The New York City-based rental company offers users monthly access to accessories like Chanel handbags and Hermes jewellery.

The lingerie giant will pay $400 million in cash up front for the direct-to-consumer brand in an effort to improve its digital offering.

In addition to its annual showcase, the New York-based fashion organisation has created an award in honour of the late designer.

The Los Angeles-based e-commerce fashion retailer posted a 27 percent year-over-year increase in net sales — $290 million — in the three months ending on June 30, it reported Wednesday.

The licensing company has settled and agreed to dismiss its case against Bolt, its e-commerce checkout service provider.

Pavlovsky, president at Chanel, will succeed Puig’s Ralph Toledano, who has served as president of the fédération since 2014.

Wainwright, who created the resale platform in 2011, will take on an advisory role as founder until the end of the year while the board of directors commence a search for a new CEO.

Retail holding company Xcel Brands has sold a 70 percent stake in the brand to licensing firm WHP Global, which also owns Anne Klein and Joe’s Jeans.