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Must Read: Royal College of Art Announces Virgil Abloh Scholarship, Nike Can Afford to Drop Kyrie Irving

Plus, how Chrome Hearts became fashion's most rebellious success story.
virgil-abloh-art-scholarship-2022

These are the stories making headlines in fashion on Monday.

Royal College of Art announces Virgil Abloh scholarship
The Royal College of Art in London has unveiled its Virgil Abloh Scholarship, in honor of the late designer who also served as a visiting professor at the school. The scholarship will cover full tuition fees and maintenance support up to £35,000, and will be offered to a talented, but financially restricted, Black British student within a program at the School of Design. In a statement, the school said the scholarship will "help break down barriers to education and support the next generation of visionary designers and innovators." {WWD}

Nike can afford to drop Kyrie Irving
After Kyrie Irving posted a link to an antisemitic film on social media, Nike promptly suspended its relationship with the Brooklyn Nets player. Nike also announced that it would not release Irving's new shoe with the brand, which was slated to hit the market this week. Though the company has not disclosed exactly how much revenue Irving's shoes have brought in, they bring in a mere fraction of what Nike's collaborations with other stars (such as Michael Jordan) do. "There are some things that are outside of Nike's control," like supply chain and sourcing issues that are not so easily fixed, said David Swartz, an equity analyst at Morningstar. "This Kyrie Irving situation was in Nike's control. They can drop him." {The New York Times}

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How Chrome Hearts became fashion's most rebellious success story
As the brand's founding couple prepare to be presented with the Geoffrey Beene Lifetime Achievement Awards at the 2022 CFDA Fashion Awards, Christina Binkley examines the pair's unconventional success for Vogue. The rebellious nature of the brand's business strategy includes only making its designs (with the exception of fragrances) available in-person across its 34 international stores. Otherwise, customers can find the brand at select third-party retailers (Bergdorf Goodman in NYC, Maxfield in L.A. and Dover Street Market in Japan). The brand also does not adhere to a regular release schedule, citing its desire to stay creative rather than timely and commercial. Richard Stark, co-owner of the brand said, "[Chrome Hearts is] kind of heart-driven. It's not money-driven." {Vogue}

Gucci aims to reassure investors of its timelessness
In Gucci's latest campaign, Ryan Gosling sits in a classic pinstripe suit amongst the brand's timeless monogrammed luggage, toiletry bags, trunks and duffles. The campaign comes as Kering, Gucci's parent company, aims to reassure the profitability and timelessness of the brand to its investors. "There's been a view in the market that [Gucci] leaned a bit too far into fashion and needed to rebalance," said Aurélie Husson-Dumoutier, analyst at HSBC. "The most powerful luxury brands are able to grow at the same time heritage and fashion." The brand's challenge going forward is to find a way to support Alessandro Michele's maximalist creative vision while also cementing its position as a classic luxury brand. {Business of Fashion}

SheaMoisture launches Community Impact Grant for Black small business entrepreneurs
The body- and hair-care company has announced its first Community Impact Grant. The grant will award two winners $10,000 each to help support their small businesses and needs in their communities. Applications open today and will close on November 27th, 2022. Criteria and applications can be seen at sheamoisture.com/impact. {Fashionista inbox}

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