SKIMS Eyes $4 Billion USD Valuation and Shein Faces RICO Lawsuit in This Week's Top Fashion News

This week, the fashion industry’s top headlines brought leading designers to a variety of locales, including Wall Street, courtrooms, auction houses, football fields and runways.

At the top of the list, Kim Kardashian’s SKIMS is reportedly engaged in a pre-IPO fundraising round from “mutual funds and family offices” that will value the only-four-year-old company at $4 billion USD. Meanwhile, Shein was accused of copyright infringement in new lawsuit citing RICO violations from three designers, who claim the fast-fashion company has “grown rich by committing individual infringements over and over again.”

Elsewhere, Sotheby’s opened a new auction, titled “PERSONAL EFFECTS,” filled with all sorts of personal items from designer Hiroshi Fujiwara; Prada was named the official partner of the Chinese Women’s National Football Team; Rihanna (and her baby bump) starred in Savage X Fenty’s new Sheer X campaign, and Ralph Lauren announced his return to New York Fashion Week.

Below, Hypebeast has rounded up the top fashion stories of the week so you can stay up to date on trends in the industry.

Kim Kardashian’s SKIMS Set to Be Valued at $4 Billion USD Ahead of Pre-IPO Round

Skims

Kim Kardashian’s SKIMS is reportedly in the midst of a fundraising round from “mutual funds and family offices” that will place the shapewear label at a valuation of $4 billion USD.

The round has not yet closed. It is a pre-IPO fundraising effort that will allow the company a leg up for a potential offering in coming six to 12 months. In January of last year, SKIMS raised $240 million USD in a Series B fundraising, which moved the brand’s valuation to $3.2 billion USD.

Notably, SKIMS is only four years in business. It’s achieved massive success in a short period of time, thanks to its famous founder, its popular wares, and a slew of campaigns starring prominent figures including Snoop Dogg, SZA and several others.

Shein Accused of Copyright Infringement in New Lawsuit Citing RICO Violations

Jade Gao/Afp/Getty Images

Chinese fast-fashion giant Shein is facing a new lawsuit from three artists and designers, claiming that the company is in violation of the Racketeer Influenced and Corrupt Organization Act (RICO) by infringing on their intellectual property to create and sell copied items. The plaintiffs allege that the brand “has grown rich by committing individual infringements over and over again, as part of a long and continuous pattern of racketeering, which shows no sign of abating.”

As the company continues to pump out as many as 6,000 new items on a daily bases, the lawsuit alleges that Shein uses a “byzantine shell game of a corrupt structure” to steal designs from artists. Using the RICO statutes, the three designers look to put a stop to Shein’s “illegal operation,” which has seen the company “produce, distribute and sell exact copies” of their work.

Read more about the lawsuit here.

Rihanna Fronts Savage X Fenty’s New Sheer X Lingerie Campaign

Savage X Fenty/Dennis Leupold

Ringing in the launch of Savage X Fenty’s all-new Sheer X lingerie collection, Rihanna on Monday debuted the brand’s latest cuts in a slew of new campaign images featuring her pregnancy bump, shot by Dennis Leupold. The line, which Rihanna designed herself, looks to strike the middle ground between comfortable and sensuous with breathable materials and lightweight constructions.

In an interview with ELLE, Rih said, “I always like to bring a fresh take to lingerie in a way that feels authentic to Savage X Fenty, and Sheer X is the next phase of that. It’s all about balance with this collection—supportive and sexy.”

Savage X Fenty’s Sheer X line is now available to shop on the brand’s webstore. Take a look at the campaign here.

Hiroshi Fujiwara Auctions Off Personal Belongings at Sotheby’s

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Sotheby’s latest auction, titled “PERSONAL EFFECTS,” houses a number of personal items belonging to celebrated streetwear designer Hiroshi Fujiwara.

The auction, which takes its name from the 2009 book that features the included items, offers a deep dive into the visionary’s attic, with more than 50 items spanning fashion, art and collectibles available for bidding. Among them, the sale includes a 1936 Levi’s 506XX T-back jean jacket, a Nike Dunk Hi x Fragment Design prototype and a vintage Hermès Haut à Courroies.

Sotheby’s PERSONAL EFFECTS: Hiroshi Fujiwara action is now open via Sotheby’s Hong Kong. Peruse the listings on Sotheby’s website.

Fiorucci Named a New Creative Director, CEO and Investor

Fiorucci

Following Daniel W. Fletcher’s departure from the brand, Fiorucci has now named a new investor, CEO and creative director.

Francesca Murri, who has previously worked at brands including Versace, Gucci, Givenchy and Ferragamo, will assume the creative director role, working alongside newly-appointed CEO Alessandro Pisani to renew Fiorucci with a “creative reconstruction.” The brand will return to Milan for this next era, thanks to new investor Dona Baertarelli.

In a statement, Pisani said, “Fiorucci is one of the greatest protagonists in the history of Italian fashion. Its founder Elio Fiorucci ignited a positive cultural disruption that democratized style across the world and became entwined with progressive popular art forms from visual arts to music. Our mission now is to revive that uniquely playful attitude and reshape its disruptive heritage in order to inspire a new generation.”

Ralph Lauren Will Return to New York Fashion Week This September

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Ralph Lauren will stage a runway show during New York Fashion Week this September, according to WWD.

The event will take place on the evening of September 8, though a location has not yet been announced. Per the outlet, the show will include a women’s collection, though it is not yet confirmed whether it will also feature menswear.

The fashion show will mark Lauren’s grand return to NYFW. The designer has not shown on the calendar since September of 2019, when he debuted his high-end supper club, Ralph’s Club, on Wall Street, followed by a performance from Janelle Monáe. In the years following, Lauren has staged runways off-calendar, in both Los Angeles and New York.

Prada Named Official Partner of the Chinese Women’s National Football Team

Prada

Prada on Monday revealed an official partnership with the China Women’s National Football Team, just in time for the squad’s arrival in Australia ahead of the FIFA Women’s World Cup later this month.

Dubbed the “Steel Roses,” the 23-player team will wear the Italian fashion house’s designs for formal events and travel. The squad’s official uniform, which consists of a black blazer with matching trousers, a sharp button-down and Prada loafers, is designed to provide the team with “a fresh and contemporary off-the-field image,” per Prada.

“The China Women’s Football Team has forged a global reputation and is a source of inspiration for young female athletes, focusing public and institutional attention on a democratic and inclusive sport,” Prada said in a statement.

Fashion Revolution Transparency Index Offered New Insights on the Industry’s Sustainability Aims

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The Fashion Revolution Transparency Index is an annual report that documents the worker rights, purchasing practices and wages of 250 fashion brands, in an effort to determine the industry’s current commitments to sustainability. In its eighth iteration, this year’s index examined brands with revenues over $400 million USD according to 258 very-specific indicators, according to WWD.

The report showed some promising results, including two fashion brands surpassing the index’s 80th percentile for the first time since its creation. Gucci (80%) and OVS (83%) led the way with the highest scores, and Gucci earned the largest increase when compared to last year.

However, the report also indicated that several big-name brands could not be meeting the industry’s sustainability aims, as they shared little or nothing with the Index. Specifically, the following 18 brands scored a 0% rating on the report: Anta, Belle, Big Bazaar, Bosideng, Fashion Nova, K-Way, Koov, Max Mara, Metersbonwe, Mexx, New Yorker, Heilan Home, Savage X Fenty, Semir, Splash, Tom Ford, Van Heusen and Youngor.