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Must Read: FIT Announces Honorees For 2024 Award Gala, Why Esprit's Rebrand Fell Short

Photo: Dia Dipasupil/Getty Images for BoF

These are the stories making headlines in fashion on Friday.

FIT announces honorees for 2024 Award Gala
The Fashion Institute of Technology announced on Friday that designer Kenneth Cole, distinguished FIT alumna Norma Kamali and Love Shack Fancy founder and creative director Rebecca Hessel Cohen will be honored at its Annual Awards Gala. The event will also hold FIT’s Future of Fashion Runway Show presented by Macy’s, which will feature looks from the fashion design BFA class of 2024. The gala will be held at The Glasshouse in New York City on May 8. Tickets are available now here. {Fashionista inbox}

Why Esprit’s rebrand fell short
Esprit is closing its stores and laying off staff in its U.S. division, and Business of Fashion reported that the company is in talks with potential investors to help with restructuring efforts. This move comes after Esprit attempted a rebrand to return to its 1980s popularity with a global marketing campaign, wholesale expansion in North America and new collections featuring Esprit’s original codes of bright colors and prints. But consumers haven’t responded to the new Esprit and sales have been steadily falling for years. {Business of Fashion/paywalled}

How much are investors willing to pay for beauty brands?
Brands such as Rare BeautyOsea, Jane Iredale, Glossier and Merit have recently all hired bankers to explore deal options, with Rare Beauty and Glossier rumored to be seeking valuations of around $2 billion. With so many brands in the beauty market, WWD‘s Kathryn Hopkins writes that times have changed when it comes to extremely high brand valuations. “We can’t ignore the fact that not every asset is A-plus, but there still are a lot of really good deals to be done,” Ashleigh Barker, head of beauty and personal care at Lincoln International, told WWD. “More and more I’m actually hearing investors say, ‘We’re happy with B-plus. We like those that are just performing really nicely. They don’t need to be in the high double digits every year, but they have strong very sustainable margins and we’ll deliver on that promise that makes them attractive opportunities to begin with.’ That’s where I think you are going to see more of the rightsizing evaluations.” {WWD/paywalled}

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