These are the stories making headlines in fashion on Friday.
Phia Reveals New Celebrity Backers
Phia, the AI shopping app launched by Phoebe Gates and Sophia Kiann, announced the investor cohort behind its $35.5 million Series A round. New celebrity backers include Khloé Kardashian, Alix Earle, Alexandre Arnault, Mindy Kaling, Karlie Kloss, Cait Bailey, Jessica Alba, Shaboozey, Ashley Graham, Halsey, Jay Shetty, Wendi Murdoch, Olivia Culpo, Amy Griffin, Lilly Singh, Brooks Nader, The Nader Sisters, Chriselle Lim, Codie Sanchez, Zack Bia, Bobbi Brown, Sophia Amoruso, Rachel Zoe, Winnie Harlow, Alex Pall & Drew Taggart of The Chainsmokers, Lori Harvey, Leila Hormozi, Ice Spice, Gunna, Eileen Gu, Sydney Sweeney, Paris Hilton and Priyanka Chopra Jonas. {Fashionista inbox}
Allina Liu Forced to Halt Production
In an Instagram post shared on Thursday, designer Allina Liu announced that her namesake label's Spring 2026 production styles were lost in transit. Liu shared that her team has attempted to track the shipment down, but it is now considered lost. "Unfortunately, replacing an entire production run isn't financially possible for me right now, which means those styles won't be releasing as planned," Liu wrote. {Instagram}
Dime Is Lowering Its Prices
Starting May 31, skin-care and fragrance brand Dime is decreasing its pricing across 17 SKUs in its portfolio by an average of 20% ($4-$6 per SKU). The wider beauty industry is currently facing a wave of price increases due to a challenging economic climate, but Dime is deviating from that trend by offering consumers lower prices. According to the brand, "this move reflects Dime's long-standing belief that consumers should not have to choose between quality, efficacy and accessibility." {Fashionista inbox}
Related: How This Indie Skin-Care Brand Is Able to Drop Prices in an Uncertain Market
Gap Inc. Reports 1% Sales Bump in Q1 2026
Gap Inc. released its Q1 2026 earnings report on Thursday, which showed a 1% increase in net sales to $3.5 billion. Store sales increased by 3% compared to last year, while online sales decreased by 2%. Old Navy (+1%), Gap (+10%) and Banana Republic (+1%) all saw positive sales growth in the first quarter, but Athleta's sales were down by 12%. {Gap Inc.}
Kering Approached Puig For a Minority Stake
After discussions regarding a potential merger between The Estée Lauder Cos. and Puig fell through, Puig Executive Chairman Marc Puig revealed that Kering previously approached the Spanish company "about a potential long-term licensing agreement for its beauty brands in exchange for a minority stake in Puig and a cash consideration." A transaction was not reached between the two parties. {WWD/paywalled}
* This article was originally published here