Yahoo Lifestyle Must Read: The Story Behind Simone Biles's Goat Necklace, Ferragamo Profits Fall by 73%
These are the stories making headlines in fashion on Friday.
The story of Simone Biles' goat necklace
Representative of Biles' GOAT (greatest of all time) status, the necklace features a custom 546-diamond pendant she commissioned from jewelry designer Janet Heller (who shared details about the piece on Instagram). The most decorated gymnast of all time said in a post-competition press conference that, "The haters hate it, but I like that even more. It's just a special part of me that I have here." {Harper's Bazaar}
Ferragamo profits fall by 73%
Net profits at Ferragamo fell by 73.2%, and revenues by 12.8% in the first half of 2024. The brand has seen a steady decline since the beginning of the year. While pointing out creative wins (Maximilian Davis' designs have been in stores for a year) and increased desirability among younger customers, CEO Marco Gobbetti attributed falling profits and revenue to "the challenging consumer environment, especially in Asia Pacific" and "weakness" in the brand's wholesale market, which saw a 23.1% decline in net sales during the first half. Direct-to-consumer sales fell by 8.1%. {Ferragamo}
Mexico might be the next big fragrance market
Le Labo's Mexico City-exclusive scent, Coriandre 39, launched Aug. 1, marking its first city-exclusive scent in Latin America. Mexico is home to Latin America's second-largest beauty market and could be a major opportunity for the industry, as Estée Lauder, the parent company of Le Labo, boasted double-digit growth there in the first quarter of 2024. Rich in biodiversity and "perfume-hungry," Mexico City has the potential to both inspire and support a growing fragrance market, according to local perfumer Rodrigo Flores-Roux. {Glossy}
Tati Westbrook leaves Halo Beauty
Westbrook announced in a YouTube video on Aug. 1 that her four-year-long lawsuit with Halo Beauty, the parent company of Tati Beauty, is now settled. She and husband James are stepping away from the company, following the suit in which they were accused of fraud, negligence and breach of fiduciary duty, or breach of trust. The beauty mogul plans to relaunch her brand without a partner and under the same name, as the settlement released Tati Beauty from its previous trademark. {Business of Fashion}
