PARIS — The weak euro should have little effect on 2010 sales at retail-to-luxury group PPR, since any negative hedging effects will be compensated by its favorable impact on the conversion of revenues from subsidiaries outside the euro zone, PPR chairman and chief executive officer François-Henri Pinault said Wednesday.
“The inefficiency of our foreign exchange hedges, if the euro remains at this level, will be largely compensated by the conversion effects of foreign subsidiaries at the group level this year,” Pinault told the annual meeting of shareholders here.
The PPR chief also reiterated that he was looking to sell his retail activities, including books and electronics retailer Fnac and furniture chain Conforama, and subsequently reinforce the group’s luxury portfolio through targeted acquisitions — but that he was in no hurry.
Responding to a shareholder’s question about the expansion of Coach Inc. into Europe, Pinault noted that PPR did not directly compete with the American accessories brand, but could be interested in acquiring a brand in the same lower-price category. “Not Coach though, it’s too expensive for us,” he hastened to add.
Asked about the prospect of a share split, PPR chief financial officer Jean-François Palus said the group might consider a 2-to-1 or 3-to-1 division if its share price continues to rise. PPR shares closed down 4.1 percent on Wednesday at 100.30 euros, or $124 at current exchange rates, having more than doubled in value since the start of 2009.
The group took advantage of the meeting to award its first company-wide Innovation and Sustainable Development Prize. The first prize of 25,000 euros, or $30,880, went to Puma Switzerland for designing a carbon-neutral store for India that should become a template for other stores.
By an overwhelming majority, shareholders approved the nomination of three women to the board: Laurence Boone, chief economist at Barclays Capital France; Yseulys Costes, chairman and ceo of advertising, marketing and research firm 1000mercis.com, and Caroline Puel, chief correspondent for Le Point in Northeast Asia.
Breaking News: @louisvuitton's men's artistic director @mrkimjones is leaving the French fashion house after nearly 7 years. Jones joined Louis Vuitton in 2011, following a three year tenure as creative director of British luxury goods brand Alfred Dunhill. Jones is to exit Louis Vuitton after showing his fall 2018 collection for the brand in Paris on Thursday. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
For men’s fall 2018, @giuseppezanotti drew on elements from streetwear, sport, biker, combat and rock ‘n’ roll. Pictured here are a pair of shoes from the collection, featuring zippers, rhinestones, and silver hardware. Head to WWD.com to see a roundup of the accessories from Milan’s men’s fall 2018 shows. #wwdfashion (📷: Andrea Delb)
To celebrate the 25th anniversary of @ralphlauren’s snowboarding collection, the brand is mining its archives. The iconic brand is reintroducing vintage styles and dropping new designs for a color capsule that will be available in Ralph Lauren stores and @openingceremony on January 25. The capsule will consist of 10 pieces, including the Snow Beach Pullover, pictured here, which is a collector’s item that rapper Raekwon wore in Wu-Tang Clan’s “Can It Be All So Simple” video. #wwdfashion (📷: Tom Gould)
For @rochasofficial’s pre-fall 2018 collection, creative director Alessandro Dell’Acqua channeled the sophisticated and intriguing Catherine Denevue in the film “Belle de Jour.” Polished collarless coats, midi skirts, suits and ’60s graphic motifs were all featured in the collection, adding a sense of discreet luxury. See the rest of the photos on WWD.com #wwdfashion
“We tried to produce clothing of that couture quality, but the most daunting part was that we only had a matter of days [to do it],” said costume designer Lou Eyrich, who recreated Gianni Versace’s iconic looks for @americancrimestoryfx. Eyrich searched online retailers and vintage shops for original pieces from the design house and for @penelopecruzoficial, who plays Donatella Versace. Head to WWD.com to read how she created the Versace world. #wwdfashion
Only three months after her stellar debut catwalk season, @kaiagerber has inked her first big design collaboration –– with @karllagerfeld. The collection blends Lagerfeld’s Parisian chic aesthetic and the model’s signature West Coast casual style via RTW, accessories, footwear and more. The #KarlLagerfeldxKaia collection will launch in September with a series of events. Get all the details on WWD.com. #wwdnews #wwdfashion
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews