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These are the stories making headlines in fashion on Wednesday.
ShopMy raises $70 million in funding
ShopMy raised $70 million at a $1.5 billion valuation for its latest funding round, led by investment management firm Avenir. Several high-profile figures invested, including Sofia Richie Grainge, Aimee Song, Revolve’s Chief Brand Officer Raissa Gerona and Beautycounter founder Gregg Renfrew. “We have deep conviction that curators are the future of brand distribution for the next generation of enduring companies. This investment lets us transform personal enthusiasm into measurable results at scale,” ShopMy President Tiffany Lopinsky said in a press statement. {PR Newswire}
Gen Z shoppers are relying on AI for gift ideas
According to a recent Epsilon Pulse survey, more consumers are open to using AI to assist with holiday shopping this season. The report found nearly 50% of respondents will use AI for price comparisons and product recommendations. Gen Z shoppers are the leading demographic to embrace AI, followed by millennials. Consumers are also using social media platforms to help with holiday spending, with 44% of Gen Zers and 36% of millennials searching for gift inspiration from content creators. {Retail Dive}
L’Oréal’s Q3 results underwhelm stock analysts
L’Oréal’s Q3 results missed stock analysts’ expectations by 0.5%, causing the company’s stocks to drop. Experts are hopeful the holiday season will lead to better performance in the next quarter. The Q3 results were released less than 48 hours after the announcement of the L’Oréal-Kering Beauty acquisition. {WWD/paywalled}
LVMH reportedly eyeing to sell its stake in Fenty Beauty
LVMH is allegedly working with investment bank Evercore to sell its 50% stake in Fenty Beauty, according to Reuters. Both parties have declined to comment on the speculation, providing no information on the reason behind the sale or its valuation. {Reuters}
Source: Fashionista.com
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