Welcome back, today is Friday, July thirty-first, and we begin with Adidas, where The Business of Fashion reports the sharpest one-day share fall on record. Adidas shares fell the most on record after the group's World Cup marketing outlay left quarterly profit below expectations, according to The Business of Fashion. That account ties the drop to the spend behind a marquee sponsorship cycle, which puts the cost side of event marketing, rather than the returns side, in front of brand and media planners. The read on the half is not uniformly weak. Drapers reports first-half operating profit climbed eleven percent year on year, to one point two eight billion euros, and that the company lifted its outlook. So the two sit side by side: a raised full-year view, and a market reaction that landed on the quarter. Marketing-side reaction leans split. Some in the trade read the numbers as evidence that broad demand, not the tournament, is doing the work, while others question what a sponsor actually owns once the final whistle blows. A recurring concern in the channel is sponsorship-cost inflation, with rights holders seen as holding the pricing power. Also today, Hermès. The Business of Fashion puts second-quarter sales growth at seven percent, lifted by recovering tourist traffic in Europe and strong demand in the United States, with China the weak spot, and it has shares falling on the print. That follows our earlier report on the quarter, where growth of six point seven percent at constant exchange rates ran roughly in line with expectations. The operative detail for buyers and wholesale planners is the regional split. The Americas and Europe are carrying the growth while Chinese demand stays the drag, and second-half plans get set against that shape. Much of the reaction reframes the print as relative outperformance rather than strength in a soft luxury cycle, with some observers treating the unconventional demand proxies now used to time a China rebound as a sign there is no clear visibility on when that demand returns. Separately, Miu Miu. Quarterly sales at the brand grew three percent, in line with the previous quarter, per The Business of Fashion, giving the trade a first read that a run of sector-beating growth is levelling rather than reversing. nss magazine reports Prada Group revenue rose eleven percent in the first half, or five percent excluding Versace at constant exchange rates, with retail up seven percent and wholesale up thirty-six percent. That reporting has the Americas up thirty percent at current rates and the Middle East down twenty-nine percent, and it attributes Miu Miu's slower retail growth, two point five percent year on year, to the conflict in the Middle East. Industry reaction leans toward reading the deceleration as base-effect normalization off an unusually steep climb, rather than a turn in the brand's trajectory. Now, to the public markets. Reformation was valued at eight hundred eighty-six million dollars in its New York Stock Exchange debut, The Business of Fashion reports, after the womenswear brand and shareholders including Permira raised two hundred eleven million dollars in an offering priced at the bottom of the marketed range. Shares opened at fifteen dollars. That lands under the valuation of up to one billion dollars the label was targeting when it started its roadshow, as we reported earlier this week, and it sets a public reference point for how contemporary apparel brands of that size are being valued this cycle. WWD has the stock inching up on its first day, with chief executive Hali Borenstein saying the brand has plenty of growth ahead. Some in the trade read the debut alongside other softly landing private-equity-backed consumer listings as an early gauge of appetite for retail IPOs and sponsor exits. Now, a few more headlines moving the trade today. Following our earlier reporting on the tariffs, Drapers has fashion retailers describing how they are navigating sourcing and pricing against duties on sixty trading partners. Mango turnover rose seven point two percent year on year in the first half, to one point eight five billion euros, Drapers reports, growth the retailer says runs ahead of the wider market. The Business of Fashion argues Shein will struggle to justify a Hong Kong listing valuation of up to fifty billion dollars, against ninety-eight point two billion in its two thousand twenty-two round. Frasers has raised its Hugo Boss stake to thirty-seven point five eight percent, from thirty point two eight, per a London Stock Exchange filing reported by Drapers. And finally, Steven Madden raised its full-year revenue forecast again, The Business of Fashion reports, crediting its integration of Kurt Geiger.