Must Read: Ulta and Sephora Turn to Big Box Retail, Investment Gains for Female Black- and Latinx-Led Startups

Plus, a farewell to Cushnie.
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These are the stories making headlines in fashion on Friday.

Sephora and Ulta turn to big box retail partnerships
"Thanks to the pandemic, the beauty specialty store is at risk of becoming obsolete, at least without a dramatic rethink," writes Rachel Strugatz for Business of Fashion, noting that the answer to this predicament for beauty retailers has been to turn to big box partners. "Sephora and Ulta's partnerships with Kohl's and Target could make thousands of their products even more accessible to the millions who still don't live in close proximity to either specialty retailer. They'll be broadening distribution just as large numbers of consumers may have received Covid-19 vaccines." {Business of Fashion}

Black- and Latinx-led female startups are seeing investment gains
Despite a remaining huge disparity in investment rates, "Black and Latinx women founders received more than triple the outside funding this year versus 2018," writes Annachiara Biondi for Vogue Business. Even with those gains, Black and Latinx women received less than 1% of total venture capitalist investment. {Vogue Business}

A Farewell to Cushnie
Alexis Bennet pays homage to beloved shuttered brand Cushnie for Vogue, looking back at some of the label's standout pieces and celebrating its "reveal-and-conceal designs." But, "It wasn't just the thoughtfully-designed collections that made us and so many others fall in love with the brand," notes Bennet. "At the end of each runway show, we got to watch a Black woman come out and take a bow." {Vogue}

The British Fashion Awards were transformed in 2020
In the midst of the pandemic, the British Fashion Awards evolved to better serve the circumstances of 2020. "Traditionally, the Fashion Awards ceremony is one of the glitziest events on the annual industry calendar," writes Elizabeth Paton for The New York Times. But this year, the awards were presented in a new digital format, with a short film that celebrated honorees in a select four categories: community, creativity, people and environment. "It is less about celebrating runway trends, silhouettes and blockbuster sales than about acknowledging creative responses to the health crisis and the impetus to change," explains Paton. {The New York Times}

Michael Kors taps Bella Hadid and Justine Skye for holiday activation
Michael Kors announced a digital and in-store activation, "MK Edited By...," in collaboration with holiday campaign star Bella Hadid and influencer Justine Skye. Products from each of their "edits" will be available at Macy's Herald Square and on macys.com. {Fashionista inbox}

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