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Must Read: Jennifer Lawrence Stars in Woman-Directed Dior Video, America's Turbulent Luxury Industry

Plus, a former employee of Gianvito Rossi claims managers were racist toward Serena Williams.

These are the stories making headlines in fashion on Friday.

Jennifer Lawrence stars in the new lady-directed Dior video
Now in the last year of her three-year contract with Dior, Jennifer Lawrence appears in the house's latest mini fashion film. "La Fille Américaine" is shot in black and white and captioned in a style reminiscent of silent films. "It's a great experience wearing clothes that are designed by a woman who understands a woman's body," Lawrence said in a behind-the-scenes video. {WWD}

The boom-and-bust cycle of American luxury brands
Luxury needs to communicate exclusivity, but sell millions of units — things American brands have had a hard time balancing. Unlike their European counterparts, which tend to play a long game, American luxury retailers often rise meteorically, distribute too broadly and then crash. {Business of Fashion}

Former Gianvito Rossi employer accuses the company of racism
Whitney Wilburn, a former Gianvito Rossi employee, has filed a lawsuit against the company for the racist treatment she claims impacted how managers treated her — and Serena Williams. Wilburn claims that managers made "racially disparaging comments about Ms. Williams, which made it clear that the company did not want African-American women to wear its shoes." The company has responded saying that the reports "impugned baselessly and carelessly the integrity of our incredible caring and diverse staff." {The Cut}

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Christopher Bailey steps down as CEO of Burberry to focus on creative side
Though he's vacating his role as CEO at Burberry and being replaced by former Céline exec Marco Gobbetti, Christopher Bailey will continue to operate as chief creative officer. "A greater proportion of my time will be spent on product," Bailey said. "We can do so much more." {WWD}

Old Navy is Gap Inc's best-selling brand
Gap Inc, which owns Gap, Old Navy, Athleta and Banana Republic, once again found Old Navy to be its best-performing brand this quarter. Overall, Gap Inc saw a better-than-expected first-quarter increase of 12.6 percent over the first quarter of last year. "We've made substantial improvements in product quality and fit," said CEO Art Peck, "and our increasing responsive capabilities are enabling us to better react to trends and demand." {WWD}

Karl Lagerfeld made a stuffed animal version of his cat Choupette
Iconic designer Karl Lagerfeld just released a stuffed animal version of his iconic pet, Choupette, which you can buy for a mere $547. What else would you expect of the most famous cat in fashion? {Dazed}

Levi's celebrates the birthday of the blue jean with 501 Day
Sat., May 20 marks the anniversary of the blue jean's invention and to celebrate 501 Day, Levi's is releasing a collection of three exclusive, limited-edition pieces, including a women's 501 Short, as well as a men's 501 Original Jean and Trucker Vest. Inspired by the music capitals of Austin, New York, Nashville and San Francisco, the 501 Day Collection —priced from $128-$298 — leans into a verifiable rock 'n' roll aesthetic with hand-distressed denim detailing, scribbled embroidery and vintage customizations. The capsule will only be available through May 20, so get it while it's hot on and select Levi's flagships in Chicago, Los Angeles, New York and San Francisco. {Fashionista inbox}

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