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Must Read: LVMH Announces Karl Lagerfeld Fashion Prize, Luxury Is No Longer Special

Plus, why DTC is ripe for knockoffs.
Karl Lagerfeld and nephew Hudson Kroenig at the Chanel Cruise 2018 show in Paris. Photo: Pascal Le Segretain/Getty Images

Karl Lagerfeld and nephew Hudson Kroenig at the Chanel Cruise 2018 show in Paris. Photo: Pascal Le Segretain/Getty Images

These are the stories making headlines in fashion on Wednesday.

LVMH announces Karl Lagerfeld fashion prize
Karl Lagerfeld will be celebrated with an annual fashion prize, where a budding designer will win 150,000 euros and a one-year mentorship program with LVMH. The award – which was previously called the Special Prize – will be renamed in honor of the designer, and will be presented on Sept. 4 at the Fondation Louis Vuitton in Paris. {Fashionista inbox} 

Luxury is no longer special 
In Eugene Rabkin's monthly column for Highsnobiety, he delves into logos and the changing aesthetics of luxury apparel. "Luxury is no longer special," Rabkin writes. "What made luxury rarefied was quality, scarcity and its high price. Few luxury fashion consumers today care about quality." Instead, he argues, consumers are eager to purchase the platter of "logoed mediocrity" that luxury labels serve up today. {Highsnobiety

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Why DTC is ripe for knockoffs
The new wave of DTC brands are particularly vulnerable to knockoffs, because they mainly reach customers online, which is where fraud is rife. Counterfeiters have plagued luxury fashion labels for years, but these companies typically have the means to fight back, where as many start-ups need to put all of their investors' cash towards advertising, production and logistics; they do not have excess funds for court battles. {Business of Fashion

Victoria's Secret is ripping off its former designer director 
Jennifer Zuccarini worked for Victoria's Secret as its design director from 2008 to 2011, before launching Fleur Du Mal in 2012. Over the summer, Zuccarini's label became the subject of a Diet Prada post, when the account called out Victoria's Secret for copying one of Fleur Du Mal's lingerie sets. Zuccarini, who fears legal action won't be effective, didn't speak about the matter publicly until this week in an interview with WSJ. Magazine. During the interview, Zuccarini reveals that she isn't all that surprised by what happened, because Les Wexner's mentality had long been one of, "Let's be second, not first." {WSJ. Magazine

Farfetch should pump the brakes on its spending  
Earlier this month, Farfetch bought New Guards, which owns the license to popular streetwear brands Off-White and Heron Preston. Before that, Farfetch acquired retailers including Browns and Toplife, a Chinese marketing firm and an e-commerce company. The company made $1.4 billion in revenue in 2018, but coupled with its losses, which totaled more than $150 million, and its high spending, Farfetch is still not profitable. Now, its investors are losing confidence and some are even pulling out. {Glossy

The new way Hollywood's top stylists are paying the bills
Many stylists have started to rethink how they approach their jobs as red carpet rates have waned and as the field has gotten more competitive. Some have turned to Glamhive, a new app that gives anyone who's willing to pay access to Hollywood's top stylists. The platform not only gives stylists a larger pool of clients, but it also gives them a commission on clothing sold through any of Glamhive's 80 brand partners, which include Farfetch, Shopbop and {Business of Fashion

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