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Kering must downsize, reduce Gucci exposure and chase synergies, CEO de Meo says in memo 

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Kering must downsize, reduce Gucci exposure and chase synergies, CEO de Meo says in memo 


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Reuters

Published



November 18, 2025

Kering‘s return to growth will require reducing its reliance on struggling flagship Gucci, further scaling back its store network and chasing more synergies, Chief Executive Luca de Meo said in a memo seen by Reuters. 

Gucci – Cruise Collection2026 – Womenswear – Florence – ©Launchmetrics/spotlight

The document, a summary of a more detailed memo dubbed “ReconKering” recently sent to senior staff, offers the first detailed overview of de Meo’s strategic vision for the group. 

Emerging less than a month after the group struck a deal to offload its beauty divisionin a $4.7 billion euro deal with l”Oreal to raise much-needed cash and focus on its core luxury fashion business, the note is marked by a candid, yet modest tone. 

“We remain humble,” de Meo wrote in the note, saying that his ambition was to “become the undisputed challenger in luxury” in five to ten years. 

Long seen as a threat to its larger French rival LVMH, Kering has been grappling with a double-digit sales decline at its flagship label Gucci while piling up debt through acquisitions. 

De Meo in the memo sets a 18-month timeline to get all brands back on the growth track, while saying that restoring a “top financial performance” will take three years. 

Kering said in a statement de Meo outlined “the foundations of Kering’s future strategic plan” when taking over the helm in September, which have since been “broadly communicated with employees.”

The official strategy plan will be presented to investors next spring, it added. 

In the note, de Meo said the company, which has closed 55 stores in the past year, further needs to downsize its retail network and rethink its price positioning and assortment after years of price hikes. 

It also needs to cut back what de Meo called an “overdependency” on Gucci by developing its Saint Laurent, Bottega Veneta and Balenciaga brands. 

The group’s jewellery division, which has struggled to scale up and compete with the brands of larger rivals LVMH and Richemont, needs to chase synergies, de Meo said. 

Among the brands to develop, de Meo also cited suit maker Brioni, which has been rumoured as a likely divestment candidate along with loss-making fashion label Alexander McQueen

Kering shares, which had lost over half of their value in two years, have risen by 75% since de Meo was hired to succeed controlling shareholder Francois-Henri Pinault as chief executive. 

© Thomson Reuters 2025 All rights reserved.



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Globes red carpet: chic black, naked dresses and a bit of politics

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Globes red carpet: chic black, naked dresses and a bit of politics


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AFP

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January 12, 2026

Hollywood’s top stars hit the red carpet on Sunday for the Golden Globes, the first major event on the road to the Oscars, and they delivered lots of old-school glamour.

Ariana Grande – AFP

Here is a glance at some of the looks seen at the Beverly Hilton Hotel:

Ever-chic black

Selena Gomez is a newlywed and her happiness shows. The best comedy actress nominee for her work on “Only Murders in the Building” radiated joy as she arrived on the arm of her husband Benny Blanco.

She oozed sophistication in a black Chanel column gown with a frothy white feathered strapless neckline, her black bob swept into soft waves.

Gomez was not alone in striking an understated pose, with lots of stars opting for black or dark, wintry hues.

Teyana Taylor, a winner for her searing turn as a leftist revolutionary in hotly-tipped film “One Battle After Another,” scorched the carpet in a cut-out backless black Schiaparelli gown with a halter neckline — and a cheeky crystal bow on her backside.

Ariana Grande (“Wicked: For Good”), who competed with Taylor for the award for best supporting actress, turned heads in a black textured Vivienne Westwood ballgown with an asymmetrical neckline and a bubble silhouette before trailing to the floor.

Her hair was swept into her signature ponytail, and she kept the jewelry simple with a diamond choker.

Amy Madigan, also in their category for her villainous turn in “Weapons,” went for a tuxedo look with cropped pants and patent leather boots.

Nominee Jenna Ortega embraced the goth chic of her title character in “Wednesday” in a black high-neck Dilara Findikoglu gown with glittering epaulets and cut-offs that revealed a bit of side boob… and part of her hip bone.

Among the male stars in attendance, Colman Domingo was as usual a standout, wearing head-to-toe black Valentino, with silvery appliques scattered from his left shoulder down his lapel to his waist.

Naked ambition

Jennifer Lopez is no stranger to strong fashion statements. Her plunging green Versace gown at the Grammys in 2000 is still a reference for winning the red carpet by adopting the “less is more” rule.

On Sunday, Lopez — whose turn in “Kiss of the Spider Woman” was overlooked by Globes voters — wore a figure-hugging sheer gown with bronze patterns snaking over her body, ending in a mermaid fishtail.

Jennifer Lawrence –nominated for best drama actress in a film for “Die My Love” — got the memo as well, rocking a barely-there sheer nude Givenchy gown with only a smattering of strategically placed flowers.

Stars slam deadly ICE shooting

Hollywood never quite has a night out without a bit of politics coming into play.

On Sunday, some of the stars including nominee Mark Ruffalo wore pins with the messages “BE GOOD” — a reference to Renee Good, the Minneapolis woman who was shot and killed by a federal immigration agent.

Comedian Wanda Sykes wore the same pin on her lapel, while actress Natasha Lyonne, a nominee for her TV show “Poker Face,” attached one to her clutch handbag.

The campaign is endorsed by the American Civil Liberties Union (ACLU), one of the country’s most prominent civil rights organizations.By Frederic J. Brown with Susan Stumme in Washington

Copyright © 2026 AFP. All rights reserved. All information displayed in this section (dispatches, photographs, logos) are protected by intellectual property rights owned by Agence France-Presse. As a consequence you may not copy, reproduce, modify, transmit, publish, display or in any way commercially exploit any of the contents of this section without the prior written consent of Agence France-Presses.



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L.L. Bean promotes Greg Elder to CEO

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L.L. Bean promotes Greg Elder to CEO


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January 12, 2026

L.L. Bean announced on Friday the promotion of company veteran Greg Elder to the role of president and chief executive officer.

Greg Elder – Courtesy

Elder succeeds Stephen Smith, who will depart the American heritage apparel company after ten years as CEO.

​Elder will transition into his new role as CEO during the first quarter, with Smith continuing to serve on the board as an adviser until March.

Joining L.L. Bean in 2007, Elder has held several leadership positions at the company, including chief retail officer, his most recent post.

Prior to that, he held leadership roles at Eddie Bauer and Dayton Hudson Corporation, now known as Target. Elder is also a member of the Retail Industry Leaders Association.

“We were deliberate in finding a leader who will continue to honor our brand heritage while positioning us for the next era of growth,” Shawn Gorman, chairman of the board of L.L. Bean said in a statement. “Greg rose to the top because of his deep respect for our history, incredible knowledge of our business, strong track record of results and clear vision for the future.” 

Elder will be the Freeport, Maine-based company’s fifth CEO in its 114-year history.

“What makes L.L.Bean truly special is its people and purpose. I’m proud to take on this responsibility alongside such a committed and talented team, and I’m grateful for the trust of the Bean family and our board as we begin this next chapter together,” said Elder.

“I’m also thankful for the past 10 years of leadership and friendship from Stephen Smith, who has led the company with heart and conviction through some particularly challenging seasons.

“This brand has been part of my life for many years, and it has deep personal meaning for me to accept this role. Our heritage, our connection to the outdoors and our culture of service and craftsmanship are powerful foundations. At the same time, we have an opportunity and a responsibility to keep evolving: to sharpen our product focus, deepen our connection with customers and ensure L.L.Bean remains relevant and inspiring for the next generation.”

Copyright © 2026 FashionNetwork.com All rights reserved.



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SFDA unveils finalists for inaugural New Wave Fashion Awards

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SFDA unveils finalists for inaugural New Wave Fashion Awards


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January 12, 2026

The SFDA Creative Talent Program announced on Friday the finalists of the inaugural New Wave Fashion Awards.

SFDA unveils finalists for inaugural New Wave Fashion Awards. – SFDA

After three months of open submissions and professional review, six finalists were selected: Chen Sifan by Sifan Chen, Angus Chiang by Angus Chiang, Moto Guo by Moto Guo and Kinder Huang, 8ON8 by Li Gong, Mayali by Maya Li, and Feng Chen Wang by Feng Chen Wang.

Conceived as a long-term talent incubation initiative rather than a one-off competition, the New Wave Fashion Awards positions itself as a platform for identifying and cultivating designers with multi-dimensional capabilities spanning product, aesthetics, narrative, and brand structure.

The framework is designed to mirror the responsibilities of a modern creative director, offering an alternative to traditional fashion awards that focus primarily on runway collections.

“We launched this creative talent support program to build a long-term, systematic, and future-oriented training mechanism to help China’s new generation of creative talents achieve leaps in continuous practice and move towards a clearer and more internationally-oriented development direction,” said Madame LV, EVP of SFDA and secretary-general of Shanghai Fashion Week Organizing Committee. 

The New Wave Fashion Awards will culminate during AW26 Shanghai Fashion Week in late March. The six shortlisted designers will present comprehensive brand expressions on site, translating their concepts into immersive spatial experiences.

These presentations will be evaluated by a jury with international perspective and industry authority, drawing from global fashion media, retail and brand operations, as well as the public. 

Copyright © 2026 FashionNetwork.com All rights reserved.



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