Must Read: Why Fashion Is Embracing Degrowth, The Tom Ford Acquisition Is All About Fragrance

Plus, Burberry CEO Jonathan Akeroyd outlines the brand’s growth strategy.

These are the stories making headlines in fashion on Friday.

Why fashion is embracing degrowth
The term “degrowth,” according to economic anthropologist Jason Hickel, means “a planned reduction of energy and resource use designed to bring the economy back into balance with the living world in a way that reduces inequality and improves human well-being.” Brands such as Ralph Lauren are exploring what embracing degrowth could look like. Halide Alagöz, the chief product and sustainability officer at Ralph Lauren said, “We have seen our financials getting better although we produce less units compared to five years ago.” {The New York Times}

The Tom Ford acquisition is all about fragrance
The Estée Lauder Companies has successfully acquired Tom Ford for $2.3 billion, and it appears that the main focus of the deal had to do with fragrance. According to industry insiders, fragrance makes up about 50% of Tom Ford Beauty sales, with an unexpected increase during the pandemic. With the acquisition of the entire Tom Ford brand, Andrea Teixeria, lead analyst at J.P. Morgan, estimated the deal will save Estée Lauder between $60 million and $70 million in pre-tax annual royalties. {Glossy}

Inside Burberry’s growth strategy
In an interview with Business of Fashion, Burberry‘s new CEO Jonathan Akeroyd outlined his growth strategy for the brand alongside its new designer Daniel Lee. Burberry hopes to lean into the brand’s British identity and grow revenues to $4.75 billion annually by the mid-term. “It’s not just about the magic touch, if you like, but the understanding of what the brand DNA is,” Akeroyd said. Using Lee’s expertise at making commercially successful accessories and ready-to-wear (see: Bottega Veneta), Akeroyd is prioritizing categories like handbags and knitwear. {Business of Fashion}

Great Jones and Lisa Says Gah launch collaborative collection
The Great Jones x Lisa Says Gah collection includes two new limited-edition Dutch ovens hand-printed with floral designs inspired by the 1960s. Alongside the Dutchess ($190) and the Dutch Baby ($150), the collection also includes an embroidered apron available in two colors ($98 each). You can shop the collection now at greatjonesgoods.com. {Fashionista inbox}

What Converse’s new sneaker silhouette says about women’s footwear
Converse‘s newest release, the Run Star Legacy CX, boasts more durability and versatility than its classic styles. The new look is a response to Converse’s female consumer needing a shoe that provides options. The brand’s Global Product Merchandising Director, Tamara Odom, said, “…this whole idea of ‘beauty is pain’ is just something that is now a thing of the past. We don’t want to be in pain anymore…we should be able to provide options for [our female consumer] to not have to sacrifice [beauty or comfort].” {Hypebae}

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Source: Fashionista.com