Must Read: Barneys New York is now a skincare brand, Gap cuts 500 corporate jobs

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These are the stories that make fashion headlines on Wednesday.

Barneys New York is back – with beauty products
After bankruptcy, Barneys New York resurfaces as… skincare. Authentic Brands Group, which acquired Barneys, has partnered with South Korea-based Gloent Group to launch a skincare line under the Barneys name. The line consists of five products, including an essence, cleanser, serum, day cream, and night cream, all ranging from $48 to $168, with branded bottled water (sourced from Norway) at come in December. The brand is set to launch in the United States, South Korea and Japan. It will be available exclusively on Barneys-beauty.com, as well as Saks’ website later this year. {fashion company}

Gap cuts 500 corporate jobs
In addition to the recent wave of corporate layoffs, Gap will cut 500 jobs in San Francisco, New York and Asia, in a bid to cut expenses amid falling sales. “We’ve let our operating costs grow at a faster rate than our sales, and therefore our profitability,” Gap executive chairman Bob Martin wrote in a note. This comes after news broke that Gap would also be ending its partnership with Yeezy prematurely. {WSJ}

The market for wigs and extensions is changing
British entrepreneurs Tendai Moyo and Ugo Agbai have founded Ruka, a tech-driven hair extensions and wig company that fills a much-needed gap in the market: hair products designed by black women for black women. Tennis star Serena Williams wore one of Ruka’s ponytails at Wimbledon, while actors Keke Palmer and Gabrielle Union also embraced the brand. Meanwhile, Perfect (in which Williams is an investor), uses AI and machine learning to make custom wigs for customers. As large white-owned companies scramble to take advantage of this profitable trend, black vendors are increasingly taking over the supply chain. {fashion company}

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Hill House raises $20 million to expand into the fashion market
While the pandemic has been a difficult time for many businesses, this was the perfect opportunity for Hill House Home to pivot its offering. Originally known for its bedding and towels, the brand’s $150 “Nap Dress” took off in 2020, generating $3 million in sales in just 12 minutes. Now, the brand is refocusing its resources on fashion by raising $20 million in funding to support the growth of this sector. Hill House Home plans to increase its in-store presence and expand internationally. {Fortune}

The $3 lipstick that ignores inflation
Almost everyone felt the effects of inflation, and Elf Beauty was one of many brands that raised their prices. But one product was untouched: her $3 lipstick. General Manager Tarang Amin promised to keep prices unchanged with Elf’s cheapest items. “We haven’t touched a third of our items,” Mr. Amin said in an interview with The Wall Street Journal. The company plans to stick to this unique strategy regardless of how inflation moves. {WSJ}

Is Augustinus Bader really revolutionizing skin care?
When Augustinus Bader was Director of Cellular Techniques and Applied Stem Cell Biology at the University of Leipzig, he miraculously treated a second-degree burn patient using stem cell technology. French investor Charles Rosier was quick to seize the opportunity and the two soon developed a line of coveted moisturizers. Celebrities ranging from Leonardo Dicaprio to Naomi Campbell have all placed their orders, but when Seduce reached out to the rod-selling community for comment, no one was aware of Bader’s accomplishments. Additionally, scientific evidence that the mark can regenerate new skin is woefully lacking. {Seduce}

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