These are the stories making headlines in fashion on Tuesday.

Inside the Fashion Week black market

Two years ago, Louis Pisano disrupted the fashion world by sharing Balmain’s VIC (Very Important Client) Manager’s Instagram close friends story revealing a menu of top fashion show invites for sale. This year, Pisano went undercover as an assistant to a fictional heiress of a Hong Kong shipping fortune named Madame Jang and detailed his experience in his Substack, Discoursted. Pisano connected with “Steve,” who was selling tickets to all major Paris Couture Week shows, and received a price list of Schiaparelli for €8,000, Chanel for €10,000, Balenciaga for €6,500, Viktor & Rolf for €4,000, Armani Privé for €8,500 and Maison Margiela for €5,500. Read the first installment of Pisano’s undercover experiment here. {Discoursted}

Michael Burke named CEO of LVMH Americas

LVMH veteran Michael Burke has been named chairman and CEO of LVMH Americas. He will be in charge of “representing and promoting the best interests of the group in North and South America, in a complex and evolving geopolitical period.” Burke has also been appointed non-executive chairman of Tiffany & Co.’s board of directors. Burke previously worked at Christian Dior in the U.S. from 1986 to 1992, then served as president and CEO of Louis Vuitton North America from 1993 until 1997. He has also held top positions at Christian Dior Couture, Fendi, Bulgari SpA and Louis Vuitton. {WWD/paywalled}

Tariff turmoil hits fashion manufacturers in Southeast Asia

Vietnam, Indonesia and Cambodia rank among the top 10 fashion exporters to the U.S., and the 90-day pause on “reciprocal” U.S. tariffs expires on July 9, with rates for countries in the region expected to rise from the 10% “baseline” to 17-49%. If Donald Trump’s reciprocal tariffs are upheld by U.S. courts, countries in the region are set to incur the following average tariff rates: Cambodia 49%, Laos 48%, Myanmar 44%, Thailand 36%, Indonesia 32%, Malaysia 24%, Brunei 24%, Philippines 17% and Singapore, no adjustment. These tariffs threaten the profitability of larger suppliers and the viability of smaller ones in Southeast Asian countries. {Business of Fashion/paywalled}

Saks is losing customers to competitors after Neiman Marcus acquisition

After Saks acquired Neiman Marcus in a $2.7 billion deal, both department stores are losing customers and sales to competitors like Bloomingdale’s and Nordstrom. Sales at Saks Fifth Avenue fell 16% during the quarter that ended in June, as compared with a year earlier. Meanwhile, sales at Bloomingdale’s and Nordstrom Inc. both rose more than 10% during the same quarter. Saks Global is trying to reverse the sales decline and just took on more debt in part to pay vendors $275 million in overdue bills. {Bloomberg/paywalled}

Glenn Martens’ Maison Margiela is here

Glenn Martens will show his first Artisanal collection for Maison Margiela on Wednesday. “It’s going to be quite loud,” Martens told Vogue Business. “Artisanal has always been a fundamental expression of Margiela, and this first collection is the moment for me to establish a tone of voice, and to reconnect with the founding values of Margiela through my interpretation of them.” As a self-described “child of the Margiela generation,” Martens’ style drew from Martin Margiela’s designs, and as the brand’s new creative director, Martens sought to bring the house’s founding values and codes to the world in a new way. {Vogue Business/paywalled}

Inside Essence Fest’s fashion

This year’s Essence Festival of Culture, which took place in New Orleans over the Fourth of July weekend, featured joyful expressions of fashion, from cowboy hats to pageant tiaras. Inside the Caesars Superdome, fans dressed up for sets by Erykah Badu, Lauryn Hill and GloRilla. Brandon Holland photographed festivalgoers in their best outfits, which included tailored suits, brightly colored matching sets, oversized denim shorts, a necktie made from braids and more. {The New York Times/paywalled}

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