WWD : All About Yves — and a Little Loulou — at Saint Laurent for Spring 2025

All About Yves — and a Little Loulou — at Saint Laurent for Spring 2025
Anthony Vaccarello broke away from his one-note shows to explore masculine tailoring, bohemian ease and decorative maximalism.

Anthony Vaccarello, who pioneered fashion shows that deliver a memorable silhouette or unmissable theme — sheer, safari, tube dressing, big shoulders — loosened up for spring.

He explored multiple moods to reflect the complex Saint Laurent woman: confident in a slouchy, mannish suit and tie one day; bohemian the next in flowing tunics and pajama pants the next, and then extravagant at night in flashy brocade jackets with big jeweled buttons and lace-trimmed miniskirts.

The show was unapologetically old-fashioned in its embrace of specific looks for specific times of the day, and in its flagrant references of the ’80s and early ’90s.

To be sure, one felt the style of house founder Yves Saint Laurent himself in the double-breasted suits, just as he wore them, and the freewheeling nonchalance of his muse Loulou de la Falaise in the paisley layers, cropped jackets and long chunky necklaces.

“I wanted to mix it up,” Vaccarello said just before the show. “Saint Laurent is a ready-to-wear house, known for its jackets, for its suits — real pieces of everyday life. And I wanted to pay homage this season.”

The display unfurled in the courtyard of Saint Laurent’s headquarters on Rue de Bellechasse, decked out with Yves Klein blue flooring, a gilded oval canopy and, unfortunately, vast puddles thanks to steady rain that delayed the promised prompt start, had the PRs panicking, and editors grumbling on their damp black leather Mies van der Rohe stools.

Backstage, Vaccarello — who usually erects a monstrous pavilion at the foot of the Eiffel Tower — said he wished to spare Parisians from yet another disruptive construction project near a historic monument after the Paris Olympic and Paralympic Games shut off Place de la Concorde, Invalides, Trocadero and other scenic spots.

There was a richness to this collection — in fabrication, color and ornamentation — that has been lacking at Saint Laurent lately. Before the show, one guest feared the models would catch cold on this damp and chilly night, yet they were far more covered up versus the nearly naked hosiery collection for fall 2024.

Like the founder, Vaccarello hung his menswear-inspired silhouettes from substantial shoulders — on meaty leather blousons, handsome trenchcoats and those wedge-shaped tailored jackets. Pants were so high-waisted that neckties were tucked in like the pinstriped dress shirts.

The flowing paisley chiffon skirts, tiered and trailing, were a welcome relief to the onslaught of pantsuits, as were the richly colored brocades, metallic lace blouses and two-tone miniskirts.

To further underscore the multiplicity of the YSL woman, Vaccarello named each of the 49 looks after the first names of “a special group of models with whom the house has forged lasting relationships.” Some were in the front row that night, including Betty (Catroux) and Carla (Bruni). Others you had to imagine: Katoucha, Bettina, Dovima and Iman.

>>> Stoxx 600 Pre-Market Indications

  • Valmet (2VO TH) +3.3%
    • Valmet Gets Arauco Order of Over EU1b for Complete Pulp Mill
  • Siemens Energy (ENR TH) -1%
  • Sartorius (SRT3 TH) -1%
  • Zalando (ZAL TH) -1.1%
  • Norsk Hydro (NOH1 TH) -1.1%
  • Heineken Holding (4H5 TH) -1.1%
  • Puma (PUM TH) -1.2%
  • IAG (INR TH) -2%
  • SAP (SAP TH) -3.4%
    • US Investigating SAP, Carahsoft for Potential Price-Fixing

>>> TradeGate Pre-Market Indications

DAX:
  • SAP (SAP TH) -3.6%
    • US Investigating SAP, Carahsoft for Potential Price-Fixing
MDAX:
  • Thyssenkrupp (TKA TH) -0.4%
    • ThyssenKrupp to Name Dennis Grimm as Steel Unit Chief: RP
  • Lufthansa (LHA TH) -0.9%
SDAX:
  • Adtran Holdings (QH9 TH) +2.5%
  • IONOS Group SE (IOS TH) -1.2%
  • Ceconomy (CEC TH) -1.7%

>>> What to look at today - 25th of september 2024

Asian shares rose as a rally fueled by China’s wide-ranging stimulus package lifted equities for a second day and strengthened the yuan.
Chinese stocks extended gains as investors continued to bet the People’s Bank of China’s latest measures would help drive a market turnaround and kickstart the country’s sluggish economy. The onshore benchmark CSI 300 rose as much as 3.2% and is on track to erase its year-to-date losses.  The offshore yuan strengthened past 7 for the first time since May 2023 while the dollar hit an eight-month low. 
Investors are cautiously optimistic that the policy barrage has put a floor under China’s stock slump, with expectations that more fiscal support will follow. A slowdown in the world’s second-largest economy had been a major overhang for Asian stocks and a meaningful recovery as a result of the policy support may help drive gains across the region. The stimulus that helped the regional stock gauge soar to the highest level since February 2022 is the latest positive news for equities and currency markets, already benefiting from the Federal Reserve’s outsized rate cut last week. Emerging Asian currencies also jumped, led by the Malaysian ringgit and Thai baht.  Futures for US and European shares slipped, potentially signaling that the enthusiasm for the gains may have reached a limit. Hong Kong’s short sales ratio as a percentage of market turnover dipped to 13.6% on Tuesday, one standard deviation below average since 2016, indicating many shorts have already been covered, according to JPMorgan Chase & Co.  In a further filip to shares, China’s central bank on Wednesday lowered the interest rate charged on its one-year policy loans by the most on record. Support measures unveiled by Chinese authorities Tuesday included interest rate cuts, more cash for banks, bigger incentives to buy homes and plans to consider a stock stabilization fund.  The policy boosts came after Chinese stocks hit a five-year low as the government’s piecemeal approach to stimulus had failed to fix a crisis of confidence, with deflationary pressure, anemic consumption and an extended property slump combining to erode hopes of a near-term economic recovery. Therefore, the latest efforts may only buy China some time given the scale of challenges facing the economy, according to analysts.  Overnight in the US, the reading on the Conference Board’s gauge of consumer sentiment posted the biggest drop since August 2021. The report also flagged concerns about a slowdown in the labor market while manufacturing data also came in weaker than expected.  Swaps traders increased their wagers to more than three-quarters of a point of policy easing by year-end from the Fed, suggesting at least one more major US cut is in store, after the data. Investors are awaiting data on the Fed’s preferred price metric and US personal spending later this week for further clues on the depth of future reductions. A Bloomberg gauge of commodities rose for an 11th day, set for its longest winning streak since January 2018. Iron ore rallied and gold hit a record trading above $2,662 an ounce.  In the corporate world, German software developer SAP SE, product reseller Carahsoft Technology Corp. and other companies are being probed by US officials for potentially conspiring to overcharge government agencies over the course of a decade.  US After Hours PRGS +5.3%, AGYS +3.8% higher on earnings/guidance; SFIX -19.4%, KBH -5.9%, WOR -3.6% lower on earnings

Nikkei +0.12% Hang Seng +1.22% CSI +1.42% Shanghai +1.08% Shenzen +1.21%

Eur$ 1.1195 CNH 7.0122 CNY 7.0167 JPY 143.31 GBP 1.3416 CHF 0.8421 RUB 92.9373 TRY 34.1361 WTI$ 71.37 -0.27% Gold 2,659 +0.05% BTC 64,207 ETH 2,627 -0.93%

S&P -0.22% Nasdaq -0.30% EuroStoxx -0.38% FTSE -0.57% Dax -0.52% SMI -0.10%

Macro :
- AI Market Will Surge to Near $1 Trillion by 2027, Bain Says
- Merlin’s Brush Sees ‘Massive’ Future Demand for Data Centers
- BC Partners in Exclusive Talks to Invest in EuroLeague: FT
- US investigates China-backed venture firm over Silicon Valley dealmaking

Keep an eye on :
- BAVA DC : Bavarian Nordic Gets $63m Order for Smallpox/Mpox Vaccine in US
- CVX US : Chevron Paid More to African Petrostates Than to the US in 2023
- CBK GY : Commerzbank Names Bettina Orlopp as CEO to Succeed Knof
- ROO LN : Deliveroo Shuts Singapore Cloud Kitchens Over Rising Costs: BT
- DFS LN : DFS Furniture FY Revenue Misses Estimates
- ENGI FP : Engie Proposes MacGregor’s Reappointment as CEO, Director
- EXO IM : Exor 1H Net Asset Value per Share EU178.46 (closed @ 98.55)
- Ferrovie dello Stato : Italy Rail Operator Ferrovie CEO Says There’s No IPO Plan: Ansa
- GALD SW : Galderma to Present New Data on Eczema Drug’s Long-Term Benefits
- HBH GY : Hornbach Holding 1H Adjusted Ebit EU265.4M Vs. EU221.3M Y/y
- IIA AV : Immofinanz Holder Offers 3.39m Shares via UBS: Terms
- INVP LN : Investec Opens Dubai Office With Eye on South African, UK Expats
- INGA NA : AI Model Is Better at Pricing Currencies Than Humans, ING Says
- LSEG LN : LSE Group Looking for Buyer for 4.9% Stake in Euroclear: Sky
- MC FP : LVMH’s Head of Selective Retailing Is Set to Leave Luxury Group
- MRL SM : Merlin’s Brush Sees ‘Massive’ Future Demand for Data Centers
- MOVE SW : Medacta 1H Adjusted Ebitda EU77.5M Vs. EU71.9M Y/y
- NOVB DC : *PBMS COMMITTED TO ALLOWING OZEMPIC ACCESS IF PRICE CUT: SANDERS
- ORA fp : Orange Plans to Delist American Depositary Shares From NYSE
- ORSTED DC ; AI’s Power Needs Haven’t Boosted Offshore Wind, Orsted Says
- PRX NA : Prosus Sells 14.5m Trip.com Shares in Block Trade: Terms
- RMV LN : *RIGHTMOVE REJECTS REA GROUP'S THIRD PROPOSED TAKEOVER OFFER
- SAN FP : Sanofi Said to Get Binding Bids from CD&R, PAI for Consumer Arm
- SAP GY : US Investigating SAP, Carahsoft for Potential Price-Fixing (1) --> -5%
- SBBB SS : SBB’s Housing IPO Plan Dims Refinancing Risk Next Year, S&P Says
- SNOW US : Snowflake Sells $2B Convertible Notes With 0% Coupon (1)
- SOLB BB : Solvay Opens Consultation to Stop Production at Salindres Site
- STLA US : Stellantis to Layoff 191 Workers at Michigan Truck Plant
- TKA GY : ThyssenKrupp to Name Dennis Grimm as Steel Unit Chief: RP
- TOM NA : Tomra Picked as Sole RVM Provider for Upcoming Tasmanian DRS
- TRUEB SS : Truecaller Holders KPCB and Peak XV Partners Offer 15m Shares
- VALMT FH : Valmet Gets Arauco Order of Over EU1b for Complete Pulp Mill
- V US : Visa Sued by US DOJ Over Antitrust Matter in Federal Court
- VIV FP : Vivendi Gains as JPMorgan Hikes Price Target on Split Likelihood

>>> Europe : Brokers Upgrades & Downgrades - 25th of September 2024

>>> Up
* Air France-KLM Raised to Overweight at JPMorgan; PT 12 euros
* DoorDash Raised to Overweight at KeyBanc; PT $177
* OKEA Raised to Buy at ABG; PT 27 kroner
* Orion Raised to Buy at Jefferies; PT 63 euros
* Petrobras ADRs Raised to Overweight at JPMorgan; PT $19
* Tenaris ADRs Raised to Neutral at Grupo Santander; PT $35

>>> Down
* Bekaert Cut to Reduce at AlphaValue/Baader
* Ecopetrol ADRs Cut to Underweight at JPMorgan; PT $8.50
* Enento Group Cut to Hold at SEB Equities; PT 21 euros
* Fortrea Cut to Hold at Jefferies; PT $21
* Hexpol Cut to Hold at Nordea; PT 132 kronor
* Highlight Comms Cut to Sell at DZ Bank; PT 1 euro
* Iberdrola downgraded to Neutral from Outperform at Oddo BHF
* Melexis Cut to Hold at Kepler Cheuvreux

>>> Initiation
* Akzo Nobel Rated New Buy at Redburn; PT 80 euros
* Baloise Reinstated Underweight at JPMorgan; PT 155 Swiss francs
* Genovis Rated New Buy at SEB Equities; PT 30 kronor
* Helvetia Rated New Overweight at JPMorgan; PT 170 Swiss francs
* Hexagon Rated New Buy at Stifel; PT 130 kronor
* OVH Rated New Buy at Kepler Cheuvreux; PT 9 euros
* Swiss Life Reinstated Neutral at JPMorgan; PT 720 Swiss francs

>>> Call
* Iberdrola Upside Now More Limited, Cut to Neutral at Oddo BHF
* Orion Raised at Jefferies on Stronger Nubeqa Peak Sales Outlook

>>> US After Hours Summary: PRGS +5.3%, AGYS +3.8% higher on earnings/guidance;

After Hours Summary: PRGS +5.3%, AGYS +3.8% higher on earnings/guidance; SFIX -19.4%, KBH -5.9%, WOR -3.6% lower on earnings;

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: PRGS +5.3%, AGYS +3.8% (reiterates FY25 revenue guidance)

Companies trading higher in after hours in reaction to news: LWLG +5.6% (collaboration with Polariton), ASAN +1.3% (names new CFO), HII +0.6% (awarded $5.80 bln U.S. Navy contract; also awarded $3.67 bln U.S. Navy contract modification), LWAY +0.3% (confirms it received takeover proposal from Danone North America for $25/sh), HBB +0.3% (CEO to retire, names new CEO), CACI +0.2% (awarded a $314 mln US Navy task order), UBER +0.1% (judge declares NYC law requiring food delivery cos to share data with restaurants unconstitutional, according to Reuters)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: SFIX -19.4%, KBH -5.9%, WOR -3.6%

Companies trading lower in after hours in reaction to news: POWW -5.3% (retains advisors to investigate financial reporting for FY20-23: CFO resigns, names new CFO), WVE -3.9% (commences $175 mln stock offering), RITM -2.7% (30 mln share offering), MOV -2.7% (to be removed from S&P SmallCap 600), AMGN -1.9% (Tepezza receives approval in Japan for thyroid eye disease), LEN -1.1% (in sympathy with KBH earnings), FULC -0.9% (to reduce workforce by 36%), CRM -0.4% (to acquire Zoomin), BBWI -0.2% (to move to S&P SmallCap 600 from S&P 500), MSM -0.1% (names new COO)

FT : New Commerzbank CEO expected to fight a potential UniCredit takeover

New Commerzbank CEO expected to fight a potential UniCredit takeover
Bettina Orlopp is sceptical about the case for combining the Italian and German lenders


Commerzbank on Tuesday announced its new chief executive would be Bettina Orlopp, who is expected to fight a possible takeover of the German bank by Italy’s UniCredit.

Orlopp, currently Commerzbank’s chief financial officer, will succeed existing chief executive Manfred Knof “in the near future”, Germany’s second-largest listed lender said.

Earlier this month, Commerzbank said Knof would not seek another term after his contract expired at the end of 2025.

People familiar with Orlopp’s thinking told the Financial Times she was not supportive of a tie-up with UniCredit, which has positioned itself to become Commerzbank’s largest shareholder with a 21 per cent stake, depending on it obtaining regulatory approval. UniCredit currently has a 9 per cent stake.

Key arguments against a UniCredit takeover are that a change in control could undermine Commerzbank’s lending to the German small and medium-sized companies that form the backbone of the country’s economy and that integrating the two companies could take years, the people familiar with Orlopp’s thinking added.

The German government has already voiced opposition to a UniCredit acquisition.

In a statement on Tuesday night, Orlopp, a former McKinsey partner who joined Commerzbank a decade ago, acknowledged it was facing a “significant task” but vowed to “navigate through the challenges ahead of us successfully”.

She will remain chief financial officer until a successor has been found. Michael Kotzbauer, head of Commerzbank’s corporate client unit, who is said to share Orlopp’s concerns about a UniCredit takeover, was named deputy chief executive.

“We have found an ideal successor,” Commerzbank chair Jens Weidmann said, adding Orlopp and Kotzbauer were the “co-architects” of the bank’s strategy until 2027.

UniCredit’s potential takeover escalated on Monday when it announced it had acquired a further 11.5 per cent of the German bank’s shares through derivatives positions. These will only be settled once the Italian lender receives the necessary regulatory approval to raise its stake above 10 per cent.

German chancellor Olaf Scholz lashed out against UniCredit, saying that “unfriendly attacks [and] hostile takeovers are not a good thing for banks and that is why the German government has clearly positioned itself”.

UniCredit said on Monday it was keeping its options open and might either keep its 9 per cent stake in Commerzbank, sell it or increase it further.

“This will depend on the outcome of engagement with Commerzbank, its management and supervisory boards as well as its wider stakeholders in Germany.”

People close to Commerzbank expect that a full takeover and merger with UniCredit’s German subsidiary HypoVereinsbank is the Italian bank’s preferred scenario.

Knof joined Commerzbank in 2021 from Deutsche Bank after an acrimonious boardroom battle that resulted in both the chair and chief executive resigning.

He embarked on cost cutting at Commerzbank, axing 10,000 jobs in Germany and closing half of the lender’s branches.

Commerzbank’s share price tripled as it increased its dividends and started the first share buybacks in the bank’s 154-year history.