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Does the August share price for Ulta Beauty, Inc. (NASDAQ:ULTA) reflect what it’s really worth? Today, we will estimate the stock’s intrinsic value by projecting its future cash flows and then discounting them to today’s value. One way to achieve this is by employing the Discounted Cash Flow (DCF) model. Models like these may appear beyond the comprehension of a lay person, but they’re fairly easy to follow.

We generally believe that a company’s value is the present value of all of the cash it will generate in the future. However, a DCF is just one valuation metric among many, and it is not without flaws. If you still have some burning questions about this type of valuation, take a look at the Simply Wall St analysis model.

View our latest analysis for Ulta Beauty

The model

We are going to use a two-stage DCF model, which, as the name states, takes into account two stages of growth. The first stage is generally a higher growth period which levels off heading towards the terminal value, captured in the second ‘steady growth’ period. In the first stage we need to estimate the cash flows to the business over the next ten years. Where possible we use analyst estimates, but when these aren’t available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years.

A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, and so the sum of these future cash flows is then discounted to today’s value:

10-year free cash flow (FCF) estimate

2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Levered FCF ($, Millions) US$662.0m US$755.3m US$775.8m US$864.0m US$928.0m US$976.3m US$1.02b US$1.05b US$1.09b US$1.12b
Growth Rate Estimate Source Analyst x8 Analyst x10 Analyst x3 Analyst x1 Analyst x1 Est @ 5.2% Est @ 4.24% Est @ 3.56% Est @ 3.09% Est @ 2.76%
Present Value ($, Millions) Discounted @ 8.1% US$613 US$647 US$615 US$634 US$630 US$613 US$591 US$567 US$541 US$514

(“Est” = FCF growth rate estimated by Simply Wall St)
Present Value of 10-year Cash Flow (PVCF) = US$6.0b

After calculating the present value of future cash flows in the initial 10-year period, we need to calculate the Terminal Value, which accounts for all future cash flows beyond the first stage. For a number of reasons a very conservative growth rate is used that cannot exceed that of a country’s GDP growth. In this case we have used the 5-year average of the 10-year government bond yield (2.0%) to estimate future growth. In the same way as with the 10-year ‘growth’ period, we discount future cash flows to today’s value, using a cost of equity of 8.1%.

Terminal Value (TV)= FCF2031 × (1 + g) ÷ (r – g) = US$1.1b× (1 + 2.0%) ÷ (8.1%– 2.0%) = US$19b

Present Value of Terminal Value (PVTV)= TV / (1 + r)10= US$19b÷ ( 1 + 8.1%)10= US$8.6b

The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is US$15b. To get the intrinsic value per share, we divide this by the total number of shares outstanding. Compared to the current share price of US$337, the company appears slightly overvalued at the time of writing. Remember though, that this is just an approximate valuation, and like any complex formula – garbage in, garbage out.

NasdaqGS:ULTA Discounted Cash Flow August 3rd 2021

The assumptions

We would point out that the most important inputs to a discounted cash flow are the discount rate and of course the actual cash flows. If you don’t agree with these result, have a go at the calculation yourself and play with the assumptions. The DCF also does not consider the possible cyclicality of an industry, or a company’s future capital requirements, so it does not give a full picture of a company’s potential performance. Given that we are looking at Ulta Beauty as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we’ve used 8.1%, which is based on a levered beta of 1.286. Beta is a measure of a stock’s volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business.

Next Steps:

Whilst important, the DCF calculation shouldn’t be the only metric you look at when researching a company. It’s not possible to obtain a foolproof valuation with a DCF model. Rather it should be seen as a guide to “what assumptions need to be true for this stock to be under/overvalued?” For example, changes in the company’s cost of equity or the risk free rate can significantly impact the valuation. Can we work out why the company is trading at a premium to intrinsic value? For Ulta Beauty, we’ve put together three relevant factors you should explore:

  1. Risks: You should be aware of the 1 warning sign for Ulta Beauty we’ve uncovered before considering an investment in the company.
  2. Future Earnings: How does ULTA’s growth rate compare to its peers and the wider market? Dig deeper into the analyst consensus number for the upcoming years by interacting with our free analyst growth expectation chart.
  3. Other Solid Businesses: Low debt, high returns on equity and good past performance are fundamental to a strong business. Why not explore our interactive list of stocks with solid business fundamentals to see if there are other companies you may not have considered!

PS. The Simply Wall St app conducts a discounted cash flow valuation for every stock on the NASDAQGS every day. If you want to find the calculation for other stocks just search here.

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This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
*Interactive Brokers Rated Lowest Cost Broker by StockBrokers.com Annual Online Review 2020

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.



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By Robin Foster and Robert Preidt, HealthDay Reporter

(HealthDay)

TUESDAY, Aug. 3, 2021 (HealthDay News) — Booster COVID-19 shots will be offered to 32 million people in Britain starting early next month because of fears that the power of vaccines may be starting to wane.

They’ll be offered to adults aged 50 and older and those with weakened immune systems, with the aim of protecting the most vulnerable from variants of concern before winter arrives, according to The Telegraph. The highly contagious Delta variant is now the predominant strain in the country, creating a greater sense of urgency about vaccine protection.

Up to 2,000 pharmacies will be enlisted to deliver the booster shots so that the health care system can focus on the backlog of patients waiting for other treatments.

The booster campaign could begin as soon as Sept. 6, deliver an average of nearly 2.5 million booster doses a week, and be completed by early December, The Telegraph reported.

Based on research suggesting that mixing vaccines could provide a stronger immune response, officials are considering giving people a different vaccine for their booster shot than the vaccine they received for their first and second dose.

The government said Sunday that 88% of adults had received their first dose and 72% had gotten both doses, The Telegraph reported.

Public Health England data shows that two doses provide over 90% protection against hospitalization from the Delta variant, The Telegraph reported.

Visit the U.S. Centers for Disease Control and Prevention for more on COVID vaccines.

Copyright © 2021 HealthDay. All rights reserved.



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WHEAT RIDGE, CO / ACCESSWIRE / August 3, 2021 / Torque Lifestyle Brands Inc. (OTCQB:TQLB) (“Torque” or the “Company”), an emerging leader in the $150B+ sports nutrition and supplements market, today announced the initiation of its OTCQB uplisting strategy concurrent with the appointment of Michael T. Studer CPA P.C. as the Company’s independent auditor. The change of the Company’s independent registered public accounting firm was approved by the Audit Committee of its Board of Directors.

“Given Torque’s robust M&A and capital markets strategy, the Company has decided it was an appropriate time to transition to Michael T. Studer CPA P.C. to leverage its industry expertise, resources, and professionalism,” said David Lovatt, Chief Executive Officer of Torque Lifestyle Brands.

“We will work closely with Michael T. Studer CPA P.C. in the months ahead to refine our acquisition strategy and complete our audit, a vital step in anticipation of filing out Form-10 and planned uplisting to the OTCQB Venture Market. We look forward to working with our new auditors and creating long-term value for our shareholders,” concluded Lovatt.

About Torque Lifestyle Brands Inc.

Torque Lifestyle Brands Inc. (OTC: TQLB) is an emerging leader in the $150B+ sports nutrition and supplements market. Leveraging a growth-by-acquisition model and a growing suite of influencers as brand ambassadors, the Company offers a wide array of active lifestyle products through its e-commerce presence and tier-1 U.S. retailer relationships. Torque’s growing family of in-house brands include American Metabolix, Storm Lifestyles and Core Natural Sciences. For more information, please visit the Company’s website at www.torquelb.com.

Cautionary Statement Regarding Forward-Looking Statements

Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company’s expectations about its future operating results, performance, and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to statements regarding departure of the company’s CEO. When used herein, the words “anticipate,” “believe,” “estimate,” “upcoming,” “plan,” “target,” “intend” and “expect” and similar expressions, as they relate to Progressive Care Inc., its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company’s actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.

Investor Relations Contact:
Lucas Zimmerman
MZ Group – MZ North America
949-259-4987
TQLB@mzgroup.us
www.mzgroup.us

SOURCE: Torque Lifestyle Brands, Inc.

View source version on accesswire.com:
https://www.accesswire.com/658033/Torque-Lifestyle-Brands-Announces-Uplisting-Strategy-Appointment-of-Michael-T-Studer-CPA-PC-as-Independent-Auditor



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Fashion publicist Sara Larson runs a thriving PR agency and is also the mother of two young children. Ahead of the pandemic, she was in the belabored process of getting back to that pre-pregnancy body, the heavily fashion-induced ringtone of I’ve got to get back to a size four” chiming in her head. Like most of the world, Larson found herself homebound last March—amidst working full-time whilst attempting to parent (and homeschool) her two young children. Working out, along with the corresponding body- image preoccupation, was the first thing to go. “You go into survival mode of struggling to take care of everything—kids, career, all of that.”

Along with many women, Larson reshuffled her priorities during the pandemic, making a conscious decision to at least attempt to silence the constant negativity around her own body image and finding that mentality reflected in her clothing choices. She placed an order from one of the brands she represents, Galvan, for a body-conscious dress out of their newly launched power knits collection. “I ordered this dress in the middle of COVID-19 and was like, ‘Oh my god, I’m really not going to be wearing this skintight thing.’ I put it on and I just felt so good, so I took a photo and shared it and everyone was so complimentary; I was floored.”

The idea that this was so shocking points to the deeply ingrained patterns of self-criticism we all possess in varying levels. The pandemic tested even those with mostly secure relationships with self-image. The idea of your “post-pandemic body” mimicked the physical and mental battle most women face after pregnancy, tinged with the detrimental energy of a New Year’s resolution. According to a study conducted by David Frederick of Chapman University, 48 percent of female respondents said [the pandemic] contributed to negative feelings about their weight.

Then, amidst all the negativity, something changed this summer—at least for some. A movement towards freedom from the shackles of insecurity emerged, expressed outwardly through fashion, (controversially) noted in the New York Times by Guy Trebay as “bare season.” Along with simply wearing less clothing, body-conscious silhouettes which celebrate the female form versus attempting to alter it through padding, darting, and boning are trending.

After spending months clad in all sweats, chef and author Daphne Oz found herself aboard the pendulum swinging away from shapeless garments, as well. “It’s funny because you wear it differently,” she says of the body-conscious silhouette in relation to its early 2000s modelesque connotation. “It’s not like there’s the same humps and bumps in all the same places, but you’ve seen those women who are not a classic [media-imposed] body type that body-con is made for, but who wear it better than anyone else. That’s what I aspire to.”

“Fewer layers not only means more exposure for your body, but also more exposure to your body, so it can be a really tough time for people struggling with body image.”

After battling harsh media criticism of her body throughout her 20s and early 30s, Oz had a reckoning with this idea of not only what confidence looked like, but what it meant to look and feel sexy. Amidst the pandemic, “I gravitated so much to looking at these old icons of sex and glamour and total femininity, and none of them were in this tiny, small form. I really started leaning heavily into what it is about a woman that makes her look confident, makes her look empowered, makes her look like she feels good about herself. It’s a way that you carry and support yourself, it’s how much you feel you have to offer.”

In fashion, there’s often a double standard with the idea of dressing sexy. Depending on your body shape, the societal standards are different; those with slimmer or less stereotypically feminine forms can often get away with more. Author Danielle Prescod, who distanced herself from the fashion industry for many reasons, only one of which being the refusal to adhere to a realistic portrayal of women’s bodies, has publicly shared her journey with body image on social media as she settles at a weight that is healthy and sustainable for her. “I have definitely new aspects to my body which, when accentuated, could skew a little bit more risqué,” she tells Coveteur. “It was a real struggle for me to figure out what I should and should not wear for professional things,” asking the question that so many have asked: Will I be taken seriously if I wear this?

Reflecting on fashion’s most recent haute couture fashion week, Prescod acknowledges that its dominance on social media still begrudgingly promoted this dated, even distasteful physical idealism. Instances like this reiterate that the mental and sartorial reversal around image is not easy. “Fewer layers not only means more exposure for your body, but also more exposure to your body, so it can be a really tough time for people struggling with body image,” further emphasizes body positivity advocate Katie Sturino, who popularized the hashtag #supersizethelook via her Instagram. That’s why it’s “the perfect time to re-evaluate and embrace our relationship with our bodies.”

“It’s your body,” Oz states matter-of-factly. “This is your body now.” And motherhood redefines this relationship even further. “Being pregnant, you’re completely out there. Your stomach is growing a human and you want to show it off,” adds Larson, who is leaning into silhouettes that celebrate the female form more than ever. “I feel like I actually dress sexier now than I did before kids. I’ve grown two beautiful children in my body, so it’s really about embracing that.”

“I think that’s really what I’m seeing in terms of why I feel better in my skin now than I ever have before, is that I’ve shown up for myself,” reiterates Oz. “I’ve invested in myself in a way that gives me confidence. That does reflect in my fashion sense.”

“I really started leaning heavily into what it is about a woman that makes her look confident, makes her look empowered, makes her look like she feels good about herself. It’s a way that you carry and support yourself, it’s how much you feel you have to offer.”

The fashion component simply served as the outward depiction of an internal shift. According to fashion psychologist Carolyn Mair, “For someone who’s confident about who they are and about what they have to say, then what they are wearing does become less important.”

Like so many aspects of modern society, saying these things out loud sounds almost foolish. Of course you should wear whatever you want regardless of the scale, but that’s often much easier said than done. “You don’t want to admit it because it feels so superficial to be concerned with your body,” says Larson, “but the only comforting thing is I know that I’m not the only one.

“It’s almost like faking it until you make it in your body,” she continues. “It’s like, ‘OK, cool, I’m going to embrace my body and just be proud of it and it will inspire other people to do the same.’ There’s nothing that wears better than confidence.”

Shop Larson’s Current Style Picks:





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Michael Kors “did not dream”, so he will continue to succeed.

A 61-year-old fashion designer founded his eponymous clothing company 40 years ago and admitted that he didn’t expect it to become a global brand.

He told WWD: I was 30 years old, so everything is relative. “

Cause and his husband Lance Luper spent a summer “vengeance trip” in Greece and Italy to supplement last year’s blockade of COVID-19 and attended a live show in New York.

He states: “We’re doing everything. I’ve seen him in the spectacular and exciting Broadway Springsteen. I did Shakespeare in the park the other day. It’s an unstable time, but I I think we have a real disgusting excitement and desire to be together. Community — [shows] That’s all, fashion is all about it. I know a woman who is excited to be able to put on her heels and get out and change clothes. “

Michael recently celebrated a 40-year milestone in the industry with a supper co-sponsored by Lizzie Tissue and Naomi Watts.

“He’s a lot of fun. The fact that he’s been in business for 40 years, especially in that business, is a significant achievement,” Tissue said.

Michael Kors “did not dream” of his fashion success | Entertainment News

Source link Michael Kors “did not dream” of his fashion success | Entertainment News





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One year after the acquisition of L’Atelier du Sourcil, Ieva Group is strengthening its leadership in eye care beauty salons with the takeover of Boudoir du Regard, the second player on the French market.

The operation comes after the Boudoir du Regard filed a request for a French court-ordered restructuring procedure to the Commercial Court of Nanterre. As part of this procedure, the financial and operational support provided by Ieva Group should help the company rebalance its financial position and have the resources it needs to deploy its new strategic plan.

A 20 store network

The COVID-19 crisis and the various rounds of store closures ended up weakening the Boudoir du Regard and its twenty or so points of sale. The arrival of IEVA Group helps put our company back on the path to financial stability,” states Florence Temim, President and founder of Boudoir du Regard.

The Boudoir du Regard chain features 20 fully owned and franchised salons, as well as a limited makeup and accessory range. These stores will complete the network of 116 Ateliers du Regard salons, in France and abroad.

I am happy to support this brand, which has been weakened by the COVID-19 pandemic, to help it rise up from its ashes and develop with us. The cooperation with our group and its solutions are obvious. This will be beneficial for the consumer and disruptive for the beauty world,” explains Jean Michel Karam, Chairman and founder of Ieva Group.

The Ieva Group’s portfolio includes the connected jewellery brand Ieva, the natural and organic hair care brand Elenature, and L’Atelier du Sourcil salon chain.



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They say whatever floats your… goat and people across Suffolk have been getting joy from a yoga craze. 

A lot of yoga classes had to move online during the pandemic and it has only been in recent months that people have been able to come together. So what better way to get outdoors than take part in goat yoga. 

Originating from America, sessions now take place in a tranquil corner of Easton Farm Park near Woodbridge in Suffolk. 

Diana Malone brought the craze to East Anglia six years ago after some encouragement from her friend.

The goats roam around people doing yoga Credit: ITV Anglia

Diana says the activity releases peoples ‘happy hormones’ and can turn them into different people. 

Those taking part in the yoga said no ifs, no butts, they found the experience peaceful.

Credit: ITV Anglia

The goats, unsurprisingly, are not always well behaved though. In the past they have made getaways with people’s shoes and bags but luckily there is a goat handler at the ready. 



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Come the return of museums, come the return of the blockbuster fashion exhibit. And this September, the return of an in-person Met Gala will herald the two-part, In America: A Lexicon of Fashion and In America: An Anthology of Fashion. Both encompass the history of American fashion.

The Metropolitan Museum of Art’s Costume Institute will hope the ambitious undertaking will boast the same crowd numbers that descended for shows like its Alexander McQueen retrospective and Camp: Notes on Fashion. The Met is not alone in realizing the popularity of fashion-focused exhibits. The Montreal Museum of Fine Arts hosted an entire exhibit on Thierry Mugler several years ago. The Museum at FIT has held exhibits ranging from Fairytale Fashion to Ballerina costumes.

But one perennial issue hangs over many such shows: where are the Black designers?

A spokesperson for the Met, referencing the two upcoming shows, told The Daily Beast that “these are profoundly important issues” that will be central to the two shows. “It’s best for the work to speak for itself when the shows open in September (part one) and May 2022 (part two).”

The Met did not respond for further request for comment when asked a range of questions about their efforts to include more Black artists in exhibits, if there were any potential exhibits being discussed to spotlight Black art history, or if there were any diversity initiatives to help rectify the lack of Black representation among exhibits, or how many Black curators they have.

A spokesperson for New York’s Museum of Modern Art (MoMA) told The Daily Beast that the museum had organized two fashion exhibitions in its history: Are Clothes Modern? (1944) and, more recently, Items: Is Fashion Modern? (2017).

While 1944 was eons before conversations about inclusivity in the fashion industry became mainstream, Items: Is Fashion Modern did include 10 Black designers, namely Laduma Ngxokolo, The Sartists, New Breed, Juliana “Chez Julie” Norteye, Dapper Dan, Kerby Jean Raymond of Pyer Moss, Loza Maléombho, Araba Stephens Akombi, Bernadette Thompson, and Nana Kwaku Duah.

A spokesperson said that over the last 10 years, MoMA had worked with “purpose and urgency” to confront the gaps in its collections and exhibition programming, and to collect and present more art created by women and people of color. Research and collaboration leading to exhibitions like Now Dig This! Art and Black Los Angeles 1960-1980 (2012), Charles White: A Retrospective (2018), also led to multiple acquisitions of work by the artists included. Adrian Piper: Synthesis of Institutions 1965-2016 (2018) directly confronted issues of deep-rooted systemic racism in both museums and America and remains the largest exhibition of a living artist in the MoMA’s history.

MoMA also has the Fund for the 21st Century, a trustee fund committed to purchasing contemporary work for MoMA by emerging artists that have helped them make important acquisitions of work by women and BIPOC artists. Examples include major installation works by Cameron Rowland and Sondra Perry, both very early in the artists’ careers.

In 2019 at their reopening, many galleries within the collection gallery circuits highlighted work by Black artists, including Faith Ringgold, Jacob Lawrence, Pope.L, Benny Andrews, David Hammons, Roy de Carava, and William H. Johnston.

A MoMA spokesperson told The Daily Beast: “The Museum came together in new ways, after the brutal murder of George Floyd last May, to confront issues of systemic racism and inequity and catalyze its anti-racism efforts.” The spokesperson said that six BIPOC staff members had been invited from different museum departments, each at different points in their respective career experiences, to form a Diversity, Equity, Accessibility and Inclusion (DEAI) Steering Committee.

“The committee is independent and interdepartmental and it seeks everyone’s participation in a process that prioritizes the well-being of BIPOC staff—and therefore all staff—to thrive at the museum. It has full authority to work with any and all groups it wishes to within our museum and to engage outside support as needed. Its purpose is to lead and collaborate across the museum to build an inclusive process for positive change, and its impact to date is clear: a new visitor code of conduct, facilitated listening and discussion sessions with BIPOC staff, an all-staff introduction to the science of implicit bias, and the launch of an assessment phase of the museum’s race equity work with its DEAI accountability partner: soliciting staff perspectives, experiences, and opinions through surveys, focus groups, facilitated conversations, and drop-in sessions that are critical to shaping a successful DEAI plan for MoMA. That work continues.”

The Museum of Contemporary Art Chicago has also made space for Black designers in its show schedule. In 2019 they held Virgil Abloh: Figures of Speech, an exhibit dedicated to the Off-White creative director and arguably the most prominent Black luxury fashion designer.

A spokesperson for the museum told The Daily Beast, “While we do not have any upcoming exhibits of Black fashion designers, as an ongoing initiative we regularly collaborate with BIPOC designers (Hebru Brantley, Joshua Vides, Lorraine West, JoeFreshGoods, Lingua Nigra) on exclusive lines and products that are sold through the MCA Store.” The Museum’s current exhibition, Chicago Comics: 1960s to Now, also puts a spotlight on BIPOC comic artists and cartoonists.

People don’t realize Rosa Parks was a seamstress. She was in the middle of making a dress when she was arrested for refusing to move for a white passenger on the bus.

Brandice Daniel

Brandice Daniel, the founder of Harlem Fashion Row, considers studying Black fashion history a personal hobby of hers. She had the opportunity to meet Lois Alexander Lane, the founder of the Black Fashion Museum in Harlem, which sadly closed in 2007.

“People do not realize how deep Black fashion history is,” Daniel said. “People don’t realize Rosa Parks was a seamstress. She was in the middle of making a dress when she was arrested for refusing to move for a white passenger on the bus. That dress was later exhibited in a fashion show that Lois Alexander Lane had. When you start digging into Black fashion history, it is so rich. The women who were making dresses on plantations during slavery were Black slaves making dresses for society women. Those dresses were the modern equivalent of couture.”

Daniel acknowledges that the conversation around exhibits lacking Black designers is very new, but she views it as more reactive than proactive. “People are more concerned with what people are going to say if Black designers are excluded from exhibits rather than actually including Black designers,” Daniel said. “Museums haven’t done a proper exhibit to really celebrate and inform people on the contributions of Black fashion.”

The story of Black art in museums and who curates the art on display is much larger than the Met and MoMA. In 2019, the Andrew W. Mellon Foundation, in partnership with the Association of Art Museum Directors, the American Alliance of Museums, and Ithaka S + R, conducted a comprehensive survey of the ethnic and gender diversity of the staffs of art museums across the United States.

At the time, the survey found that the number of Black curators increased from 2 percent in 2015 to 4 percent in 2018, an increase of 21 positions. However, the survey also find that at senior positions—including museum director, CFO, and CEO—there was literally no change in regard to race and ethnicity, with senior leader positions only seeing a 1 percent diversity increase from 2015 to 2018.

Pamela Edmonds, a Canadian-based curator, describes herself as a “decolonizer” of art spaces and museums. Over her 20-year curatorial career, she says it is only within the last five years has she really seen things change in terms of work by Black artists being included in museums.

“In the ’90s, there was a lot of talk around identity politics in the museum and art communities, but then in the ’00s there was a backlash against identity politics,” Edmonds said. “After last year with all the civil rights protests, the conversation around social issues and identity politics was full-on again. Black creatives used to be treated like they were restricted to just getting work during Black History Month, and after that finding work was like being stuck in the desert. It was tokenism. Institutions just wanted to check off boxes to say, ‘We did the Black show.’”

According to Edmonds, museums are inherently white and colonial in their very existence because that is the foundation upon which they were built, but she added, “That doesn’t mean we can’t reimagine these spaces and create different models and conversations. Museums can be gathering spaces for communities to have conversations around life and culture. Even with exhibitions with largely European collections, works can be used to explore decolonization. It’s about the narrative you build around it and creating conversations relevant to the moment. I had a show of mostly European works and used Sun-Ra for the background music. It’s possible to have inclusivity with all types of work on an exhibit.”

Edmonds says that because of protests and work on anti-racism, “Museums are looking at their collections, their board of directors, and being called to be accountable. I’m seeing a lot of anti-racist policies and efforts toward inclusion. You didn’t see that five years ago. Black folks are engaging art in a way that is multidisciplinary, from contemporary art to fashion. With people becoming more media specific, museums have had to expand their horizons and open their doors to more of these creatives.”

Western institutions don’t make it easy for people to bring Black bodies into white institutions. We have to prove that Black people can occupy these spaces.

Dominique Fontaine

Edmonds said with increased awareness over how Black creatives have been excluded from museum spaces, there’s more people calling them out. Dominique Fontaine, an art curator and consultant who is the founder of aPOSteRIORi, a non-profit curatorial platform, is focused on diversifying art and museum spaces.

Fontaine says the reason Black creatives have been excluded from museum spaces is because “in art history programs, there is almost no mention of Africa. The only mentions of Africa are Egypt. It takes much more research to educate yourself on Black cultural productions, but there are places with Black arts movements that are very proactive, but Western institutions don’t make it easy for people to bring Black bodies into white institutions. We have to prove that Black people can occupy these spaces.”

Fontaine says more Black representation will come in museum exhibits once there is more representation across the board. “We need to advocate for representation not only on the museum walls, but on the board of directors, on staff, and everyone from the lowest to the highest level from the security guards to the executives at the top. Black people are capable of occupying every space across the board and being part of every discussion.”

Fontaine says to ensure that there are Black professionals get the opportunity to occupy these spaces, museums need to reevaluate their hiring processes to guarantee diversity and inviting more Black people to be on their boards of directors.

Instead of showing me your diversity statement, show me your hiring data, your discrimination claim stats, your salary tables, your retention numbers, your diversity policies, and your leaders’ public actions against racism.

Monica F. Fox

Fontaine says that her feelings regarding institutions making tangible change for Black people is best summed up by Ohio State University’s Dr. Monica F. Cox, who tweeted: “Instead of showing me your diversity statement, show me your hiring data, your discrimination claim stats, your salary tables, your retention numbers, your diversity policies, and your leaders’ public actions against racism.”

In her efforts to preserve and foster Black fashion history, Brandice Daniel has created an E-book called Fashion in Color: Preserving the African American Legacy in Fashion. Daniel’s colleague Kimberly Jenkins, an assistant professor of fashion at Ryerson University, is also compiling The Fashion and Race Database to provide information about Black designers and Black fashion history for museums, brands, colleges, and universities to use.

Daniel said that the exclusion of Black designers from museum exhibits has, “caused Black people to never realize what a big role we have played in the fashion industry, nor does the fashion industry acknowledge that. Museums can frame history in a way that would help people see the value of Black creatives. That’s the role museums play. Black designers not being exhibited leaves the fashion industry uninformed and leaves people of color walking into this industry feeling like outsiders, meanwhile we’ve laid so much of the groundwork for fashion as we know it.”

Daniel said one of the reasons addressing these issues is difficult is because non-Black people have been so uncomfortable having conversations about race, and until those conversations can happen more openly there is a roadblock in addressing how to amplify Black voices and guarantee Black representation.

“Black fashion designers and industry professionals have this treasure that we have not uncovered,” Daniel said. “I would love for museums to start to uncover and discover all of the impact Black people have had on the industry. Museums need to do consider doing something over the next few years that will do Black fashion history justice.” Daniel says one of the critical components to making sure this happens is making sure there are more Black curators and consultants.

The Smithsonian National Museum of African American History and Culture is painfully aware of the racial and gender disparities that exist within the global world of fashion.

Elaine Nichols

The Smithsonian’s National Museum of African American History & Culture (NMAAHC) in Washington, D.C. has led the way in preserving Black fashion history. In 2007, it inherited the Black Fashion Museum collection of 700 garments, 300 accessories, and 60 boxes of archival material.

In a statement e-mailed to The Daily Beast, Elaine Nichols, NMAAHC’s fashion curator, said, “The Smithsonian National Museum of African American History and Culture is painfully aware of the racial and gender disparities that exist within the global world of fashion. We have intentionally identified and collected objects and research data related to black, women and LGBTQ+ fashion designers.”

In September 2016, when NMAAHC formally opened to the public, at least half of the Inaugural Exhibitions highlighted black fashion designers. Galleries that featured various fashion and costume creations by Black designers included one featuring a dress designed by Tracy Reese and worn by then-First Lady Michelle Obama in connection with the 50th Anniversary of the March on Washington.

In addition to including Black designers and fashion in a multitude of exhibits, the museum also has two curators who serve as resources for scholars and the public seeking information about African American and African diasporic dress and fashion. They receive and respond to numerous requests for information related to the museum’s dress and fashion collections.

As a Black-focused museum, NMAAHC has had no issue with Black representation. The overwhelming majority of the museums curators are Black, and they continue to ensure the majority, if not all works at the museum are directly connected to the African diaspora. Prior to the larger national conversation around Black inclusivity being a major part of the 2020 headlines, NMAAHC was a part of the Smithsonian’s public programs.

Next, NMAAHC is planning a symposium on Fashion, Culture, Futures: African American Ingenuity, Activism and Storytelling scheduled for this October. In collaboration with Cooper Hewitt, the symposium will explore the history of Black people in fashion, offer dialogue with black models, and LBGTQ and transgender fashion icons, and examine the future impact of fashion on marginalized communities of color.

While the road for inclusivity is still lengthy, the work is slowly being done. As Daniel puts it, “Having Black voices in the room is crucial to representation.”





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Nykaa’s IPO will consist of a fresh issue of shares of up to Rs 525 crore.

E-commerce beauty company Nykaa plans to raise $500 million through its initial public offering (IPO), a source with direct knowledge of the matter told Reuters, becoming the latest homegrown startup to pursue a listing on the domestic bourses.

Private equity firm TPG-backed Nykaa, based in Mumbai, sells cosmetics, grooming products and clothes.

Nykaa, formally known as FSN E-Commerce Ventures Ltd, said its IPO will consist of a fresh issue of shares of up to Rs 525 crore and an offer for sale of up to 4.31 crore shares, according to a copy of its draft red herring prospectus dated Monday.

The source said the Rs 525 crore will come from fresh shares issued to investors, while the rest will come from existing shareholders.

Nykaa did not immediately respond to Reuters’ request for comment.

Its filing comes after food-delivery firm Zomato Ltd’s stellar debut last month. Berkshire Hathaway Inc-backed Paytm, hospitality company Oyo Hotels and ride-hailing firm Ola, both backed by SoftBank, are among other Indian startups set to enter markets.

Launched in 2012, Nykaa grew popular by selling cosmetics and grooming products on its website and apps, before expanding into fashion, pet care and household supplies.

As of March 31, the company had cumulative downloads of 4.37 crore across all its mobile applications, the prospectus showed. It also has an offline presence comprising 73 physical stores across 38 cities in India.

Aside from TPG, the company also counts financial services company Fidelity and actress Alia Bhatt among its investors. Nykaa will use the IPO proceeds to set up new retail stores, fund capital expenditure and repay debts, according to the prospectus.

Morgan Stanley, BofA Securities and Citigroup are among the lead book running managers of the IPO.



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More than 400 health workers are among thousands currently in isolation in Queensland, placing pressure on hospitals as the state’s Covid-19 outbreak grows.

Queensland recorded 16 new locally acquired cases of the infectious Delta strain on Tuesday. All were linked, bringing the number of cases to 47 in a cluster involving exposure sites at several schools and at least three major Brisbane hospitals.

The state’s chief health officer, Dr Jeannette Young, said a large number of critical health workers were in quarantine, including all cardiac surgeons at the Queensland Children’s hospital.

“We worked through how we could allow one of them to operate on an urgent case,” she said. “No Queenslander will be denied any care because the health workers they need are in quarantine.

“Unfortunately we have had to delay some surgery and some outpatient work.”

Many health workers have been forced into isolation as parents or close contacts of students at Brisbane Grammar School, Brisbane Girls Grammar and Ironside state school.

Venues at the Royal Brisbane and Women’s hospital, the Princess Alexandra hospital and the University of Queensland have been listed as high-risk exposure sites.

Young said she was still concerned about the missing cases linking infections in two returned overseas travellers to an Indooroopilly state high school student and her family. “We don’t know how this outbreak has happened.”

Nine of the new Covid cases are school students, Queensland’s health minister, Yvette D’Ath, said.

In addition to the 16 confirmed cases, a person has returned a positive Covid-19 test in Cairns. A Queensland Health spokesperson said the case was under investigation to determine whether it was an active or historical case.

So far 7,995 Queenslanders are in quarantine in relation to the outbreak, of whom at least 4,089 are isolating at home.

Millions of Queenslanders in 11 local government areas remain in lockdown as the state recorded 34,718 Covid tests in past 24 hours.

“There are concerns of exposure not just in Brisbane but also on the Sunshine Coast and the Gold Coast,” the deputy premier, Steven Miles, said.

A total of 18.47% of eligible Queensland adults are fully vaccinated, while 36.97% have had their first dose.

A health worker walks outside a Covid-19 testing clinic in Brisbane on Tuesday.
A health worker walks outside a Covid-19 testing clinic in Brisbane on Tuesday. Photograph: Dan Peled/EPA

Young said anyone under 60 who wanted to receive the AstraZeneca vaccine should speak to their GP, denying a suggestion that her earlier warnings about young people receiving the vaccine may have contributed to vaccine hesitancy.

“The Atagi advice is when we reach a large outbreak, which I think we’re on the verge of – I hope it doesn’t become any larger but I suspect it will – then that is the time to go and have that discussion with your GP,” Young said.

The federal government will provide Queensland with an additional 150,000 AstraZeneca doses, to be administered by pharmacies.



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