Fashion
As short sellers circle, Kering bets on new CEO to rebuild confidence
By
Reuters
Published
September 9, 2025
Short sellers have placed their biggest bets in more than a decade against Kering, according to data reviewed by Reuters, intensifying pressure on incoming CEO Luca de Meo to restore confidence in the French luxury group’s financial outlook.

In June, François-Henri Pinault decided to step aside, enabling the company to bring in former Renault chief executive de Meo. The move boosted Kering’s shares by 33%.
De Meo officially assumes his role on Tuesday, when he is expected to outline his vision for Kering. The group has reported double-digit sales declines at Gucci, its largest label, and Saint Laurent, its second-largest. It also faces scrutiny for its high levels of debt in an otherwise cash-rich luxury sector.
Investors welcomed de Meo’s track record in restructuring, with the stock price rallying immediately after his appointment on June 16. However, short-selling activity against Kering’s shares and debt surged in the following days. Although the pressure has eased somewhat, it remains persistent.
Total short positions — the primary tool investors use to bet against a company’s value — climbed to 10.7% of Kering’s tradeable equity the day after the CEO announcement, according to estimates from analytics firm Ortex. This marked the highest level since at least 2014.
By early September, short positions dropped to about 8% of the free float. Still, that figure remains well above levels seen at Kering’s major rivals: LVMH and Hermès both sit below 1%, compared to the Euro Stoxx 600 average of 1.34%, Ortex said.
Kering’s five-year credit default swaps (CDS) — financial instruments used to hedge against the risk of debt default — jumped to more than 120 basis points in June, their highest level since 2013. Over the past five years, the average has hovered around 38 basis points.
As of September 5, Kering’s CDS traded near 90 basis points — roughly three times higher than similar CDS levels for LVMH, based on LSEG data.
Three short sellers targeting Kering attributed the credit concerns to the company’s balance sheet, which showed €10.5 billion ($12.29 billion) in net debt (excluding leases) at the end of 2024.
Artemis, the Pinault family’s holding company that controls Kering, carries even more debt.
The short sellers, who requested anonymity, believe hedge fund speculation — not real fears of default — largely drove up the CDS pricing.
Kering declined to comment.
In July, Artemis told Reuters it faced no liquidity issues despite a reduction in dividends from Kering and other holdings.
Also in July, Kering stated that it had reduced its net debt by approximately €1 billion by the end of 2024. The company expects to close around 80 stores by the end of 2025 and plans to sell more real estate in Paris, Milan, and New York.
One short seller said these measures should help ease investor concerns, along with Gucci’s ongoing turnaround efforts — a process that may take up to 18 months. Gucci remains the group’s key profit driver.
De Meo previously led Renault’s transformation, dubbed the “Renaulution.” On July 29, Kering filed trademark applications for “Conkering” and “Reconkering” with French regulators, possibly hinting at de Meo’s strategic direction for the company.
A Kering spokesperson called the filings “part of our normal activities” and declined further comment when asked about any link to de Meo’s arrival.
($1 = €0.8542)
© Thomson Reuters 2025 All rights reserved.
Fashion
Gran Canaria Swim Week closes most international edition to date, showcasing 44 brands and designers
Published
October 28, 2025
Swimwear once again takes centre stage in the Canary Islands. Gran Canaria Swim Week 2025, held from 22 to 25 October, brought together nearly fifty national and international brands and designers at the Expomeloneras exhibition centre, opening with an open-air first day.
According to the latest industry data, the event generates an economic impact of €6.25 million, boosting sectors such as restaurants, hospitality and transport, while the island’s fashion companies increased their turnover in 2024 by 24.58% on the previous year, when they recorded a total turnover of €1.1 million, consolidating Gran Canaria as the European epicentre of the sector.
A total of 44 brands from the local, national and international scene participated in this edition. Specifically, the event brought together 27 Canarian firms from Gran Canaria, La Palma, Tenerife and Lanzarote, as well as nine from mainland Spain and eight international. A line-up that demonstrates the consolidation and evolution of the event in recent years.
“You can see the evolution, and the project is taking clearer shape,” said Carlos San Juan, a long-standing figure on the catwalk, who highlighted the professional growth and international reach that Gran Canaria Swim Week has achieved.
Karolína Kurková, the star of the opening day
The opening day, held in Pasito Blanco, a marina in the south of the island, offered a different format with open-air catwalk shows by the sea. Czech supermodel Karolína Kurková, the face of the event, took part in several shows and provided one of the day’s highlights, arriving by boat to open the Victoria Cimadevilla show. The Oviedo-born, Madrid-based designer presented a collection inspired by Truman Capote’s Swans, “something glamorous, pure and that embodied the society of the time,” as she explained to FashionNetwork.com, crafted primarily in neoprene, in a black-and-white palette.
Local talent was once again a cornerstone of the event, with names such as Palmas, Diazar, Mare Far Niente, Pomeline and Elena Morales, underscoring the islands’ creative richness. Morales, one of Gran Canaria’s best-known designers, offered a more intimate, emotionally driven collection this time.
“Since my first show in 2018, the brand has evolved in all aspects. It is more developed and consolidated. I also enjoy the chaos of the catwalk more now,” she explained.
Her new collection, romantic and fluid in lightweight fabrics such as chiffon and kaftans, was presented in a show that departed from the energetic tone of her previous presentations, where techno music often took pride of place, in favour of something subtler, accompanied by Afro-Cuban notes, in tribute to the designer’s late grandfather.

Among the national brands, highlights included Ágatha Ruiz de la Prada, faithful to her playful and colourful universe; Bohodot, with its “Raíces del Sol”collection inspired by the Mediterranean; Fiona Ferrer, who combined local craftsmanship and international references, featuring Snoopy details that nodded to her FFL x Peanuts line; and the veteran Dolores Cortés, with decades on the catwalk.
“We are delighted to come, as always,” said Óscar Colomer, CEO of the family firm from Castellón and grandson of its founder, noting that, having taken part in practically every edition, “we have noticed a spectacular evolution of the event.”
The brand presented an exclusive selection from its “Earth” line, focused on neutral tones, natural fabrics and handcrafted techniques, reaffirming its commitment to meticulous production and sustainable design.
The international dimension of this edition came courtesy of names such as British designer Melissa Odabash, who celebrated 25 years in swimwear with the “Cruise 2026” collection, inspired by 1970s resort glamour; Colombian label Macaed, with a menswear offering imbued with Caribbean spirit and artisanal construction; Banana Moon, founded in Monaco, which fused Western style with a beach sensibility through fringing and synthetic suede; and Italian brand Miss Bikini, which presented “Boho Dream”, a collection blending craftsmanship and luxury with paisley prints, crochet and eco raffia accessories. “Beyond bikinis, our dress offering also accounts for a significant share of our sales,” noted Andrea Teofilatto, the brand’s founder and CEO, of a range made entirely in Italy with fabrics from Como.
The GCSW 2025 Awards recognised the work of three brands
The Gran Canaria Swim Week 2025 awards ceremony brought the final day to a close, with three brands receiving €3,000 each. Italian designer Dan Ward was recognised with the Best Collection Award, thanks to a collection that fused elegance and functionality with a resort sensibility, while the award for Best Sustainable Collection went to Canarian designer Elena Morales, for her artisanal work and commitment to the environment. Meanwhile, the Gran Canarian brand Mare Far Niente won the Best Emerging Collection award with “Viaje a la calma”, inspired by the Mediterranean and everyday life, underpinned by a commitment to the local.

The winning brands were selected by a jury comprising names such as Pepa Bueno, executive director of the Association of Spanish Fashion Creators (ACME); Simona Severini, director of White Milano; Scott Lipinski, CEO of the International Fashion Committee; Melanie Bauer, buyers’ representative; Araceli Díaz, representative of the Cabildo de Gran Canaria; Grisel Fernández, international adviser to the Chamber of Commerce; and Esther García Capdevila, director of Esma Events and creative director of Gran Canaria Swim Week.
With the backing of the Cabildo de Gran Canaria, through the Gran Canaria Moda Cálida programme, created in 1996 by the Cabildo’s Department of Industry, Commerce and Crafts, and supported since 2017 by ACME, the event reaffirmed with this new edition its role as an economic driver and platform for talent. \
“Gran Canaria has established itself as the island specialising in swimwear and as the leading European platform in this field,” stressed Minerva Alonso, councillor for economic development of the Cabildo, noting that, looking ahead, “the goal is to continue growing and consolidating our position not only as the benchmark swimwear catwalk in Europe, but also as a global reference point.”
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Fashion
Amazon targets as many as 30,000 corporate job cuts, sources say
By
Reuters
Published
October 28, 2025
Amazon is planning to cut as many as 30,000 corporate jobs beginning Tuesday, as the company works to pare expenses and compensate for overhiring during the peak demand of the pandemic, according to three people familiar with the matter.
The figure represents a small percentage of Amazon’s 1.55 million total employees, but nearly 10% of the company’s roughly 350,000 corporate employees. This would represent the largest job cut at Amazon since around 27,000 jobs were eliminated starting in late 2022.
An Amazon spokesperson declined to comment.
Amazon has been trimming smaller numbers of jobs over the past two years across multiple divisions, including devices, communications, podcasting and others.
The cuts beginning this week may impact a variety of divisions within Amazon, including human resources, known as People Experience and Technology, devices and services and operations, among others, the people said.
Managers of impacted teams were asked to undergo training on Monday for how to communicate with staff following notifications that will start going out via email tomorrow morning, the people said.
Amazon shares were up 1.5% to $227.53. The company plans to report third quarter earnings on Thursday.
© Thomson Reuters 2025 All rights reserved.
Fashion
Poshmark appoints Heather Friedland as first chief product officer
Published
October 27, 2025
Resale marketplace Poshmark has appointed Heather Friedland as its first chief product officer.
In this newly created role, Friedland will oversee Poshmark’s product strategy, roadmap, and execution, with a mandate to drive the platform’s next phase of innovation and growth.
“In selecting Heather as our chief product officer, we sought a leader who combines deep product expertise with a customer-first mindset and a sharp understanding of marketplace dynamics,” said Namsun Kim, chief executive officer of Poshmark.
“We’re entering an exciting new chapter as AI redefines how people shop, sell, and connect. With Heather’s leadership, we’ll accelerate innovation across our platform, expand the value we deliver to our shoppers and sellers, and position Poshmark at the forefront of fashion resale and the next generation of AI-powered commerce.”
Friedland most recently served as chief product officer at Ancestry, and previously held the same title at Glassdoor, where she led product innovation and organizational transformation through key growth periods.
Earlier in her career, at eBay, she advanced from leading product management for search and buying experiences to serving as vice president of product, driving initiatives that expanded eBay’s global reach. Friedland began her career at Jump.com, later acquired by Microsoft, where she contributed to the development of MSN, Windows Live Q&A, and Bing Search.
“I’m thrilled to join Poshmark at such a pivotal moment and as a longtime Posher,” added Friedland.
“I’m excited to partner with the team to bring bold, innovative solutions to the Poshmark community and scale the impact we deliver. As AI reshapes the future of shopping—making experiences more intuitive, personalized, and human—I see enormous opportunity for Poshmark to lead the way in redefining how people discover, connect, and find joy in shopping together.”
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