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Must Read: Bella Hadid Joins VS Collective, Why Is Fashion Obsessed With the Metaverse?

Plus, Diddy works toward buying back the Sean John brand.
 Bella Hadid attends the "Tre Piani (Three Floors)" screening during the 74th annual Cannes Film Festival

These are the stories making headlines in fashion on Friday.

Bella Hadid joins VS Collective
On Thursday, Victoria's Secret announced that Bella Hadid would be joining the VS Collective, the new, non-Angel ambassadors who serve as models and representatives for the brand. "What magnetized me to coming back [to the brand] was them coming to me and really proving to me that, behind the scenes, Victoria's Secret has changed so drastically," Hadid told Marie Claire's Neha Prakash. "Six of the seven [VS] board members are all female. And there's new photoshoot protocols that we have. So a lot has changed. I feel like the world really deserves a brand like Victoria's Secret and to also feel represented by it as well." {Marie Claire}

Why is fashion so obsessed with the metaverse?
GQ's Rachel Tashjian explores fashion's fixation on the metaverse, noting cultural shifts and the financial aspect at play. "Most of the fashion world’s investments in the metaverse thus far have been through video game skins, which make up an estimated $40 billion a year market," writes Tashjian. "For houses big and small, skins represent a relatively low-cost (and even sustainable!) way to engage the fashion-savvy gaming community and NFT holders eager to spend their currency in inventive and disruptive ways." {GQ}

Diddy works toward buying back the Sean John brand
Per WWD, Sean "Diddy" Combs has taken steps toward buying back the Sean John brand he founded more than 20 years ago. On Wednesday, he submitted a $3.3 million bid in bankruptcy court to purchase the label through an acquisition company. {WWD}

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