US labels make Paris debut on haute couture catwalks
PARIS — Two high-end American labels were to make their Paris haute couture debuts on Sunday in a week when the French capital pays tribute to two of fashion’s legends.
PARIS — Two high-end American labels were to make their Paris haute couture debuts on Sunday in a week when the French capital pays tribute to two of fashion’s legends.
COST-CONTROL is the new watchword at Hennes & Mauritz AB (H&M) as the European fashion giant seeks to compensate for slowing sales growth, rising inventories, and dwindling profitability.
The Swedish retailer on Thursday posted second-quarter earnings that exceeded analyst estimates, with the company’s efforts to contain expenses making the difference. Contending with a growing backlog of unsold clothing that will require greater markdowns, H&M trimmed its store-opening target and set a goal for online sales growth of at least 25% a year.
“The company has aggressively controlled operating costs,” Caroline Gulliver, an analyst at Jefferies, said in a note. “This is a marked change from H&M’s inability to cut like-for-like costs in the past.”
H&M’s shares were up 1.4% in Stockholm after initially rising as much as 5.7%. Investors have seen the value of their holdings dwindle as the company struggled to keep pace with competitors such as Zara owner Inditex SA, which has put a greater emphasis on e-commerce and has proved more adept at responding to shifts in consumer tastes.
“We haven’t reached our own targets in the past couple of years, that’s true,” H&M Chief Executive Officer Karl-Johan Persson said in an interview. “But we’re still growing significantly, so it’s not like it’s bad, but we had set very ambitious growth targets.”
The retailer said second-quarter operating costs rose about 8% from a year earlier, less than analyst estimates that mostly exceeded 10%. The difference probably reflected lower selling volumes and reduced long-term investments, RBC analysts said.
“Given that foreign exchange added 4% to the cost base and the store count is up 10%, we think this is impressive cost control,” Morgan Stanley’s Geoff Ruddell said in a note.
H&M reduced its store opening guidance for the year to 400 net outlets from 430, while placing greater emphasis on e-commerce. The retailer, which has online operations in 41 markets, said it will add such services in the Philippines and Cyprus this year and in India in 2018. For most analysts, that advance can’t come soon enough.
“H&M urgently needs to be a fully digital multi-channel retailer,” Raymond Jame’s Cedric Lecasble said in a note.
Online expansion helped offset an increase in inventory that H&M said it plans to clear by marking down prices this summer more than last year. — Bloomberg
CEBU PACIFIC, Inc., will start mounting night flights to Dumaguete starting July 7 following the upgrade of the air traffic control system and newly installed night navigational equipment at Dumaguete-Sibulan Airport.
The Gokongwei-led airline said in a statement that it will add three round-trip flights weekly between Manila and Dumaguete, utilizing its 180-seater Airbus 320 aircraft.
With the additional service, the budget carrier said the last flight will be leaving Manila at 5:20 p.m. and arriving in Dumaguete at 6:50 p.m. while return flight will be at 8:00 p.m.
“Increasing the number of airports with night-flying capability would help promote tourism and improve connectivity within the country,” Cebu Pacific Vice-President for Corporate Affairs Paterno S. Mantaring, Jr. said.
Increasing the number of airports with night operations will also allow the budget airline, along with other carriers, “leeway to spread flight times,” which in turn will improve aircraft movement and traffic at the Ninoy Aquino International Airport in the capital during the peak hours, he added.
Cebu Pacific flies 21 times weekly between Manila and Dumaguete; and 14 times a week between Cebu and Dumaguete, through its wholly owned subsidiary Cebgo.
Prior to Dumaguete, the airline announced night flights to and from Caticlan, the gateway to Boracay. It also operates night flights to and from the Roxas City Airport in Capiz, the Laguindingan Airport in Misamis Oriental, and the Legazpi International Airport in Albay, on top of trunk routes in Cebu and Davao.
Cebu Pacific flies to 37 domestic and 26 international destinations, with over 104 routes spanning Asia, Australia, the Middle East, and USA. The airline operates flights out of six hubs in the Philippines: Clark, Davao, Kalibo, Cebu, Iloilo and Manila.
Cebu Air, Inc.’s net income plunged 68% to P1.28 billion in the first quarter. — Imee Charlee C. Delavin
TROPICAL STORM Emong, the 5th to enter the country this year, brought rains to parts of north-eastern Philippines, but weather bureau PAGASA did not raise any typhoon warning signals. Emong is expected to be out of the Philippine area of responsibility before noon today, July 3, as it heads for the Ryukyu Islands in Japan.
By Troy Patterson
Bloomberg
SEE THE guy on the subway platform with his gray suit and New Balance running shoes, which — like Melanie Griffith in Working Girl — he wears exclusively for his commute? Or see the eminent graybeard in your workplace, the gentleman who believes, with some justification, that he has earned the right to wear a dark pinstriped suit with an especially horsey pair of Under Armour SpeedForm Geminis?
OK, forget those guys, because they’re doing things ineptly.
Once upon a time, the suit-and-sneakers combo was primarily adopted by narrow subsets of the male population, such as self-conscious rebels wearing Converse Chuck Taylors to homecoming dances. Also, victims of chronic ankle pain.
But no longer. “Sneakers with a suit is the big trend right now,” says Loris Spadaccini, vice-president in charge of the men’s division at M. Gemi, which sells Italian shoes directly to consumers. “It’s accepted even in traditional business environments.” He ventures further that the craftsmanship of high-end shoemakers — “our uppers are not glued but stitched to the sole” — has helped to facilitate the acceptance.
Now, instead, consider a trendy young guy with the hem of the tiny trousers of his bright blue suit hovering a full three inches above the green heel tabs of his box-fresh adidas Stan Smiths. You can quarrel with the tailoring, but the guy is on to something. The relaxed jackets of the moment, with their unstructured shoulders and unfussy attitudes, are mainstreaming the sneakerhead ethos to memorable effect.
Consider the testimony of Sébastien Kopp, who 12 years ago cofounded the French sneaker company Veja. “When we created the brand, we never imagined someone wearing sneakers with a suit,” Kopp says. “But we’ve seen it across the board, from businessmen to artists to TV personalities. It works best when the shoe pops and is quite visible. It shouldn’t be subtle, but rather make a statement.”
Well-dressed men intuit this, as I discovered the other day loitering on West 55th Street and watching Midtown Manhattan power-lunchers of a certain age exit Michael’s. The flashy casual kicks worn by those executives and aspirants confirmed that we have plunged feet first into a new era.
They tended to observe what is, though not an ironclad law, a smart guideline: Use contrast to make a suit-with-sneakers outfit sing. Their sedate medium-toned suits were paired with sneakers that split the difference between wine-dark opulence and pumpkin-bright flamboyance, sporting what looked like suede babies from Bottega Veneta with the intrecciato motif, rich brown Zegna Pella Tessutas with a similar weave, and ultra-lightweight, napa-calf low-tops from A. Testoni.
Spadaccini specifically advocates for the white sneaker to go with a blue suit: “We like this idea of high contrast to make footwear the centerpiece of the outfit,” he says. It’s a low-degree-of-difficulty move: Match the resort-hotel airiness of a perforated leather court shoe against the citified solidity of a solid suit.
A somewhat riskier — and, therefore, potentially more rewarding — move is to juxtapose the earth tones of khaki with the space-suit silver gleam of metallic trainers. And though high tops can be highly tricky in this arena, a pair will perfectly accessorize with a skinny dark suit in certain contexts, such as overpriced nightclubs and televised music-industry award shows.
In the best such pairings, the sneakers in play are proud of their sneakerness, I believe. They might be elevated — by way of the quality of the leather, the stitching, the shoelaces — and they might be minimalist, with a light touch on multicolored trademarks and lavish logos. But they don’t shy away from being, in a fundamental way, sneakers.
Ironically, a sneaker that too closely resembles a dress shoe looks worse in most cases. A black slip-on sneaker, for example, can sometimes assume the sad aspect of an orthopedic loafer.
Once you embrace the spryness of the ensemble, you can explore the versatility of the look. Years ago, on the day of my bachelor party, I wore a seersucker suit, a blue polo shirt, and a pair of adidas Rod Lavers from the Belmont Stakes to Wolfgang’s Steakhouse. You can go anywhere in such an outfit — and go there faster than you can in other kinds of shoes. I suggest trying a lightweight suit with a flashy pair of kicks at a beach wedding, where you’ll appreciate the extra traction, especially if you get cold feet and sprint away from the altar at the last second.
A Havana suit in gray bird’s eye weave from Suitsupply paired with classic diagonals sneakers by Off-White. — Suitsupply/Off-White
A Blue cotton-blend two-piece suit from Boglioli paired with white leather low-tops with perforated inserts from Canali. — Boglioli/Canali
An O’Connor fresco two-piece suit by Tom Ford paired with Esplar white leather trainers from Veja. — Tom Ford/Veja
A Light-blue herringbone Super 170s wool suit from Kiton paired with Pallone high-tops in walnut from M. Gemi. — Kiton/M. Gemi
A Slim-fit brushed-cotton jacket and matching trousers by Paul Smith for Mr. Porter paired with silver Mexico 66 racing shoes from Onitsuka Tiger. — Paul Smith/Onitsuka Tiger
A Light-blue seersucker sport coat and matching trousers from Haspel paired with Rod Laver Super tennis shoes by adidas. — Haspel/Adidas
PRESIDENTIAL ASSISTANT for the Visayas Michael Lloyd L. Dino said he will lobby for the cancellation of the bus rapid transport (BRT) project in Cebu City, citing that it is not the best mass transport system for the congested city. “I will lobby before the President and all other government agencies to cancel the BRT project. This project will only prove disastrous for Cebu,” he said on Friday following a presentation by Rene S. Santiago, a transport engineer and former president of the Transportation Science Society of the Philippines. “What we need is an LRT (light rail transit). Manila has already eight LRTs, unya (but) Cebu kay (has) zero,” Mr. Dino said. Mr. Santiago, in his presentation, said the BRT cannot solve the rising demand for “ridership” in Cebu, as it will only “replace” existing jeepneys. For the local government, City Administrator Nigel Paul C. Villarete said in an interview with The Freeman that they are already preparing to ask the Department of Transportation to conduct a feasibility study for the second phase of the BRT project now that the first phase is underway. The budget for the first phase of the BRT, which has been raised to P16.9 billion from P10.6 billion due to the higher cost for right-of-way (ROW) acquisition, has been approved by the technical board of the National Economic and Development Authority-Investment Coordination Committee, according to Rafael Christopher L. Yap, head of the BRT Project Implementation Unit. The ROW acquisition process is underway. “For now, the key is we will implement the first phase of the BRT,” Mr. Villarete said. — The Freeman
THE CEBU Integrated Transport Multi-purpose Cooperative (CITRASCO) has expressed willingness to be a recipient of the electronic jeepneys or e-jeep being offered by Australian firm Star 8 Green Technology Corporation for free. CITRASCO General Manager Ryan Benjamin Yu said their group has about 1,000 units of gasoline- or diesel-powered jeepneys and they are ready to have all that replaced with e-jeeps. The Visayas United Drivers Transport Services Multipurpose Cooperative, through its chairman Alex Bordadora, has likewise expressed readiness to shift to the e-jeeps, which were demonstrated by Star 8 last Saturday at the Cebu Technological University. In a press conference, Star 8 Chief Executive Officer Jacob Maimon said they are offering their solar-powered vehicles free of charge to the drivers as they are counting on advertisements as revenue source. — The Freeman
THE DAVAO City Chamber of Commerce and Industry, Inc. (DCCCII) said the number of participants who have registered for this year’s Davao Investment Conference 2017 (Davao ICON 2017) on July 21 and 22 has now exceeded last year’s and with a higher percentage of foreign investors. DCCCII member John Carlos B. Tria told the media last week that a month before the forum, they already had 200 confirmed delegates, which was the number in 2016. “So we’re expecting more than that already despite the martial law declaration,” he said. Mr. Tria also noted that about 40% will be foreign delegates, higher than the average 10-15% in previous years. The Davao ICON 2017 will focus on the agriculture, manufacturing, tourism and infrastructure sectors, with a goal of promoting a more balanced investment profile in the Davao Region. — Maya M. Padillo
THE SPANISH government expressed its continued support for the peace process in Mindanao during the celebration of the 15th Philippine-Spanish Friendship Day last June 30 in Baler, Aurora. “The support of these processes has been one of the constants of Spanish cooperation in the Philippines, with various projects implemented by civil society, particularly in Mindanao,” Spanish Ambassador to Manila Luis Antonio C. Calvo said in his speech. Budget Secretary Benjamin E. Diokno, who was this year’s guest speaker, cited the Spanish government’s development projects in the Philippines funded through the Agencia Espanola de Cooperacion Internacional para el Desarollo (AECID). “The Philippines is the only priority country in Asia for official development assistance from Spain, having received up to €278 million in the last 15 years,” Mr. Diokno said in his speech. The Philippines was a Spanish colony for more than three centuries, ending in 1898. — Jil Danielle M. Caro
THE Great Singapore Sale (GSS) — one of Asia’s biggest shopping extravaganzas — is ongoing until Aug. 13. Presented by the Singapore Retailers Association (SRA) and Singapore Tourism Board (STB), it is where some of the best deals and bargains from the hottest brands are.
“Singapore is truly a shopper’s haven and once more, the Great Singapore Sale welcomes our visitors to experience the biggest shopping spree in Southeast Asia,” said Lael Loh, STB area director for Philippines, in a press statement.
SRA and STB note that prices during the sale can drop to as low as 70% among the hundreds of participating brands such as Oakley, GoPro, Levi’s, Dockers, Aldo, Pandora, Ralph Lauren Home, Lacoste, Quicksilver, Nike, Tempur, Tissot, Vans, Topman, Topshop and Dorothy Perkins.
And it is not just products that are on sale — spa treatments, dining offerings, and accommodations from luxurious and quirky boutique hotels are also available.
For cashless transactions, UnionPay International cards come in handy. Aside from being the official card partner of GSS, it also allows shoppers to score exclusive offers from big brands such as Kate Spade, Michael Kors, Tumi, and Victoria’s Secret.
Making going on a shopping spree even more convenient is the newly rebooted GoSpree app, which provides a comprehensive list of GSS retail and service stores, shopping malls, dining outlets, attractions, leisure activities, and hotels.
With the GoSpree app, shoppers can also browse for deals such as $500,000 worth (P18 million) of eCoupons that include 1-for-1 treats, additional 20% off sale items, and buy-2-get-1-free offers.
Shoppers also stand to win great prizes simply by shopping. In a promo that is ongoing until Aug, 13, a minimum of $30 (P1,070) single-receipt purchase at participating stores will give shoppers the chance to win $300,000 worth (P10.7 million) of vouchers, household appliances, gadgets, and even a brand-new Subaru Impreza or a Nissan Pulsar, in weekly draws under the Shop & Win promo by the Singapore Press Holdings. Shoppers can also double the chances of winning these prizes using their UnionPay credit cards.
Popular Singaporean brands are also something shoppers should watch out for. There is Benjamin Barker, creator of suave bespoke men’s apparel; Pedro’s shoes and accessories for both ladies and men; and the local, artisanal craftsmanship of the Museum Label. Then there is Naiise, which showcases over 15,000 locally made items from more than 890 emerging and established local and international brands, and offering one-of-a-kind pieces, from quirky souvenirs and stationary, to accessories and household products.
“The Great Singapore Sale has always been a highlight in Singapore’s events calendar. Together with SRA and other partners, we have added new components this year to enhance the overall shopping experience, so that our returning visitors and new-comers can enjoy a retail experience like no other,” Edward Koh, STB executive director for Southeast Asia, was quoted as saying in a statement.
For more information on Singapore’s lineup of offerings, visit www.visitsingapore.com.
The Great Singapore Sale is ongoing until Aug. 13.
VICE PRESIDENT Maria Leonor G. Robredo, who took position on July 1 last year after the May plebiscite, attributed the underspending of her office in 2016 to the ban on the use of public funds during election season. The Commission on Audit (CoA) earlier flagged the underspending of the Office of the Vice-President (OVP), as it only used 59.42% of its appropriated budget for financial assistance to indigent Filipinos. “’Pag panahon ng eleksyon, maraming bawal na mag-release ng pera. Kaya ’yung between February and May, medyo nag-slow down ’yung paggastos (During election season, release of funds are not allowed. That’s why between February and May, the spending slowed down),” said Ms. Robredo in her radio show BISErbisyong Leni on Sunday morning. CoA did cite in its report that P93.8 million out of the P130.69 million utilized for the full year 2016 was spent during the July to December period. Ms. Robredo’s predecessor was Jejomar C. Binay. — Raynan F. Javil
FRANCE has invited the Philippines to be its partner in developing a legal framework that would promote environmental justice, intended to protect those who are most vulnerable to climate change, in line with the Paris Agreement, according to Senator Loren B. Legarda. In a statement, Ms. Legarda, chair of the Senate committee on climate change, said: “This new framework can strengthen the goals of the Paris Agreement, and I believe the Philippines can be France’s strong ally in this initiative. A strengthened climate partnership between an industrialized nation like France and a vulnerable developing country like the Philippines would inspire other nations to move forward with the implementation of the Paris Agreement even with current challenges, such as the US President’s decision to withdraw from the accord.” Ms. Legarda is part of the eight-member Senate delegation that went on a three-day visit to France on June 27-30 to meet with French counterparts in commemoration of the 70th anniversary of the signing of the Philippines-France Treaty of Friendship. — Jil Danielle M. Caro