Beauty in the Metaverse

Glossier's New CEO, Chanel's Private Store Plan, Shanghai Lockdown End

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WHAT YOU NEED TO KNOW TODAY: WEDNESDAY, MAY 25, 2022 Chanel plans to open special boutiques for top clients as sales soar by 50 percent. Beauty brands including Nars, L'Oréal and more are ramping up their experimentation with NFTs and other initiatives in the metaverse. Ralph Lauren raised its revenue forecast for this year, while Abercrombie & Fitch reported weaker-than-expected sales. Glossier appointed Kyle Leahy as CEO, with founder Emily Weiss moving into an executive chairwoman role. The end of Shanghai's lockdown on June 1st will unleash opportunity for brands. Looking to take your next career step in fashion? BoF Careers compiles the most exciting job opportunities within the fashion industry including roles at top brands such as Ralph Lauren, The Fold, and Joor. Explore them now at businessoffashion.com/careers

TOP STORIES

LUXURY Chanel to Open Private Stores for Top Clients as Sales Soar 50% By Robert Williams

The French luxury giant said 2021 revenues rose 23 percent over pre-pandemic levels to $15 billion. The brand now plans to open dedicated boutiques for top-spending clients as rapid growth risks overcrowding its stores, CFO Philippe Blondiaux revealed. READ MORE

BEAUTY Beauty's Place in the Metaverse By Joan Kennedy

Across the industry, brands are experimenting in the metaverse by launching NFTs, digital storefronts and virtual products for avatars in worlds like Decentraland and Roblox. READ MORE

CHINA Capitalising on China's Post-Lockdown Travel Boom By Rebecca Kanthor With Shanghai set to relax lockdown restrictions on June 1, pent-up demand for domestic travel presents an opportunity for fashion brands willing to explore new destinations. READ MORE

Glossier CEO Emily Weiss Steps Down READ MORE

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NEWS BRIEFS Agnelli's Exor Appoints Hermès CEO as Board Member, Separates CEO and Chairman Roles Nordstrom Defies Retail Slump With Higher Results Forecast, Shares Jump Chanel's Beauty Business Could Be Majority DTC 'Within A Few Years' Ralph Lauren Forecasts Full-Year Revenue Above Estimates Abercrombie Sees Weaker Sales, Margins as Inflation Bites

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