Hi, and welcome back to Line Sheet. I am finally back in Los Angeles and will be here for many weeks. My last call in New York was at the Lowell Hotel, where Puck co-founder Jon Kelly quizzed me about everything that’s happening in our world, from the current state of Saks Global to the future state of the luxury industry. Thanks to all of our advertising partners who joined the conversation, especially the gentleman who grilled me about pricing. (By the way, keep this between us, but the Lowell is a real gem and I recommend stopping by the bar when you’re uptown.) Puck’s best-in-class commercial team arranged the lovely evening. If you’re interested in partnering with Puck on anything and everything, from email sponsorships to off-the-record dinners—I’d love to host one at the Lowell, actually!—email Richie@puck.news and Alexandra@puck.news. They are the best. We’ve got a fabulous issue today. The great Rachel Strugatz has some intel on Makeup by Mario’s M&A prospects. Elsewhere, you’ll find notes on the Arnaults’ trip to the White House, and a brief explanation of how Zendaya and Anna Sawai ended up wearing variations of the same exact outfit at the Met Gala. Plus, my First-Monday-in-May superlatives, dreamed up with input from you. (Biggest thanks to Mario Rao, who should start a fashion commentary TikTok.) Mentioned in this issue: Zendaya, Louis Vuitton, Law Roach, Dior, Anna Sawai, Ruth E. Carter, Paul Tazewell, Lauryn Hill, Marc Jacobs, Rihanna, Ozwald Boateng, Kim Kardashian, Chrome Hearts, LVMH, Bernard Arnault, Anna Wintour, Wales Bonner, Off-White, Kamala Harris, and many more…

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Three Things You Should Know…

Rachel on Makeup by Mario’s M&A moment: Last year, famously, was the beauty M&A year that wasn’t. But I’m finally starting to hear about some movement: Two C.P.G. giants with sizable beauty divisions supposedly have term sheets out; one beauty brand has already gotten several bids and may be close to a P.E. deal; and Makeup by Mario is now officially on the market. An insider tells me that the makeup line, founded by Kim Kardashian’s makeup artist, Mario Dedivanovic, is in “conversations in earnest with potential suitors,” with strategics and big P.E.A source close to the brand said the team has a bunch of meetings set up over the next four to five weeks. “The good news is that there’s a lot of interest in the brand,” this person told me, adding that Makeup by Mario had a strong first quarter with two Sephora launches that exceeded sales projections. “The timing is right. We’re going in with a win behind us.” My understanding, though, is that it’s too early to know in which direction the process will go. The goal, presumably, is to sell to a strategic, but that might not be an option right now since there’s been a changing of the guard at some of the largest conglomerates. Within the past year, the M&A gatekeepers at L’Oréal (Carol Hamilton), Unilever (Vasiliki Petrou), and Shiseido (Ron Gee) have all exited their roles. In the meantime, I hear that big P.E. is ready to swoop in with plenty of cash and a willingness to trade at very competitive multiples. Just look at Kayali and Summer Fridays. —Rachel Strugatz

Arnault in the White House: On Tuesday, LVMH chairman and C.E.O. Bernard Arnault and his American-speaking son, Alexandre, visited Donald Trump on Pennsylvania Avenue to talk tariffs and domestic production, following a press conference about the 2026 FIFA World Cup, which is taking place across North America. As Trump reminded a reporter, the LVMH-owned “Tiffany’s” [sic] makes the World Cup trophy.Much has been written about the Arnault-Trump special relationship, and yet few outlets covered their White House summit, even as tariffs are forcing LVMH to raise prices. (As we know, fashion brands love to nudge pricing upward, but usually that means an increase in profits. Not this year.) Arnault is humoring Trump, of course, but his exact approach says a lot about his constitution. Both men like to play up minor victories: At the meeting, Trump praised Arnault for the creation of a few thousand jobs at his U.S. factories, when Arnault should really be getting credit for employing so many people at retail.More than anything, however, Arnault is demonstrating strategic patience. We all know that keeping calm, as Arnault suggested his company would behave back in February, doesn’t always work with Trump, whose policies are erratic. At the same time, the industry is hoping that Arnault somehow has Trump figured out, and will manage to outmaneuver him, saving the entire industry from his wrath. Maybe, but Arnault is not an altruist, and whatever he accomplishes will ultimately be in the best interest of LVMH.
The suit chronicles: Many people have asked me how in the world Zendaya (wearing Louis Vuitton) and Shogun actress Anna Sawai (wearing Dior) ended up twinning on the red carpet in nearly identical cream suits and curved-brim hats inspired by Bianca Jagger’s iconic Yves Saint Laurent wedding look. Don’t the stylists talk? Don’t the brand P.R.s talk? (Especially at LVMH’s two biggest brands.) And doesn’t Anna Wintour approve every Met Gala look?Stylists and brand P.R.s do chat and share information, but tend to keep look concepts secret for competitive reasons. They are also very busy in the lead-up to this event. (As you already know from your multiple group chats, stylist Jessica Paster was “manhandled”—her word, not mine—by the NYPD on Monday for trying to rush past security into the Carlyle.) No matter how chummy they are—and I don’t think anyone involved here is texting on a daily basis, including stylists Law Roach and Karla Welch—no one is sending the other a list of slated celebs and descriptions of what they’re wearing.As for Vogue’s involvement, there is no way that Law Roach—or Karla, for that matter—checked in with Wintour’s team to make sure she liked what their client was wearing. (She’s powerful, but at this point Wintour needs Zendaya far more than vice versa.) Wintour does do a lot of matchmaking—pairing designers with celebrities and other attendees—but not in these two situations, which are business arrangements. (Zendaya is an LV ambassador, Sawai is a Dior ambassador.)Anyway, this was almost certainly the case of a reference being so obvious that some twinning was inevitable. And really, Sawai’s outfit—which was nice, but ultimately forgettable—got far more press than it would have had Zendaya not been wearing a similar, if ultimately superior, look. If I were Louis Vuitton or Dior, I would view this as a positive.

And now, an annual rite of passage…

Best in Show: The Met Gala Superlatives

This year, fashion’s annual self-celebration was grander, more political, and mostly a success. Herewith, the best dressed, biggest disappointments, most brain-dead, and more.

Lauren Sherman

I’m not sure I’ll ever wake up the day after the Met Gala thinking the red carpet was awesome. (Philosophical dress codes are always hard.) However, this year’s party—which, as I reported on Monday, raised at least $31 million for the Metropolitan Museum of Art’s Costume Institute—was unique. Remember, the title of the exhibition is Superfine: Tailoring Black Style, based on Monica Miller’s 2009 book, Slaves to Fashion: Black Dandyism and the Styling of Black Diasporic Identity. There were far more Black designers worn by celebrities, and far more Black celebrities present, and diversity unequivocally makes things more interesting. On a more granular level, there were 12 Fear of God looks, 11 Ozwald Boateng, 10 Sergio Hudson, and eight Wales Bonner. All amazing numbers for an independent designer. Costume designers Ruth E. Carter and Paul Tazewell also created custom pieces. The kinds of celebrities who showed up were different, too: More than 20 professional athletes attended—from Lewis Hamilton to Joe Burrow—and yes, Kamala Harris was there, dressed in Ib Kamara’s design for Off-White, although, as I predicted, she didn’t walk the red carpet.

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However, the political and racial charge of the proceedings changed the tone of the gala, and I’d argue mostly for the better. There was also the André Leon Talley of it all, which complicated things further. Andrew Bolton, the Costume Institute’s head curator, noted that he first thought of exploring the subject after Talley’s death in 2022. At the time, Talley was 73, in financial ruin, and publicly distraught about how many of the people who were once his friends had treated him. (The writer and fashion industry fixture Bonnie Morrison speaks about this eloquently in a recent episode of Fashion People.) There were plenty of genuine nods to him on the carpet and beyond, including Colman Domingo’s cape, and the silk dress that Zac Posen designed for Laura Harrier to wear to the afterparties (it was printed with Talley’s Alice Springs (a.k.a. June Newton) portrait). In some ways, though, it felt too late because he wasn’t around to witness it. What happens to this diverse group of invitees next year when the exhibition is not primarily about the style of Black men? But back to the clothes. Despite all the good things—and looks—that came out of the night, you got the sense that many of the people who attended had never read Miller’s book. (Or at least had their assistants make some notes.) Overall, I was disappointed by the lack of ability, or desire, to think critically. “Tailored for You,” the evening’s theme, did not only mean suits, and dandyism should not be reduced to pinstripes. Herewith, my opinions on who won (and lost) the evening, in superlative form…

The Winners

Best dressed: Lauryn Hill in a sunny yellow Cheney Chan hybrid suit-gown creation, accessorized with a peacock blue Hermès Kelly. I typically cringe when women wear ties (except for Willa). But I approve of her maroon version, probably because of how she managed to layer it under a sculptural necklace. She is remarkable and has incredible personal style. Best showing of an LVMH brand: Speaking of personal style, everyone who was wearing Marc Jacobs looked great, including Tracee Ellis Ross, Rihanna, Colby Mugrabi, and Valentina Ferrer (this would have been what I’d have wanted to wear). Jacobs, himself, really went for it in his own curved-shoulder design. Other LVMH shout-outs go to Zendaya and Jeremy Allen White in Louis Vuitton (both looked… hot) and Cynthia Erivo in Givenchy.

From left: Valentina Ferrer, Tracee Ellis Ross, and Rihanna. Photos: TheStewartofNY/GC Images/Dia Dipasupil/Getty Images

Best indie designer showing: This goes to British designer Ozwald Boateng, whose creations for Henry Golding, Tems, Colin Kaepernick, Burna Boy, and others fulfilled the brief like none other. An honorable mention should be bestowed upon Grace Wales Bonner, one of the most thoughtful designers around, who proved this weekend that she is a force. Best stylist-celebrity collaboration: Both Law Roach and Zendaya (the best she’s ever looked), and Karla Welch and Tracee Ellis Ross. Roach and Zendaya have reached the peak of their powers, and Welch and Ross genuinely have fun together. It’s worth noting that Roach worked with Burberry on putting its table together, and the results were impressive. There’s a lot of money being exchanged between stylists and brands, and brands and celebrities, and celebrities and stylists—and when it works, it results in some of the best marketing in the world.

Biggest disappointment: I love that Kim Kardashian wore Chrome Hearts. She, and it, are quintessential Southern Californian brands. But it looked bad. There will be “Have we reached peak Kardashian?” think pieces pegged to this outfit. However, I still have hopes for Kardashian’s budding relationship with stylist Jahleel Weaver, which I first reported about last week.

Supporting Players

Luckiest brand on Vogue’s livestream: eBay! The online marketplace, which has been working with Vogue (and Condé Nast) pretty consistently for the past few years, got multiple organic(ish) mentions from the likes of Emma Chamberlain (who sourced one of her multiple looks on eBay) and Law Roach (who said he found his accessories on there). Jeremy Pope, who was styled by Roach, wore trousers from the marketplace, while Chappell Roan enlisted Wicked costume designer Paul Tazewell, who found her pink suit. On top of the Met Gala sponsorship and the Condé Nast advertising, eBay also did sponcon with Chamberlain a few months back and an online ad with Pope and Roach earlier this week. The company is really trying to catch up to go-to seller The RealReal in terms of sentiment with the fashion customer. Best Chanel: Ib Kamara. The stylist, editor, and Off-White creative director was the only person whose Chanel looked truly styled and lived-in. (The others were mere costumes.) It was a great preview of what Matthieu Blazy’s Chanel could be. At least in terms of attitude. (And yes, I, too, suspect they will launch menswear.) Biggest indication that the world really has changed: Samira Nasr, editor-in-chief of Harper’s Bazaar, attended the gala and walked the red carpet. It’s probably been 25 years since an editor from a Hearst publication was invited by one of the chairs to attend what was then known as the Met Ball. (Remember, Wintour and former Harper’s Bazaar editor-in-chief Liz Tilberis used to trade off hosting in the 1990s.) Anyway, Nasr—who looked beautiful in Michael Kors—and Wintour have a good relationship (Nasr had an early-career stint at Vogue), but this was still something. Best reveal: Colman Domingo’s mixed-print Valentino suit under the cloak.

From left: Ib Kamara, Colman Domingo, and Laura Harrier. Photos: Angela Weiss/AFP/Dia Dipasupil/Michael Buckner/Penske Media via Getty Images

Most pleasant surprise: Laura Harrier in Gap Studio. Despite my continued reservation that Zac Posen is not the right person to be leading brand development efforts at Gap Inc., he is a magnificent red carpet designer. Most brain-dead choice: Hailey Bieber in an “Aritzia manager” suit jacket dress. Perhaps this is the end of corporatecore? That was fast! The thing Joan Rivers would have hated but was awesome: Andrew Scott in Giuliva Heritage. (Great color story.) Most inappropriate person to pose for pictures on the red carpet: Stan Duncan, Condé Nast’s chief people officer. But why else take that job?

What We’re Reading…

Lucien Pagès and the London-based P.R. consultant Adam Iezzi have merged agencies following Lucien’s sale to supergroup The Independents. [BoF] I’ve been thinking a lot this week about Diane von Fürstenberg in the context of her relationship with André Leon Talley. (She was a loyal friend until the end.) I know that the big news in this excerpt from her husband Barry Diller’s forthcoming memoir is that he finally talks openly about his sexuality. (The TL;DR on that: He knows everyone knows.) But more than anything, the excerpt illuminated why D.V.F. is so special. [NY Mag] Kering made some important H.R. moves this week, scooting Brioni C.E.O. Mehdi Benabadji over to the porcelain brand and naming Federico Arrigoni as the new C.E.O. of Brioni. [Inbox] Tory Burch reorganized its regional leadership in Europe, the Middle East, and Asia. Thibault Villet is now overseeing Asia-Pacific, Japan, and Europe and the Middle East. Paolo Zullo will lead Europe and the Middle East under Villet, while Joshua Chen will join as China president. Tory Burch is a big, multinational company! [Inbox]

Until tomorrow, Lauren P.S.: We are using affiliate links because we are a business. We may make a couple bucks off them.

Puck fashion correspondent Lauren Sherman and a rotating cast of industry insiders take you deep behind the scenes of this multitrillion-dollar biz, from creative director switcheroos to M&A drama, D.T.C. downfalls, and magazine mishaps. Fashion People is an extension of Line Sheet, Lauren’s private email for Puck, where she tracks what’s happening beyond the press releases in fashion, beauty, and media. New episodes publish every Tuesday and Friday.

Puck’s daily art market email, anchored by industry expert Marion Maneker, offers unparalleled access to the mega-auctions and galleries, elite buyers and sellers, and the power players who run this opaque world. Wall Power also features Julie Brener Davich, a veteran of Christie’s and Sotheby’s, who provides unique insights into how the business really works.

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