MILAN — Bulgari SpA may be celebrating its 125th anniversary, but the financial markets have little respect for their elders.Bulgari’s share price fell 5.2 percent on the Milan Bourse on Thursday after Credit Suisse cut its 2009 and 2010 EBIT forecasts for the Italian jeweler by 30 and 13 percent, respectively.“Visibility is poor given lingering uncertainty over underlying demand trends and how long the wide divergence between retail and wholesale will last,” Credit Suisse analyst Rogerio Fujimori stated. “The demand picture may not be getting worse versus the first quarter, but [it] does not seem to be getting much better either.”Credit Suisse maintained an underperform rating on the stock, which closed at 3.74 euros, or $5.12, on Thursday.Last week, Bulgari reported first-quarter losses of 29.3 million euros, or $38.3 million, from net profits of 22.8 million euros, or $34.2 million, in the first three months of 2008. Revenues fell 23 percent to 178.1 million euros, or $233 million.Dollar figures were converted at average exchange rates for the periods to which they refer.The company, which is cutting jobs, reducing the number of products and closing unprofitable stores, attributed the slump to the financial crisis and “the strong destocking activity in the wholesale channel, [which] has significantly penalized” performance — although it noted sales in directly owned stores improved in April.
Exclusive: @longchamp is planning to stage its first official runway show at New York Fashion Week this fall. The French leather goods firm has expanded into ready-to-wear as part of its repositioning as a lifestyle brand. The show, scheduled for September 8, will also cap the brand’s 70th anniversary celebration. Get all the details on WWD.com. #wwdnews #wwdfashion (📷: @dominiquemaitre)
The Duke and Duchess of Sussex undertook their first overseas engagement as a married couple in Dublin. The trip included multiple events and outfits changes, including this black dress by @emiliawickstead that Meghan Markle wore for a party at the British Ambassador’s home. #wwdfashion #royals
At 20 years old – and with an estimated net worth of $900 million - @kyliejenner is the youngest person to ever make @forbes’ annual list of America’s Richest #SelfMadeWomen. “It’s incredible to be recognized for something I’m so passionate about, and I’m really grateful for that. I’ve always loved makeup and worked really hard to bring the first lip kit to the market,” said Jenner on founding @kyliecosmetics. See who else is on the list on WWD.com. #wwdnews #wwdbeauty (📷: @rainerhosch)
“The collection is inspired by Tulum and the Mayan Riviera – its laid-back luxury, life of cabanas, untouched coastline, natural habitats, exotic cocktails and jungle parties with renowned DJs,” said Matteo Maniatty, creative director and cofounder of @descendantofthieves, on the brand’s inspiration for its latest collection. See more designer sketches and inspirations on WWD.com. #wwdfashion #nyfwmens #nyfw
@riccardotisci17 is releasing a limited-edition capsule collection as part of his anticipated runway debut for @burberry in September. Delivered in a series of instant drops, this is the second Burberry capsule collection announced since Friday, when Tisci broke the news on his collaboration with @viviennewestwood. Get all the details on WWD.com. #wwdfashion #wwdnews
“It’s like a Cinderella story. You get a little fake, you get a little real, you put it together and voilà,” said legendary rapper Slick Rick, who helped pioneer the merge of luxury and streetwear. WWD’s @ariahughes spoke to @therulernyc about his jewelry collection, his collaboration with @bally and how the industry has evolved – link in bio. (📷: @kristaschlueter)
@ragandbone and @eminem are teaming up on a special capsule collection of streetwear pieces. Sold at a one-day pop-up in London’s Soho on Friday, the collection features three different T-shirt designs and a hoodie. The capsule is set to kick off the rest of Eminem’s shows in his European Revival Tour, which ends on Sunday. Get all the details on WWD.com. #wwdfashion