The U.N.’s annual climate conference took place in Egypt last week, presenting a dire case for the need to reduce emissions across the fashion industry and the world. Also: I take a look at how Adidas was able to keep the design rights to Yeezy sneakers and the likelihood that Estèe Lauder will complete its deal to buy Tom Ford. Don’t forget to subscribe to the Glossy Podcast for interviews with brand leaders and Week in Review episodes, and the Glossy Beauty Podcast for beauty industry coverage! –Danny Parisi, sr. fashion reporter
At COP27, fashion grapples with rising global emissions
A new report from the U.N.’s Intergovernmental Panel on Climate Change released during COP27 in Egypt last week revealed that the world is not on track to meet the goals of the 2015 Paris Agreement. Rather than reducing emissions from fossil fuels, countries like the U.S. and India are projected to increase their emissions in the next year.
I spoke to Dr. Amanda Parkes, the chief innovation officer of the brand Pangaia, while she was in Cairo for the summit. She spends much of her time thinking about ways Pangaia and the fashion industry at large can help protect the planet. Her assessment was stark.
“Fossil fuels is the No. 1 [issue],” she said. “Ending their use every possible way is the biggest thing we have to do.”
How Adidas kept the rights to Yeezy designs
Adidas finally revealed its concrete plans for Yeezy sneakers last week after the fiery ending of its partnership with Kanye West earlier this month. As many suspected, the brand will continue to sell designs from the Yeezy line but without the Yeezy name. This is only possible because Adidas retained the design rights for each shoe.
Aaron Luo, founder of the bag brand Caraa that has collaborated with brands like Athleta and Equinox, said this is actually a common and standard practice for collaborating with an outside designer.
“As a rule of thumb, the rights to any co-branded or co-designed products are set depending on who is ultimately selling the product and how the collaborating designer is getting compensated,” Luo said. “For example, when a brand partners with an artist, usually the brand is the one who is selling the product, and the artist gets a flat compensation amount, together with a cut in the form of royalty per item sold.”
Estée Lauder is close to a deal on Tom Ford
The beauty giant is nearing completion of a nearly $3 billion deal to buy Tom Ford, according to reporting by the Financial Times. The deal will come at the end of a long and competitive process where, reportedly, multiple big luxury groups were fighting to buy the brand.