Tapestry Acquires Capri Holdings
Tapestry Inc is set to acquire Capri Holdings in a substantial $8.5 billion deal that could potentially change the US fashion space. This merger will combine Tapestry’s brands – Coach, Kate Spade, and Stuart Weitzman – with Capri’s trio – Michael Kors, Versace, and Jimmy Choo, creating a $12 billion conglomerate. Years in the making, this acquisition stands as a pivotal development, propelling the United States into comparable ranks alongside industry powerhouses such as LVMH and Kering. The deal holds the additional significance of elevating Tapestry into the realm of luxury alongside the likes of Versace and Jimmy Choo and expanding accessible price points, which is what Coach and Michael Kors concentrate on. [WWD]
Bella Hadid Opens Up About Lyme Disease
Over the past year, Bella Hadid has been noticeably absent from significant events like the Met Gala and Cannes Film Festival. Recently, she provided an update on her absence, attributing it to an ongoing battle with Lyme disease. In an Instagram post, Hadid confirmed her improved health and also stated how this process has been for her, saying, “Living in this state, worsening with time and work while trying to make myself, my family, and the people who support me, proud, had taken a toll on me in ways I can’t really explain. To be that sad and sick with the most blessings/privilege/opportunity/love around me was quite possibly the most confusing thing ever.” Hadid also expressed her intention to return to the runway when she feels ready to do so but posted her first behind-the-scenes moment from a shoot here.[Vogue]
The IRS States That Vice Media Owes Around $41 Million in Back Taxes
The Internal Revenue Service (IRS) has filed a claim within Vice Media Group’s bankruptcy case, asserting that the company’s Refinery29 division owes approximately $40.9 million in back taxes, interest, and penalties to the U.S. government. According to Variety, Vice Media announced its acquisition closure on July 31st, led by a group of former lenders, including affiliates of Fortress Investment Group, Soros Fund Management, and Monroe Capital. This acquisition has resulted in a revaluation of Vice at $350 million, a considerable decrease from its $5.7 billion valuation six years ago. In addition to the Refinery29 tax obligation, the IRS has also lodged claims to secure an extra $1.24 million in taxes and penalties from Vice Media, its affiliates, and/or subsidiaries, as outlined in official filings. Vice Media’s bankruptcy filing in May detailed $834 million in debt and $350 million in assets. [Variety]
UK Celebrity Stylists Unionize
Amidst ongoing Hollywood actor strikes, a notable development has emerged in the UK as select stylists form their first-ever union to advocate for better pay, improved working conditions, and increased respect from studios and streaming companies. This unionization effort is driven by a group of stylists who have established the Celebrity Stylist Union, an extension of Bectu—a renowned union covering Broadcasting, Entertainment, Communications, and Theatre sectors. Central to their cause is the demand for fair compensation. The standard fee of $500 per look, common among industry giants like Netflix, Disney+, Paramount+, and Amazon Prime Video, is deemed insufficient by these stylists, who argue that their expertise warrants more equitable pay. As reported by WWD, the union’s primary objective is to construct a comprehensive rate card based on factors such as experience, resources, professional networks, and the unique value each stylist brings to assignments. Union leaders said during a presentation that “Bad rates and high expectations are crippling us. Most days we walk away with less than minimum wage.” [WWD]
Farfetch Shuts Down Beauty Line
A year after launching its beauty category, Farfetch has chosen to discontinue this line and the sale of beauty products by August 31st. The e-commerce platform initially entered the beauty market by acquiring the high-end beauty retailer Violet Grey, later launching a beauty category that featured prestigious brands such as Augustinus Bader, Dr. Barbara Sturm, and Charlotte Tilbury Beauty. Notably, Farfetch also spotlighted progressive beauty brands, including Isamaya Ffrench and Simi Haze. This trend is not exclusive to Farfetch. In a similar vein, luxury consignment store The RealReal also made the decision to close its beauty category back in March. This collective shift showcases a pattern in consumer behavior. While first-time purchases usually occur in person, restocking transactions are usually purchased online and at larger competitor stores like Sephora and Ulta. [Vogue Business]
Model of the Week: Elias Monstrey Debuted at Dior in Egypt
Models.com spoke to Elias Monstrey about his first debut show in Egypt for Dior, traveling around the world, and more. Check out the interview here.
The Best Fashion Industry Interviews To Binge For The August Break
As fashion moves into its well-deserved August break, Models.com highlights some of the incredible stories we’ve run to date in 2023 in advance of an amazing fall lineup to come. Check out all of the interviews here.
MDC Selects: Meet the Rookies Passionate About Feminism and K-Pop
Models.com spoke to six rookies about their passions in product design, astrology, musical instruments, and more. Check it out here.
