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Must Read: Highsnobiety Raises $8.5 Million, See Demna Gvasalia's First Balenciaga Men's Pre-Collection

Plus, why fashion needs to put more people of color in positions of power.
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These are the stories making headlines in fashion on Friday.

Highsnobiety raises $8.5 million in funding in first-ever financing round
Menswear media brand Highsnobiety teamed up with Felix Capital, a London-based venture capital firm for the Creative Class, to hold its first financing round, which secured $8.5 million. The funding will help expand the company's content production agency Highsnobiety+, global events, product development and commerce opportunities, as well as invest in new technology and digital media to explore data, analytics and niche verticals for its readers. {Fashionista inbox}

See Demna Gvasalia's first men's pre-collection for Balenciaga
For his first men's pre-collection for Balenciaga, Demna Gvasalia shot males of all ages, shapes and hair lengths walking the city streets of Paris. In the images, many of the men sport Chanel-esque quilted murses, flared jeans and oversized outerwear. And while Gvasalia has already familiarized us with padded shoulders and boxy jackets, in this collection he introduces us to some heavy-duty chunky boots. {Vogue}

Why fashion needs to put more people of color in positions of power
"How do you create an industry with a huge blind spot when it comes to issues of race?" Jon Moy writes in an opinion piece for Highsnobiety. "You exclude people of color from positions of power and agency." Spurred by H&M's recent racist photo controversy, Moy argues that the fashion industry needs to hire more people of color to avoid making culturally and racially offensive mistakes. {Highsnobiety}

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Edward Enninful on how all his jobs have influenced his newest role as editor in chief
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Designers discuss the Time's Up movement and its implications on red carpet dressing 
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