Plus, how the wigs and extensions market is evolving.
These are the stories making headlines in fashion on Wednesday.
Barneys New York is back — with beauty products
Post-bankruptcy, Barneys New York is re-emerging as…skin care. Authentic Brands Group, which acquired Barneys, teamed up with South Korea-based Gloent Group to introduce a skin-care line under the Barneys name. The line consists of five products, including an essence, a cleanser, a serum, a day cream and a night cream, all ranging from $48 to $168, with a branded bottled water (sourced from Norway) coming in December. The brand is set to launch in the U.S., South Korea and Japan. It will be available exclusively at Barneys-beauty.com, as well as on Saks‘ website later this year. Business of Fashion
Gap is cutting 500 corporate jobs
Adding to the recent wave of corporate layoffs, Gap will be slashing 500 jobs in San Francisco, New York and Asia, in attempt to reduce expenses amid declining sales. “We’ve let our operating costs increase at a faster rate than our sales, and in turn our profitability,” Gap’s executive chairman Bob Martin wrote in a memo. This comes after the announcement that Gap would also be prematurely terminating its partnership with the Yeezy. WSJ
The wigs and extensions market is evolving
British entrepreneurs Tendai Moyo and Ugo Agbai founded Ruka, a technology-driven hair extensions and wigs business that fills a much needed gap in the market: hair products designed by Black women for Black women. Tennis star Serena Williams wore one of Ruka’s ponytails to Wimbledon, while actors Keke Palmer and Gabrielle Union have also embraced the brand. Meanwhile, Parfait (in which Williams is an investor), uses AI and machine learning to make custom wigs for customers. As large white-owned corporations are scrambling to hop on this profitable trend, Black vendors are increasingly taking ownership of the supply chain. Business of Fashion
Hill House raises $20 million to expand into the fashion market
While the pandemic was a difficult time for many businesses, it was the perfect opportunity for Hill House Home to pivot its offering. Initially known for its bedding and towels, the brand’s $150 “Nap Dress” took off in 2020, generating $3 million in sales in just 12 minutes. Now, the brand is refocusing its resources on fashion by raising $20 million in funding to support growth in that sector. Hill House Home plans on pursuing a greater store presence and expanding internationally. Fortune
The $3 lipstick that ignores inflation
Nearly everyone has felt the effects of inflation, and E.l.f Beauty was one of many brands that increased prices. But one product was left untouched: its $3 lipstick. Chief Executive Tarang Amin promised to leave prices unchanged with E.l.f.’s cheapest items. “We didn’t touch a third of our items,” Mr. Amin said in an interview with The Wall Street Journal. The company plans on sticking to this unique strategy regardless of how inflation plays out. WSJ
Is Augustinus Bader actually revolutionizing skincare?
When Augustinus Bader was director of cell techniques and applied stem cell biology at University of Leipzig, he miraculously treated a patient with second-degree burns through stem-cell technology. French investor Charles Rosier was quick to capitalize on the opportunity and the two quickly developed a line of highly coveted moisturizers. Celebrities ranging from Leonardo Dicaprio to Naomi Campbell have all put in their orders, but when Allure reached out to the stem-sell community for feedback, no one was aware of Bader’s achievements. Furthermore, scientific evidence that the brand can regenerate new skin is terribly lacking. Allure