The Oscars red carpet is about dealmaking, not fashion

It’s been a long time since Sharon Stone dressed herself in her own Gap turtleneck and Valentino ready-to-wear skirt.
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Illustration: Joey Han

Welcome to The American Thread, a recurring column on the fate and future of fashion in the US, written by Vogue Business editor-at-large Christina Binkley. To receive the Vogue Business newsletter, sign up here.

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