These are the stories making headlines in fashion on Friday.
QVC Group Files for Bankruptcy
Television shopping network QVC Group filed for bankruptcy on Thursday. This move is part of a plan to reduce its debt load to roughly $1.3 billion from about $6.6 billion. Vendors and other unsecured creditors are expected to be paid in full or have their claims left unchanged. QVC has faced many challenges in recent years, including a shrinking customer base and growing competition. {Bloomberg/paywalled}
Allbirds Stock Sinks After AI Pivot
After Allbirds Inc.'s surprising switch from sneakers to AI, shares sank 36% on Thursday, marking the biggest drop in three years. The initial reaction on Wednesday saw the stock soar more than 582%. Nearly 300 million shares exchanged hands on Wednesday, several times the daily average of just over 20 million. {Bloomberg/paywalled}
Kering CEO Talks Gucci's Turnaround Plan
Kering CEO Luca de Meo outlined plans to revive Gucci during his speech at the company's Capital Markets Day in Florence on Thursday. De Meo noted that Gucci's "creative direction lacked stability and clarity, and our offer became too uneven." To revive Gucci, he said "desirability is the starting point," so the brand will focus on fewer, stronger narratives. Gucci's ambition is to double the contribution of icons in women's handbags by 2030 to represent around 20% of leather goods (up from 10% today). {WWD/paywalled}
E.l.f. Brands Names New President
E.l.f.'s Chief Marketing Officer Kory Marchisotto has been appointed president of E.l.f. Brands, which is a newly created role. Marchisotto will focus on expanding E.l.f. Cosmetics, E.l.f. Skin, Keys Soulcare and Well People across categories and geographies. Oshiya Savur has been named E.l.f. Brands' chief marketing officer, and Ekta Chopra has been appointed to the new role of chief technology and AI officer at E.l.f. Beauty. {WWD/paywalled}
Iris van Herpen Talks "Mother Mary" Costumes
Anne Hathaway's new movie "Mother Mary" spotlights extravagant pop-star creations by costume designer Bina Daigeler and Iris van Herpen (who created the final dress in the film). The final gown is quintessential Iris van Herpen, complete with micro-pleats, draped folds, exaggerated hips and a loose skirt that fades into black. "This dress is actually not really a dress — it's a spirit," she told The New York Times. "It's something from another dimension." {The New York Times/paywalled}
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