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Here are the latest updates making waves in the fashion world this Friday.
Ukrainian Fashion Week Returns Amid Challenging Circumstances
Ukrainian Fashion Week (UFW) is set to take place from September 1 to 4 in Kyiv, featuring approximately 50 brands. This marks the first time the event will be held since Russia’s invasion began in 2022. In spite of ongoing conflict and a credible threat of airstrikes—most recently experienced on July 8—the local fashion community views this revival as an essential show of resilience. Ivan Frolov, founder of Frolov, expressed his sentiments through an interview with Vogue Business: “The war presents undeniable challenges, yet participating in UFW demonstrates our commitment and strength. It shows that my team and all Ukrainians can achieve anything as long as we persist.” He added that this situation has become their “new normal,” emphasizing the necessity to forge ahead.
The Search for Chanel’s New Creative Director Heats Up
Following Virginie Viard’s recent departure from Chanel twelve weeks ago, there has been much speculation about her successor. While renowned figures like Hedi Slimane and Gabriella Hearst have emerged as candidates, Simon Porte Jacquemus appears to be gaining traction as a leading contender for the creative director role. According to Lauren Sherman’s report, Jacquemus is currently preparing a presentation intended for the Wertheimer family—Chanel’s owners—with other names like Thom Browne and Pieter Mulier also mentioned in relation to this high-profile position.
Ulta Beauty Experiences Declining Second Quarter Earnings
The second quarter earnings report from Ulta reveals a disappointing decline of 1.2% in comparable sales for Q2 of 2024—a stark contrast to last year’s robust growth rate of 8%. In light of these results, Ulta has revised its annual projections downward; anticipated net sales have been adjusted from between $11.5 billion and $11.6 billion down to an estimated range between $11 billion and $11.2 billion for fiscal year 2024. CEO Dave Kimbell acknowledged adverse factors impacting store performance but assures stakeholders that strategic measures are being implemented to navigate these trends effectively.
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