Despite a brief uptick in sales, up 24 percent between 2021 and 2022, the brand’s growth has stalled.

The move comes as System owner Mike Obenson aims to turn what began as a bi-annual print title into a global media brand with a stronger digital offering.

Former Under Armour COO Colin Browne has been appointed to lead the industry organisation formerly known as the Sustainable Apparel Coalition.

TikTok’s first time sponsoring the glitzy event comes just as the US effectively deemed the company a national security threat under its current ownership, raising complications for Condé Nast and the gala’s other organisers.

The company also beat Wall Street targets for third-quarter results, hinting at a recovery in demand for beauty and cosmetic products in the US after a long bout of inflation.

The British brand’s share price, which has fallen by almost 60 percent this year, declined by a further 4.5 percent in early trading on Wednesday