Francesca Manfredi

THE FUTURE OF LUXURY ACCORDING TO ROBERTA BENAGLIA Proud to share this interview with Roberta Benaglia, CEO of Style Capital and president of Autry, published today in Corriere della Sera/L'Economia, by Alessandra Puato. She discusses how the luxury industry is evolving: the era of fashion addicts is over, consumers are more conscious, and brands must find a new balance between creativity, sustainability, and competitiveness on a global scale. A must-read for anyone interested in fashion, investment, and the future of the luxury sector. #Autry

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What Kering’s New CEO Reveals About the Future of Luxury — and Art In The Business of Fashion, Luca Solca offers a sharp, unsentimental letter to Luca De Meo, the newly appointed CEO of Kering, who arrives from the automotive industry into the turbulent waters of luxury fashion. Having steered Renault’s strategic turnaround through his now-celebrated “Renaulution” plan, De Meo is expected to apply a similar mix of industrial discipline and visionary risk to Kering — a group currently burdened by high debt, lagging brand performance (especially Gucci’s 25% sales drop), and investor skepticism. Solca outlines a clear roadmap: fix the balance sheet and fix the governance. Luxury, he argues, is no longer just about aesthetics or legacy; it is about strategic clarity, investor trust, and operational resilience. De Meo’s outsider status may well be his strength — but only if he can translate systemic thinking into cultural intuition. This shift — from cars to couture, from torque to texture — resonates far beyond luxury conglomerates. It reveals a deeper, quieter movement already reshaping the art world: the end of disciplinary comfort zones. When a fashion empire taps an industrialist to reimagine its soul, we are reminded that leadership today is no longer about specialization, but about sensibility — the capacity to navigate complexity, to listen across silos, and to reframe decline as potential. In the art ecosystem, too, we see institutions fatigued by old models: biennials recycling the same curators, galleries struggling to justify their overheads, museums trapped between blockbusters and bankruptcy. What if, like Kering, they looked beyond their own industry for answers? What if curators were selected not only for taste, but for systemic intelligence? What if the next museum director came not from academia, but from gaming, climate strategy, or logistics? De Meo’s appointment invites us to imagine a new kind of cultural stewardship — one that does not fear friction between worlds, but draws strength from it. After all, the great works of art, like the great turnarounds in business, often begin with a single bold reframe. A Letter to Kering’s New CEO- Luca Solca https://lnkd.in/eM4fzRiw

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Global Fashion & Retail majors latest 2025 earnings. Key Insights: 🔸Luxury remains resilient with higher margins but slowing growth LVMH shown solidity in the current context driven by solid demands in Europe and the US with resilient demand for Fashion & Leather Goods maintaining high margin Hermès shown solid H1 results across all regions reflecting the strength of the brand’s model, Leather Goods & Saddlery posted solid growth in line with expectations Kering reported sharper revenue decline with momentous decisions of restructuring across fronts in H2, and continues to streamline distribution & cost base 🔸Fast fashion giants faced mixed demand & headwind risks Inditex maintained solid operational performance with higher inventory growth vis-a-vis revenue, AW collection reported a stronger start H&M face softer sales however positive development in online, H&M womenswear and Moves with continued focus on good cost controls Fast Retailing (Uniqlo) shown a record revenue and profit growth driven by actively marketed core Summer ranges and opening of quality stores globally meeting local needs 🔸Off-price/discount retail model thrives, TJX benefiting from value-seeking shoppers and remains a tactical beneficiary when discretionary spending tightens 🔸Sports/Athletic & performance brands are polarized, facing heat from the challenger brands Nike results in-line with expectations however not where brand wants it to be. Wholesale revenue decline much lesser than Direct indicating the realignment Adidas delivered strong growth, creating brand heat and extending momentum also into apparel & across performance categories with Running with stronger growth International & Digital revenue continues to drive growth for lululemon however softer US business results, reassessing degrowth drivers & strengthening merchandise mix 🔸Legacy/Heritage fashion & lifestyle brands Levi Strauss & Co delivered another strong quarter, reflecting broad-based strength across the brand, and entering H2 aiming to transform into a denim lifestyle brand & best DTC retailer Gap Inc overdelivered on profit expectations achieving topline goals, fueled by three brands Gap, Banana Republic & Old Navy, leading Gap Inc to new chapter with more unified culture PVH grew revenue, leaning further into Calvin Klein & Tommy Hilfiger’s iconic brand strength driven by brand-building flywheel across product, marketing & marketplace execution gaining traction 🔹Global Economic Outlook - Q3 2025 (Euromonitor) Global GDP cooling from 3.3% (2024) to 2.9% (2025–26) Advanced economies lag. US ~1.6%, Eurozone ~1.0%, UK ~1.1%, Japan ~0.7% Emerging markets lead at ~4.1%, with India & Vietnam among the fastest-growing Inflation easing globally (4.1% in 2025 → 3.5% in 2026), though US sees a spike in H2 due to tariffs India being one of the few economies accelerating amid global slowdown, and rising as both a manufacturing pivot and a premium fashion consumption market

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