Plus, Farfetch stock takes a 34.9% dive.
These are the stories making headlines in fashion on Friday.
CFDA debuts NFT collection
The Council of Fashion Designers of America is launching a metaverse initiative in honor of its 60th anniversary. The organization has worked with members on NFTs, some of which were revealed Friday, leading up to the full unveiling on Dec. 12. The collection will spotlight seven fashion houses and designers including Coach, Diane von Furstenberg, Michael Kors, Tommy Hilfiger, Vivienne Tam, Wes Gordon for Carolina Herrera and Willy Chavarria. They each come with various perks and benefits, and bids will start at $15,000 or $25,000. {WWD}
The age of self-regulation is over for fashion
With many fashion brands’ emissions continuing to grow and more reports of labor abuses like wage theft and union busting since the pandemic, ethical fashion and climate activists are calling for mandatory government regulations on the industry. Though this level of regulation is not fully in swing, steps are being taken in that direction. The European Commission has recently proposed new rules to cut down on packaging waste, forcing brands to find alternative materials for things like beauty product bottles and online deliveries. {Business of Fashion}
Farfetch stock takes a 34.9% dive
Despite José Neves, founder of Farfetch, declaring the company as being at a “tipping point” for significant growth this week, shareholders felt shortchanged and underwhelmed, driving the company’s stock down 34.9%. Neves maintains his positive outlook and said, “I believe this industry has the DNA and the structure to really recover very quickly from any such macro difficulty in the future.” {WWD}
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Ami Colé to be sold at Sephora
The functional beauty brand Ami Colé will officially be entering Sephora on Dec. 30, on Sephora.com and in 277 stores. The brand will be part of the Clean at Sephora initiative, which highlights brands with products “formulated without certain ingredients that are potentially harmful to human health and the environment,” according to a statement. {Fashionista inbox}
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