There were several notable headlines in the fashion world this week, many of which set the stage for what’s to be expected from the industry’s future. Among the buzziest, Miu Miu earned the title of the World’s Hottest Brand for Q3 2023 from the Lyst Index, beating out brands including LOEWE, Prada and Bottega Veneta. Elsewhere, Chloé announced Gabriela Hearst’s successor to be Chemena Kamali, who is set to take over the brand’s helm immediately.
This week also saw LVMH release its third-quarter financial results, which reported a 1% increase in revenue to €19.96 billion EUR. Additionally, Uniqlo’s parent company, Fast Retailing, reported record annual profits of ¥381.1 billion JPY ($2.56 billion USD). Outside of this, Serena Williams was named the 2023 Fashion Icon by the CFDA, and Luca Magliano was confirmed to be Pitti Immagine Uomo 105’s guest designer.
Below, Hypebeast has rounded up the top fashion stories of the week so you can stay up to date on trends in the industry.
Notably, the label was crowned the Brand of the Year for 2022, after earning a 49% increase in internet searches. In the third quarter of this year, Miu Miu saw a 16% increase in internet searches, securing the first-place position on the Lyst Index’s ranking.
Behind Miu Miu, LOEWE took second place, and Prada earned third. Bottega Veneta ascended to fourth place; Versace dropped into fifth place, while Saint Laurent and Moncler rose to sixth and seventh place, respectively. Valentino took eighth place; Jacquemus climbed six positions to ninth place, and Burberry rounded out the top 10.
The Germany-born designer, who graduated from Central Saint Martins, previously worked under Phoebe Philo at Chloé and more recently acted as the design director at Anthony Vaccarello’s Saint Laurent. Kamali will take over Chloé immediately.
“My heart has always been Chloé’s,” said Kamali in a statement. “It has been since I stepped through its doors more than 20 years ago. Returning feels natural and very personal. I am extremely honoured to be taking on this role and to be building on the vision that Gaby Aghion and Karl Lagerfeld defined early in the maison’s history. I hope to capture the emotional connection and spirit of Chloé for today.”
LVMH Moët Hennessy Louis Vuitton revealed its third-quarter financial results on Tuesday, reporting a 1% increase in revenues as inflation and heightened interest rates continue to influence consumer purchasing decisions.
Home to more than 75 brands, including Louis Vuitton, Dior and Tiffany & Co., LVMH recorded revenues of €19.96 billion EUR in the three months ending on September 30. While the figure marks a small increase from last quarter’s tally, it did fall below Bloomberg’s consensus estimate of €21.15 billion EUR, per WWD.
LVMH’s 2023 Q3 revenues are up 9% from those reported during the same period in 2022. However, the luxury conglomerate’s 2023 Q2 results increased by 17% year-on-year, meaning the company experienced a slow-down on a quarter-to-quarter basis.
See more from the report here.
The French fashion house boasts a longstanding presence in Hong Kong, having opened its first store in the city at the Peninsula Hotel in 1979. Additionally, Louis Vuitton has opened several major exhibitions in the city, including Louis Vuitton: A Passion for Creation at the Hong Kong Museum of Art in 2009 and Time Capsule at Statue Square Gardens in 2017.
In a statement, Louis Vuitton described Hong Kong as a “city that has for centuries been a crossroads of people and trade; a melting pot of East and West that has given rise to a thriving metropolis of art, culture, and industry.”
Louis Vuitton’s Pre-Fall 2024 runway will take place on November 30. The brand has not yet revealed the show’s location.
The Bologna-bred designer, who founded his namesake Italian fashion label in 2017, has had quite the successful year, after winning the Karl Lagerfeld Special Jury Prize at the LVMH Prize for Young Fashion Designers and subsequently earning increased attention in Milan’s fashion scene. The specifics surrounding Magliano’s upcoming Florence showcase are still under wraps, though Pitti Uomo organizers disclosed that the designer plans to stage a “special show” at a still-unknown destination.
Notably, the announcement marks a full-circle moment for Magliano, who made his runway debut during Pitti Uomo in 2018, with a collection titled “Wardrobe for a Man in Love.”
Williams will become the first athlete to receive the highly-coveted trophy at this year’s event, which is scheduled to take place on November 6 at the American Museum of Natural History.
Off the court, Williams boasts a longstanding love for fashion that dates back to her early childhood. “Ever since I was a little girl, I’ve used fashion as an outlet to express myself – fashion gave me the confidence to step on the court and own who I was, and where I knew I was going,” said Williams in a statement. “My dream of owning my own brand, S by Serena, has become a reality and throughout my career I have been blessed to collaborate with the most established designers and the most exciting up-and-coming creatives.”
Japanese fashion conglomerate Fast Retailing reported record annual profits on Thursday, according to Business of Fashion. The parent company, which owns Uniqlo, Theory and Helmut Lang, among several other brands, earned a 28% increase in sales to reach its second-consecutive record of ¥381.1 billion JPY ($2.56 billion USD) in the year ending in August.
Notably, the company’s report surpassed the consensus estimate of ¥374.6 billion JPY, which was averaged from the expectations of 12 analysts via LSEG. The full-year report comes after the company’s third-quarter earnings in July, which saw the conglomerate’s annual forecast increase as its business in China continued to see post-pandemic recovery.