Must Read: Sperry and Todd Snyder Release Boat Shoe Collaboration, Jeffrey Kalinsky Exits Theory

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These are the stories making headlines in fashion on Tuesday.

Sperry and Todd Snyder release boat shoe collaboration
Sperry partnered with Todd Snyder on a collection of on-trend boat shoes. The Sperry x Todd Snyder Authentic Original collection retails for $220 and comes in three colorways: tan, gray and white. The shoes will be available online at toddsynder.com and in store beginning May 2, and on sperry.com and select retailers starting May 7. See the collection's campaign images photographed by Jeremy Mitchell above. {Fashionista inbox}

Jeffrey Kalinsky exits Theory
Jeffrey Kalinsky has exited his role as Theory's chief creative officer and chief merchant. Kalinsky held the position for two-and-a-half years, and he told WWD that his last day with the company was April 12. Other executives left Theory last week as well, including Lucas Ossendrijver, designer of Theory Project; Tiffany Wang, senior vice president of global merchandising; and Jacob Brown, head of brand content. {WWD/paywalled}

L'Occitane is going private
L'Occitane announced a privatization offer on Monday with funding of $1.8 billion from Blackstone and Goldman Sachs, giving the brand a $6.4 billion valuation. This offer comes after months of speculation; the company's shares were halted indefinitely on April 9 after Bloomberg reported that privatization was on the horizon. "The transaction we are launching today will enable us to focus on rebuilding the foundation for the long-term sustainable growth of our company," Reinold Geiger, the company's chair and majority shareholder, said in a statement. The beauty company listed on the Hong Kong Stock Exchange in 2010. {Business of Fashion/paywalled}

Over 45,000 stores may close in next five years
More than 45,000 retail stores could potentially close within the next few years, UBS analysts said in an April report. Physical retail spaces are increasingly shifting to become fulfillment and distribution centers, and UBS forecasts online retail penetration will rise from 21% to 26% with sales growth of 4% by 2028. UBS said the U.S. has too much retail square footage, and the lack of overhead from maintaining a physical space has helped e-commerce giants like Shein and Temu grow. {Retail Dive}

Zara is attempting to rebrand as luxury
Zara is upscaling its image by raising its prices, sharpening its product and tapping major talent in the fashion industry, Rachel Tashjian reports for The Washington Post. Zara's most recent SRPLS collection featured campaign images creative directed by Karl Templer and photographed by Craig McDean. Zara has often emulated the images and products of European luxury brands, but now it seems the fast-fashion brand is working to transform its image into luxury. {The Washington Post/paywalled}

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