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Hi, and welcome back to Line Sheet. I am back, too! The tipline is open. (Not that it ever
closed.) Thank you to the one-and-only Teri Agins, plus our very own Sarah Shapiro and Rachel Strugatz for holding down the fort.
In today’s issue, Sarah is talking… tennis, just in time for your trip to the U.S. Open, made possible by one luxury brand or another. (I’ve never been available to attend, which does make me reasonably sad.) Anyway, since the pandemic, court sports have ballooned in popularity. The other day, I had a
conversation with an entrepreneur who said that, even as recently as last year, investors worried that racket brands were too niche. Now, Challengers is the closest thing we have to monoculture, Coco Gauff is collaborating with Miu Miu, Venus Williams is wearing custom ERL, Serena Williams is shilling a GLP-1 (she looks amazing), and Jack Draper is fronting both Burberry and Vuori.
Up top, Rachel has an
Estée Lauder Cos. scoop that offers a taste of what she’s working on for tomorrow, and Sarah analyzes the business of Victoria Beckham and IDs Taylor Swift’s engagement ring, which I believe is cool in an Anthro circa-2000 way. (Of course, she ruined everything with that watch.) Plus, all the stuff I couldn’t share with you while I was on break.
Mentioned in this issue: Venus Williams, Khaite, Spence, Amanda
Greeley, Jack Draper, Nike, Vuori, Kirsty Godso, Luar, Raul Lopez, Lacoste, Ralph Lauren, Taylor Swift, Matthew Parr, Stéphane de La Faverie, Victoria Beckham, and many more…
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Introducing an exclusive ready-to-wear collaboration with designer Henry Zankov. This bold, multi-dimensional capsule
brings together DVF’s legendary prints and iconic silhouettes with Zankov’s graphic sensibility and modern approach to color and texture. As an alumni of DVF, Zankov brings a deep understanding of DVF’s design codes and storied heritage. The campaign imagines a modern interpretation of Diane von Furstenberg herself - confident, unapologetic, eclectic, and always in motion. Available for pre-order August 27 exclusively with Bergdorf Goodman, and at DVF from September 15.
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Three Things You Should Know…
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| Rachel Strugatz
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- A major change at
E.L.C.: Matthew Parr, senior vice president and global creative director of Estée Lauder, has been let go after close to 10 years in the role. According to multiple insiders, Parr and C.E.O. Stéphane de La Faverie had a good rapport, and everyone was “shocked.” It’s unclear whether additional creative executives will lose their jobs, or if Parr’s exit was tied to the brand’s performance, but I’ve only heard good things about him. “To just isolate one
person seems odd––I’m sure others are coming,” said a person familiar with the matter.
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| Sarah Shapiro
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- Bend it like Posh: Victoria Beckham has gotten good at staying a step ahead of the U.K. registrar’s annual public release of her company’s finances. In a press release, Victoria Beckham Ltd. said revenue jumped 26 percent to $151.8 million for 2024, and that the brand is approaching profitability, thanks to the performance of items like the Satin Kajal Liner. (The
mascara and eyeshadow stick are performing well, too.) The brand’s concealer pen and partnership with Augustinus Bader are also standouts, and it’s worth noting that their “complexion category” is projected to hit
20 percent of total sales by the end of 2025. The official U.K. registrar report will be released by the end of September.
- About Taylor’s ring: It’s a love story, and she said yes. Taylor Swift’s engagement ring is an Old Mine Brilliant Cut diamond designed by Kindred Lubeck of Artifex Fine Jewelry, according to the New York Post, Vogue, People, and basically everyone, and it captures her
very high-school romance with Travis Kelce along with her whole Anthropologie girl aesthetic. It’s also in line with the classic gold trend we’ve seen, for instance, with Zendaya’s Jessica McCormack button-back, and its old-world vibe mirrors pieces in Lubeck’s current vault collection (like this Sapphire Cushion Cut). Within hours of the
announcement, Artifex Fine’s Instagram gained thousands of new followers because, well, it’s Taylor Swift. Queue the “Get Taylor’s Engagement Ring Style” articles in 3… 2…
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And now on to the main event...
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As the sport’s champions descend on the U.S. Open, new brands are capturing the overflow by
focusing on the athleisure possibilities.
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Putting aside the pop pop pop of pickleball that’s currently driving suburban
neighbors nuts, the racket sport that’s actually making news is tennis. According to the United States Tennis Association, tennis participation has exploded to 25.7 million Americans, up nearly 2 million players last year alone, with one in every 12 Americans now playing.
Not far behind, of course, are a number of D.T.C. fashion upstarts that have realized the formerly niche market shouldn’t be left to heritage tennis brands like Nike, Ralph Lauren, and Lacoste. Watch any random
match at this week’s U.S. Open—and, better yet, make sure to see Venus Williams, who’s been wearing custom Khaite and carrying a shearling leather tennis racket bag custom designed by brand ERL—and you’ll see multiple insurgent brands trying to build market share within one of the country’s fastest growing sports.
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Henry Zankov infuses his distinct visual language into the collection with unexpected textures, clashing colors, mixed
prints, and a harmony between urban and natural elements. Elevated fabrics including chiffon, silk and cashmere are at the heart of the collection, brought to life with embellishments like digitally printed sequin, paillettes, and intricate embroidery. Silhouettes are long and loose, invoking a relaxed ease that is inherent to both brands. Shapes borrow from the world of menswear, with subtle wrapping
techniques that nod to DVF’s iconic legacy. Available for pre-order August 27 exclusively with Bergdorf Goodman, and at DVF from
September 15.
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The economic opportunity wasn’t always so obvious. “I made my first concept deck about Spence in 2017,
floated the idea in the venture and investment world, and was repeatedly told that tennis isn’t culturally relevant,” said Amanda Greeley, the founder and creative director of Spence. “The total addressable market is too small, it’s not growing—I ran into wall after wall after wall, because no one cared about tennis.” But D.T.C. investors have belatedly come to recognize that the category’s audience is much bigger than athletes. For every non-pro sweating up the
courts at the local country club, there are many others who want to wear tennis-coded athleisure year-round.
The tenniscore market upheaval is already reshaping established hierarchies. Vuori, the San Diego–based D.T.C. brand that claimed a $5.5 billion valuation last year after raising $825 million, recently poached British tennis star Jack Draper from Nike, putting a significant crack in the athletic giant’s tennis dominance. For Vuori, primarily known for athleisure,
signing the world’s No. 5 player represents a leap into high-performance sports, as does its recent poaching of trainer Kirsty Godso, also from Nike.
At the Open, Venus Williams has debuted three distinct looks that signal how brands and players are approaching the sport now. Stylist Ronald Burton III worked with her on a custom Khaite kit, a Luar x Woolmark collab featuring performance merino wool pieces, and Monday evening’s ERL kit—the prep
polo and white tennis set giving traditional, but not stuffy. Burton told me that the idea for “new American luxury” looks, and to focus on brands that are keeping things exciting in American fashion, came together during their fittings in early August. Not that Williams, who wore Lacoste to this year’s Met Gala, is averse to tradition. “When an icon like Venus knocks on the
door, you say yes,” said Luar designer Raul Lopez. “I wanted to honor the traditional tennis silhouette, while also turning it on its head a little bit.” His choice of merino wool follows wool’s increased use in running and performance gear.
All the usual suspects can be found in Flushing this year: Ralph Lauren, of course, which is celebrating a 20-year partnership with
the U.S. Open, as well as pop-ups from Nike and Wilson. (According to a source, Ralph Lauren is dressing 215 on-the-court officials and 400 ball crew members.) Meanwhile, both Lacoste and Spence are doubling down on experiential retail at Printemps downtown. “Lacoste paid quite a lot of money to do an activation,” I’m told by an inside source, while Spence, a mostly D.T.C. challenger, was brought in by Printemps store buyers. (Neither brand responded to requests for comment.)
We’ll see
how heritage brands adapt their retail strategies to compete with the insurgents. The tennis market, after all, has become bigger than a mere heritage play. While the big TV events, like the U.S. Open in tennis, the U.S. Open in golf, and the Olympics have traditionally been where brands play hard for recognition and consumer eyeballs, the D.T.C. bunch have been inclined to supplement the spectacle with more intimate approaches. For example, Spence is partnering with professional coaches who
train high-net-worth and celebrity players. The Association of Tennis Professionals just unveiled a collab with Palmes, a menswear brand with “roots” in tennis. Still, when Jack Draper—who reached the semifinals last year—takes the court tomorrow in the second round against Zizou Bergs, the spectacle will be all that matters.
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What I Read… and
Listened to… and Looked at on My Break
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Humans are unreliable narrators, and that’s the reason most memoirs don’t work. But of all the aging white
men books I consumed this summer (a lot), I have to say I enjoyed Barry Diller’s Who Knew the most. It’s one-sided, for sure, but also as honest as these things can be. Most people will come for the personal stuff and explanation of how, as a gay man, he fell in love with and married a woman: fashion’s very own Diane von Furstenberg. There’s a decent amount of celebrity gossip, too—the kind that is not salacious per se, but actually
revealing.
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However, what I most enjoyed was Diller’s depiction of how his business mind works: He’s speaking with
decades of hindsight, but it was fun to hear his side of how deals were won and lost. If you followed the saga of the Ellisons buying Paramount from Shari Redstone, you might be interested to hear how her father, Sumner Redstone, won Paramount in the first place by outbidding Diller and QVC.
At the end, he goes on a little too much about the creation of the High Line and Little Island—a major contribution to New York City, to be sure, but
kinda boring to read about—and I truly do not care that they cloned their dogs, which he seems to want to defend. Overall, though, it’s a great read, or listen. I suggest the audiobook because Diller reads it, and he is charming. Fans of Diane’s—and who isn’t one of those?—will also enjoy her brief cameos, reading notes she sent to Barry over the years. [Audible]
Speaking
of D.V.F., I love her new collab with Henry Zankov, a kind and incredibly talented designer who has worked with many different brands on their knitwear programs. If I were a different person, I would buy this look—which means you definitely should when it is available to preorder on August 27. Also, she is hosting a big
fundraiser/party on Thursday in Venice, just in time for the film festival, that sounds incredibly glamorous. [Bergdorf Goodman and Inbox]
Bryanboy, the O.G. blogger who is both an observer of the luxury industry and a client of it, started a smart newsletter. Should I ask him to be Line Sheet’s next guest columnist?
[Screenshots]
I am convinced that Zara ended up making an ad with the cool girls dance troupe after everyone in the fashion industry became obsessed with them and kept posting and commenting on the video of their routine. Truly shows the power of social media. [Instagram]
Liana Satenstein is the expert on the resale market that you must follow immediately. Loved this profile of a collector of vintage Marc Jacobs. [Neverworns]
Wow, the takeover of Nine Orchard by Austin-based hospitality group MML (whose partners are chefs Larry
McGuire and Tom Moorman, and famed hotelier Liz Lambert) is a big deal. Pretty sure this is their first property outside of the South. New York City is the most challenging place in the world to do this sort of business, but it can also be the most lucrative. Anyway, I’m a fan, and intrigued. [Feed Me]
Fear of God’s
Jerry Lorenzo put his Los Feliz house on the market for $10 million. Looks nice! [Instagram]
It’s designer profile season, and you should bother with Maya Singer’s depiction of Jack and Lazaro’s early days at Loewe. [Vogue]
Yes, I agree that Cate Blanchett’s contract with Uniqlo is weird. But also, she has a strong team around her advising on this stuff, and I assume they are doing this because of Clare Waight Keller, who is smart and formidable. Also, they have a lot of money. [Inbox]
I love the Collier Schorr Givenchy campaign. It’s gorgeous, and further indicative of this push by designers to get women to get
dressed. I hope to see people wearing these clothes in Europe in the fall. [Instagram]
WWD hired a new editor-in-chief, who is a longtime Fairchild Media employee. (They moved the SheKnows lady to an “innovation” role.) Absolutely so depressing that they couldn’t find an interesting person outside of the business to do this. Perhaps he will surprise us?
[WWD]
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Until tomorrow, Lauren
P.S.: We use affiliate links because we are a business. We may make
a couple bucks off them.
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Puck fashion correspondent Lauren Sherman and a rotating cast of industry insiders take you deep behind the scenes of this
multitrillion-dollar biz, from creative director switcheroos to M&A drama, D.T.C. downfalls, and magazine mishaps. Fashion People is an extension of Line Sheet, Lauren’s private email for Puck, where she tracks what’s happening beyond the press releases in fashion, beauty, and media. New episodes publish every Tuesday and Friday.
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Puck’s daily art market email, anchored by industry expert Marion Maneker, offers unparalleled access to the mega-auctions and
galleries, elite buyers and sellers, and the power players who run this opaque world. Wall Power also features Julie Brener Davich, a veteran of Christie’s and Sotheby’s, who provides unique insights into how the business really works.
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