Lululemon opens first Italy store in Milan
Located at Vittorio Emanuele II 24/28, the new Milan store spans approximately 5,700 square feet across two floors, showcasing the sportswear brand's men's and women's collections across yoga, running, training, tennis, and golf.
The store design is inspired by a hybrid architectural concept that blends traditional craftsmanship with contemporary materials. A key design element is the Lululemon Glide sculptural façade, a custom 3-D printed installation that draws inspiration from Lululemon's Define Jacket pattern.
The jacket's flowy geometry is designed to expand across the storefront, "emulating the properties of fabric on an architectural scale," according to a press release.
The Milan store opening is the latest step in Lululemon's international expansion. The brand currently boasts stores in key markets including the UK, Ireland, Germany, France, Spain, the Netherlands, Norway, Sweden, and Switzerland.
As previously announced, the company reiterated it plans to quadruple international revenue from 2021 levels by year-end 2026.
Earlier this month, Lululemon revealed the opening of its first-ever store in a European airport, located in Heathrow Terminal 5, in London.
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Euronews
26 minutes ago
- Euronews
Tensions, clashes and low expectations loom over EU-China summit
The summit between the European Union and China, scheduled to take place on Thursday, comes at a pivotal moment for both sides. On paper, at least. Donald Trump's return to the White House has upended the geopolitical chessboard, undermining age-old alliances, inflaming simmering tensions and throwing global trade into head-spinning turmoil. The chaos is such that Brussels and Beijing, long at odds over a string of disagreements and recriminations, began toying with the idea of resetting ties and reinforcing cooperation to weather the Trump-induced storm. The fact that the summit coincided with the 50th anniversary of diplomatic relations only added to the speculation of an impending rapprochement. In May, Chinese President Xi Jinping said the anniversary offered a chance to "properly handle frictions and differences, and open up a brighter future for China-EU relations". Ursula von der Leyen, the president of the European Commission, and António Costa, the president of the European Council, played to the prevailing narrative, committing themselves to "deepening our partnership with China". But then the tide shifted and the tone soured. Beijing's decision to restrict exports of rare earths, the metallic elements that are crucial for manufacturing advanced technologies, caused widespread alarm across European industry and was rebuked by von der Leyen. "China is using this quasi-monopoly not only as a bargaining chip, but also weaponising it to undermine competitors in key industries," she said at the G7 summit in June. "We all witnessed the cost and consequences of China's coercion." Beijing immediately hit back at the Commission chief, calling her speech "baseless" and "biased", but offered an olive branch to build a "win-win" partnership. The damage was done, however. By the time von der Leyen and Costa meet with Xi on Thursday, there are scant expectations for any concrete solution. Hopes are so low for the meeting that officials in Brussels point to the fact of the one-day summit in Beijing happening at all as an achievement. (Under protocol rules, the summit was supposed to happen on EU soil, as both sides take turns as hosts.) "For the EU, the deliverable is a substantive, open and direct conversation between the two of us on every aspect of our relationship," a senior official said last week, speaking on condition of anonymity ahead of the occasion. A second senior official described the summit as a "unique opportunity" to communicate the bloc's concerns with the view of obtaining results "in the short term". "We go there with the expectation that the Chinese will first understand our concerns and, second, take concrete actions to meet our concerns," the official said. "Otherwise, we will have to defend our own interests." No-limits friction There are certainly no shortage of issues to be resolved, with myriad disputes straining EU-China relations since the COVID-19 pandemic. Among the extensive list of friction points, which range from cyberattacks against state agencies to human rights violations, two stand out: Beijing's "no-limits" partnership with Moscow and the trade imbalances caused by industrial overcapacity. For the past three years, Europeans have been aghast at seeing a permanent member of the United Nations Security Council stand firmly by the side of an aggressor nation in breach of the core principles of the UN Charter. Brussels has repeatedly accused China of acting as the "key enabler" behind Russia's full-scale invasion of Ukraine and supplying 80% of the components that the Kremlin uses to manufacture weapons. Several Chinese entities have been targeted by the bloc for enabling the circumvention of economic sanctions. Last week, two Chinese banks were blacklisted, triggering Beijing's fury. "We urge the EU to stop harming the lawful interests of Chinese companies without any factual basis," said Guo Jiakun, spokesperson of the Chinese Foreign Ministry. "China will do what is necessary to firmly safeguard the legitimate and lawful rights and interests of Chinese companies," he added. Von der Leyen and Costa are set to raise Ukraine during their face-to-face meeting with Xi, however unlikely their pleas are to be heard. The Chinese leader has shown no signs of wanting to disengage from Russia, attending Vladimir Putin's Victory Day parade earlier this year as guest of honour. "We can say that China is de facto enabling Russia's war economy. We cannot accept this," von der Leyen said earlier this month. "How China continues to interact with Putin's war will be a determining factor for EU-China relations going forward." An 'unsustainable' relation On trade, the stakes are equally high – and the expectations, equally low. The bloc has grown increasingly anxious about its ballooning deficit with China, which last year surpassed €300 billion in goods. The figure risks expanding in 2025 due to sluggish demand from Chinese consumers and Trump's prohibitively high tariffs. The European Commission has set up a special task force to monitor the potential diversion of Chinese products from the US to the EU market. The executive is also keeping a close eye on Beijing's lavish use of subsidies, which have been blamed for artificially lowering prices to the detriment of European competitors. "The present situation is unsustainable. We need rebalancing," said a senior official. The dispute came to a boil in October when the EU slapped steep duties on China-made electric vehicles (EVs) to offset the effects of state aid. Decrying the measure as a "naked act of protectionism", Beijing responded with probes into EU-made brandy, pork and dairy, which Brussels then denounced as unfair and unjustified. Another recurring grievance among Europeans is the regulatory barriers that China has erected to encroach upon the private sector and give preference to domestic companies. The row recently led the Commission to exclude Chinese providers of medical devices from European public tenders. Beijing retaliated with a similar ban. Initially, the July summit was considered the stage to reach a common understanding on these open fronts and announce tentative solutions to some of them. While the disputes will still be addressed as part of the busy agenda, the rise in tensions indicates they will remain unresolved as neither side believes the other is ready to relent. The only deliverable that von der Leyen and Costa can reasonably hope for is a joint declaration on climate action ahead of the UN climate conference later this year. Substantial concessions in other fields are improbable, warns Alicja Bachulska, a policy fellow at the European Council on Foreign Relations (ECFR). "Beijing appears confident that time is on its side," Bachulska said. "China's strategic calculus, dominated by its rivalry with the US, currently assesses the EU as too internally fractured to exert meaningful pressure or leverage on Beijing, thereby closing any perceived 'window of opportunity' for a significant reset in relations, despite US actions."
Fashion Network
an hour ago
- Fashion Network
Luxury's split between winners and losers is only getting wider
For Europe's luxury stocks, this earnings season will hammer home the widening gulf between the winners and the losers. The industry got off to a promising start with robust earnings from British trench coat maker Burberry Group Plc that sent its stock up as much as 9% and better-than-expected sales at Cartier owner Richemont. But upcoming reports from LVMH Moët Hennessy Louis Vuitton SE, Kering SA and Salvatore Ferragamo SpA look less promising. If sales at these companies undershoot already weak forecasts, the shares may extend this year's drop that has wiped out market value of as much as 175 billion euros (205 billion dollars). While the outlook for luxury shares is crucial for Europe's stalled equity market rally given the weight of these companies, investors have to be more selective about the stocks they pick. 'It's not going to be one-tide-lifts-all-boats for the sector,' said Stefan-Guenter Bauknecht, a senior portfolio manager at DWS. 'It really depends on the category and how the brand is perceived in the category. And the VIP certainly helps.' One striking example of the sector's divide is LVMH versus French peer Hermes International SCA. Sales at LVMH's key Fashion & Leather Goods division are expected to have dropped 7.8% in the second quarter, according to analyst estimates. The company reports after the bell on Thursday. Hermes, which has been an example of how companies can thrive on selling the highest-end items, is expected to report revenue growth of 12% at its leather goods division. Its results are due on July 30. In the case of the Louis Vuitton and Tiffany & Co. owner, the stock has lost roughly half of its value over the past two years, losing its crown of Europe's biggest stock, with investors increasingly worried about an unprecedented demand slump in China. Hermes shares, on the other hand, are weathering the broader industry pullback. After a 160% jump since the end of 2020, the stock is little changed this year versus a 7% drop in Goldman Sachs Group Inc.'s basket of luxury shares. In the current economic context, pricing power is critical, said Helen Jewell, Europe, Middle East and Africa chief investment officer at BlackRock Fundamental Equities. 'The challenge for investors has been some of the names that we thought had greater brand strength, and it turned out they actually didn't,' she said, adding that there could be some buying opportunities after the selloff in the sector 'but you do need to be selective.' For the sector as a whole, the difference is stark between now and the 2021 to 2023 boom times, when investors were rushing to snap up any European luxury shares as they reaped the profits from shoppers on a post-pandemic spending spree. But with China's sluggish economy putting a dent into demand for pricey handbags and watches, investors are buying shares in the brands that can captivate consumers and selling the ones that can't. Among this year's winners, shares in Burberry have surged more than 30%. The UK fashion brand is gaining traction with its turnaround plan and winning new customers through its outwear push. To some investors, luxury valuations are still too high overall even after this year's plunge in a number of stocks. The industry has an average forward price-earnings ratio of 27, according to data compiled by Bloomberg. That's a near 85% premium to the broader market and above the long-term premium from the past 10 years. 'This is a sector that is fully exposed to tariffs and fully exposed to the weaker dollar,' said Roland Kaloyan, head of European equity strategy at Societe Generale SA. 'It's going to be quite difficult, so I stick to my underweight.'
Euronews
an hour ago
- Euronews
UniCredit delivers record earnings, raises 2025 outlook
UniCredit S.p.A. has kicked off the European banking earnings season with a stellar performance, surpassing analyst expectations and raising its full-year guidance, buoyed by robust core revenues and pristine asset quality. The Milan-based lender posted a record net profit of €3.3 billion in the second quarter of 2025, lifting its first-half earnings to €6.1 billion. Earnings per share surged to €2.16, up 34% year-on-year and well ahead of the €1.55 forecast. Core revenue rose 1.3% annually to €5.9 billion in the quarter. According to the bank, these results are transforming what was meant to be a "transitional year into the best year ever." 'UniCredit has achieved outstanding financial results, with a record-breaking Q2 contributing to the best H1 in the bank's history,' said Chief Executive Officer Andrea Orcel. 'We are protected for the future as our low cost of risk, strong asset quality and unmatched overlays safeguard against potential macroeconomic downturns,' he added. Upgraded outlook and investor payouts In a further sign of confidence, UniCredit raised its full-year 2025 net profit guidance to approximately €10.5 billion, up from a prior target of more than €9.3 billion. The bank also lifted its net revenue outlook to above €23.5 billion and upgraded its return on tangible equity (ROTE) forecast to around 20%, from previously over 17%. Longer-term projections were also improved, with 2027 earnings now expected to reach at least €11 billion, up from circa €10 billion. The bank raised its distribution guidance to equal to or above €9.5 billion for 2025, including a cash dividend of at least €4.75 billion. An interim cash dividend of about €2.1 billion is envisaged, representing a 46% increase year-on-year, with the ex-dividend date set for 24 November. In addition, a €3.6 billion share buy-back programme is slated to commence following the second-quarter results. Goldman Sachs analyst Chris Hallam praised UniCredit's 'beat and raise' performance, highlighting the bank's continued earnings momentum and shareholder-friendly capital distribution. Balance sheet resilience and strategic clarity UniCredit's gross non-performing exposure (NPE) ratio remained stable at 2.6%, while the cost of risk stayed at a low nine basis points in the first half—underscoring the group's asset quality and prudent provisioning. Separately, UniCredit withdrew its offer for Banco BPM, citing unresolved conditions linked to Italy's golden power regulations. Orcel noted that the ongoing uncertainty surrounding the authorisation process did not benefit shareholders or the bank, prompting the decision to pull the deal. While progress had been made with the Italian Administrative Tribunal (TAR), the European Commission's Directorate-General for Competition and the Italian government, the bank concluded that the timeline for resolving the regulatory hurdle exceeded the offer window. Market reaction and sector momentum Investors responded positively to the results and upgraded guidance. UniCredit shares rallied 2.6% in early Wednesday trading to €59.60, bringing year-to-date gains to 54%. The stock surged 56% in 2024 and 85% in 2023, making it one of Europe's best-performing financials. The Euro STOXX Banks index advanced 1.4%, outperforming the broader Euro STOXX 600, which rose 0.9%. Peers including Deutsche Bank, Banco Bilbao Vizcaya and Nordea Bank each gained 1.5%, while BNP Paribas rose 1.1% ahead of its second-quarter earnings release on Thursday.
