DUAL LISTING: Coty is officially moving ahead with its dual listing plans on the Paris Stock Exchange.
The beauty company, whose brands include Covergirl, Lancaster and Kylie Cosmetics, announced the launch of a global offering of 33 million shares of Coty’s outstanding Class A common stock.
Coty has applied for the listing and trading of its Class A common stock on the professional segment of Euronext Paris. Investors will then have the option to purchase Coty shares either in euros for shares listed on Euronext Paris or dollars for shares listed on the New York Stock Exchange. The completion of the proposed offering is subject to a number of conditions.
In an interview with WWD in May, Coty Inc chief executive officer Sue Y. Nabi explained why the company was mulling a dual listing.
“European investors want to buy Coty stock. It’s as simple as this,” she said. “This is the right moment to do so. Eleven quarters in line or ahead of expectation is a good moment to start this. I would say that on the Paris Stock Exchange half of the market cap is made with beauty and luxury companies, and we are a beauty and luxury company.”
The news comes just days after Coty raised its full-year sales outlook as the fragrance effect shows no sign of slowing.
The beauty company, which holds the fragrance licenses for myriad brands such as Gucci and Hugo Boss, said that in the four weeks since it released its latest quarterly earnings it has seen strong momentum in beauty demand across key markets and categories, particularly in prestige fragrances as Burberry Goddess sets new market records.
As a result, Coty is now expecting core like-for-like sales growth of between 8 percent and 10 percent for fiscal 2024, up from its earlier guidance of 6 percent to 8 percent.
At the same time, Coty lifted its adjusted earnings before interest, taxes, depreciation and amortization forecast to between about $1.08 billion and $1.09 billion, from a range of $1.07 billion to $1.08 billion.
However, the company made no changes to its earnings per share forecast, which is expected to hit a range of between 44 cents and 47 cents, below Wall Street estimates of 48 cents. — KATHRYN HOPKINS
BALENCIAGA BRANCHES OUT: Balenciaga continues to invest in Los Angeles, growing its footprint ahead of its Dec. 2 fashion show.
The Kering-owned brand now has two locations on Rodeo Drive, and unveiled a new store Monday.
“We are expanding our presence and are opening a second store to be able to dedicate one new flagship to womenswear and one flagship to menswear,” Cédric Charbit, chief executive officer of Balenciaga, told WWD in a statement.
The original store — which relocated in 2019, nearly doubling its floor — now carries men’s. The new space, just steps away at 418 North Rodeo Drive, is dedicated to women’s ready-to-wear and accessories. It’s even bigger, with two stories and about 6,000 square feet.
The existing store has been the leading location in the U.S. for important clients and stylists, Charbit noted: “This will be our first flagship entirely dedicated to menswear. These new stores will provide our latest customer experiences with the largest personalized spaces for our VIP clients.”
Of the destination, he said, “This iconic city is home to our historical and current top clients. Shopping in L.A. is a very unique experience and became a global destination.”
In what the brand calls “Raw Architecture,” the design keeps with its new look under creative director Demna. It’s a monochromatic interior with an industrial feel, featuring cement bricks, tiles, concrete floors, bare metal racks and banisters, while adored with aluminum tables and faux leather benches. Outside, the two-story facade is viewable from the street, with large glass panels.
It’s “conceived to question the nature of authenticity by using existing structural elements and adding evocative details such as simulated corrosion and intentional roughness — a concept that inherently creates less waste and depletes less resources,” the brand describes the construction.
Balenciaga is expected to show its fall 2024 men’s and women’s collections in L.A., thought the venue and details are still unknown.
“Balenciaga fosters creativity, craft and innovation and always had a strong connection to Los Angeles,” said Charbit. — RYMA CHIKHOUNE
WISH UPON A STAR: Disney enlisted artists and designers, including Schiaparelli’s Daniel Roseberry, Kenzo’s Nigo and Christian Louboutin to contribute pieces to their Create 100 project, which celebrates a century of the House of Mickey Mouse.
Andelman cocreated a collection of 100 pillows with artist Harry Nuriev that resemble Disney children’s books, and the idea inspired her to curate an event at Chanel’s 7L bookshop to kick off Paris Fashion Week.
Andelman’s puffy tomes can be rearranged as chairs or a sofa, and sit center stage in the exhibit, next to a six-foot sculpture of Sorcerer’s Apprentice Mickey from the film “Fantasia,” designed by Alaska Alaska for Virgil Abloh Securities.
Other objects presented include a showstopper of a necklace from Roseberry, inspired by the characters Cody and the eagle princess Marahute from “The Rescuers,” while Nigo created a “life-size” Yoda sculpture, and Maison Margiela deconstructed a traditional Mickey Mouse T-shirt.
Artist Charlie Kirihara customized a pair of Adidas shoes, while artist Gabriella Noelle created a chair inspired by Mickey Mouse, including ears and oversized extremities. Christian Louboutin’s collaboration with Marvel is in the collection, too.
Items from Cactus Plant Flea Market, Sara Shakeel and Valentino are also on display. The designers were given carte blanche to play.
“Everybody grew up with this. We all have memories from our childhood, discovering the stories through books or movies,” said Andelman, who cited “Roger Rabbit” and “The Jungle Book” as personal favorites.
Andelman noted that Disney has now expanded to include Star Wars, the Marvel universe, The Simpsons and other properties like National Geographic.
“It’s such an empire of cool things,” she said.
“There is so many different options now to make it fun and to make it more chic — I think it’s a no-limit world for designers to pick characters to play with,” she said. “And I think Disney enjoys to show that it has a space in fashion because they are both visionary and creative.”
“We are thrilled that Sarah Andelman is one of our collaborators and this event, timed to coincide with the start of Paris Fashion Week, is an opportunity to showcase her one-of-a-kind beautiful piece. It truly brings to life the fun, energy and playfulness of our beloved characters — everything we wanted from this anniversary celebration,” said Liz Shortreed, Disney senior vice president global fashion and home.
The opening night event welcomed designers and executives from the fashion industry, as well as hosted what is likely to be the most fanciful guest list of the week with Mickey, Minnie and other characters making their way from Disneyland Paris.
All of the items will be up for auction to benefit the children’s charity Make-a-Wish, plus Disney will donate $1 million to the foundation. The auction will run from Oct. 12 to 30 online. — RHONDA RICHFORD
TWICE AS NICE: Two: Minds, the New York luxury concept store from former Jeffrey buyer Jesse Dong, has migrated southward, opening a second outpost in Miami’s Coconut Grove.
The two-story unit situated across from Cipriani’s Mr. C Hotel occupies 6,800 square feet — more than double that of the original Meatpacking District location.
Two: Minds debuted in 2021 with an investment from Ohio-based merchant Robert Rosenthal. It was one of the first tenants to revitalize the Gansevoort Row shopping district, which grew sleepy after a slew of pandemic-related closures.
Dong, a Coconut Grove resident for nearly six years, chose the neighborhood because he felt it similarly “underserved” fashion-wise.
“When you think of Miami fashion, everyone automatically assumes Design District or Bal Harbor,” he said. “But when I visited Coconut Grove, the pace slowed. It felt like a resort town with incredible schools and booming restaurants. The only aspect missing was a great place to shop.”
To create a cohesive look for his growing retail network, Dong partnered with ICD Workshop on the interiors, which he described as “bright, airy, and open” with an industrial minimalist vibe.
Exposed pipes and concrete floors are softened by midcentury-inspired furniture, like re-editions of Pierre Jeanneret’s wicker chairs. Overhead cloud chandeliers from Parisian designer Celine Wright decorate the 30-foot ceilings. Marble accents in Two: Minds’ signature emerald green feature throughout to contrast the stark white palette.
Filling out the space is a mix of men’s and women’s ready-to-wear, accessories and fine jewelry from the likes of Alexander McQueen, Bottega Veneta, Dries Van Noten, Khaite and Renee Lewis.
Emerging British designer Jacob Lee, exclusive to Two: Minds in the U.S., is a new name to the roster as are Italian favorites for tropical dressing, Missoni and Pucci, though Dong was adamant the Miami store not be too resortwear driven. “The climate is much warmer here, but the fashion customer is well traveled,” he explained, adding “it’s important we dress them for every occasion.”
Dong will amplify Two: Minds’ presence within the local community through events. He is planning a fashion show on Fisher Island and will follow up on last year’s activation at Art Basel with a a bigger one during the 2024 edition. — ARI STARK
PICTURE PERFECT: Athleticism aside, the New York City Ballet always delivers a solid dose of fashion. Next month, Rizzoli has highlighted some of those standout moments with the release of “New York City Ballet: Choreography & Couture,” a book chockablock with 250 photos.
NYCB upped that fashion quota by enlisting the talents of major designers through its annual fall fashion gala. Thom Browne, Sarah Burton, Iris van Herpen, Valentino, Carolina Herrera, Prabal Gurung, Raf Simons, Alejandro Gomez Palomo, Christopher John Rogers, Giles Deacon and the late Virgil Abloh were among those who have collaborated. The 208-page tome shows off the craftsmanship that the NYCB Costume Shop has orchestrated in the past decade.
NYCB’s director of costumes Marc Happel has written the book to help shed some light on how designers’ ideas for costumes come to fruition through original drawings and technical tweaks, as well as dancers’ memories about performing in the creations. Ballet-going readers will recognize some of the company’s top talent on the pages — including Olivia Boisson, India Bradley, Chun Wai Chan, Jovani Furlan, Gonzalo Garcia, Christopher Grant, Alec Knight, Sara Mearns, Miriam Miller, Mira Nadon and Mimi Staker. Photographer Peter Dukovic handled the imagery, which includes close-ups of the intricacies of the costumes. Sarah Jessica Parker, who dreamt up NYCB’s fall fashion gala in 2012, penned the book’s foreword. The Museum at FIT’s Patricia Mears and Vogue’s Tonne Goodman have pitched in with essays.
Happel, Dukovic and fashion designer Anna Sui will discuss the new book and the annual gala collaboration between NYCB’s in-house Happel-directed atelier and the designers at Fotografiska New York on Oct. 17.
This year’s annual gala on Oct. 5 will honor cofounding choreographers George Balanchine and Jerome Robbins. Robbins’ “Glass Pieces” will be performed, as will excerpts from Balanchine’s “Who Cares?” (with help from vocalists Joshua Henry, Patti LuPone and Vanessa Williams.) Carolina Herrera’s creative director Wes Gordon will provide the costumes for “Glass Pieces,” a one-night-only event. Naomi Watts, Laverne Cox, Jill Kargman, Mazdack and Zanna Rassi, Elaine Welteroth and Andy Cohen will be some of the gala’s chairs.
In honor of its 75th anniversary, NYCB has a raft of other celebrations planned for the coming weeks, though the musicians in the ballet’s orchestra are held up in contract negotiations. Asked for an update, a NYCB spokesperson issued a lengthy statement that claimed that Local 802 “is basing its argument in large part on NYCB’s healthy financial position emerging from COVID[-19]. It is true that NYCB worked very hard to manage the massive revenue losses and other impacts of the pandemic, and it is certainly our hope that the sort of sacrifices made by all NYCB employees will not be necessary going forward.”
It wrapped up with “New York City Ballet is hopeful that Local 802 and our musicians will join us in working towards reaching a mutually beneficial agreement.” — ROSEMARY FEITELBERG