Photo: Lodovico Colli di Felizzano/WWD via Getty Images
These are the stories making headlines in fashion on Thursday.
Jacquemus confirms it is seeking a minority investor
Ahead of the opening of its first store in London, Jacquemus confirmed it is seeking a minority investor to fund its store openings in 2025 and 2026 as well as its beauty expansion. The house previously declined to comment on a report that Jacquemus had retained Rothschild & Co. to help it find a minority investor. “I value my independence, I want to pass the business on to my children, but I need to break the glass ceiling by finding the right partner who will remain a minority shareholder,” founder Simon Porte Jacquemus told French newspaper Le Figaro on Wednesday. {WWD/paywalled}
Dieux appoints new CEO
Dieux has named Ryan Scott as its new CEO. Charlotte Palermino, the brand’s co-founder who previously served as CEO, will become Dieux’s chief brand officer. Scott joins Dieux from Tatcha, where he spent nine years, and most recently served as president and chief people officer. “Short term, my priorities are building out the organization and infrastructure to support growth,” Scott told Brennan Kilbane for The Business of Beauty. “The goal with Dieux is to build what we call a 100-year brand.” {Business of Fashion/paywalled}
British Fashion Council announces BFC Foundation Award nominees
The British Fashion Council announced its nominees for the BFC Foundation Award at The Fashion Awards 2024. The nominees are Aaron Esh, Bianca Saunders, Chopova Lowena, Labrum London and Tolu Coker. The BFC Foundation Award celebrates the current cohort of designers receiving support through one of Foundation’s core initiatives: BFC NEWGEN, BFC/Vogue Designer Fashion Fund, BFC/GQ Designer Fashion Fund and the BFC Fashion Trust. The winner will be revealed at The Fashion Awards on Dec. 2 at Royal Albert Hall in London. {Fashionista inbox}
Small businesses set to face difficulties in the U.K.
The Labour government set out its first budget on Wednesday, which included 40 billion pounds in tax hikes largely targeted at small and medium-sized private businesses, the prosperous middle class and the very wealthy. Rachel Reeves, the first female Chancellor of the Exchequer, is ramping up capital gains tax, raising minimum wage and increasing the National Insurance payments employers make to the state. Caroline Rush, CEO of the British Fashion Council, said that these new measures “will increase pressures on businesses already operating at slim margins.” {WWD/paywalled}
How a Harris vs Trump administration would impact fashion
Given that a potential Kamala Harris versus Donald Trump administration has very different implications for business, Vogue Business compared key points from both parties’ policy plans that are likely to impact the fashion industry. Regarding shipping and manufacturing, Harris has proposed government subsidies for building factories in the U.S. and she is likely to push The Fabric Act, which focuses on strengthening labor protections within the U.S. garment sector through tax credits for companies to decrease wage theft and seeks to support domestic apparel manufacturing. As for a possible Trump administration, he said he will impose a 10 to 20% tariff on imports and 60% on Chinese imports which would theoretically make fashion and textiles imports from overseas less competitive against American-made goods, but it could also increase the cost of the imported materials U.S. manufacturers need to produce products. {Vogue Business/paywalled}
Source: Fashionista.com
