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Must Read: Hailey Baldwin and Miss Piggy Share a 'Love' Cover, Fashion Is Scaling Back on Snapchat

Plus, Under Armour realigns its strategy to better compete with Nike and Adidas.

These are the stories making headlines in fashion on Wednesday.

Hailey Baldwin and Miss Piggy cover Love
It's an age-old, classic combo: Instamodel and iconic Muppet. Hailey Baldwin and Miss Piggy share a new cover of Love, on newsstands beginning July 24. It was shot by Alasdair McLellan and styled by Katie Grand, with hair by Anthony Turner and makeup by Francelle Daly. In the outdoor shoot, Miss Piggy wears a custom Miu Miu hat, while Baldwin appears in ample black tulle (a corset and bolero by Roland van der Kemp) and a Miu Miu hat of her own. The cover design features plenty of pink, which feels apt. {Instagram}

Fashion brands are increasingly favoring Instagram over Snapchat
Instagram's dedication to courting the fashion industry — and Snapchat's relative lack thereof — has led to a dynamic in which fashion brands are increasingly prioritizing the former social media platform over the latter. Many of the brands that were once experimenting with Snapchat, such as Everlane and Cole Haan, are now scaling back usage or ceasing efforts on the platform entirely. "With Instagram replicating most of Snapchat’s capabilities, there's no reason for fashion and beauty brands to maintain an actual account on [Snapchat] anymore," said Kitty Tsang, a digital strategist at the agency Ready Set Rocket, in an interview with Glossy. {Glossy}

Under Armour realigns its strategy by bringing in new leadership
Under Armour founder, chairman and chief executive officer Kevin Plank named Patrik Frisk the new president and chief operating officer for the company on Tuesday. Frisk served most recently as CEO of Aldo Group. Though Under Armour's annual sales near $5 billion, it's struggled to keep up with more established competitors like Nike and Adidas in recent years. Through the addition of Frisk and several other management changes, the company is hoping to streamline and refocus its efforts as a major presence in the apparel and footwear retail industry. {WWD}

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U.S. mall vacancies continue to increase
The second fiscal quarter saw an increase in mall vacancies in the United States, according to a new report from research firm Reis Inc. With rents increasing and major department stores like Macy's closing locations, the national retail vacancy rose to 10 percent in the second quarter (increasing from 9.9 percent in the first quarter). {Business of Fashion}

Highsnobiety interviews Brooklyn Beckham ahead of his photography book release
Brookyln Beckham discussed his photography technique and inspirations, as well as why he's hoping to direct his Instagram following to the analog world with the release of his first book. "I love books. While I embrace social media – and that has been my main platform – there's nothing nicer than holding and looking at a physical book," he said. {Highsnobiety}

Alibaba will invest an additional $1 billion in Lazada Group
After taking control of online mall Lazada last year in a $1 billion deal with Rocket Internet, Alibaba will invest another $1 billion, raising its stake in the company to 83 percent. "Obviously this allows Alibaba to expand its global footprint, giving them unrivaled access to users," said Lazada CEO Maximilian Bittner in an interview with Business of Fashion. "E-commerce penetration in Southeast Asia is only roughly 3 percent, so the partnership is a great step change." {Business of Fashion}

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