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These are the stories making headlines in fashion on Friday.
How beauty brands can survive bankruptcy
Many beauty brands such as Revlon and Becca Cosmetics have recently faced financial challenges as competition increases, inflation worsens and supply chain issues continue. Vogue Business explores how beauty brands can survive bankruptcy and successfully stage a comeback, which includes acting early, mitigating risk, building up customer loyalty, ensuring product quality and more. {Vogue Business/paywalled}
Ferragamo’s sales decline in first half
Italian luxury brand Salvatore Ferragamo’s sales declined by 7.2% at constant currencies during the first half, and its revenues totaled €600 million. As Ferragamo increased its investments in communication and other areas to turn around the brand, its operating profit now sits at €47 million which is approximately half to what it was during the first six months of last year. “As we move further into the year, the higher share of new products, the continued marketing investments, together with compelling store and on‐line execution, will strengthen the brand image and create engagement with existing and new audience,” Chief Executive Marco Gobbetti said in a statement. {Business of Fashion/paywalled}
Milk Makeup and Awake NY unveil ‘NYC Summer Survival Kit’
Milk Makeup teamed up with clothing brand Awake NY to create a “NYC Summer Survival Kit,” which includes hand cream, body butter and lip balm. The collaboration also features limited-edition merch: Awake NY lanyards and utility bags. It’s all available to shop now online at MilkMakeup.com, Awakenyclothing.com and in-store at Awake NY. “The products we chose are NYC essentials, something that people need and use in their daily lives. We have all endured so much over the past few years, which is why we wanted to celebrate health and wellness in our city with our people,” Milk Makeup cofounder Madzack Rassi said in a statement. {Fashionista inbox}
Photos: Courtesy of Milk Makeup
What’s Goop’s endgame?
Goop, Gwyneth Paltrow’s multi-faceted lifestyle brand, has done it all from skin care to fashion to sex toys. But what is the brand’s end goal, Puck‘s Lauren Sherman asks. Much of the draw around Goop comes from Paltrow’s personality, but the brand has recently found success in international markets where she is not as popular as well as in marketing campaigns that don’t feature her. Looking to the future, Paltrow could sell parts of the business, or even the entire business, but the future of Goop without Paltrow is uncertain. Also, rumor has it she is the subject of a forthcoming book by Amy Odell. {Puck/paywalled}
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