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Must Read: Chanel President And COO Steps Down, Vince IP Sold To ABG

Plus, BeautyUnited announces its 2023 fellows and mentors.

Photo: Imaxtree

These are the stories making headlines in fashion on Tuesday.

Chanel President and COO steps down
John Galantic, president and chief operating officer of Chanel Inc., is stepping down from his position effective June 30. He began the role in 2006, later taking on an additional global leadership role to oversee Global Digital Services and spearheading Chanel’s sustainability and social commitment initiatives. His resignation comes in pursuit of other opportunities, according to WWD. Per a Chanel spokeswoman, Galantic’s successor “will be named very soon.” {WWD/paywalled}

Vince IP sold to ABG
Vince’s intellectual property has been acquired by Authentic Brands Group (ABG), the licensing company that also owns brands such as Barneys and Juicy Couture. According to Business of Fashion, the two have created a new ABG Vince entity, 75% of which ABG owns. It will operate Vince’s wholesale, retail and e-commerce business. The acquisition comes after a few years of financial struggles for the brand, which lost $38.3 million in its most recent fiscal year. “[This partnership will] provide us the necessary capital to strengthen our balance sheet allowing for opportunities to enhance our focus on driving margin expansion,” said Vince CEO Jack Schwefel. The deal is planned to officially close in the second quarter of 2023. {Business of Fashion/paywalled}

BeautyUnited announces its 2023 fellows and mentors
After announcing its 2023 fellowship programBeautyUnited introduced its new class of fellows and mentors on Tuesday. These BIPOC and Latinx entrepreneurs and intrapreneurs in the beauty and wellness space are seeking the proper tools and knowledge to make the industry more equitable and inclusive. This year’s fellows include Detara Darnley, Akua Okunseinde, Camille Bell, Aisha Cort, Monisha Edwards, Gabi Day, Vanessa Ungvarsky, Akuba Torvikey, Alexis Avent, Simone Jordan, Jamie Peraza and Crystal Peters. The 2023 mentors are founders and executives at renowned companies such as UIta Beauty, Tata Harper Skincare, Thirteen Lune and Estee Lauder, who will hold one-on-one sessions with the fellows and be a resource for any guidance. {Fashionista inbox}

Coty debuts metaverse campus
Coty has announced a partnership with tech innovator Spatial for the launch of Coty Campus — an internal metaverse for its 11,000 global employees. The virtual campus is built with top 3-D technology, empowering future innovation for Coty’s brands and equipping its workforce with additional skills. The innovative initiative makes Coty the first beauty brand to take on such a project and sets a high bar for the future of its digitalization strategy. {Fashionista inbox}

Nike’s Phil Knight pledges $400 million to help Portland’s Black community
Nike cofounder Phil Knight and his wife have committed to helping Portland’s Black community with a $400 million pledge to the Rebuild Albina project, per WWD. (The sportswear brand is headquartered in Portland.) The project is part of the broader 1803 Fund, which is dedicated to helping the Black community thrive. Its first project will invest in “education, place and culture” to help Black residents flourish. {WWD/paywalled}

The uptick of trademark controversies in beauty
As the number of beauty brand launches increase, there’s also been a noticeable rise in trademark infringement cases around their names — though what has caught the public’s attention is the number of celebrity beauty brands involved. Kim Kardashian’s Skkn and Hailey Bieber’s Rhode, for example, were hit with lawsuits that involved “reverse infringement” — where the original user of the name is actually less well-known than the new user. This issue is also a problem for non-celebrity beauty brands. In the end, many of these lawsuits are resolved with out-of-court settlements, as reported by Danielle Cohen for Glossy. Ultimately, part of being in the crowded beauty business means sometimes dealing with legal battles. As time goes on, there’s hope that more creative solutions will be explored to address these continuous problems. {Glossy}

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Source: Fashionista.com

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