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Must Read: Proenza Schouler To Launch Sister Line of Basics, Tommy X Gigi Tease Third Collection

Plus, Agent Provocateur founder launches a gender-fluid lingerie line.
Lazaro Hernandez and Jack McCollough. Photo: Imaxtree

Lazaro Hernandez and Jack McCollough. Photo: Imaxtree

These are the stories making headlines in fashion on Friday.

Proenza Schouler to launch sister line of basics
Proenza Schouler will reportedly launch a sister collection of casual pieces in November. The secondary line will be called "White Label" and will feature a selection of denim, T-shirts and basics pulled from the main line, but separated to spotlight the contemporary label's more affordable and accessible offerings. {WWD}

Tommy Hilfiger and Gigi Hadid's tease their third collection 
Tommy x Gigi's third "see-now, buy-now" collection will hit the runway in London on September 19. Until then, the American fashion label released a teaser video, which gives us a first look at some of the standout pieces from the collection — including a very covetable plaid slip dress — and allows us to see the model putting her playful Gigi spin on the designs. {Vogue UK

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Agent Provocateur founder launches gender fluid lingerie line 
Serena Rees made waves in the global underwear market when she launched Agent Provocateur in 1994;  she sold the label 10 years ago, but her newest lingerie venture, Les Girls Les Boys, seeks to do the same. Rees' new intimate line, which launches today, will offer a youth-oriented selection of underwear and loungewear for both men and women in a range of gender-fluid styles all priced from $25 to $150. {Fashionista Inbox}

How luxury e-commerce site MatchesFashion earned a $1 billion price tag
Earlier this week, MatchesFashion's valuation surged to about $1 billion as private equity firms fought for a majority stake in the company. The bidding war was brought about by the luxury e-tailer's high earnings, coupled with the projected growth in the luxury e-commerce market as a whole. In addition, MatchesFashion's worth is boasted by its unique buying strategy, clever mix of established and emerging designers, high-quality customer service and mastery of global distribution. {Business of Fashion}

L'Oréal cuts ties with first transgender representative 
Transgender activist and model Munroe Bergdorf was supposed to serve as a campaign star for L'Oréal's diversity initiative. However, after the model made a Facebook status calling out racism, the beauty brand removed her from the campaign. In a public statement released this morning, the company said: "L'Oréal supports diversity and tolerance towards all people irrespective of their race, background, gender and religion." {Dazed

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