. Rupert said that if Richemont hikes them too much, it risks 'discriminating against' its loyal local clients. 'We have to be sensitive to the loyal local clients,' said Rupert, taking a swipe at his luxury competitors who have jacked up prices since lockdown lifted. 'When people double the prices of the handbags, there's a backlash,' from customers, he said, adding, 'We will not make sudden, rapid increases, although we will adjust prices,' to align with currency fluctuations and market movements. During the call Rupert said he's proud that Cartier and Van Cleef & Arpels jewels retain their value at auction, and urged his audience to make a visit to the Cartier exhibition at the Victoria & Albert Museum. 'If you walk through there, you really understand the power of Cartier. It's an emotional experience,' he said. Following the results announcement Luca Solca of Bernstein wrote that the 'appeal of Richemont's main jewery brands, Cartier and Van Cleef & Arpels, remains clear and untarnished by the aggressive post-pandemic price increases implemented by other luxury brands. This has allowed it to deliver another quarter of growth significantly above the industry average.' Richemont's jewelry sales grew 11 percent in the fourth quarter, compared with 9 percent consensus estimates and 8 percent growth in the full fiscal year. In the year, all regions grew in the double-digits with the exception of Asia-Pacific. Richemont said that direct-to-client transactions accounted for 84 percent of total jewelry sales. Retail-wise, there were major reopenings at Dubai Mall and South Coast Plaza for Cartier, a new boutique for Van Cleef & Arpels on Madison Avenue, and a new Buccellati flagship in Riyadh. Buccellati has outstripped expectations, said Rupert. The Italian brand, which Richemont purchased in 2019, became profitable three years earlier than projected thanks partly to a flourishing homeware offer. Rupert said Richemont has been working closely with the founding family, describing them as a 'fantastic asset' to the business. He also addressed the future of Yoox Net-a-porter under its new owner Mytheresa. In fiscal 2025 YNAP saw sales decline 13 percent, and Rupert is confident that it will return to health under the new owners. As reported, Mytheresa purchased 100 percent of YNAP from Richemont, which has now become a shareholder of the parent company, LuxExperience, holding a 33 percent stake. Richemont sold YNAP with a net cash position of 555 million euros, and no financial debt. Rupert said he still believes 'there's a business in online, but maybe it's got to be changed to a subscription model. But that's for them to run, and [Michael Kliger] is a very good CEO.' With overall sales of 21.4 billion euros in fiscal 2025, Richemont is now one of the largest buyers of gold in the world, and 'competing with governments to buy gold,' said Rupert. He added that overall sales performance in the full year accelerated in the second half, with a 10 percent rise in the third quarter followed by an 8 percent uptick in the fourth quarter. Richemont's 'other' division, which comprises the fashion brands, the Watchfinder business and the watch components group, saw sales climb 7 percent to 2.79 billion euros. Rupert said that Alaïa delivered strong growth, as did Peter Millar. Ready-to-wear sales rose in the double-digits, with 'an encouraging performance' from Chloé, he added. Full-year operating profit fell 7 percent to 4.47 billion euros, dragged down by the specialist watch brands, while profit from continuing operations fell 1 percent to 3.76 billiion euros. Richemont posted a loss of 1.01 billion euros from discontinued operations due to Yoox Net-a-porter. Richemont shares closed up 7 percent at 165.7 Swiss francs on Friday. Best of WWD The Definitive Timeline for Sean 'Diddy' Combs' Sean John Fashion Brand: Lawsuits, Runway Shows and Who Owns It Now What the Highest-paid CEOs at U.S. Fashion and Retail Companies Make Confidence Holds Up, But How Much Can Consumers Take?
Yahoo
08-05-2025
- Politics
- Yahoo
Party leaders arrive for VE Day Thanksgiving Service
Prime Minister Sir Keir Starmer and other party leaders arrived at Westminster Abbey for the VE Day Thanksgiving Service on Thursday. Liberal Democrats leader Sir Ed Davey, Opposition leader Kemi Badenoch and Reform UK leader Nigel Farage were among the politicians seen arriving at the Abbey ahead of the service. .
