Here are the top trending stories in fashion this Friday.
Unveiling Simone Biles’ Iconic GOAT Necklace
This exquisite necklace symbolizes Simone Biles’ recognition as the Greatest of All Time (GOAT). It boasts a personalized pendant adorned with 546 diamonds, crafted by renowned jeweler Janet Heller, who recently showcased an inside look at the piece on her Instagram. The most decorated gymnast in history expressed her sentiments during a press conference after a competition, stating, “While some may criticize it, I take great pride in that. It’s an intimate reflection of my identity.” {Harper’s Bazaar}
Ferragamo Reports 73% Decline in Profits
The luxury brand Ferragamo has reported a staggering 73.2% drop in net profits and a 12.8% decrease in revenue for the first half of 2024. The brand has been on a downturn since early this year. Although CEO Marco Gobbetti noted some positive developments such as Maximilian Davis’ designs gaining traction over the past year and improved appeal among younger consumers, he cited challenges within Asia Pacific’s consumer landscape and slumping wholesale sales—down by 23.1%—as key contributors to their financial struggles while direct-to-consumer sales also fell by 8.1%. {Ferragamo}
Mexico: Potential Rising Star in Fragrance Industry
On August 1st, Le Labo launched its exclusive scent for Mexico City titled Coriandre 39, marking an important milestone as its inaugural city-exclusive fragrance for Latin America. As Latin America’s second-largest beauty market, Mexico presents tremendous potential for growth; Estée Lauder reported significant double-digit expansion there during Q1 of 2024. With rich biodiversity and an enthusiastic demand for perfumes noted by local perfumer Rodrigo Flores-Roux, Mexico City is poised to inspire developments within its burgeoning fragrance market. {Glossy}
Tati Westbrook Moves On from Halo Beauty
Tati Westbrook shared on August 1 through a YouTube video that she has settled her four-year-long legal battle with Halo Beauty—the parent company of Tati Beauty—and will be stepping away altogether along with her husband James. This lawsuit included allegations such as fraud and breach of trust against them. Following the resolution, Westbrook aims to relaunch Tati Beauty independently while retaining its name due to regaining ownership of its trademark rights through the settlement. {Business of Fashion}
