Plus, diamond sales are dropping globally.
These are the stories making headlines in fashion on Thursday.
Diamond sales drop dramatically
According to a new study by Bain & Co., the global diamond industry has been taking a hit, with rough diamond sales dropping 25% and polished diamond sales expected to fall 10% to 15% by the end of the year. The downfall is most likely due to dwindling consumer confidence, a decline in Chinese tourism which has lead to lowered luxury sales, and a 15% increase in tariffs on Chinese jewelry. While the industry is showing recession symptoms, Bain maintains that the market typically recovers in one to two years. {WWD}
What comes after being editor in chief?
As the media landscape changes, former magazine editors are stepping away from the publishing world. What is life like after leaving the arguably most coveted job in fashion journalism? WWD sums up the career paths of ex-editors from Cosmopolitan, Elle, Glamour, Teen Vogue and InStyle. {WWD}
A TikToker is the new face of Celine
Celine has announced an unlikely celebrity to be the new face of the brand: 18-year-old TikTok influencer Noen Eubanks. Eubanks has amassed over seven million followers on the app, with his posts reaching 10 million views. {Business of Fashion}
A eulogy to brands that died in the 2010s
The 2010s have born a countless number of shiny new millennial direct-to-consumer brands, like Everlane, Glossier and Warby Parker. But, with every successful Amazon comes bankruptcy and closure of ten brick-and-mortars. Once beloved stores such as Blockbuster, American Apparel, Charlotte Russe and Payless are some of the many that have faltered in the retail apocalypse this decade. {Vox}
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Source: Fashionista.com
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