These are the stories making headlines in fashion on Thursday.
Public Clothing Co. Acquires Mansur Gavriel
Derek Lam-parent Public Clothing Co. has fully acquired the accessories brand Mansur Gavriel. The financial terms have not been revealed. Dan Shamdasani, founder and chief executive officer of Public Clothing Co., told WWD that he was drawn to Mansur Gavriel’s strong brand identity, loyal customer following and its direct-to-consumer business strategy. Rachel Mansur and Floriana Gavriel, Mansur Gavriel’s co-founders and creative directors, are still discussing whether they will remain at the brand. {WWD/paywalled}
Why Brands Are Pulling From the Archives For Design Inspiration
Brands like Banana Republic, Express and Vera Bradley have dug into their archives for design inspiration for new collections. The approach is to cater to younger shoppers (especially Gen Z), who are drawn to “nostalgic” aesthetics and want pieces they can’t find at other mass-market brands. However, brands must also challenge themselves not to be too self-referential: They still have to create product that’s relevant and pushes the label forward. {Modern Retail/paywalled}
How Fashion Can Improve Its Auditing System
Fashion’s multi-billion-dollar auditing industry is facing immense pressure thanks to tighter legislation. However, auditors got candid with Vogue Business that the fashion industry needs to improve the auditing system: Challenges auditors face include a lack of nuance in an infamously structured framework, companies overrelying on auditing and little to no remediation efforts between brands and suppliers. As a way to address these gaps, auditors recommend initiatives like implementing community-based monitoring and brands forming direct relationships with suppliers (compared to communicating through a third party) to build mutual trust. {Vogue Business/paywalled}
Bruno Pavslovsky Steps Down From the Board of Chanel Limited
Bruno Pavslovsky has resigned from the board of Chanel Limited, effective immediately. He will continue in his role as president of fashion at Chanel and president of Chanel SAS. Pavslovsky’s resignation is the latest development in a broader strategy to revamp the company’s governance: “This latest move marks the completion of the board’s evolution towards a composition of independent directors, bringing diverse external expertise and perspectives, while retaining executive representation through the global executive chairman and global chief executive officer,” a Chanel spokesperson said in a statement. {WWD/paywalled}
Richemont and Signet Eye Buying De Beers
Luxury conglomerate Richemont and U.S. retailer Signet are reportedly in talks with Global Diamond Consortium to bid on buying De Beers, according to a group of anonymous sources with intel on the matter. It’s not been revealed how large a stake Richemont and Signet are discussing taking, nor for how much. Neither GDC, Richemont or Signet have commented on the matter. {Business of Fashion/paywalled}