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Cyprus Economy Thrives: Strong Q3 GDP Growth and Retail Boom in October

by THEFUTURE.TEAM
December 3, 2024

Cyprus’s economic performance continues to shine, with a GDP growth rate of 3.9% in real terms for the third quarter of 2024, marking a significant increase compared to the same period in 2023. The Cyprus Statistical Service revealed the figures on Monday, noting that seasonally and working day adjusted data placed growth at a slightly lower yet solid 3.8%.

The economic expansion is fueled by notable contributions from key sectors, including Hotels and Restaurants, Construction, Information and Communication, and Wholesale and Retail Trade, including Motor Vehicle Repairs.

Retail Sector Posts Impressive Gains in October

In October 2024, retail trade recorded substantial year-over-year growth, reflecting a 4.7% rise in turnover value and a 4.6% increase in turnover volume, according to the Cyprus Statistical Service.

Specialised stores selling Food, Beverages, and Tobacco led the value index gains, while the volume index saw the largest boost from Cultural and Recreational Goods, such as books, stationery, sports equipment, and toys.

Conversely, Retail Sales Not in Stores experienced the most notable decline across both indexes.

For the first ten months of 2024, the Value Index of retail trade grew by 5.2%, with the Volume Index climbing by 4.1%, compared to the same period in 2023.

These figures underscore a vibrant and resilient economic landscape, with growth driven by diverse and dynamic sectors.

Donatella Versace Steps Down After 30 Years At The Helm of Fashion Empire

by THEFUTURE.TEAM
March 14, 2025

After nearly three decades steering the iconic Versace brand, Donatella Versace is stepping down from her role as head of the fashion house. The 69-year-old Italian designer, who inherited the reins from her late brother, Gianni, following his tragic murder in 1997, will remain with the company as its Chief Brand Ambassador. She is set to pass the creative torch to Dario Vitale, the former design and image director of Miu Miu, who will take on the position of Chief Creative Officer.

In her Instagram announcement, Donatella shared her thoughts: “Championing the next generation of designers has always been important to me,” she wrote, expressing her excitement for Vitale’s appointment. “I am thrilled that Dario Vitale will be joining us, and I am eager to see Versace through new eyes.”

While her new role shifts focus, Donatella’s deep connection to Versace remains unchanged. “Versace is in my DNA and always in my heart,” she declared. Donatella’s stewardship has firmly cemented the brand as a staple in the luxury fashion industry, with designs worn by global superstars like Dua Lipa, Angelina Jolie, and Sabrina Carpenter.

In a heartfelt reflection, Donatella expressed her gratitude: “It has been the greatest honour of my life to carry on my brother Gianni’s legacy. He was the true genius, but I hope I have some of his spirit and tenacity.” Despite her transition, she reaffirmed her commitment to the brand’s future, adding: “I will remain Versace’s most passionate supporter.”

The announcement was met with a wave of tributes from the fashion world. Celebrities like actor Damian Hurley, singer Sabrina Carpenter, and model Iris Law shared their admiration for the designer’s contribution to the industry. “We love you forever,” Hurley commented, while Carpenter called her “one and only,” and Law posted, “Love you so much.”

This shake-up in leadership comes as speculation mounts that Prada Group may be eyeing a potential acquisition of Versace from its current owner, Capri Holdings, which purchased the luxury brand for €2 billion in 2018. As Donatella steps into her new role, the future of Versace remains closely watched by both fans and industry insiders.

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