The 2024 LVMH Prize finalists
The 2024 LVMH Prize finalists have been announced, including Aubero by Julian Louie from the United States, Duran Lantink from the Netherlands, Hodakova by Ellen Hodakova Larsson from Sweden, Marie Adam-Leenaerdt from Belgium, Niccolò Pasqualetti from Italy, Paolo Carzana from the United Kingdom, Pauline Dujancourt from France, and Standing Ground by Michael Stewart from Ireland. Delphine Arnault, CEO of Christian Dior said, “The semi-final of the 11th LVMH Prize highlighted the diversity and richness of the candidates’ creative approaches. I’m also delighted that two former semi-finalists of the Prize, Duran Lantink and Niccolò Pasqualetti, have reached the final.” This year, the finalists will compete for three prizes instead of the usual two. LVMH has introduced a Savoir-Faire Prize, which will reward excellence in craftsmanship, sustainability, and technical innovation, in addition to the Grand Prize and the Karl Lagerfeld Prize. Critiques regarding the lack of racial diversity have surfaced on social media, as none of the Asian, Black, or Latin American designers from the semi-finalist round made the final cut this year. The finalists represent only the U.S. and seven European countries.The jury will include Jonathan Anderson, Maria Grazia Chiuri, Nicolas Ghesquière, Marc Jacobs, Kim Jones, Stella McCartney, Nigo , and Silvia Venturini Fendi, alongside Delphine Arnault, Jean-Paul Claverie, and Sidney Toledano. Pharrell Williams has been added to the roster, and Phoebe Philo, who was on the jury during her time at Celine, will return this year. The eight finalists will meet the jury on September 10th at the Louis Vuitton Fondation in Paris. The winner of the LVMH Prize will receive €400,000 and a one-year mentorship, the winner of the Karl Lagerfeld Prize €200,000 and a one-year mentorship, and the winner of the Savoir-Faire Prize €200,000 and a one-year specific mentoring program. [Vogue]
FTC sues to block Capri Holdings $8.5B sale to Tapestry
The U.S. Federal Trade Commission issued a lawsuit on Monday to block Tapestry, the parent company of Coach, from its $8.5 billion acquisition of Capri, the owner of Michael Kors. This deal, initially announced last August, would mark a significant milestone by forming the first major U.S.-based fashion conglomerate. It has the potential to emerge as a formidable competitor to European luxury groups such as LVMH. Under the proposed merger, Tapestry’s portfolio, which includes Coach, Stuart Weitzman, and Kate Spade, would unite with Capri’s brands, which comprise Michael Kors, Jimmy Choo, and Versace. The FTC contends that this merger would eliminate direct competition between the flagship brands of the two luxury handbag makers, potentially leading to increased prices and creating barriers for new brands entering the market. The FTC also speculates that Tapestry might use this deal to acquire additional brands in the future. Henry Liu, director of the FTC’s Bureau of Competition said, “This deal threatens to deprive consumers of the competition for affordable handbags, while hourly workers stand to lose the benefits of higher wages and more favorable workplace conditions. With a unanimous 5-0 vote, the FTC is pursuing a temporary restraining order and a preliminary injunction to halt the deal. Tapestry and Capri intend to contest this decision in court.”[Reuters]
Express Files for Bankruptcy
Express is crafting a new strategy following its Chapter 11 bankruptcy filing and closure of 160 stores. Known for its workwear, the brand is struggling to establish a foothold in today’s retail landscape. On Monday, the company revealed its bankruptcy filing alongside a letter of intent from suitor Phoenix—a joint venture involving brand management firm WHP Global, along with two key landlords, Simon Property Group and Brookfield Properties. As part of the $35 million financing package secured by Express for the bankruptcy proceedings, the company is required to finalize a firm deal within 30 days; otherwise, it faces the prospect of transitioning to an orderly liquidation process. Should Phoenix acquire Express out of bankruptcy, the management firm intends to integrate it as a retail and operational arm within its existing business portfolio, which already encompasses Joseph Abboud, Joe’s Jeans, Isaac Mizrahi, William Rast, and other brands. Neil Saunders, managing director of GlobalData, said “The formal and smart casual market for both men and women has softened over recent years because of a rise from working from home and the casualization of fashion. This puts Express firmly on the wrong side of trends and, in our view, the chain made too little effort to adapt.” [WWD]
Ganni Taps Laura du Rusquec as CEO
Ganni has appointed Laura du Rusquec, the former deputy CEO at Balenciaga, as its new chief executive officer. Du Rusquec succeeds Andrea Baldo, who has led Ganni since 2018, overseeing significant annual growth and expanding the brand’s retail presence. Prior to joining Ganni, Du Rusquec held positions at Gucci and its parent company, Kering. Du Rusquec said, “I am thrilled to join Ganni at such a pivotal time and to continue building on the brand’s strong foundation. Ganni’s commitment to innovation, sustainability and their progressive approach to luxury is exactly what the future of fashion needs. I look forward to leading the talented team toward new heights and further global expansion.” Ganni was acquired by Nicolaj Reffstrup and his wife Ditte Reffstrup in 2009, from Frans Truelsen, who founded the company in Copenhagen in 2000 as a cashmere apparel brand. Currently, Ganni operates more than 45 stores worldwide and provides e-commerce services to 35 countries. The brand’s headquarters are located in Copenhagen, with offices in London, New York, Shanghai, and Paris. [WWD]
Photographer Joshua Woods’ Fashion Journey From Harlem to Paris
Models.com spoke to photographer and director Joshua Woods in Rome on set to discuss his usual collaborators, building a visual catalog of interesting conversations, and the crossover appeal of fashion and art. Check out the interview here.
The Latest Magazines on Our Radar
Spring has finally sprung, and so have the covers. Here are the latest covers that have caught our eyes; from the eclectic pages of indie publications like Double Magazine to Zendaya’s dual appearances on American Vogue and British Vogue, there’s something for every taste. Check out the list here.
Mar + Vin on Creating Ecosystems Through Timeless Imagery
Models.com spoke to Brazilian photography duo Mar + Vin for Behind The Image series, where they discuss the process behind some of their favorite works and uncover the influences that shape their imagery. Check out the interview here.
Features: This New Wave of Male Models Showcase Sydney’s Multifaceted Identity
Australian men are stereotypically thought of as bronzed Adonises–hyper-masculine, sun-kissed, a bit rough-around-the-edges. However, Sydney’s reality is far more diverse and way more interesting. Meet the new wave of male models reshaping perceptions, showcasing Australia’s multifaceted identity. Check it out here.
And don’t forget some of this week’s Pre-fall content with a “Day In The Life” at Louis Vuitton with Hejia Li and updates to the Models.com Icons and Money rankings.
