These are the stories making headlines in fashion on Friday.
Nike Cuts 1,400 Jobs
Amid the company's "Win Now" turnaround plan, Nike laid off approximately 1,400 operations roles across North America, Europe and Asia. This represents less than 2% of the company's total global headcount. The changes are aimed at "simplifying complexity" in global operations, according to Nike. {Footwear News/paywalled}
Jacob Elordi Is the New Face of Bleu de Chanel
Photo: Courtesy of Chanel
Chanel has named Jacob Elordi as the new ambassador for Bleu de Chanel. Elordi succeeds Timothée Chalamet as the face of the fragrance. The new Bleu de Chanel L'Exclusif campaign will be unveiled in May 2026. "Bleu de Chanel L'Exclusif has strong ties to cinema," Elordi said in a statement. "The filmmakers and actors who have collaborated with the House before me are people I deeply respect and admire. Being able to become part of this story is an honor." {Fashionista inbox}
Bezos Earth Fund Donates $34 Million in Fashion Grants
Jeff Bezos and Lauren Sánchez's Bezos Earth Fund awarded $34 million in grants to institutions studying and developing materials that might replace polyester and cotton. Researchers are creating biodegradable textile fiber and plastic-free synthetic silk that could reduce the climate impact of the clothing industry. {The Wall Street Journal/paywalled}
Consumers Are Bringing Class-Action Lawsuits Against Brands For Tariff Refunds
Following the U.S. Supreme Court's decision that Donald Trump's tariffs are unconstitutional, a new wave of class-action lawsuits against brands who publicly admitted to price increases have emerged. As brands apply for tariff refunds, lawyers are filing cases arguing that the money should be returned directly to consumers. E.l.f. Cosmetics, Lululemon, EssilorLuxottica and Fabletics are among the beauty and fashion labels subject to the class-action lawsuits. {Business of Fashion/paywalled}
P&G Reports 7% Sales Boost in Q3 2026
P&G's Q3 2026 results show net sales increased 7% to $21.2 billion. From January to March 2026, beauty drove P&G's growth with organic sales spiking by 7%. P&G maintained its guidance range for fiscal 2026 all-in sales growth to be in the range of 1-5% versus the prior year. {P&G}
* This article was originally published here