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Must Read: The Great Influencer Shakeout, Megan Thee Stallion for Savage x Fenty

Plus, how Betsey Johnson built an empire and lost her name.
Paris Fashion Week Street Style Fall 2020 Imaxtree

These are the stories making headlines on Thursday.

Influencers aren't going anywhere, but the way they work is going to change
Spending on sponsored content and influencer partnerships is down across the board, as fashion brands cut budgets and think strategically about their spending amid a global pandemic, Business of Fashion reports. This won't topple the whole industry, though: Fees will likely be lower and the content will probably look different, but experts agree that influencers that focus on storytelling, community building and authenticity will prevail. Beca Alexander, founder and president of influencer agency Socialyte, told Business of Fashion: "People don’t care about luxury purchases or expensive trips to Tulum now. Influencers who can make their audiences feel like they are quarantining with them are the ones engaging with followers. They are the ones brands will turn to." {Business of Fashion}

Megan Thee Stallion is now a Savage x Fenty brand ambassador
This coming Hot Girl Summer might be a little different than previous ones, but Savage x Fenty is honoring it anyway by naming Megan Thee Stallion as its newest brand ambassador. In a statement, Rihanna said of the rapper: "Meg is the energy we were looking for. She is a risktaker with an attitude, character and personality." Expect more #SavageChallenge content on your feeds. {Fashionista Inbox}

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How Betsey Johnson built her brand and lost her name
Reviewing Betsey Johnson's new memoir, "Betsey," in the New Yorker, Rachel Syme writes: "She was one of the first women in fashion to sell not just clothes but a life style. Going into Betsey Johnson stores, which were all painted the same shade of blaring pink, felt like walking inside a hoydenish carnival; it may not have been sophisticated, but it was fun. She seemed to be inviting her customers to an endless slumber party." The book gets into the brand's rise, financial troubles and eventual sale to Steve Madden in 2010. The designer, however, hasn't stopped creating — instead, she told the magazine, "I'm going to get my sewing machine out, relearn how to thread it" in quarantine. {New Yorker}

Victoria's Secret is closing 250 stores in 2020
Plans to spin off Victoria's Secret into a private company are still on the table, but L Brands announced it would be closing 250 of the lingerie brand's stores in North America this year, WWD reports. In a statement the company said: "We plan to implement additional profit improvement initiatives. A substantial increase [is] in our focus on inventory management, sourcing cost reductions and tariff mitigations and an increase in full-price selling driven by an improved product assortment." {WWD}  

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