Photo: Patrick MacLeod/WWD/Penske Media via Getty Images
These are the stories making headlines in the fashion industry on Thursday.
This is how much the highest-paid CEOs in the fashion industry earn
Morris Goldfarb of the G-III Apparel Group, which owns DKNY, Donna Karan and Karl Lagerfeld, tops the list of highest-paid fashion CEOs in the U.S. Last year, he earned over $31 million. Goldfarb is followed by Doug McMillon of Walmart Inc. and Ernie Herrman of TJX Cos. Inc. The highest-earning women include Fran Horowitz of Abercrombie & Fitch Co. (about $15 million) and Barbara Rentler of Ross Stores, Inc. (about $18 million). These CEOs typically earn more than two-thirds of their salary in stocks and options, making their income directly tied to the performance of their companies. {WWD/Paywall}
Golden Goose postpones IPO
The IPO, originally scheduled for Friday, was postponed due to “volatility” in the European market despite rising sales. Golden Goose attributed the volatility to the European elections held earlier this month as well as the upcoming parliamentary elections in France. A market source said WWD that the delay could last until 2025, but Golden Goose has not yet commented on a new date. {WWD/Paywall}
Photo: Courtesy of Kleinfeld
Lindsay Hubbard sells her unused wedding dresses with Kleinfeld
“Summer House” star Lindsay Hubbard has teamed up with new Kleinfeld service Kleinfeld Again to sell her three unused wedding dresses. “They are truly such beautiful dresses, and although my situation has changed, the dresses deserve a second home for a special someone,” Hubbard said in a statement. Kleinfeld Again is a bridal website where people can buy and sell “used,” affordable dresses. Hubbard’s dresses range in price from $6,000 to $10,000 and are available starting Thursday at kleinfeldagain.com. Proceeds will be donated to The Chick Mission, a nonprofit that supports cancer patients with the challenges they face after treatment. {Fashionista Inbox}
Augustinus Bader is expected to generate revenue of $130 million in 2024
The luxury skincare brand, founded in 2018, is expected to see a 40% increase in sales this year. Augustinus Bader’s most popular product is The Rich Cream, which retails for $300 and accounts for about 60% of the company’s total sales. The founders are reportedly in no rush to sell, but believe a sale could be beneficial to further accelerate growth in the future. {Bloomberg/paywalled}
A new AI-based shopping platform raised $50 million
Daydream, the new generative AI shopping platform from online retail veteran Julie Bornstein, has raised $50 million in seed funding led by Forerunner Ventures and Index Ventures. Bornstein also recruited former executives from Google, Microsoft, Amazon, Nordstrom and Farfetch to join her team. A beta version of Daydream is set to launch this fall. It won’t carry its own inventory, but will direct users to items from nearly 2,000 brands via commission-paying links. Join the waitlist on the Daydream website. {Fashionista Inbox}
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