Must Read: The Beauty Business Is on Fire, Legacy Beauty Execs Are Decamping to Indie CBD Brands

These are the stories making headlines in fashion on Thursday.

The beauty business is on fire"The global beauty and personal care market grew by 6% [in 2018] on the previous year, which was actually the most dynamic growth recorded in the last decade," Hannah Symons, global head of beauty research at Euromonitor International, revealed to WWD. According to Euromonitor, the beauty business' sales worldwide reached $488.3 billion last year. The market research also found that the premium segment and mass-market beauty are growing almost at the same pace. {WWD} 

Legacy beauty execs are decamping to indie CBD brands  Since January, several executives from companies like L'Oréal Group, Goop and The Honest Co. have left their corporate jobs to join or launch indie CBD brands. "CBD has become a nexus for the industry in that it represents a lucrative and timely opportunity," writes Emma Sandler for Glossy. "But since indie brands are gaining market intelligence by recruiting corporate talent, it means that legacy employers are suffering from brain drain." In response, Josh Wands, the CEO of recruitment agency ForceBrands, says they'll have to offer higher salaries and more work benefits to retain their current talent. {Glossy} 

A management overhaul could put Prada back on the path to success  Prada has been late to the game on initiating several retail strategies that have helped its competitors succeed in the digital age. As a result, the Italian label's operating performance has suffered. Luca Solca, head of luxury goods research at Bernstein, says the brand would "benefit from a decisive organizational upgrade." He also argues that it needs "a stronger management team to implement the founders' vision." {Business of Fashion}  

Stefano Tonchi is suing W's parent company Stefano Tonchi, the former editor-in-chief of W who was let go by Condé Nast on Monday shortly before the sale of the magazine was announced, is suing the publisher's parent company for just over $1 million in damages. In his complaint, Tonchi argues that he was wrongfully terminated and that the company improperly denied him severance pay as well as a bonus. WWDreports that a Condé spokesman called his claims "patently false." {WWD} 

The RealReal looks to raise $270 million in IPOThe RealReal received $207 million in total revenue last year and is preparing to go public this week. The company, which has opened three stores and 11 consignment-only locations across the country, is looking to raise $270 million in its initial public offering. {Bloomberg}  

Why the underage model ban is good for business Last month, Kering announced it will no longer hire models younger than 18 for its brands' fashion shows and photo sessions. This decision raised the specter of a fashion world without models like Kaia Gerber, but the decision is also a smart one in terms of business: Employing older models is a savvy marketing strategy, as mature luxury consumers relate better to models who look like adults. {VogueBusiness} 

DTC brands face a lot of uncertainties around going public Casper's potential IPO could be coming soon, and the subsequent success or failure of the brand as the first to get there will set the standard for other direct-to-consumer brands considering the same path. There are, however, a lot of uncertainties around DTC brands going public. For instance, "going public also means losing some of the idiosyncrasy that smaller brands build loyal audiences on," writes Danny Parisi for Glossy. "Once shareholders get involved, the startup style of the out-of-the-box thinking that many DTC brands pride themselves on becomes harder to maintain." {Glossy} 

Urban Decay announces five new spokespeople  Urban Decay continues to speak to makeup junkies who don't subscribe to beauty standards with the launch of "Pretty Different," a campaign that embraces pure, unapologetic individuality. Ezra Miller, Lizzo, Joey King, Karol G and CL star in the campaign and will front upcoming Urban Decay launches throughout the year, serving as spokespeople for the brand. You can watch the full campaign video below. {Fashionista inbox} 

Lisa Marie Fernandez celebrates 10th anniversary with Donald Robertson collaborationSwimwear designer Lisa Marie Fernandez is teaming up with artist Donald Robertson on a collection of illustrated gift boxes. The illustrations depict over 20 women, including Rihanna, Oprah and Leandra Medine, wearing an LMF suit at some point over the last decade. {Fashionista inbox} 

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Source: Fashionista.com

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