Plus, Tapestry shares soar after earnings beat.
These are the stories making headlines in fashion on Thursday.
Indya Moore covers the June issue of Elle
Transgender model and “Pose” actor Indya Moore fronts the June cover of Elle wearing Louis Vuitton, a brand for which (surprise!) they serve as a muse. Inside the issue, Moore opens up about their upbringing and the constant struggle to embrace their identity. “I don’t know who I am outside of someone who’s just trying to be free and find safety for myself and for others,” Moore says. {Elle}
Why fast fashion brands are giving up on China
Forever 21 is the latest fast fashion giant to shutter its Chinese operations. Before that, Topshop, New Look and Asos fled the country. Their failures in the region have to do with everything from poor first impressions to issues with local e-commerce laws. {Business of Fashion}
Tapestry shares soar after earnings beat
Tapestry Inc. reported third quarter profits that exceeded analyst estimates on Thursday. Net sales for the three-month period ending March 30 were $1.33 billion, up from $1.32 billion a year earlier. Net sales at Kate Spade were $281 million, up from $269 million last year. Sales at Stuart Weitzman only slightly improved from $84 million to $85 million. Meanwhile, sales at Coach fell slightly to $965 million, down from $969 million. The overall positive results sent the company’s shares up by nearly 15%. {WWD}
Zendaya covers the June issue of Vogue
Zendaya, who’s the lead in HBO’s new series “Euphoria,” stars on Vogue’s June cover. The 22-year-old actress fronts the glossy’s summer issue wearing a gold sequin Ralph Lauren dress. In the accompanying interview, the former Disney Channel star talks collaborating with Tommy Hilfiger, making fashion statements with Law Roach and her social life. {Vogue}
Beyoncé collaboration boosts online searches for Adidas
According to Lyst data, Beyoncé‘s recently announced collaboration with Adidas has sent online queries for the brand soaring. Searches were up fivefold in the 30 days up to May 7 compared to the 30 days prior. {Vogue Business}
Kendall Jenner files trademark for beauty line
Kendall Jenner will no longer be the odd Kardashian sister out of the entrepreneurship game, because she’s reportedly starting her own beauty line. According to the U.S. Patent and Trademark Office, the tallest member of the Calabasas clan filed for a trademark on May 2 for “Kendall” and “Kendall Jenner.” As reported by WWD, both trademarks are filed for a series of cosmetics, including skincare, hair products, makeup and fragrance, hair-care preparations, bath and shower gels, body creams, skin cleansers, beauty masks, deodorant, lip gloss, nail polish and nail-care preparations, among others. {WWD}
Kering agrees to pay €1.25 billion to settle a dispute with Italy’s tax authorities
Kering said on Thursday it has agreed to pay €1.25 billion to settle a dispute with Italy’s tax authorities. The company’s Swiss subsidiary has been under investigation for allegedly avoiding tax on earnings generated by Gucci in Italy. The settlement will involve the payment of €897 million in additional taxes and another roughly €350 million in penalties and interest. The penalties are expected to result in additional tax charge of €600 million in the company’s 2019 accounts. {Business of Fashion}
CFDA to shorten NYFW for Spring 2020
Tom Ford‘s first order of business as chairman of the CFDA is to make NYFW shorter. Starting in September for the Spring 2020 season, NYFW will run from Friday night to Wednesday. “I’m confident that we have the board’s buy-in in this,” Steven Kolb tells WWD. “In terms of membership, I think there will be members who appreciate it and welcome it, and members who will feel not very happy with the decision.” {WWD}
Source: Fashionista.com
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