These are the stories making headlines in fashion on Friday.
Reformation Files for IPO
Los Angeles-based womenswear brand Reformation has filed for an initial public offering, seeking to capitalize on $507.1 million in 2025 revenue. The company, backed by private equity firm Permira since 2019, has built a successful direct-to-consumer and retail model around contemporary fashion. This IPO filing signals a trend as luxury consumption weakens, and elevated design at accessible prices is gaining share. {WWD/paywalled}
The Aesop Queer Library Returns
The Aesop Queer Library returns June 26-28 in partnership with the American Civil Liberties Union Foundation, expanding to seven U.S. cities: New York, Los Angeles, San Francisco, Miami, Austin, Chicago and Philadelphia. The initiative, now in its sixth year, has distributed more than 115,000 books by LGBTQIA2S+ authors worldwide, offering free titles to visitors across select Aesop retail locations. This year's collection spans multiple genres, featuring works from authors including Audre Lorde, James Baldwin, Ocean Vuong and Torrey Peters. {Fashionista inbox}
Luxury Fashion Brands Reassess Instagram Marketing Strategies
Instagram engagement across the platform declined 17% year-over-year, with luxury brands experiencing particularly depressed metrics as their traditional engagement benchmarks of 1-3% have weakened significantly. The decline reflects audience fatigue, even as marketing teams face tighter budgets and pressure to drive viral moments. {Puck/paywalled}
Behind Brand Pride Campaigns in 2026
Major brands are shifting to more "nuanced" Pride marketing to meet audiences where they already are. Madonna partnered with Grindr ahead of her new album "Confessions II" with a livestreamed concert, Diesel teamed up with Tinder on a "For Successful Loving" capsule collection featuring drag artist Gigi Goode and JW Anderson composed an exhibition of homoerotic illustrations from the historical gay magazine Pictorial Physique. These campaigns, and many more, reflect a departure from 2024's quiet marketing, as consumer data reveals 54% of adults expect brands to support the queer community year-round, not just during Pride Month. {Vogue Business/paywalled}
Victoria's Secret Enlists Content Creators for Annual Fashion Show
In April, Victoria's Secret launched Angels Among Us, a nationwide casting search that generated 1.7 billion media impressions and turned model selection into an ongoing social series. Victoria's Secret is offering potential access to its fashion show as a reward for the creators posting, selling and talking about the brand online. The strategy is paying off as the brand reported double-digit growth in new customer acquisition among 18- to 24-year-olds and net sales up 15% year-over-year to $1.56 billion. {Glossy}
* This article was originally published here