Must Read: A.P.C. Sells a Majority Stake to L Catterton, Olaplex Calls 2023 a 'Reset Year'
Plus, Valentino announces new talent for its fresh Valentino Beauty movement.
Photo: Imaxtree
These are the stories making headlines in fashion on Thursday.
A.P.C. sells a majority stake to L. Catterton
French brand A.P.C. has agreed to sell a majority stake to L Catterton, the LVMH and Groupe Arnault-backed private equity firm. According to Business of Fashion, founder and current creative director Jean Touitou will continue to be involved with the company, while L Catterton's investment "will help the brand scale internationally and grow its digital business." {Business of Fashion}
Olaplex calls 2023 a "reset year"
Olaplex has projected a decline in sales for Q1, with an estimated 36% decrease in adjusted net income. The company attributes the dip in sales to lower consumer demand, as well as the effects of a filed lawsuit over customer claims of hair loss and scalp damage. Butt Olaplex is confident numbers will go up in the second half of the year. "Our priorities in 2023 are to reset our base and invest in our core to provide a more powerful platform for growth," said Olaplex's CEO JuE Wong. "We are focused on increasing investments in sales, marketing and education, while continuing to bring to market efficacious products that professionals and consumers love and trust." {Retail Dive}
Valentino announces new talent for its fresh Valentino Beauty movement
Valentino Beauty has introduced the Very Vs, a new wave of young talent composed of Sofia Carson, Dixie D'Amelio, Tommy Dorfman, Lori Harvey and Alton Mason. The Very Vs are fun, authentic trendsetters who serve as the face of the new inclusive Valentino Beauty movement, also meant to inspire the younger generation to embrace individuality. Finally, the group "will invite their communities to follow them throughout diverse Valentino Beauty experiences," per the press release. {Fashionista inbox}
Saks Off 5th CEO takes a sudden departure
According to WWD, SaksOff5th.com CEO Paige Thomas has stepped down from her position in pursuit of outside opportunities. Her sudden departure resulted in a change of management structure, as Thomas oversaw merchandising and marketing operations for both online and in stores. In Thomas's leave, President of the Saks Off 5th stores Rob Brooks has been promoted to CEO of SaksOff5th.com, while SVP Jennifer Drake will overtake Brooks's former position as president. {WWD}
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