LVMH Holds Steady, Ferragamo Struggles, and NYFW Kicks Off with a High-Stakes Calvin Klein Debut
The big news this week centers around LVMH’s earnings report, Ferragamo’s ongoing challenges, and the departure of Kim Jones from Dior Men.
LVMH reported fourth-quarter revenues of €23.9 billion, remaining flat compared to the same period last year. However, a 1% organic growth uptick signals an improvement over the 3% decline in Q3. While its key fashion and leather goods division continued to see declines, the company remains optimistic for 2025.
For the full year, LVMH reported €84.7 billion in revenue, a 1.7% decline YOY, with fashion and leather goods falling 3%. However, bright spots included watches and jewelry and selective retail, which posted 3% and 7% growth, respectively—mirroring Richemont’s unexpected 10% Q4 surge.
Another family-led luxury house, Salvatore Ferragamo, also reported earnings this week, facing headwinds in Asia-Pacific. Full-year revenue fell 10.5% to €1.04 billion, weighed down by a 19.7% drop in Asia-Pacific sales and a 21.2% decline in wholesale. However, select markets like the U.S., Japan, Europe, and Latin America showed resilience.
As couture and men’s fashion weeks wrap up, the industry shifts its gaze to New York Fashion Week, which kicks off this Thursday, a week earlier than usual. The scheduling shift provides an unusual pause before London Fashion Week, but New York still faces challenges of scale and consistency. Unlike its European counterparts, NYFW has long struggled with designer retention, as many talents migrate to Paris in pursuit of a broader global audience.
That said, all eyes will be on PVH’s Calvin Klein, which is set to make a high-stakes return to the runway with Veronica Leoni’s debut collection on Feb. 7. This marks a pivotal moment for PVH, which is doubling down on its core brands, Calvin Klein and Tommy Hilfiger, while looking to reestablish Calvin Klein’s fashion credibility. The challenge? Striking a balance between high design and commercial viability—bringing back the clout of a designer-led house without veering too far into the artisanal. If successful, it could reignite Calvin Klein’s place in the fashion conversation and set the tone for the brand’s future.
Meanwhile, Kim Jones’ departure from Dior Men has reignited speculation about Jonathan Anderson’s rumored move from Loewe to Dior. All eyes will be on Maria Grazia Chiuri’s upcoming Paris Women’s Fashion Week show for signs of change.
Chiuri’s recent couture presentation was nothing short of stunning. With a trajectory spanning Fendi, Valentino, and Dior, she has continuously taken on more responsibility, proving herself to be one of the most valuable leaders in the industry. Whether at Dior or elsewhere, a strong woman designer leading women’s fashion shouldn’t be overlooked—especially in these dynamic times.
The drivers behind Burberry’s recent success include its decision to lean into outerwear, one of the brand’s signature categories, and a less severe slowdown in China. However, it’s worth noting that holiday price cuts also played a role in boosting sales. Executives remain cautious, acknowledging that the challenges facing the luxury sector remain far from resolved.
Warm Regards,
Kenneth Richard
Chief Impressionist
The Impression
