These are the stories making headlines in fashion on Wednesday.
EBay Cuts 9% of Workforce
EBay will lay off about 9% of its workforce as it simplifies operations and shifts resources to its fastest-growing areas, CEO Jamie Iannone told employees in a memo. This comes after the company cut about 6% of its staff, or 800 workers, in February. Its shares are up nearly 40% this year, compared with about 12% for the S&P 500. The company also bought fashion resale platform Depop for $1.4 billion this year, which broadened its reach among younger shoppers. {Reuters/paywalled}
Why Chanel Is Backing Ebel
Chanel is part of an investor group that recently bought 95% of struggling Swiss watch brand Ebel in a $66.5 million deal. The group includes independent watchmaker F.P. Journe and former De Bethune CEO Pierre Jacques, who will lead Ebel. The deal covers the brand’s trademarks, intellectual property, inventory and Villa Turque, a Le Corbusier-designed house in La Chaux-de-Fonds, Switzerland. Many see the purchase as a way for Chanel to back its partner François-Paul Journe, as the brand bought a 20% stake in his label F.P. Journe in 2018. {Business of Fashion/paywalled}
EssilorLuxottica Shares Surge After Strong Q3 Report
EssilorLuxottica said Tuesday that third-quarter group revenue rose 9% as its traditional eyewear businesses outperformed. Group sales were nearly €7.5 billion ($8.42 billion). The core eyewear, eye-care and medical technology businesses, which make up most of revenue, grew more than 6%. Sales of smart glasses and other wearables, including the Meta glasses and Nuance Audio frames, grew about 21%, and were reported separately for the first time. Shares have lost more than 40% this year as investors reassess the outlook for AI glasses, but they rose after the report. {EssilorLuxottica; The Wall Street Journal/paywalled}
How Luxury Brands Are Celebrating Diwali
This year, Ferragamo created its first Diwali capsule for India, Valentino is marking its third Diwali in the country and Michael Kors is hosting its fourth dedicated party. Bvlgari also launched its first global Diwali campaign with an installation in Jaipur, made with local potters. In New York, Sabyasachi is holding a landmark Diwali event at the Metropolitan Museum of Art on Oct. 21, while Cartier will host its annual Diwali celebration at its Fifth Avenue Mansion. {Vogue Business/paywalled}
WNBA Star Dearica Hamby Launches Tween Beauty Brand AMNO
WNBA player Dearica Hamby and her 9-year-old daughter, Amaya Marie, have launched a tween beauty brand called AMNO. The brand, short for “Always Me. Never Others,” sells four hair and body products for $12 to $16 each. Hamby funds 95% of the company, with friends providing the rest, and said she doesn’t want outside investors yet. AMNO enters a market where teen beauty spending rose 7% year over year, with hair care up 10%. {Beauty Independent/paywalled}