financialtimesfashion
Aug 28
284
0.24%
What happened in fashion this week? 📰👉 Here’s a cheatsheet:
1. Ralph Lauren revealed that it designed the custom looks worn by Jennifer Lopez and Ben Affleck on their wedding, which took place on 20 August in Riceboro, Georgia. Lopez wore three dresses, including a gown adorned with thousands of strings of pearls which was embroidered by 30 artisans across 700 hours.
2. Richemont sold a majority stake in its lossmaking ecommerce operation Yoox Net-a-Porter to online rival Farfetch and Emirati investor Alabbar, taking a €2.7bn non-cash writedown. The long-awaited deal, which is expected to close next year, was welcomed by analysts.
3. Stella McCartney announced the launch of Stella, a skincare line in partnership with LVMH that will include only three products: a cleanser, serum and cream. In line with the brand's ethos, Stella’s skincare will be cruelty-free, certified vegan and include ingredients made from upcycled food waste.
4. Adidas announced that it will replace its chief executive Kasper Rørsted in 2023, three years before his contract is up. Rørsted joined in 2016 and has faced difficult years marked by the Covid-19-pandemic, supply chain issues and geopolitical tensions, including a nationalist backlash in China. The German brand last month lowered its earnings guidance for 2022 by at least half a billion euros because of a substantial decline in its China business.
5. Resale technology company Reflaunt raised $11mn in a Series A funding round led by Ventech China, shopping tax refund company Global Blue and Bombyx, as well as early investors. The investment will allow the company, which brings resale-as-a-service to brands and retailers such as Balenciaga, Net-a-Porter and Harvey Nichols, to tap into Global Blue’s portfolio of clients.
📸: Rich Fury/Getty Images; Richard B. Levine/Alamy; Simon Dawson/Bloomberg
financialtimesfashion
Aug 28
284
0.24%
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