Photo: Nathan Laine/Bloomberg via Getty Images
These are the stories making headlines in fashion on Thursday.
LVMH Shares Fall 28% in Q1
LVMH shares dropped 28% in Q1, marking its worst start to a year on record. This decline reflects the impact of war in the Middle East and the disruption of travel and tourism. The luxury conglomerate’s second largest drop in Q1 shares occurred in 2001, when stocks declined by 19%. LVMH shares now trade below 20 times expected earnings in the next 12 months, Bloomberg reported. {Bloomberg/paywalled}
American Pacific Group Invests in Dossier
Private equity firm American Pacific Group has invested in dupe fragrance brand Dossier, alongside founder Sergio Tache and other existing shareholders. Terms of the deal were not disclosed, but the investment is believed to be for a controlling stake. With this investment, Dossier plans to keep its dramatic growth rolling by adding more products, more categories and more pathways to the consumer. {WWD/paywalled}
Nike’s Turnaround Is Taking Longer Than Expected
Nike Inc. announced a bleak forecast for the year ahead, which sent the company’s shares falling as much as 15% on Wednesday. Revenue is expected to drop in the current quarter and decline for the rest of the calendar year. The brand’s turnaround, led by CEO Elliott Hill, is taking longer than expected. “I’m so tired, and I know you are too, of talking about fixing this business,” Hill said during the all-hands meeting Tuesday. “I want to move to inspiring and driving growth and having fun.” {Bloomberg/paywalled}
Maison Margiela Enters ‘Haute Couture’ Fragrance
Photo: Courtesy of Maison Margiela
Maison Margiela unveiled a new immersive “haute-parfumerie” collection called Scentsorium. The range includes six couture genderless fragrances that “examine the connection between emotions, raw materials and scent,” according to the brand. The new scents include Blaze of Stillness, Silent Fury, Anguish and Awe, Tender Defiance, Delight in Despair and Fit of Folly. Prices range from $55 to $350, and the Scentsorium collection is available to shop now at maisonmargiela-fragrances.us. {Fashionista inbox}
Consumers Spent More on Quince Than Uniqlo in the U.S.
Quince roughly doubled in size last year, and in Q4, Quince overtook Uniqlo in the U.S. Quince, which relies on a “manufacturer-to-consumer” model, is currently valued at $10 billion. Quince has received criticism for its perceived lack of brand personality, but it has recently started doing more “brand” things like collaborating with celebrities and hiring its first head of brand strategy. {Puck/paywalled}
