Photo: Angalis Field/Teen Vogue
These are the stories making headlines in fashion on Wednesday.
Alex Consani covers Teen Vogue
Model and internet sensation Alex Consani is Teen Vogue‘s November cover star. Photographed by Angalis Field and styled by Kirby Marzec, Consani wears a Balenciaga top and pants in the cover shot. In an accompanying interview with Eva Reign, she discusses a broad range of topics, including skateboarding, her identity as a trans woman and being a Gen Z icon. {Teen Vogue}
Estée Lauder names new CEO
Stéphane de La Faverie will take over as president and CEO of The Estée Lauder Companies effective Jan. 1, the company announced on Wednesday. De La Faverie will succeed current CEO Fabrizio Freda in the position roughly six months earlier than Freda’s original retirement announcement stated. The company also announced that William P. Lauder will step down as executive chairman of the company and will remain Chair of the Board of Directors. “Stéphane’s deep-rooted industry and operational expertise, and his collaborative and dynamic approach, make him the ideal CEO to move us forward with speed and urgency,” said William P. Lauder in a press release. {The Estée Lauder Companies}
Prada Group reports an increase in revenue amid luxury downturn
Prada Group revenue is up 18% year-on-year despite the continued luxury market slowdown. Its success is spearheaded by major growth at Miu Miu, where sales have risen 105% year-on-year. The group outperforms rivals LVMH and Kering, which both reported falling numbers in the third quarter. {Prada Group}
Shopify shifts focus to larger companies
Shopify has long maintained a customer base of small businesses. However, the e-commerce platform is shifting its focus to bigger clients following the end of the pandemic-era e-commerce boom. Shopify has successfully poached several clients from competitor Salesforce, including Mattel, Inc. Toys R Us and Casper, enticed by its lower price tag and simpler user experience. {Business of Fashion/paywalled}
Americans are borrowing to finance cosmetic procedures
Cosmetic procedures, from Botox to tummy tucks, are gaining popularity in the United States, and debt investors are eager to capitalize on the rising, often uninsured price tags associated with them. Americans are becoming increasingly eager to get expensive procedures — and borrow to fund it, reports Bloomberg. Clinics, credit card companies, buy-now-pay-later companies and aesthetics companies (like Allergan, the maker of Botox) are also partnering on rewards and payment programs and specialized credit cards for cosmetic procedures. {Bloomberg/paywalled}
Homepage photo: TheStewartofNY/FilmMagic
Source: Fashionista.com
