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Two Editors at Vogue Step Down

Phyllis Posnick, the executive fashion editor of Vogue since 1987 stepped down alongside fashion director Tonne Goodman.

The two top editors of Vogue, Phyllis Posnick, the executive fashion editor of Vogue stepped down alongside fashion director Tonne Goodman last week. They are considered the two most recognisable faces at any fashion show in New York.

It was announced by Anna Wintour, the editor of Vogue, that both Phyllis and Tonne will leave their staff positions and become contributing editors.

The position of fashion director will be taken up by Virginia Smith.

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Viral Racist Video forces Nike to Close Stores in South Africa

Nike's decision comes months after H&M closed down outlets in South Africa following protests against the infamous ad that featured a black child with a hoodie with the text “coolest monkey in the jungle.” Race remains a highly sensitive issue in South Africa more than two decades after the end of apartheid.

While the company didn’t comment on the temporary closure, it released a statement saying the firm “opposes discrimination and has a long-standing commitment to diversity, inclusion and respect.”

In the online video that went viral last week, a white man expressed his appreciation for the beach he was visiting by commenting that there weren’t any black people to be seen — using an offensive racial slur. He was promptly fired from the food producer that is owned by his family, Eyewitness News reported, adding that his wife works for Nike.

The stores have reopened as of Friday last week.

Marc Jacobs to close London Store

Struggling brand Marc Jacobs is shrinking its presence in Europe as other direct to consumer brands expand. While you will still be able to find the brand at multi brand retailers like Selfridges or Harvey Nichols, the brands own store at Mount street will be no more. Business of Fashion sources claim that presently only a handful of store remain throughout the world, a far cry from its glory years.

Versace sold!

Michael Kors ( Capri Holding ) is in the process of buying Italian fashion house Versace for a value of approximately $2.12 billion, including debt, the company announced on Tuesday. That's 2.5 times the brand's current revenue. The primarily cash deal is expected to close in the fourth quarter of 2019.

In a presentation released to investors, Capri Holdings, outlined its plans for Versace, including increasing its global retail footprint from 200 stores to 300, building out e-commerce and expanding men's and women's accessories and footwear.

Under the new organisation, John D Idol will remain chairman and chief executive of Capri Holdings and also chief executive of the Michael Kors brand. Versace chief executive Jonathan Akeroyd will continue on, as will creative director Donatella Versace.

“This is a very exciting moment for Versace,” she said in a statement, adding that her brother Santo and daughter Allegra's stake in Capri "demonstrates our belief in the long-term success of Versace and commitment to this new global fashion luxury group."

“I am proud that Versace remains very strong in both fashion and modern culture. Versace is not only synonymous with its iconic and unmistakable style, but with being inclusive and embracing of diversity, as well as empowering people to express themselves," she said. "Santo, Allegra and I recognise that this next step will allow Versace to reach its full potential."

This will position the accessible the conglomerate, which acquired high-end shoemaker Jimmy Choo in July 2017 for $1.2 billion, to take a bigger slice of the high-end luxury market.

Versace is a world-famous name part of popular culture, but has been struggling to grow its business of similar scale for years. With the brand running losses from the late 1990s to 2011, the family sold a 20 percent stake to Blackstone in 2014 — a deal that valued the fashion house at $1.4 billion.


Nike Loses More People Amid Misconduct Probe

Nike Inc.’s Converse brand lost its chief marketing officer to streetwear label Supreme, Business of Fashion reports.

Julien Cahn resigned from Converse earlier this year and left the company in February for a marketing role at the up-and-coming brand. Cahn joined Converse in 2016 from parent Nike. Several executives have recently left Nike in the wake of an internal probe into misconduct, though Cahn’s departure wasn’t related, people said. Nike began an internal review of misconduct last month, after complaints from employees. A handful of executives have exited, including Trevor Edwards, who was one of the favorites to succeed Chief Executive Officer Mark Parker.

Last week, an analyst’s report said nine Nike employees at director level or higher, including Cahn, had left the company in the past 35 days amid “recent cultural turmoil.” Nike executives go from director to senior director and then vice president. The departures are seen adding additional “downside risk” to Nike’s long-term growth trajectory, Sam Poser of Susquehanna Financial Group wrote in a note to clients.

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