These are the stories making headlines in fashion on Wednesday.

Miu Miu Beauty launches new fragrance

Miu Miu makes its return to beauty with the release of a new perfume, “Miutine,” alongside a campaign starring its Global Ambassador, Emma Corrin. Priced at $172, the floral gourmand fragrance is described by the brand as “a rebel’s spirit bottled.” The new scent is available to purchase now at miumiu.com and becomes available at Sephora, Macy’s, Ulta and other select retailers on Aug. 21. {Fashionista inbox}

Authentic Brands Group to acquire majority stake in Guess

In a press release, Authentic Brand Groups announced it will acquire a 51% stake in a “newly formed entity that will own and license substantially all of Guess’s intellectual property.” The remaining percentage will be owned by Maurice and Paul Marciano (Guess’ co-founders), Nicolai Marciano and its CEO Carlos Alberini. {Authentic Brands Group}

Valentino has named its new CEO

Just a few days after Jacopo Venturini stepped down as Valentino’s CEO, citing “personal reasons,” the Italian fashion house has named his successor: Riccardo Bellini. Previously the managing director of the brand’s parent Mayhoola, Bellini will officially assume the role on Sept. 1 — just one month ahead of the label’s Spring 2026 Paris Fashion Week show on Oct. 5. {WWD}

Claire’s to sell its North American business

In an effort to cut losses amid its ongoing bankruptcy proceedings in the United States, budget jewelry retailer Claire’s announced it will sell its North American business to Ames Watson, a private equity firm, for an undisclosed amount. Ames Watson co-founder Lawrence Berger said in a statement that the firm is “committed to investing in its (Claire’s) future by preserving a significant retail footprint across North America.” {PR Newswire}

Black beauty businesses hit hard by Trump’s Tariffs

Prices of hair extensions, hair glues and more materials used to create wigs and weaves have significantly increased as a result of Trump’s tariffs on China and Vietnam (where many Black beauty products are produced and exported from). “We’re being impacted at every level,” said Dajiah Blackshear-Calloway, a salon owner in Georgia. “I’m either having to eat that cost or pass that expense along to my clients, which affects their budgets and their pockets as well.” {Reuters}

Labubu revenue could surpass $4 billion this year

Over the last four months, stocks of Chinese toy maker Pop Mart (the company responsible for Labubus) climbed 14% — the largest increase since the company went public in 2020. During a recent earnings call, Pop Mart’s CEO, Wang Ning, announced the launch of a new mini Labubu, leading him to say that he believes achieving ¥30 billion (around $4 billion) in sales this year “would be quite easy.” He did not give further details. {Bloomberg}

Tariffs to impact Estée Lauder’s profitability by $100 million next year

After reporting a 12% decline in net sales for Q4 of fiscal 2025, Estée Lauder is sharing its expectations for the year ahead. In a press release, the company stated that it expects “tariff-related headwinds to impact fiscal 2026 profitability by approximately $100 million.” In a statement, Stéphane de La Faverie, president and CEO, said, “Despite continued volatility in the external environment, we embarked on fiscal 2026 with signs of momentum and confidence in our outlook to deliver organic sales growth this year after three years of declines and to begin rebuilding operating profitability in pursuit of a solid double-digit adjusted operating margin over the next few years.” {Estée Lauder Companies}

Target names new CEO amid declining sales

For Q2, Target reported net sales of $25.2 billion, slightly lower than the same period last year. In its apparel and accessories category, unaudited net sales declined from $4.261 billion in Q2 2024 to $4.086 billion in Q2 2025. In beauty, however, net sales increased slightly this quarter to $3.396 billion, vs. last year’s $3.384 billion. In the same release, Target named its next CEO, Michael Fiddelke (currently COO), who will succeed Brian Cornell on Feb. 1., 2026. {Target}

Homepage Photo: Courtesy of Miu Miu

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