Kering

Group revenues fell 14 percent in the first quarter as Saint Laurent and Balenciaga also suffered from the downturn in luxury demand.

Chinese creators claiming to manufacture for luxury brands have gone viral on the platform, offering cut-price ‘dupes’ in response to Trump’s punitive tariffs on the country.

One Wall Street analyst now expects global sales of luxury goods to fall by as much as 2 percent this year, marking the industry’s longest downturn in over two decades.

The Trump administration’s radical changes to US trade policy won’t push retail prices up enough to directly dampen sales, but the effects on the global economy and consumer sentiment could seriously dent an industry still struggling to bounce back from a sharp downturn in demand.

The financial markets and fashion fans on social media have rejected Kering’s bet on the zeitgeist-shaping Balenciaga designer to revive its ailing flagship. BoF’s Imran Amed has a different view.

As Demna is set to become artistic director of Gucci, and Donatella Versace passes the baton to Dario Vitale after nearly three decades at the creative helm of Versace, the fashion industry is bracing for much-needed creative transformation. BoF founder and editor-in-chief Imran Amed and editor-at-large Tim Blanks unpack what this means for the wider industry.

The era-defining Balenciaga designer will take the reins of Italy’s biggest luxury brand in a surprise shakeup of parent company Kering’s creative ranks. The French group is under pressure to turn around performance after profits tumbled 46 percent last year.

Kering’s flagship brand is expected to announce a new creative director ‘promptly.’ The sooner the better, writes Imran Amed.

The family that controls Kering recently bought a majority share in Aqua Expeditions, a boutique luxury cruise line. The push comes as arch rival LVMH, as well as Ritz-Carlton, Four Seasons and Aman, invest in ‘floating hotels.’

Executives at Hermès and Kering said last week they could leverage their brands' cachet to absorb any additional duties.