Weekend Briefing: More fashion brands are closing

The surprise announcement on Wednesday that The Vampire’s Wife is shutting down highlights the tough economic conditions facing smaller U.K. fashion brands. The upheaval in the wholesale market has dramatically impacted the brand, despite positive direct sales growth.

This closure adds to a growing list of U.K. brands that have struggled or shut down in recent years due to challenging economic conditions. They include Ted Baker, which announced store closures on May 23. The Vampire’s Wife founder Susie Cave expressed gratitude in a statement to its clients and partners for their support over the past 10 years.

“Despite a period of positive growth and sales, the upheaval in the wholesale market has had dramatic implications for the brand,” read the statement. “The Vampire’s Wife would like to express their heartfelt thanks to all clients, partners and those who have worn the brand these last 10 years. Your support has been invaluable, and we are deeply grateful.”

Shein approaches UK chancellor amid its IPO bid

According to Sky News, Shein, the online fashion giant, is making significant efforts to ensure the success of its London IPO by approaching prominent figures, such as former Chancellor Sajid Javid and former BBC Trust chair Baroness Fairhead, for potential roles within the company. 

Reportedly, Javid is among several senior City figures who recently talked with Shein’s executive chairman, Donald Tang, about possibly joining the board or becoming an adviser. These meetings seem to reflect Shein’s commitment to corporate governance and its focus on a major London stock market listing.

Cate Blanchett appeared to make a statement about the Israeli-Palestinian war at Cannes

This year’s Cannes Film Festival became a platform for political statements amid the Israel-Hamas war, with attendees showcasing their support for Israelis or Palestinians through their attire. They included Bella Hadid with her kaffiyeh-inspired dress and sashes and pins advocating for various causes. There was also Cate Blanchett in a Haider Ackermann gown that appeared to pay tribute to the black, green, white and red Palestinian flag. Such statements highlight the intersection of fashion and politics, drawing significant attention and sparking discussions about the ongoing conflict.