Must Read: Farfetch Invests in Neiman Marcus Group, How Subscription-Based Business Models Tackle Sustainability Issues
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These are the stories making headlines in fashion on Tuesday.
Farfetch invests in Neiman Marcus Group
Farfetch is making a minority common equity investment of up to $200 million in Neiman Marcus Group to form a strategic partnership with Bergdorf Goodman and Neiman Marcus. Confirmed Tuesday to WWD, the deal will allow NMG to use Farfetch Platform Solutions to re-platform the Bergdorf Goodman website and mobile application. Both Bergdorf Goodman and Neiman Marcus will join the Farfetch Marketplace as a partner, adding participating brands in key global geographies. WWD
How subscription-based business models tackle sustainability issues
A handful of fashion brands are looking to membership models to get predictable revenue streams and deeper engagement with consumers. Sarah Kent reports on the loyalty-driven strategy for Business of Fashion, using brands like Early Majority and On Running as case studies on how a subscription-based business comes with commercial advantages and sustainable solutions. Business of Fashion
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Remembering beauty pioneer AJ Crimson
Jessica Chia, who met AJ Crimson in 2013, penned a tribute to the late makeup artist and brand founder in a piece for Allure. Chia details her working and personal relationship with Crimson, writing that he was “unwaveringly supportive, unwaveringly loving, and unwaveringly determined to fulfill his vision of a truly inclusive beauty landscape.” Chia includes words from longtime friends and collaborators who agree that Crimson will leave a legacy of uncompromising inclusion. Allure
Why Telfar’s new bag became the center of mass critique
Famed for democratizing designer bags, Telfar recently relased a new “it” accessory, which came under fire for its $567 price tag. Scarlett Newman delves into the deep-seated issue of the price tag concern for The Cut, writing that there is a “disconnect between luxury and accessibility in the way people view not only Telfar but Black-owned luxury brands in general.” Telfar’s price increase, like those of other luxury brands, is due to supply-chain issues and a lack of raw materials, Newman explains. The Cut
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