These are the stories making headlines in fashion on Wednesday.

Gildan to acquire HanesBrands

Gildan Activewear and HanesBrands have entered into a definitive merger agreement under which Gildan will acquire HanesBrands. This transaction implies an equity value of approximately $2.2 billion and an enterprise value of approximately $4.4 billion for HanesBrands. “With this transaction, our revenues will double and we achieve a scale that distinctly sets us apart,” Gildan President and CEO Glenn J. Chamandy said in a statement. “The combination with HanesBrands strengthens our positioning with an opportunity to expand the heritage ‘Hanes’ brand presence in activewear across channels, while enhancing Gildan’s retail reach for its portfolio of brands.” {Gildan}

Law Roach is reportedly buying Ungaro

Law Roach has reportedly assembled a group of investors to buy the French fashion house Emanuel Ungaro, Puck’s Lauren Sherman writes. The brand is currently owned by Asim Abdullah, the Silicon Valley tech investor who acquired it for $84 million from the Ferragamo family in 2005. Since Abdullah acquired Ungaro, the brand has cycled through nine designers (including Lindsay Lohan) and rumors swirled that Abdullah is saddled with debt. If the deal goes through, Roach would own a majority stake in the business. {Puck}

S&P downgrades Anastasia Beverly Hills to a ‘D’ rating

Standard & Poor Global Ratings has downgraded Anastasia Beverly Hills to a ‘D’ rating following a forbearance agreement with its lenders and a missed payment. The beauty brand’s previous rating was ‘CCC-‘. It entered into a forbearance agreement with lenders on July 25, and under the agreement, lenders have agreed not to take action on the missed payment until Sept. 10. {Business of Fashion/paywalled}

Law Roach styled Travis Kelce for GQ‘s September cover

Travis Kelce is GQ‘s cover star for its September 2025 issue. Photographed by Ryan McGinley and styled by Law Roach, Kelce wears a Prada vest, ERL boxers and a Rolex watch on one cover, and an Etro hat on a second cover. In the cover story written by Sean Manning, Kelce talks life with Taylor Swift, his upcoming NFL season and his Super Bowl loss. Read the full cover story here. {GQ}

Huda Beauty’s Sephora sales fall following anti-Israel TikTok video 

Huda Beauty’s sales on Sephora’s U.S. website have dropped following a controversial TikTok video in which founder Huda Kattan shares anti-Israel conspiracy theories on her personal account. According to data from beauty e-commerce agency Navigo Marketing, sales of eight out of 10 of Huda Beauty’s bestsellers slipped online at Sephora during the week of Aug. 3 following Kattan’s July 27 TikTok video. Ahead of the Kirb’s Kirbie Johnson transcribed Kattan’s now-removed video in which the beauty founder shared conspiracy theories that “Israel has been behind World War I, World War II, September 11, October 7.” {Beauty Independent; Ahead of the Kirb/paywalled}

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