These are the stories making headlines in fashion on Wednesday.
Gucci Beauty Goes to L’Oréal
L’Oréal is entering into a 50-year exclusive license agreement for all Gucci fragrances and beauty products. The deal follows Kering‘s early redemption of the Gucci Beauty license from Coty, with Coty receiving roughly $400 million for the early exit and L’Oréal paying Kering about 70% of the transition costs. L’Oréal CEO Nicolas Hieronimus called the deal “a significant additional growth engine,” while L’Oréal Luxe President Cyril Chapuy said the deal positions the companies to “build a new multi-billion-euro house.” {L’Oréal; Kering}
CFDA Awards Return to the Natural History Museum
For the fourth consecutive year, the 2026 CFDA Fashion Awards presented by Amazon Fashion will take place at the American Museum of Natural History in New York City. Additional supporters include Google Shopping, MAC Cosmetics as the official beauty partner and Krug as the official champagne partner, with nominees and honorees to be announced in the coming months. {Fashionista inbox}
Thomas Christos Kikis becomes Michelle Obama’s New Stylist
At the 2026 Essence Festival of Culture, Michelle Obama debuted a new stylist, Thomas Christos Kikis, wearing a look from Proenza Schouler‘s Fall 2026 collection. Kikis’ past clients include Gabrielle Union and Sofia Richie, and his collaboration with Obama follows her longtime partnership with stylist Meredith Koop. {Puck/paywalled}
De Beers Cuts Diamond Prices
Global diamond company De Beers has made its steepest price cuts on record, aligning diamond prices with the secondary market after years of propping them up. The shift follows a brutal stretch for the industry, hit by falling Chinese luxury spending, cheaper synthetic diamonds and oversupply from producers like Angola. This move also comes as De Beers restructures its buyer network and as owner Anglo American nears a sale of the company. {Bloomberg/paywalled}
Chanakya International Launches Chorus
Chanakya International, the Mumbai embroidery house behind decades of work for Dior, Prada and Fendi, has launched Chorus, a new global fashion brand founded by Creative Director Karishma Swali and her daughter Avantika, marking the atelier’s shift from behind-the-scenes maker to a brand in its own right. The label’s Resort 2027 collection, drawing on Indian chintz patterns as well as the sari and dhoti, debuts on Moda Operandi this week alongside Chorus’ own stores in Mumbai and Delhi. {Vogue Business/paywalled}
