The emphasis back on the core business was explicit: CEO Francesco Milleri said in Tuesday's statement that eyecare, eyewear and medtech "remained a powerful engine of growth" . That framing matters. The stock has lost more than 40 percent of its value this year as investors reassess the outlook for AI glasses; Milleri had said last year he saw AI glasses as a potential smartphone replacement, while Bloomberg Intelligence analysts have since judged market expectations overly optimistic . Morgan Stanley analysts flagged the fourth quarter as the "key challenge," noting the company benefited in Q4 2025 from "significant smart-glasses sell-in to Meta" . By region: North America, the largest market, grew 4.7 percent at constant exchange rates to €3.2 billion (versus the €3.15 billion consensus), with comparable-store sales up more than 5 percent; Europe grew 7.5 percent; Asia-Pacific delivered a 16 percent increase .
## FERRAGAMO: DTC CARRIES THE HOUSE WHILE WHOLESALE TAKES THE HIT Salvatore Ferragamo closed the first nine months of 2026 with consolidated revenue of €675 million — broadly in line with the previous year at constant exchange rates, down 2.8 percent at current rates . The third quarter alone came in at €207 million, down 3.5 percent at constant exchange rates and 6.2 percent at current rates, reflecting what the Florentine house called a complex macroeconomic and geopolitical backdrop that weakened consumer confidence over the summer. The story is distribution. The direct-to-consumer channel posted net sales of €537 million over nine months, up 4.0 percent at constant rates, driven by full-price selling in primary retail — the fifth consecutive quarter of positive execution. Wholesale, by contrast, fell to €123 million, down 13.4 percent at constant rates, with a 19.1 percent third-quarter drop that the company attributes to a deliberate process of discontinuing non-strategic partners to protect and strengthen brand equity .
Geography shows the same polarization visible across luxury: North America was the most dynamic market, up 11.2 percent at constant rates over nine months with both channels posting double-digit growth; EMEA fell 7.4 percent on wholesale cuts despite mid-single-digit DTC growth; Asia-Pacific, including Japan, declined 5.3 percent with Q3 down 11.1 percent as China deteriorated, only partially offset elsewhere; Central and South America grew 4.8 percent .Chairman Leonardo Ferragamo reaffirmed confidence in the medium-to-long-term outlook, citing management discipline, product quality, clienteling and brand desirability. ## PITTI UOMO 111: KARTIK RESEARCH JOINS DUNHILL AS GUEST DESIGNER Pitti Immagine has unveiled Kartik Research as the second Guest Designer for the 111th edition of Pitti Uomo —
following Dunhill — running January 13–16, 2027 at Florence's Fortezza da Basso. The brand, founded in New Delhi in 2021 by designer Kartik Kumra and a finalist for the LVMH Prize in 2023, will stage a special runway event bringing its fusion of traditional Indian craftsmanship and contemporary menswear and streetwear codes .Every garment is crafted and finished by hand by local artisans, using centuries-old techniques — hand-weaving, intricate embroidery, natural plant-based dyeing — reinterpreted through modern, relaxed silhouettes. "Bringing Kartik Research to Pitti Uomo means offering our audience a unique and contemporary perspective on global craftsmanship," said Francesca Tacconi, special events coordinator at Pitti Immagine. "Kartik Kumra has an extraordinary ability to translate the richness of Indian textile traditions into today's menswear wardrobe, creating a dialogue between past and future that defines a new concept of sustainable, mindful luxury" .
"We are truly excited to present our new collection in Florence as Guest Designer at Pitti Uomo," said Kumra. "For us, it represents an outstanding opportunity to showcase the value, mastery, and beauty of Indian craftsmanship to an international audience, narrated through a modern and personal lens" . ## KERING/LVMH MODEL CHARTER: PROGRESS, AND THE POLICING QUESTION After a season marked by the extreme thinness of models — criticised publicly by fashion commentator Sophie Fontanel — Kering and LVMH have strengthened their joint charter on the protection of models, first published in 2017. The new version takes effect in January 2027. Its headline measure: the minimum age for models rises from 16 to 18 . That is not new for Kering, which implemented it internally in 2019, but it will now also apply within Bernard Arnault's group. The text also adds measures against gender-based and sexual violence.
Critics say the grey areas remain. "What we see in the charter, once again, is that it is sorely lacking in provisions relating to the economic working conditions of models," Ekaterina Ozhiganova, president of the Model Law association, told FashionNetwork. On working conditions, the charter states only that contracts must comply with national legislation — "an obvious requirement... In itself, it adds nothing" . Her key objection is enforcement. The 2017 charter stipulated an annual monitoring committee of brands, agencies and models; Kering confirmed that beyond an initial formal meeting, monitoring took the form of a "dialogue" between parties. "The only monitoring committee that was made public, with images released, was a committee bringing together all the representatives except the models," Ozhiganova noted wryly .
The new text does add that brands must guarantee models "fair and equitable remuneration" — "But once again, unfortunately, we believe that without genuine monitoring of this charter, it is impossible to ensure that such conditions are actually met" . Two technical gaps stand out. The reinstated size floor — no models below women's size 34 or men's size 44 — would be more effective with concrete centimetre measurements, she argues, given discrepancies between brands' size charts; Kering says the minimums are based on average European measurements . And while the charter requires medical certificates no older than six months (French law allows up to two years), many doctors abroad lack industry-specific knowledge; Ozhiganova proposes a standardized form, translated into several languages, listing the criteria to be assessed .
The stakes extend beyond the two groups: Kering and LVMH account for a substantial share of global luxury, but the rest of fashion is not bound by these commitments. Regulation may close the gap — Model Law participated in a 2025 commission of inquiry that produced French Bill No. 2824, aimed at combating psychological, gender-based and sexual violence in the cultural sector including fashion, with provisions focused on protecting minors and ending the model indebtedness that leaves many, particularly foreigners, at risk of debt .
