Joan Kennedy is Editorial Associate at The Business of Fashion (BoF). She is based in New York and covers beauty and marketing. She has a bachelors in English and Philosophy with high honours from Boston College.
The new contract includes $3.6 million in wage increases, and eight weeks of severance for laid-off employees, according to a statement from the NewsGuild of New York, the union’s organising body.
Despite macroeconomic conditions that challenged players across the luxury industry, sales for Milan-based OTB Group rose 10.2 percent year-over-year to €1.9 billion ($2 billion) in the financial year 2023, ended Dec. 31.
On Friday LVMH named the 20 semi-finalists competing for this year’s LVMH Prize for Young Fashion Designers, which includes a year of mentorship by LVMH and €400,000 ($431,466) in prize money.