The Off-Price Wars Start Now

Estée Lauder in Talks to Buy Tom Ford, Inclusive Modeling Agencies

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WHAT YOU NEED TO KNOW TODAY: TUESDAY, AUGUST 2, 2022 Off-price retailers should benefit from fashion's inventory problems, but face tough competition from resale platforms. New York-based agency JAG Models is seeking to create a more inclusive system for classifying and casting models. Estée Lauder Cos. is in talks to acquire the Tom Ford business for $3 billion or more, The Wall Street Journal reports. Tiffany & Co. will sell custom pendants to holders of the CryptoPunks NFTs, the jeweller's first major foray into the space. Mounting political and economic instability are worsening human rights risks in fashion's supply chain. Sign up for BoF's Weekly Sustainability Briefing.

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RETAIL The New Rules of Off-Price Retail By Cathaleen Chen

Downturns typically mean a boom for discount retailers. But a glut of unsold merchandise and a surging resale sector are creating new pressures in the market. READ MORE

MARKETING The Agency That Says Models Are More Than Their Measurements By Melissa Magsaysay

JAG Models is leading a shift in casting, emphasising preferred pronouns, foundation shade and other descriptors they say are more inclusive. READ MORE

LUXURY Report: Estée Lauder in Talks to Acquire Tom Ford For $3 Billion or More By Lauren Sherman

The potential deal would mark a change in strategy for the beauty conglomerate, which typically acquires pure beauty brands. READ MORE

SUSTAINABILITY Fashion's Human Rights Record Is Worse Than Ever By Sarah Kent A new report exposing abuse of garment workers at factories linked to major brands in Myanmar points to ways mounting political and economic instability are worsening human rights risks in fashion's supply chain. READ MORE

TECHNOLOGY Tiffany Is Launching a Custom Jewellery Programme for CryptoPunk Owners By Marc Bain Holders of the pixelated NFT characters will be able to buy an "NFTiff" for about $50,000 that entitles them to a custom pendant featuring their CryptoPunk. READ MORE

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NEWS BRIEFS Amazon Says Its Planet-Warming Carbon Emissions Grew 18% in 2021 Amazon Starts Same-Day Deliveries From Diesel and PacSun Stores German Retail Sales Plunge Most Since 1980 as Inflation Bites Iranian Fashion Retailers Pursue Growth Amid Sanctions

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Optimising Sustainable Cotton Production for Fashion Businesses The US Cotton Trust Protocol works with cotton growers in the US to produce fibres with a lower environmental and social risk in alignment with the UN's Sustainable Development Goals for members like Levi's and Gap Inc.  "The environmental benefits of more sustainable practices help the growers and their partners meet consumer demand, who want more and more information about how products are produced. […] Brands and retailers can see a supply chain transparency map — down to the US cotton that started the process," Dr. Gary Adams, president of the US Cotton Trust Protocol, tells BoF. READ MORE

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