These are the stories making headlines in fashion on Friday.
Lacoste’s creative director won’t be replaced
Lacoste’s creative director Louise Trotter announced she was stepping down, and the brand has shared that rather than replacing her, it will shift to a collective design model. Lacoste president Thierry Guibert said in a statement, “Lacoste is now embarking on a new chapter, with a collective of designers committed to working alongside Lacoste to share talents and connections. Beyond the design of collections, our brand wants to go further in its mission to connect cultures and communities.” {Vogue Business}
Morphe to close all U.S. stores
The makeup brand Morphe, which once had a $2 billion valuation, has announced its plans to close all U.S. stores. The brand was mostly known for its successful collaborations with popular makeup influencers, such as Jeffree Star and James Charles, which it relied heavily on for revenue. But after notable scandals with Star, Charles and others, parent company Forma Brands saw its revenue fall by 66% to $32 million and was left with overwhelming inventory it couldn’t sell. {Business of Fashion}
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Inside the rise of Alix Earle
Alix Earle, a TikToker best known for her “Get Ready With Me”-style story time videos, has gained over 3 million followers since her first TikTok in February 2020. Earle uses her makeup routine as a visual distraction while discussing everything from partying as a college student to personal struggles. Earle’s name has been hashtagged 297 million times and influencer marketing manager Amanda (@letstalkpopculture) believes Earle makes at least $40,000 per sponsored post. {Glossy}
Stitch Fix CEO steps down amid layoffs
After Stitch Fix announced a net loss of $207.1 million in the most recent fiscal year, Elizabeth Spaulding has stepped down as its CEO and board member. In the memo to employees announcing Spaulding’s leave, the company shared that it will also be laying off 20% of its salaried employees as well as closing its Salt Lake City distribution center. While the company searches for Spaulding’s replacement, founder and former CEO Katrina Lake will serve as the interim CEO. {Retail Dive}
Everlane will layoff 17% of its corporate employees
Everlane has announced internally that it will be laying off 17% of its 175 corporate employees. The company will also attempt to cut costs by reducing staff in-store. These decisions come after Everlane was granted $65 million in revolving credit and a $25 million loan to open more stores and develop new products. {Business of Fashion}
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