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Must Read: Yeezy Receives $1.5 Billion Valuation, Missguided Was the Real Winner of 'Love Island'

Plus, restructuring negatively impacted Giorgio Armani's 2017 profits.
Kanye West at Yeezy Season 3's presentation in New York City. Photo: JP Yim/Getty Images for Yeezy Season 3

Kanye West at Yeezy Season 3's presentation in New York City. Photo: JP Yim/Getty Images for Yeezy Season 3

These are the stories making headlines in fashion on Friday

Kanye West's Yeezy receives $1.5 billion valuation
According to a recent report by The Blast, Kanye West is on the verge of becoming a billionaire, thanks to Yeezy. The outlet said that the clothing and footwear brand received a valuation of $1.5 billion, and since Kanye is a majority stake holder in all things Yeezy, "he is right at the line of being considered a billionaire." {The Blast

Missguided was the real winner of "Love Island"
Missguided provided a slew of plunging bodysuits and animal-print bikinis for contestants on the "Love Island" reality show, and also allowed viewers to shop for said items via the show's official app. The result: a 40 percent bump in sales. "In total, during 'Love Island''s run, 18 percent of Missguided sales came from product that was either worn by the Islanders, or similar looks the brand called 'style steals,'" notes Business of Fashion in a piece exploring how the fast-fashion brand took product placement to the next level. "Once an Islander wore an item on screen, sales routinely spiked 300 to 500 percent." (Business of Fashion

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Restructuring negatively impacted Giorgio Armani's 2017 profits
In 2017, the Armani Group saw its net profit fall by 10.5 percent to 242.4 million euros compared to 271 million euros in 2016. Sales also dropped 5.8 percent. The Italian fashion group said the decline in net revenues and margins was expected as a result of a strategic reorganization of the business. {WWD

Ulta ramps up prestige skin offerings 
The NPD Group reports that prestige skin-care sales in the U.S. are growing faster than prestige makeup. As such, Ulta is ramping up its prestige skin offerings by rolling out a number of new brands, including Elemis, Tula, Skin Gym and Peach & Lily, as well as introducing service-oriented Skin Bars to many of its stores this month. {WWD

Elton John and Alessandro Michele talk fearless fashion
British Vogue caught up with Elton John and Alessandro Michele for its September issue to discuss how they've inspired one another and why the famed musician decided to say his fabulously flashy goodbye in Gucci. {Vogue UK

Vans unveils Van Gogh collection inspired by the artist's iconic paintings
Vans partnered with the Van Gogh Museum for a collection utilizing Van Gogh masterpieces across iconic Vans Classics and premium apparel silhouettes. The artfully designed range launched Friday, and the Van Gogh Museum will dedicate its profits from this project to the preservation of Vincent van Gogh's legacy. Shop the collection the gallery below. {Fashionista inbox} 

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