Kering Buys a 30% Stake in Valentino
Luxury fashion conglomerate Kering has made a significant move by purchasing a 30 percent stake in Valentino for 1.7 billion euros in cash, forming a strategic partnership with the Qatari investment fund Mayhoola. This decision comes as Kering seeks to fuel growth during a transitional year for its highly profitable brand, Gucci. The acquisition, which took place just a week after a major upper management reshuffle, positions Kering to have the option to acquire 100 percent of Valentino’s capital in 2028. Additionally, it opens up the possibility for Mayhoola to become a shareholder in Kering. François-Henri Pinault, chairman and CEO of Kering said, “Over the past 10 years, we’ve made great progress in becoming an integrated luxury group. The transformation, however, is not yet complete.” Pinault said Valentino fits a gap in Kering’s portfolio as the group attracts wealthier customers seeking high-end products, including exotic leather goods and high jewelry. Jacopo Venturini, the CEO of Valentino, who assumed the position in 2020 after coming from Gucci, will retain his role in the company. However, the statement from Kering’s CEO did not mention the status of Valentino’s creative director, Pierpaolo Piccioli. [WWD]
The NYFW Calendar Is Here
The Council of Fashion Designers of America has released the initial official New York Fashion Week Schedule. NYFW is scheduled to run from September 8th through September 13th. Kicking off the week will be Peter Do, making his debut at Helmut Lang at 2 pm, while Luar will close out the week on September 13th at 8 pm. The schedule boasts more than 71 designers, with some collections being showcased digitally and by appointment. Among the returning brands are Altuzarra, Brandon Maxwell, Carolina Herrera, Dion Lee, Eckhaus Latta, Gabriela Hearst, Khaite, LaQuan Smith, Michael Kors, Proenza Schouler, and more. An significant highlight will be Ralph Lauren‘s comeback to the New York runway on September 8 at 7 p.m. In addition to these established names, there will be several first-time showings by Advisry, Chan Chit Lo, Fforme, Grace Ling, and Sho Konishi. Furthermore, the 2023 CFDA/Vogue Fashion Fund finalists, including Colin LoCascio, Diotima, Kim Shui, Kozaburo, Melitta Baumeister, Sami Miro Vintage, Tanner Fletcher, Who Decides War, and Zankow, will also present their debut collections during the week. New York Men’s Day will take place on September 8, and the shows and presentations will continue to be showcased via Runway360. Find the official calendar here. [WWD]
LVMH Partners With the 2024 Olympic and Paralympic Games
LVMH has taken on the role of a premium partner, the highest level of sponsorship, for the Paris 2024 Olympic and Paralympic Games. In a statement, LVMH said, “Over several months, Paris 2024 and creative teams from LVMH and its maisons have explored a shared desire to make these Olympic and Paralympic Games an unforgettable experience that rewrites established codes.” From now until the opening ceremony, LVMH’s prominent houses, including luxury brands like Louis Vuitton, Dior, and Berluti, will work closely with the committee to present various aspects of the sponsorship. Several collaborations have already been confirmed: LVMH-owned jeweler Chaumet will design the prestigious Olympic and Paralympic medals. Meanwhile, Moët Hennessy wines and spirits maisons will contribute their products to enhance hospitality programs during the event. Additionally, Sephora, will be a key partner for the Olympic torch relay, bringing engaging experiences to the public. In the spirit of supporting athletes, LVMH will provide financial assistance and exclusive merchandise to select athletes. Among them is Léon Marchand, the world record-holder of the 400-meter individual medley, and a prominent medal hopeful for the French Olympic team. Furthermore, LVMH will join forces with the charity French Popular Relief in supporting a program aimed at providing access to sports for 1,000 children and young people aged four to 25, who are living in vulnerable situations. This partnership showcases LVMH’s continuous influence and significant role in France. [Vogue]
Gap Taps Richard Dickson as New President and CEO
Barbie’s marketing has taken the world by storm, catching the attention of Gap and many others. The struggling retailer has appointed Richard Dickson, former president and chief operating officer at Mattel, as the new president and chief executive officer of Gap, effective August 22nd. During his tenure at Mattel, Dickson played a crucial role in the company’s corporate transformation, including successful strategies for the recent “Barbie” movie, which exceeded revenue expectations. In his new role, Dickson will lead the retail group consisting of Old Navy, Gap, Banana Republic, and Athleta. This position had been vacant for a year since former chief, Sonia Syngal, departed. Mayo A. Shattuck 3rd, Gap’s lead independent director said, “Richard has invaluable expertise in areas critical to the work Gap Inc. is doing to strengthen the company for the long term. We are thrilled to have his visionary leadership as the company redefines the future potential of Gap Inc. and its renowned American fashion brands.” [WWD]
Gabriella Karefa-Johnson On The Role Of A Modern Day Editor
With her spirited approach to life and craft, Gabriella Karefa-Johnson has forged her path into the fashion industry with passionate tenacity and the vision of a more inclusive tomorrow. At a relatively young age, the New York-based stylist and Vogue Global Contributing Fashion Editor-at-Large has honed her innate talent for spotting emerging creative talents. Models.com delves deeper into her world to discuss her fateful start, her continued legacy of inclusivity, and the role of editors as influencers. Find the interview here.
José Lapaz-Rodríguez on Creating Stories Through Movement Dancing
Models.com spoke to rising creative José Lapaz Rodríguez about his debut role in the Playland movie, his dream clients, and leaving an impact on an audience. Find the interview here.
Model of the Week: Hot List Rookie Baye Seye is a Miu Miu Darling
Models.com spoke to Baye Seye about his passion for African culture, history, retro music, and his Sandro campaign. Find the interview here.
