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These are the stories making headlines in fashion on Tuesday.

Vogue unveils The Met Issue cover stars

Vogue tapped this year’s Met Gala co-chairs A$AP Rocky, Colman Domingo, Lewis Hamilton and Pharrell Williams as cover stars for The Met Issue. A$AP Rocky wears an Ozwald Boateng suit and tie, Boss shirt, De Beers earrings, Margot McKinney brooch and a Audemars Piguet watch while photographed by Tyler Mitchell and styled by Law Roach. Photographed by Iké Udé and styled by Max Ortega, Domingo wears a Balmain jacket, pants and shirt; Chanel High Jewelry brooch; and Magnanni shoes on the cover. Hamilton was photographed by Malick Bodian and styled by IB Kamara and Eric McNeal in a Ferragamo suit, Off-White bowtie, Jean Schlumberger by Tiffany & Co. earring and Tiffany & Co. by Elsa Peretti ring. For Williams’ cover, Henry Taylor painted the star’s portrait. Read each of their cover stories for Vogue‘s The Met Issue May 2025 here. {Vogue/paywalled}

LVMH fashion sales fall 5% 

LVMH released its first-quarter sales on Monday, which showed a 5% drop in sales on an organic basis in its fashion and leather goods division. The company recorded revenue of €20.3 billion (approximately $22.9 billion) in the first quarter of 2025. LVMH’s shares fell 7.5% on Tuesday morning, according to Business of Fashion. {LVMH}

Beauty M&A faces further uncertainty amid tariffs

Last year was a slow one for beauty mergers and acquisitions, and the rapidly changing U.S. policy on tariffs is contributing to further uncertainty. Buyers and sellers in the U.S. are extremely cautious, and sources told WWD that some processes in beauty are being reevaluated. Beauty is particularly sensitive to tariffs on China due to the sheer amount of packaging and other components stemming from the country. Some of the brands that reportedly came to market in the last 12 months but are yet to score a deal are Rare Beauty, Makeup by Mario, Merit, Kosas, Byoma and Jane Iredale, among others. {WWD/paywalled}

Arab Fashion Council launches $500,000 designer fund

The Arab Fashion Council created a fund to support emerging fashion brands from Arab countries by investing $500,000 every two years in one designer’s business. The AFC Fashion Fund aims to help scale a designer’s business by underwriting the cost of three runway show seasons, showroom representation in Paris, capsule collections for the Middle East retail calendar and support via industry networking and mentorship. Applications for the first cycle of the fund will open in June, with the winner announced in October. {Business of Fashion/paywalled}

Are we heading for a beauty burnout?

Beauty has become an exhausting and time-consuming part of people’s lives between multi-step morning routines and elaborate “high maintenance to be low maintenance” regimens. With a cream, supplement or a surgery for every skin-care and wellness concern, Vogue Business’ Jessica DeFino asks, “Are we heading for a beauty burnout?” Trend forecaster WGSN has predicted the “Great Exhaustion,” a fog of fatigue that will descend in 2026, but DeFino argues Big Beauty will be “just fine.” She theorizes that the average beauty routine expands in direct proportion to political upheaval, citing skin care being rebranded as self care following the 2016 presidential election and the beauty and skin-care surge in 2020’s Covid era. {Vogue Business/paywalled}

Zendaya fronts On’s “Zone Dreamers” campaign

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For On and Zendaya’s latest campaign collaboration, the duo unveiled “Zone Dreamers,” a fictional film trailer directed by Nadia Lee Cohen and styled by Law Roach. Zendaya stars as a protagonist on a mission through space, wearing custom-designed spacesuits by Roach and jewelry designer Chris Habana. The campaign introduces the Cloudzone, On’s newest low-profile sneaker silhouette, and the Studio Knit Bodysuit, a sculpting one-piece designed for fluid motion. “Zone Dreamers” launches April 15 with the Cloudzone and the Spring 2025 Movement Lifestyle collection available now at on.com, On stores and select retailers worldwide. See Zendaya’s On campaign photos above. {Fashionista inbox}

Homepage photo: Gilbert Flores/Variety via Getty Images

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