These are the stories making headlines in fashion on Friday.
Kering Shares Fall 12% on Sales Drop
Shares in Gucci owner Kering fell 12% Friday, as the company said it would continue its turnaround plan and speed up store closures. Gucci sales fell 6% in the third quarter. The larger luxury market is still struggling, as Hermès posted its weakest quarterly sales growth since 2020 and shares in LVMH slipped as oil prices rose and Chinese demand stayed weak. {Reuters/paywalled}
Gap Inc. To Receive Innovation Award
Gap Inc. will receive the fifth annual Innovation Award presented by Amazon Fashion at the CFDA Fashion Awards on Nov. 2 at the American Museum of Natural History. CEO Richard Dickson and Creative Director Zac Posen will accept the award, which recognizes Gap Inc.’s innovation across product, branding and storytelling. Amazon Fashion cited Gap Inc.’s influence on American style and its recent collaborations, including Gap with Hailey Bieber, Old Navy with Altuzarra and Banana Republic with La Ligne. {CFDA}
Art Basel Paris Cut Short Amid Riots
Art Basel will close its Paris fair early, ending it Friday evening instead of Sunday, citing the safety of visitors, exhibitors, staff and artworks as France braces for more unrest. The decision follows protests, riots and looting last weekend that grew out of weeks of student demonstrations over conditions at high schools and were joined by groups concerned about the cost of living. Dealers and advisers said the early closure should have little effect on sales, since most deals are made during the invitation-only preview days before the fair opens to the public. {The New York Times/paywalled}
L’Oréal Q3 Sales Rise 7.7%
L’Oréal said Thursday that third-quarter sales beat forecasts as shoppers worldwide kept spending on premium hair-care and skin-care products. Sales rose 7.7% to €11.56 billion ($12.95 billion). The luxury division, which makes up more than a third of revenue, was helped by fragrances such as Prada Paradigme and high-end skin care in China. {L’Oréal}
Diane von Furstenberg Honored With Couture Council Award
Designer Diane von Furstenberg received the 2026 Couture Council Award from the Museum at the Fashion Institute of Technology for her influence on women’s fashion. The award was presented at a luncheon at Gotham Hall by The New York Times Fashion Director Vanessa Friedman, who cited her reinvention of her business several times, her years as CFDA chairman and her work through the Diller-von Furstenberg Family Foundation of the High Line and Little Island. Henry Zankov, artistic director of Diane von Furstenberg and an FIT graduate, opened the event. {WWD/paywalled}
GLP-1 Boom Fuels Demand for Tailoring
Americans taking weight-loss drugs such as Ozempic and Mounjaro are increasingly paying tailors and cobblers to alter clothes they own instead of buying new ones, boosting a corner of the retail industry. Secondhand and discount retailers are benefiting, too. ThredUp said 43% of buyers who started above a size 28 waist are now buying smaller jeans, and Stitch Fix said at least 20% of its new clients are on a GLP-1 drug. {Reuters/paywalled}