WWD : Classic Cuts and Chocolate Brown: What Menswear Buyers Want From Paris

Classic Cuts and Chocolate Brown: What Menswear Buyers Want From Paris
With budgets down or flat there's a return to conservative cuts, and streetwear is in the rearview mirror.

The momentum from Milan continued to build on strong tailoring, with the Paris collections leaving no doubt that we have left hypebeasts behind and entered into a new era of elevated elegance and impeccable cuts. Buyers are keen to snap up pieces that can be cornerstones of grown-up wardrobes, or fit effortlessly in with existing classics.

Single- or double-breasted suit jackets paired with well-cut trousers and long coats were a key silhouette, while colors were soothing and mostly monochromatic in chocolates, charcoal, khaki or cream, with touches of soft pinks or sky.

For all the obituaries written about the suit and tie, it made a comeback, while “Grandpa-core” with cozy knits and cardigans is starting to bubble up for a softer take on classic dressing. Chocolate brown is the next key color, according to several buyers.

“There was an elegant and modern wardrobe with refined classics,” said Galeries Lafayette menswear officer and buying director Alice Feillard. “It was a season full of impeccable, sophisticated and tailored silhouettes, from classic tailoring to elevated and twisted classics,” she said.

Dries Van Noten was by far the favorite collection of the week. He wanted an “elegant look for young guys,” and hit that mark to the delight of buyers who are eager to get their hands on his coats, tailored cargos and slim-lined shoes.

Jonathan Anderson’s nearly pantsless collection for Loewe with his roomy trench coats and cable-knit cardigans was also highly coveted, while Kim Jones’ magical mirror-go-round runway, showcasing couture tailoring for men, was also a standout. At Valentino, Pierpaolo Piccioli’s masterful work on soft suits and overcoats with added embellishments was a new twist on the codes of workwear and masculinity.

Oustiside of the major houses, Auralee has been hovering just under-the-radar for a while, and made many buyers’ lists this season, with Ryota Iwai’s pairing of purple and green, while Amiri’s red carpet-inspired collection played on pinks and browns. Both were cited for their use of color.

Rick Owens’ intimate open house was cited as best format for its up close and personal presentation, while Kenzo’s show at the newly revamped Bibliothèque Nationale was beloved, if more for the venue than the collection.

There were still spectacles — see Pharrell Williams’ Louis Vuitton rodeo — that kept the party spirit high, but buyers were drawn toward quieter presentations.

“There was an intimacy to the season with an enhanced focus on craft, construction, and couture-like detailing with many brands choosing to show their collections within their own maisons…providing a great opportunity to see the clothing up close and personal,” said Neiman Marcus senior editorial director Bruce Pask.

Buyers were blunt about their budgets. While the menswear market is growing, overall spend is slightly reduced or mostly flat, with a concentration on investing more on well-performing current brands than expanding their offerings.

Outside of the department stores, smaller boutiques were clear they are looking for more commercial pieces. “Against the backdrop of a global economic climate that is not particularly clear, the trend is toward conservatism. More than ever, designers and retailers are keen to keep turnover high,” said Le Monde de SHC owner Eric Young.

That focus on strongly selling pieces that fit into a wardrobe was key for many buyers who were looking to provide cautious customers with classic investment pieces.

Emmanuel de Bayser, co-owner of The Corner in Berlin, perhaps summed up the positioning best: “It is a time of focus and restraint, certainly not unbridled creativity and offerings…We cut almost all streetwear brands and focus on long-term partnerships, and are happy to grow with these brands.”

Here’s a look at what buyers are buzzing about. Responses have been edited.

>>> 3M beats by $0.11, beats on revs; guides FY24 EPS below consensus (108.02)

3M beats by $0.11, beats on revs; guides FY24 EPS below consensus
  • Reports Q4 (Dec) earnings of $2.42 per share, $0.11 better than the FactSet Consensus of $2.31; revenues fell 1.1% year/year to $8.01 bln vs the $7.69 bln FactSet Consensus.
  • Co issues downside guidance for FY24, sees EPS of $9.35-9.75 vs. $9.90 FactSet Consensus. Adjusted total sales growth3 in the range of 0.25 to 2.25 percent, reflecting adjusted organic sales3 growth of flat to up 2 percent.
  • "The fourth quarter capped a strong year for 3M," said 3M chairman and CEO Mike Roman. "Throughout 2023, we executed our priorities and delivered on our commitments -- including expanding underlying operating margins and cash flow. We initiated actions to restructure our organization and simplify our supply chain, while progressing our Health Care spin and addressing legal matters."

>>> Verizon reports EPS in-line, beats on revs; guides FY24 EPS in-line (39.58)

Verizon reports EPS in-line, beats on revs; guides FY24 EPS in-line
  • Reports Q4 (Dec) earnings of $1.08 per share, excluding non-recurring items, in-line with the FactSet Consensus of $1.08; revenues fell 0.6% year/year to $35.1 bln vs the $34.55 bln FactSet Consensus.
    • Total broadband net additions of 413,000, represented the fifth consecutive quarter that Verizon reported more than 400,000 broadband net additions. Total broadband net additions included 375,000 fixed wireless net additions, bringing the subscriber base to over 3 million.
    • Verizon is ahead of schedule to achieve its goal of 4 to 5 million subscribers by the end of 2025.
    • 55,000 Fios Internet net additions, down 4,000 from the fourth-quarter 2022. 10.7 million total broadband subscribers as of the end of fourth-quarter 2023.
    • Total wireless service revenue of $19.4 billion, a 3.2 percent increase year over year.
    • Retail postpaid phone net additions of 449,000, and retail postpaid net additions of 1,460,000. Retail postpaid churn of 1.18 percent, and retail postpaid phone churn of 0.93 percent.
  • Co issues in-line guidance for FY24, sees EPS of $4.50-4.70, excluding non-recurring items, vs. $4.60 FactSet Consensus.
    • Expects total wireless service revenue growth of 2.0 percent to 3.5 percent for FY24.
    • Sees FY24 Adjusted EBITDA growth of 1.0 percent to 3.0 percent.

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • RBB +10.8%, UAL +7.3%, INBX +7.1%, ACET +4.8%, FOR +3.2%, BLKB +2.4%, BRO +1.6%, ITRI +0.8%, CNM +0.7%, SYF +0.6%, VTNR +0.5%
  • Gapping down:
    • LOGI -7.6%, GE -7.2%, DHI -6.9%, IBTX -5.7%, MMM -5.6%, RILY -3.5%, DOOO -2.8%, HCI -2%, SNY -1.6%, AGNC -1.6%, IREN -1.4%, GMAB -1%, FUN -0.9%, JNJ -0.5%

>>> Europe : Brokers Upgrades & Downgrades - 23th of January 2024 V2(+)

>>> Up
* Campari Raised to Buy at Citi; PT 10.50 euros
* Hapag-Lloyd Raised to Hold at Bankhaus Metzler; PT 150 euros (+)
* IDS Raised to Buy at HSBC; PT 314 pence
* Integrated Diagnostics Raised to Buy at HSBC; PT 78 cents
* LDA SM Raised to Outperform at Grupo Santander; PT 1.11 euros
* Microsoft PT Raised to $450 from $415 at Morgan Stanley (+)
* Nordex Raised to Buy at Goldman; PT 15 euros
* Schindler Raised to Buy at Jefferies; PT 240 Swiss francs
* Sodexo Raised to Buy at HSBC; PT 120 euros
* Solaria Energia Raised to Outperform at Renta 4; PT 18.30 euros (+)

>>> Down
* Air France-KLM Cut to Underperform at Oddo BHF (+)
* IAG Cut to Neutral at Oddo BHF (+)
* Compass Group Cut to Hold at HSBC; PT 2,370 pence
* Encavis Cut to Sell at Stifel; PT 11.50 euros
* FirstGroup Cut to Hold at HSBC; PT 180 pence
* Fortum Cut to Add at AlphaValue/Baader (+)
* Iberdrola Cut to Equal-Weight at Barclays
* Kindred GDRs Cut to Hold at ABG; PT 130 kronor
* Lufthansa Cut to Neutral at Oddo BHF (+)
* Nemetschek Cut to Hold at Bankhaus Metzler; PT 80 euros (+)
* Orsted Cut to Neutral at Oddo BHF; PT 400 kroner
* Permascand Top Holding Cut to Hold at ABG; PT 17 kronor
* Saab Cut to Hold at SEB Equities; PT 725 kronor
* Victrex Cut to Hold at Berenberg; PT 1,680 pence (+)

>>> Initiation
* CNH Industrial Rated New Neutral at DA Davidson; PT $13
* Novo ADRs Rated New Overweight at Morgan Stanley; PT $120
* Sandoz Group Rated New Buy at SocGen; PT 38 Swiss francs
* Spirax Re-Initiated Hold at Berenberg (+)

>>> Call
* Citi’s Montagu Says Profit-Taking Risks Limit Nasdaq 100 Upside
* Premier Foods Delivers Across the Board, Says Jefferies (+)
* Swatch Misses, Dividend Looks Set to Disappoint, Says Vontobel (+)

>>> Stoxx 600 Pre-Market Indications

  • HelloFresh (HFG TH) +5.2%
    • HelloFresh Raised to Overweight at Morgan Stanley; PT 17 euros
  • Saint-Gobain (GOB TH) +1.2%
  • Evotec SE (EVT TH) +1.2%
  • Vinci (SQU TH) +1.1%
  • Rio Tinto (RIO1 TH) +0.9%
    • Watch European Miners as Iron Ore Climbs on China Demand Hopes
  • Aixtron (AIXA TH) +0.9%
    • German Holdings Round-Up: Aixtron, Bilfinger, Covestro
  • Campari (58H TH) +0.8%
    • Campari Raised to Buy at Citi; PT 10.50 euros
  • Novo (NOV TH) -0.5%
    • Novo Nordisk and Eli Lilly set to face new challenger in weight-loss race
  • Ferrari (2FE TH) -1.2%
  • Carl Zeiss Meditec (AFX TH) -1.8%
  • Nemetschek (NEM TH) -1.8%
  • Orsted (D2G TH) -2.4%
    • Orsted Cut to Neutral at Oddo BHF; PT 400 kroner
  • Encavis (ECV TH) -5%
    • Encavis Cut to Sell at Stifel; PT 11.50 euros

FT : Lasting luxury beats fleeting fashion at Paris men’s fashion week

Lasting luxury beats fleeting fashion at Paris men’s fashion week
Many of the autumn/winter 2024 collections exuded a timelessness — clothes with the longevity to justify big investment

Size matters in fashion — but bigger isn’t always better. The autumn/winter 2024 menswear shows in Paris demonstrated that amply, with brand positioning oscillating between rock concert-worthy spectacle and close-enough-to-touch intimacy, with varying degrees of success. The shows were aided and abetted by the fact that, near universally, the clothes felt desirable, relevant and luxurious.

“If you’re going to spend your disposable income at a time like this, it has to be for something that’s going to last,” said Pharrell Williams, creative director of Louis Vuitton menswear, backstage after his show. If there was one message for the season, it was that.

The notion of something lasting is easily applied to clothes. Many designs were timeless: big coats and sharp leather, and a broad return to formal footwear that can be polished and refreshed in a way jacked-up sneakers simply cannot. But it’s also applicable to the idea of a lasting image — and that is something Williams excels at.

In a children’s amusement park in the shadow of the Fondation Louis Vuitton, Williams staged a grand-scale show dedicated to the American West, featuring careful collaboration with artists from the Dakota and Lakota nations and a lot of rootin’, tootin’ product, such as ruffled denim shirts and turquoise-studs, Colonel Sanders ribbon-ties and fringed leather chaps. The latter duo will be hard sells, but the former — and most of the rest — will fly, as will a collaboration with the New Hampshire boot company Timberland. 
For scale, Vuitton was only matched by LVMH stablemate Dior, which invited about 1,000 guests to witness the unveiling of Kim Jones’s collection devoted to ballet impresario Rudolf Nureyev. His oft dance partner Margot Fonteyn was a Dior client, and Jones’s photojournalist uncle, Colin Jones, shot Nureyev for Time Life magazine in 1966.

Take a leap, pirouette that out into a collection of achingly beautiful clothes, of softly swirling tailoring and sporty balletomane flats and tonsured berets, and haul in Baillie Walsh — the director behind the phenomenal ABBA Voyage experience in London — to choreograph a stadium-size show with elevating platforms and rotating stages and booming Debussy galore.

To differentiate from pretty much every other menswear house out there, Jones also debuted 20 haute couture looks for men — aimed at Dior’s beyond-VIP clients with six figures set to spend on embroidered kimonos and sleeveless crocodile tunics. If this Dior show inspired an emotion, it was awe.


LVMH’s other Parisian couture house, Givenchy, is taking a breather between creative directors after the departure of Matthew M Williams in December, meaning the design team pulled together the collection. Normally a recipe for groupthink disaster, paradoxically it was a highlight.

Shown in the salons that have been home to Givenchy’s couture since 1959, it managed to pull an identity out of the heritage of this house that has often seemed ungrounded and nebulous. The white lab coat worn by couture technicians — and by Hubert de Givenchy himself — became a neat jacket with a ’60s feel, while archival fabrics, pillbox hats and a scarf-print from 1953 reappeared. Forget the fashion geekery though, and the classic coats, suiting and pocketed flak-jackets spoke to the now.

Pierpaolo Piccioli of Valentino was also thinking salon, showing his collection to a few hundred guests tugged in to properly appreciate hand embellishment and sumptuous tailoring. The air, he said, was to challenge toxic masculine ideals — he did so by softening traditional tailoring, scissoring open the shoulder of coats and scrolling them with self-fabric embroideries that managed to be both extravagant and subdued. It walked the season’s razor-fine line between silent and show-off with aplomb, and the outerwear was the very best of the city.


It would be very easy for Véronique Nichanian to show off — both because Hermès is a powerhouse in the truest sense of the word, and because she’s probably the best designer of luxury menswear in the world. Note that I separate that from fashion, because its demands are very different. Fashion is about newness and innovation, luxury is about longevity, continuing, but also about igniting the urge for rich men to buy a softly belted buttery leather coat that costs as much as a studio flat in Cirencester when they have four others at home already.

It’s a tricky proposal, but this collection was a masterclass in eliciting collective desire. “It was good, no?” said Pierre-Alexis Dumas, scion of Hermès’ controlling dynasty and artistic director of the brand, modestly. No, it was great.


It’s a bold word, “great”. But plenty of other things were great too in six strong days of standout shows. Dries Van Noten was great, filled with knits and rich colours, and the best-cut trenchcoat in Paris (in camel gabardine and washed-out denim).

Jonathan Anderson’s Loewe was great, with clothes fused together to create single garments — a belt was stitched to dangle off the waistband of a pair of jeans; a cardigan, shirt, trousers and coat became a jumpsuit — shown in front of kitschy video montages of the actors Manu Rios and Jamie Dornan like homoerotic sinning saints. Which nevertheless didn’t distract from the great knitwear and tailoring and shearling and ginormous cargo-trousers that scaled-up a recurrent trouser trend.

And the British designer Martine Rose presented a great collection too, in Paris for the first time to show her artfully twisted tailoring and sportswear to a homegrown crowd of cheering fans.

There are greats, and then there’s the greatest. In my opinion, the master of Paris this season was Rick Owens, and I suspect most other designers would agree wholeheartedly. He decided to show his collection in a series of small rooms in a building that acts as the designer’s headquarters and home. My room was a white salon, its boiserie depicting braces of gutted pheasants, which fits Owens’ dark and often dystopian vision of menswear. There were a handful of guests.

And into that small space came something big — big silhouettes, big ideas, big drama. Big fashion. Owens proposed blow-up boots and blown-out silhouettes, and thumped-out shoulders so wide his men almost got wedged in the narrow door they filed out of. He called them “grotesque and inhuman”. Some pieces were made from recycled rubber bicycle tyres by a Parisian BDSM practitioner, alongside brushed alpaca capes warped on silk, vegetable-tanned leather, and cashmere and merino. How about that for a mix?

This Rick Owens show was, frankly, astounding. It reminded me of the couturier Cristóbal Balenciaga, whose mid-century silhouettes were revolutionary — and often somewhat unwearable. But they watered down wide, and they changed fashion. I’m not saying anyone, bar Owens’ cadre of impressively hardcore fans, will be wearing inflatable boots that make your calves resemble a frotting pair of giant, bloated toads, but perhaps they will have an impact on our notions of volume as other designers begin to look at what Owens is doing and, slowly but surely, shift under its influence.

And, if you have the good fortune to cross the threshold of one of Owens’ ascetic, mausoleum-esque stores around the world, invest in his wearable knitwear, or his down jackets, or his supple leathers. Rest assured you’re wearing clothes invented by the master of them all.

>>> TradeGate Pre-Market Indications

DAX:
  • No major mover
MDAX:
  • HelloFresh (HFG TH) +5.4%
    • HelloFresh Raised to Overweight at Morgan Stanley; PT 17 euros
  • Nordex (NDX1 TH) +4.5%
    • Nordex Raised to Buy at Goldman; PT 15 euros
  • Evotec SE (EVT TH) +1.4%
  • Evonik (EVK TH) +1.1%
  • Nemetschek (NEM TH) -2.4%
    • Nemetschek Cut to Hold at Bankhaus Metzler; PT 80 euros
  • Encavis (ECV TH) -4.3%
    • Encavis Cut to Sell at Stifel; PT 11.50 euros
SDAX:
  • AUTO1 (AG1 TH) +1.6%
  • Eckert & Ziegler (EUZ TH) +1.5%
  • SGL (SGL TH) -0.7%