What: The Italian government announces new measures against ultra-fast fashion imports, including an extra charge on online retailers such as Shein and Temu.

Why it is important: These measures reflect Europe’s growing regulatory pushback against ultra-fast fashion and its impact on local industries.

Italy is preparing to introduce a new levy on Chinese ultra-fast fashion imports, specifically targeting major online platforms like Shein and Temu, in an effort to protect its domestic fashion sector from low-cost foreign competition. The initiative, announced by Industry Minister Adolfo Urso, is part of a broader strategy to address what the government describes as an “invasion” of low-cost products that threaten Italian producers and consumer safety. The planned charge will be implemented through an Extended Producer Responsibility (EPR) scheme, requiring manufacturers to cover the costs of collecting, sorting, and recycling their products at end-of-life. This move comes amid growing concern in Europe that Chinese exporters are redirecting goods to the EU following increased tariffs in the US. At the same time, Italian authorities are intensifying scrutiny of supply chain practices and labor rights, with several luxury brands facing judicial administration for alleged abuses. The new measures signal a significant regulatory shift as Italy and the EU seek to defend local industry standards and sustainability in the face of global trade pressures.

IADS Notes: Italy’s plan to impose an extra levy on Chinese fast fashion imports, targeting platforms like Shein and Temu, is the latest in a series of escalating regulatory actions across Europe. In August 2025, Shein was fined €1 million in Italy for greenwashing, following a €40 million penalty in France, highlighting intensifying scrutiny of environmental claims and business practices (Inside Retail, August 2025). The EU’s February 2025 regulations now require all textile producers, including e-commerce platforms, to fund textile waste management through Extended Producer Responsibility schemes, fundamentally altering the economics of fast fashion (Financial Times, February 2025). This regulatory wave is a direct response to the surge in low-cost Chinese imports, which increased by 20% in value and volume in early 2025 as US tariffs forced manufacturers to reroute goods to Europe (Financial Times, October 2025). The Italian government’s move also reflects growing concerns over labor rights and supply chain abuses, with recent high-profile cases leading to judicial administration for several luxury brands and settlements for labor exploitation (Financial Times, May 2025). These developments collectively underscore the urgency for European policymakers and retailers to adapt to a rapidly evolving competitive and regulatory landscape.

Chinese fast fashion brands set to be levied in Italy to protect local industry

What: Yumi Shin has exited her role as chief merchandising officer at Bergdorf Goodman amid ongoing leadership and strategic changes at the retailer.

Why it is important: This leadership change comes as Saks Global considers selling a minority stake in Bergdorf Goodman and continues to restructure its luxury retail operations.

Yumi Shin’s departure from her position as chief merchandising officer at Bergdorf Goodman marks a significant leadership transition at one of the most prominent luxury retailers in the world. Shin, who played a central role in shaping the store’s product strategy and mentoring emerging talent, leaves as the company faces a period of strategic evaluation and potential transformation. Her exit comes at a time when Saks Global, Bergdorf’s parent company, is actively considering the sale of a minority stake in the business to address financial pressures and pursue new growth opportunities. Despite recent moves to consolidate buying teams across Saks Fifth Avenue and Neiman Marcus, Bergdorf Goodman has maintained its operational independence, a distinction that may be tested as leadership changes unfold. The retailer’s ability to sustain its unique merchandising approach and market influence will be closely watched as Saks Global continues to refine its luxury retail strategy and adapt to evolving industry dynamics.

IADS Notes: Yumi Shin’s exit aligns with broader leadership transitions in luxury retail, such as those at Bluebell Group (Inside Retail, August 2025) and Printemps (Challenges, September 2025), highlighting the sector’s focus on succession planning and executive vision. Saks Global’s consideration of a minority stake sale and joint ventures for Bergdorf Goodman (WWD, September 2025; WWD, June 2025) reflects ongoing efforts to stabilise finances and adapt to market pressures. The retailer’s continued operational autonomy, despite wider consolidation within Saks Global, was underscored by the reset of the buying team (WWD, April 2025) and the formation of a senior team blending talent from Neiman Marcus and Saks (WWD, January 2025), emphasising the importance of distinct merchandising strategies during periods of change.

Bergdorf Goodman’s top merchant Yumi Shin exists

What: Brunello Cucinelli calls on multi-brand retailers to maintain a consistent identity across physical stores and e-commerce, highlighting their vital role in luxury fashion.

Why it is important: Cucinelli’s remarks reflect a broader industry push for multi-brand retailers to differentiate through both digital and physical experiences, as highlighted in recent market analyses.

Brunello Cucinelli, speaking at the NE(x)T Retail conference, praised multi-brand retailers for their enduring influence and inspirational role in luxury fashion, noting that 40% of his brand’s sales still come from the wholesale channel. He emphasized the unique cultural and architectural value of these retailers, describing them as guardians of brand identity and sources of creative inspiration for single-brand stores. However, Cucinelli also expressed concern about the risk of losing this identity online, urging multi-brand retailers to ensure their e-commerce platforms reflect the same prestige and individuality as their physical boutiques. He acknowledged the importance of digital turnover but questioned its profitability and warned against sacrificing the distinctive character that defines the best physical stores. Cucinelli’s call for greater consistency across channels highlights the need for retailers to leverage their deep customer knowledge and heritage, ensuring that their digital presence is as compelling and authentic as their in-store experience.

IADS Notes: The renewed focus on multi-brand retailers in luxury fashion is mirrored by a broader industry transformation documented throughout 2025. In September 2025, BoF highlighted how independent boutiques and curated department stores are thriving by emphasizing curation, service, and community engagement, even as large-scale players face instability and reduced wholesale exposure. This shift is reinforced by the continued relevance of department stores as tastemakers, particularly when they champion emerging brands and foster innovation, as noted by Monocle in May 2025. The importance of brand identity consistency across physical and digital channels is underscored by the evolving omnichannel strategies of luxury brands, which now blend cultural engagement, experiential retail, and unwavering values to build loyalty and resilience, as seen in ESG Dive in October 2025. Meanwhile, the wholesale channel remains a vital sales driver for luxury brands, with strategic partnerships and ecosystem approaches—such as those pursued by Saks Global and Authentic, reported by Forbes and Inside Retail in May 2025—reshaping the balance of power in the sector. The challenges of e-commerce profitability are evident in the restructuring of players like LuisaViaRoma (WWD, August 2025) and the rise of alternative models like Italist (Forbes, January 2025), which prioritize transparency and customer trust. Finally, the relationship between brands and retailers is evolving into a collaborative feedback loop, with both sides co-creating product relevance and customer experience through loyalty programs, community-building, and authentic engagement, as discussed in Fashion Network in May 2025 and Inside Retail in September 2025.

Brunello Cuccinelli’s lessons for Italian luxury Multibrands retailers

What: Los Angeles’ major department stores and open-air malls are evolving through experiential offerings, luxury services, and mixed-use concepts in response to store closures and shifting market dynamics.

Why it is important: The shift toward mixed-use and personalised retail formats reflects broader industry trends of adaptation and resilience in the face of urban and economic pressures.

The retail environment in Los Angeles is experiencing significant change as department stores and shopping centres respond to evolving consumer preferences and the challenges of urban retail. The closure of longstanding stores such as Macy’s Downtown LA and Nordstrom Santa Monica signals a retreat from traditional flagship locations, driven by high real estate values and shifting shopping habits. In response, retailers are reimagining their spaces, integrating dining, wellness, and entertainment to create vibrant, multi-purpose destinations. Open-air shopping centres are increasingly designed as lifestyle hubs, blending retail with residential and leisure elements to attract a broader clientele. Luxury retailers like Saks Fifth Avenue and Nordstrom are enhancing their appeal through exclusive personal shopping services and curated experiences, targeting affluent customers with tailored offerings. These strategic adaptations underscore a broader industry movement toward experiential and community-focused retail, ensuring continued relevance and resilience amid ongoing disruption in the sector.

IADS Notes: Recent developments in Los Angeles reflect trends highlighted in several sources: the transformation of department stores into mixed-use retail destinations (Retail Week, Sep 2025), the surge in experiential retail to attract customers (Los Angeles Times, Mar 2025; The Economist, Apr 2025), and the repurposing of flagship locations due to changing consumer behaviors and real estate pressures (The Robin Report, Mar 2025; Forbes, Mar 2025). The evolution of luxury retail with enhanced personal shopping and exclusive experiences is evident in Saks Fifth Avenue’s and Nordstrom’s new service models (Fashion United, Feb 2025; Financial Times, Jul 2025; WWD, Feb 2025), while Simon Property Group’s micro spaces and open-air mall strategies (VMSD, Sep 2025) further illustrate the sector’s shift toward flexible, community-focused formats.

Los Angeles’ department stores and shopping centres are transforming formats and services

What: Department store sales in Korea surged during the Chuseok holidays, driven by cold, rainy weather and a strong return of Chinese tourists.

Why it is important: The development highlights the effectiveness of experiential and targeted retail strategies in adapting to volatile market conditions and changing consumer preferences.

Korean department stores experienced a remarkable surge in sales and foot traffic during the Chuseok holidays, with Lotte, Shinsegae, and Hyundai all reporting daily sales increases of over 25% compared to the previous year. This growth was largely attributed to an unusually long holiday break, colder and wetter weather, and the return of Chinese tour groups following the resumption of visa-free entry. Lotte Department Store, in particular, saw a 35% rise in average daily sales and a 40% jump in foreign customer sales, with K-fashion and luxury categories performing exceptionally well. The shift in consumer behaviour, with more people choosing to spend holidays indoors, led to a pronounced boost in fashion sales, especially outerwear. In contrast, big-box retailers such as Emart and Lotte Mart faced declines in sales, as demand for food and daily necessities was spread out over the extended holiday period. Department stores capitalised on these trends by launching targeted post-holiday campaigns and seasonal promotions, reinforcing their position as destinations for both leisure and shopping.

IADS Notes: In October 2025, Lotte’s foreign sales rose 40% during the holidays, driven by Chinese tourists and K-fashion (ChosunBiz, Oct. 2025). July 2025’s “mallcation” trend confirmed that extreme weather boosts department store traffic and sales (Inside Retail, Jul. 2025). January 2025 highlighted the industry’s transformation toward entertainment-focused environments amid stagnating domestic consumption (Maeil Business Newspaper, Jan. 2025). September 2025 emphasised the importance of experiential retail and technology in attracting tourists (Inside Retail, Sep. 2025), and August 2025 demonstrated that profit growth and customer engagement are key to competitiveness (Korea JoongAng Daily, Aug. 2025).

Korean department store sales soar over Chuseok holidays

What: Walmart customers will soon be able to make purchases directly within ChatGPT using the new Instant Checkout feature.

Why it is important: The development highlights the growing influence of AI agents in retail, as algorithms increasingly determine product discovery and purchase decisions.

Walmart’s new partnership with OpenAI introduces the Instant Checkout feature within ChatGPT, enabling customers to make purchases directly through the conversational interface. This marks a significant departure from traditional e-commerce models, where shopping typically involves search bars and static product lists. Walmart’s CEO Doug McMillon emphasised that this collaboration is part of a broader strategy to create AI-first shopping experiences, leveraging multimedia, personalisation, and contextual understanding. The initiative builds on Walmart’s previous investments in AI, including upskilling employees and developing specialised AI agents for various business functions. As AI becomes more proactive in learning and predicting customer needs, the Instant Checkout feature is set to streamline the purchase process, initially supporting single-item transactions with plans to expand further. This evolution is not only about convenience but also about redefining how retailers engage with consumers, as AI platforms like ChatGPT begin to mediate product discovery and influence purchasing decisions. The shift signals a new era in retail, where success depends on adapting to AI-driven commerce and maintaining relevance in algorithmically curated environments.

IADS Notes: Walmart’s integration of Instant Checkout within ChatGPT exemplifies the rapid shift in retail power from traditional merchants to AI agents, as highlighted in industry analyses from August to October 2025. These sources underscore how conversational AI is transforming digital commerce, requiring retailers to optimise their strategies for algorithmic visibility and engagement. The move also raises questions about market fairness and access for smaller merchants, while emphasising the urgency for robust digital adaptation as AI-driven platforms become central to the shopping journey.

Walmart, OpenAI partner for purchases in ChatGPT

What: Archie Norman will remain chair of Marks & Spencer until 2029, exceeding UK governance guidelines to support the retailer’s turnaround.

Why it is important:  Extending Norman’s tenure underscores the critical role of trusted executives in sustaining investor confidence and operational momentum.

Marks & Spencer’s decision to keep Archie Norman as chair until 2029 marks a deliberate break from standard UK governance guidelines, highlighting the company’s reliance on proven leadership to navigate its ongoing transformation. Norman’s stewardship has been pivotal in revitalizing the retailer’s food and clothing divisions and in guiding the company through a major cyber attack that forced a seven-week suspension of online sales and is expected to reduce operating profits by up to £300 million. The board’s unanimous support for Norman’s continued leadership reflects a strong belief in his crisis management skills and deep understanding of the organization, which have been instrumental in maintaining stability and driving recovery. This extension comes at a time when retail boards are facing increasing complexity and pressure, making leadership continuity a strategic asset. The market’s positive reaction to the announcement demonstrates the value shareholders place on stability and expertise, especially as Marks & Spencer continues to invest in digital resilience, supply chain innovation, and brand renewal to restore growth and adapt to evolving industry challenges.

IADS Notes: The extension of Archie Norman’s term at Marks & Spencer is consistent with recent industry trends, as seen in the Financial Times (September 2025), where experienced leaders are favored to guide retailers through disruption and maintain stakeholder trust. The severe cyber attack in April and May 2025, which wiped £700 million off M&S’s market value, highlighted in Inside Retail (March 2025), demonstrated the necessity of transparent crisis management and stable governance. Fortune (March 2025) further underscores the growing demands on retail boards, including the risk of director burnout and the need for flexible oversight. Finally, Drapers (September 2025) confirms that M&S’s transformation strategy, led by Norman and CEO Stuart Machin, relies on leadership continuity to sustain operational momentum and resilience

Archie Norman to stay at Marks & Spencer until 2029

What: Saks Fifth Avenue launches its “Holiday Your Way” campaign, blending exclusive luxury offerings, immersive experiences, and charitable initiatives for the festive season.

Why it is important:  Saks’ approach demonstrates how personalisation, storytelling, and social responsibility are redefining holiday retail experiences.

Saks Fifth Avenue’s “Holiday Your Way” campaign marks a dynamic evolution in luxury holiday retailing, centring on the New York flagship and extending across all customer touchpoints. The initiative features curated gift guides, the iconic Holiday Book, and the return of the celebrated light show, all designed to immerse shoppers in a festive atmosphere. Saks elevates the season with exclusive offerings from sought-after brands such as Oscar de la Renta, Staud, Prabal Gurung, Etro, Erdem, and Bottega Veneta, while also engaging customers through memorable experiences like VIP events and unique gifting opportunities. The campaign’s cast, including Meadow Walker and Magnus Ferrell, adds a contemporary flair, and the integration of both print and digital channels ensures a seamless omnichannel journey. Charitable elements, such as support for mental health initiatives and Comic Relief, reinforce Saks’ commitment to social impact. Through immersive storytelling, personalisation, and a blend of tradition and innovation, Saks Fifth Avenue sets a new standard for holiday retail, fostering emotional connections and lasting memories. 

IADS Notes: Saks Fifth Avenue’s latest campaign builds on its previous “Gifts of Delight” initiative (WWD, October 2024), which also emphasised exclusive merchandise and curated experiences. The retailer’s omnichannel evolution is mirrored in its Amazon Luxury storefront launch (BoF, April 2025) and aligns with Falabella’s integrated holiday strategy (Press Release, December 2024). Social impact remains a key focus, as seen in both Saks’ charitable holiday experiences (WWD, October 2024) and the Choose Love Store’s purpose-driven retail model (Forbes, December 2024). Finally, Saks’ emphasis on personalisation and storytelling is consistent with its AI-driven strategies (Vogue Business, August 2025) and Neiman Marcus’s relationship-driven approach (PR Newswire, December 2024).

Saks Fifth Avenue unveils ‘Holiday Your Way’ campaign 

What: Ulta Beauty launches a curated, invitation-only online marketplace to accelerate brand onboarding and compete with Amazon’s growing beauty dominance.

Why it is important:  Ulta’s approach highlights the growing importance of loyalty programmes and curated experiences to differentiate from mass-market platforms like Amazon.

Ulta Beauty’s launch of UB Marketplace marks a decisive shift in its digital strategy, introducing a curated, invitation-only platform that accelerates the onboarding of over 100 new brands, many of which were previously unavailable in-store or online. This model allows Ulta to quickly respond to emerging beauty trends and consumer demand, bypassing traditional merchandising bottlenecks and enabling brands to join the platform in days rather than months. The marketplace is designed to offer a seamless experience for both customers and sellers, with features such as loyalty points, sponsored listings, and easy returns, while maintaining strict curation standards to ensure authenticity and quality. Ulta’s decision to end its Target shop-in-shop partnership further signals a renewed focus on proprietary channels and digital innovation, aligning with industry trends toward omnichannel integration and data-driven growth. By leveraging its established loyalty program and digital capabilities, Ulta positions itself to compete more effectively with Amazon and other e-commerce giants, aiming to double or triple its marketplace assortment in the coming years. 

IADS Notes: Ulta Beauty’s marketplace launch and strategic pivot are consistent with recent industry developments. In October 2024, Ulta outlined a turnaround strategy focused on digital innovation and younger consumers (BoF, October 2024), while July 2025 saw the acquisition of Space NK to support international growth and premium positioning (BeautyInc, July 2025). June 2025 BCG analysis highlighted the importance of marketplace integration and new revenue streams for retail competitiveness (BCG, June 2025). The end of the Target partnership in August 2025 further underscores Ulta’s commitment to proprietary channels and omnichannel excellence (The Wall Street Journal, August 2025), as retailers increasingly prioritise direct control and digital-first engagement.

Ulta Beauty launches marketplace

What:  Macy’s and Disney have launched an exclusive holiday collection featuring limited-edition products and a reimagined M·A·C Cosmetics lipstick inspired by Minnie Mouse

Why it is important: The launch demonstrates how retailers are leveraging pop culture and limited-edition products to create excitement and boost holiday sales.

Macy’s and Disney have unveiled a holiday collection that spans apparel, beauty, accessories, toys, and decor, with 120 products featuring collaborations with brands like M·A·C Cosmetics, Super Smalls, and Citizen. Central to the launch is the debut of “Minnie Woo,” a reimagined version of M·A·C’s iconic Ruby Woo lipstick, inspired by Minnie Mouse and presented in special-edition packaging. The collection’s release coincides with the 99th Macy’s Thanksgiving Day Parade®, where Minnie Mouse, Spider-Man, and a new Buzz Lightyear balloon will appear, reinforcing the partnership’s pop culture appeal. Macy’s aims to deliver trend-forward, collectible items that excite both beauty enthusiasts and Disney fans, while also driving in-store and online engagement. The collaboration is positioned as a celebration of joy and style for the whole family, leveraging nostalgia and exclusive products to create memorable holiday experiences and encourage gift shopping. 

IADS Notes:  The collaboration between Macy’s, Disney, and M·A·C Cosmetics for the 2025 holiday season exemplifies the growing trend of strategic partnerships between major retailers and entertainment or beauty brands, as seen in Levi’s and Beyoncé’s impactful takeover at Selfridges (WWD, Feb 2025) and Bloomingdale’s immersive ‘Wicked’ campaign (BoF, Nov 2024). Macy’s approach, featuring exclusive, limited-edition collections and experiential activations, aligns with the retailer’s broader strategy to drive seasonal traffic and engagement, as highlighted by its ‘100 Days to Christmas’ campaign (Retail Dive, Sep 2025) and the revamping of beauty counters for the holiday season (BoF, Nov 2024). The emphasis on collectible and giftable products, such as the Minnie Woo lipstick and Swarovski-adorned accessories, leverages nostalgia and fandom to create excitement and urgency, mirroring the success of Manor’s Labubu doll drops (Cominmag.ch, Jun 2025) and Selfridges’ viral Jellycat pop-ups (Retail Week, Oct 2024). These initiatives collectively demonstrate how retailers are blending pop culture, exclusivity, and immersive experiences to attract diverse audiences and strengthen customer loyalty during the critical holiday period.

Macy’s and Disney unveil holiday collection

What: LVMH reported a 1% organic sales increase in Q3 2025, signalling renewed momentum for the luxury sector.

Why it is important:  This performance marks a shift from previous declines and aligns with recent strategic pivots and renewed investor confidence in luxury retail.

LVMH’s third-quarter 2025 results reveal a notable shift in the luxury sector’s trajectory, as the group posted a 1% organic sales increase to €18.3 billion, surpassing market expectations of a decline. This improvement was particularly evident in Asia-Pacific, where sales rebounded after a challenging first half, and in the United States, which continued to show resilience. The fashion and leather goods division, though still down 2%, performed better than anticipated, reflecting robust demand among local customers and the positive reception of new creative leadership at brands like Dior and Loewe. Meanwhile, watches, jewelry, and selective retailing divisions all exceeded forecasts, while Europe lagged due to reduced tourist spending and currency headwinds. These results come after a period marked by revenue declines, operational restructuring, and creative transitions, underscoring LVMH’s ability to adapt through digital innovation, regional market strategies, and renewed brand investment. The group’s performance has restored investor confidence, positioning LVMH as a bellwether for recovery and transformation in the global luxury industry. 

IADS Notes: LVMH’s Q3 2025 rebound follows a year of volatility, with earlier reports in April 2025 (“LVMH sales dip 2% in Q1,” WWD) and January 2025 (“LVMH reports 2% revenue decline in 2024,” WWD) documenting revenue declines and strategic pivots, especially in Asia and the US. The group’s renewed focus on digital engagement and experiential retail in Asia, highlighted in October 2025 (“LVMH Pivots To Engage Younger Demographics In Asia,” Retail News Asia), has been crucial in attracting younger consumers and driving regional growth. Creative leadership changes at Dior and Loewe, as noted in July 2025 (“LVMH’s net profit fell 22% in 2025 first half,” WWD) and December 2024 (“Dior builds industrial division following scrutiny over labour practices,” Inside Retail), have played a significant role in revitalizing brand performance amid market contraction. Investor sentiment has improved, supported by LVMH’s digital transformation and AI-driven strategies, as reported in June 2025 (“LVMH Bets on AI to Navigate Luxury Goods Slowdown,” The Wall Street Journal), and by long-term growth forecasts from early 2025 (“Bain-Altagamma luxury goods worldwide study forecasts long-term growth,” Bain & Company), confirming the group’s leadership in navigating industry challenges.

LVMH returns to growth in 2025 Q3, fashion and leather goods dragging

What: Luxury event sales specialist Arlettie strengthens its executive team with the arrival of Amandine de Souza as Chief Operating Officer.

Why it is important: This move reflects the growing importance of operational leadership in scaling luxury retail businesses, as seen in recent sector transformations.

Arlettie, the French luxury event sales specialist, has appointed Amandine de Souza as Chief Operating Officer, marking a significant step in its ongoing expansion. De Souza, who brings experience from Bain & Co., Westwing France, BHV Marais, and Leboncoin, will oversee business operations and support Arlettie’s ambitious growth plans. The company has experienced robust growth, with revenues quadrupling over the past four years, and is now preparing for a new phase of international development. With established showrooms in Paris and London and plans to open in New York by early 2026, Arlettie is also targeting broader online deployment and entry into Asia and the Middle East. The creation of the COO role is intended to ensure operational consistency across its expanding activities, from private sales to logistics. Founded in 2004 and rebranded in 2011, Arlettie has built a reputation as a preferred partner for luxury brands, leveraging acquisitions and strategic leadership to fuel its evolution.

IADS Notes: The appointment of Amandine de Souza as COO at Arlettie comes amid a broader wave of executive reshuffling and operational transformation across the luxury retail sector. In April and July 2025, both Printemps Group and Galeries Lafayette undertook significant leadership changes to support international expansion and digital transformation, echoing Arlettie’s own ambitions for growth in New York, Asia, and the Middle East. This trend is further reflected in the sector’s focus on operational excellence, as highlighted by the October 2025 analysis of intelligent operations, which demonstrated that advanced workflow optimization and strong operational leadership are now critical levers for profitability and scalability. Meanwhile, the luxury event sales and private showroom model continues to gain traction, with the resurgence of curated boutiques and private clubs in 2025 underscoring the value of exclusivity and experiential retail. Finally, the push for digital and geographic expansion—seen in Chalhoub Group’s regional strategy and LVMH’s pivot toward digital engagement in Asia—confirms that luxury retail’s future will be shaped by leaders who can drive both operational consistency and innovative market entry

Former GL Executive Amandine de Souza to become CEO of discounter Arlettie 

What: Sebastian Picardo, former CEO of Holt Renfrew, has been appointed CEO of Monica Vinader.

Why it is important: The move reflects a broader trend of luxury brands recruiting leaders with cross-segment expertise to drive innovation and resilience.

Monica Vinader has ushered in a new era by appointing Sebastian Picardo, previously CEO of Holt Renfrew, as its new chief executive. This marks the first time the UK-based jewellery brand will be led by someone outside its founding family, with Monica Vinader remaining as artistic director and Gabriela Vinader transitioning to a non-executive director role. Picardo brings a wealth of experience from his leadership at Holt Renfrew, where he broadened the retailer’s product range, modernized operations, and maintained its luxury positioning during a period marked by the pandemic and shifting consumer expectations. His strategic approach included expanding into more accessible brands and strengthening sustainability, which helped Holt Renfrew remain resilient and profitable. With Picardo at the helm, Monica Vinader aims to accelerate its global reach, scale innovation, and inspire new audiences, all while preserving the brand’s core values and creative vision. This leadership transition underscores the importance of operational expertise and strategic vision in navigating the evolving luxury retail landscape. 

IADS Notes: Sebastian Picardo’s appointment as CEO of Monica Vinader draws a direct parallel to his transformative leadership at Holt Renfrew, as highlighted in July and October 2025. At Holt Renfrew, Picardo broadened the retailer’s product mix, modernized digital and operational infrastructure, and maintained profitability despite significant market disruptions. His ability to integrate contemporary and accessible brands while preserving luxury positioning proved crucial during the pandemic and amid shifting consumer trends. Bringing this strategic clarity and operational discipline to Monica Vinader, Picardo is expected to reinforce the brand’s ambitions for global expansion and innovation, ensuring resilience and growth in a rapidly evolving luxury retail environment. 

Former Holt Renfrew CEO Sebastian Picardo becomes CEO of Monica Vinader

What: India’s retail inflation fell to an eight-year low in September 2025, supporting stronger consumer spending, retail growth, and investment.

Why it is important: The development reflects both India’s macroeconomic stability and its growing attractiveness for retail investment, especially as global markets face inflationary pressures.

India’s retail inflation reached its lowest point in eight years in September 2025, creating a favourable environment for both consumers and retailers. This decline in inflation has directly contributed to a 4% year-on-year rise in retail sales in April 2025, with sectors such as quick service restaurants and beauty leading the growth (India Economic Times, May 2025). Retailers are observing more purposeful buying patterns and increased demand for discretionary categories, indicating a boost in consumer confidence as price pressures ease. The positive inflation trend is also supporting profitability and strategic pricing, with affluent households projected to reach 30% by 2035 and digital innovation reshaping retail dynamics (BCG, March 2025). Macroeconomic stability is further evidenced by a 55% surge in retail leasing activity in India’s top eight cities, driven by international brand entries and infrastructure development (India Economic Times, April 2025). Compared to global markets, where inflation and economic uncertainty are weighing on retail forecasts, India’s retail sector stands out for its resilience and growth trajectory (Visa, January 2025; Forbes, September 2025).

IADS Notes: India’s retail inflation falling to an eight-year low in September 2025 (India Economic Times, October 2025) has created a supportive backdrop for retail expansion, as seen in the 4% rise in retail sales in April 2025 and the surge in retail leasing activity (India Economic Times, May and April 2025). The shift toward more purposeful buying and increased discretionary spending is reinforced by projections of affluent households reaching 30% by 2035 and robust digital infrastructure (BCG, March 2025). This macroeconomic stability and consumer confidence contrast with global markets, where inflation and cautious forecasts dominate the retail landscape (Visa, January 2025; Forbes, September 2025).

India's retail inflation falls to 8-year low in September

What: Lotte Department Store’s foreign sales rose 40% during the October golden holidays, driven by targeted promotions for Chinese tourists and strong demand for K-fashion.

Why it is important:  Lotte’s performance illustrates the resilience of Korean retail in leveraging domestic brands and innovative promotions to offset global volatility in tourist spending.

Lotte Department Store experienced a remarkable 40% increase in foreign sales during the October golden holidays, a result largely attributed to its focused efforts in attracting Chinese tourists and capitalising on the rising appeal of K-fashion. The main branch in Myeong-dong saw sales to Chinese consumers jump 45% year-on-year, with K-fashion specialty halls reporting up to 80% of sales from foreign shoppers. This surge was further supported by luxury category sales, which rose more than 50% among foreign consumers, and by a 90% increase in luxury purchases by Chinese visitors. Lotte’s strategy included tailored promotions, gift certificate events, and plans for exclusive membership programs and lounges for international customers. These initiatives not only boosted sales but also positioned Lotte as a must-visit destination for tourists, particularly as other markets like Japan face steep declines in tourist spending. The department store’s ability to adapt to evolving consumer preferences and currency fluctuations underscores its innovative approach and sets a new standard for experience-driven retail in Korea.

IADS Notes: In October 2025, Lotte’s 40% boost in foreign sales contrasted sharply with the 40% drop in Japanese department store tax-free sales reported in June and September 2025, highlighting the volatility of tourism-driven retail. Korean retailers, including Lotte, have responded with targeted promotions and expanded K-fashion offerings, as seen in September 2025, successfully converting tourist arrivals into sales. Meanwhile, global luxury markets have struggled with declining tourist spending due to currency shifts, but Lotte’s focus on domestic brands and experiential retail has proven effective in sustaining growth and resilience.

Lotte Department Store 40% boost in foreign sales during October golden holidays

What: Shein’s partnership with BHV Marais has sparked staff protests and industry backlash over the integration of fast-fashion into a historic Parisian department store.

Why it is important: The controversy underscores the risks of financial instability, supplier tensions, and reputational damage that can arise from such partnerships, reflecting broader sector trends.

The decision by BHV Marais to grant Shein a permanent retail space has ignited significant unrest among staff and attracted widespread criticism from both industry stakeholders and local officials. Workers staged a public protest, expressing concern that the arrival of the fast-fashion giant would further erode the store’s traditional brand mix and alienate loyal customers. These anxieties are compounded by ongoing operational challenges at BHV, including late payments to suppliers, product shortages, and the departure of several French brands, all of which have undermined staff morale and job security. Management, represented by Société des Grands Magasins (SGM), defends the partnership as a necessary step to modernise the store and attract younger shoppers, while Shein claims its presence will boost visitor numbers and benefit other retailers. However, Shein’s expansion comes amid mounting regulatory scrutiny and reputational challenges, including recent fines and criticism over its business practices. The situation at BHV Marais reflects the broader tensions facing department stores as they navigate the need for transformation while managing the risks associated with disruptive partnerships.

IADS Notes: The controversy at BHV Marais mirrors recent developments across the European retail sector. In October 2025, Shein’s physical retail debut at BHV was positioned as a modernisation strategy but triggered backlash similar to Pimkie’s expulsion from French retail associations in September 2025 after its Shein partnership (Fashion Network). Galeries Lafayette’s decision in October 2025 to block Shein’s entry into its SGM-affiliated stores further highlights the reputational risks for premium retailers. Financial instability and supplier tensions, as seen in Debenhams’ September 2025 payment delays (Retail Week) and Saks Global’s ongoing vendor crises (Retail Dive, BoF), underscore the operational challenges department stores face when integrating disruptive brands. Legal and reputational turmoil, such as the Pimkie-Shein partnership dispute reported in September 2025 (Le Figaro), exemplifies the heightened scrutiny and industry pushback confronting fast-fashion entrants.

Paris department store staff livid over Shein being given a floor 

What: Liberty London marks 150 years by launching a capsule collection with Frida Giannini (former Gucci’s artistic director), reinforcing its heritage, innovation, and expansion through own-brand products and experiential retail.

Why it is important: Liberty’s approach demonstrates the enduring value of heritage, experiential retail, and local customer focus for department store resilience and expansion.

Liberty London’s 150th anniversary is a testament to its ability to blend heritage with contemporary relevance. The department store’s collaboration with Frida Giannini for the Hypernova 150 collection not only honors its rich design legacy but also injects fresh creativity and Italian luxury into its offering. Liberty’s unique retail model, characterised by its iconic Tudor-revival building and intimate, room-based layout, sets it apart from conventional department stores and fosters a sense of discovery. The business continues to thrive, with double-digit growth and a customer base that is 70% local, reflecting strong loyalty and repeat visits. Half of Liberty’s sales now come from its own-label products, with the LBTY fragrance line driving both category growth and international expansion, particularly in North America. By prioritising craftsmanship, exclusive collaborations, and a forward-looking approach to curation, Liberty London demonstrates how department stores can remain resilient and innovative, leveraging their heritage while embracing new opportunities for growth and differentiation.

IADS Notes: Liberty London’s strategy of combining exclusive collaborations, own-label innovation, and a distinctive in-store experience aligns with recent industry trends. In July and August 2025, John Lewis and Galeries Lafayette leveraged high-profile partnerships to drive engagement, while Liberty’s own-brand growth and international expansion were highlighted in November 2024 and July 2025. The importance of experiential retail and flagship differentiation was underscored by Inside Retail and The Retail Bulletin in April and August 2025, and Liberty’s strong local customer base mirrors the resilience seen in other department stores, as reported by Vogue Business and Monocle in May and August 2025.

Liberty London celebrates 150 years 

What: Frasers Group acquired a majority stake in US luxury retailer The Webster, advancing its international expansion and luxury market strategy.

Why it is important: This acquisition exemplifies how strategic M&A and brand curation are reshaping competition and consumer experience in luxury retail.

Frasers Group’s acquisition of a majority stake in The Webster represents a significant milestone in the company’s ongoing transformation into a global luxury powerhouse. The deal, finalized in October 2025, allows The Webster—renowned for its curated multibrand luxury offering and experiential retail approach—to operate independently within Frasers’ Flannels division, while leveraging the group’s financial strength and digital expertise. This strategic move is part of a broader pattern of targeted investments and acquisitions, including stakes in Mulberry, Hugo Boss, and other premium brands, which have redefined Frasers’ market positioning and competitive dynamics. By integrating The Webster, Frasers not only strengthens its presence in the US luxury market but also accelerates its efforts to innovate in consumer access and experience. The acquisition underscores the increasing importance of brand curation, omnichannel strategies, and digital innovation in the evolving luxury retail sector, positioning Frasers Group at the forefront of industry transformation.

IADS Notes: Frasers Group’s acquisition of The Webster in October 2025 (WWD, Retail Week) is consistent with its recent strategic investments and international expansion, as highlighted by the Financial Times in October 2024. The group’s aggressive brand acquisition and diversification strategy has shifted its competitive positioning, while Flannels’ regional expansion and experiential formats (Retail Gazette, November 2024) illustrate the group’s commitment to redefining luxury retail standards and consumer engagement.

Frasers Group snaps up majority stake in US luxury retailer

What: Lifestyle International achieved Rs 12,031 crore in revenue for 2024-25, highlighting its strong market position amid India’s evolving retail landscape.

Why it is important: Lifestyle International’s results highlight the synergy between retail innovation, urbanisation, and rising discretionary spending among Indian consumers, as confirmed by recent reports.

Lifestyle International’s revenue of Rs 12,031 crore for 2024-25 underscores its robust market presence and ability to capitalise on India’s rapidly transforming retail sector. This financial milestone comes at a time when the Indian retail landscape is experiencing unprecedented change, marked by a surge in retail leasing, the entry of numerous international brands, and the evolution of malls into hybrid, experience-driven destinations. The company’s growth is closely tied to broader consumer trends, with India leading discretionary spending in the Asia-Pacific region and a new generation of affluent, digitally engaged consumers driving demand for premium and experiential retail. These shifts are further amplified by rapid urbanisation and the integration of digital innovation across retail formats, positioning Lifestyle International as both a beneficiary and a driver of these industry-wide changes. The company’s performance not only reflects its strategic agility but also highlights the broader momentum and competitive intensity shaping India’s retail environment.

IADS Notes: Lifestyle International’s revenue achievement mirrors the 55% surge in retail leasing and the entry of 27 new international brands reported by India Economic Times in April and February 2025. This aligns with the transformation of Indian malls into hybrid, experience-driven destinations highlighted by ET Retail in August 2025. The company’s results also reflect India’s leadership in discretionary spending across the Asia-Pacific region, as noted by McKinsey in June 2025, and the rise of affluent, digitally savvy households and Gen Z consumers driving retail innovation, as observed by BCG in March 2025.

Lifestyle International reports Rs 12,031 crore revenue in 2024-25

What: Despite record domestic travel during Golden Week, average spending per trip in China declined, highlighting persistent economic pressures and evolving consumer behaviour.

Why it is important: The decline in per-trip spending and entertainment outlays illustrates a fundamental shift in Chinese consumer priorities, aligning with broader market trends toward experiential and digital consumption.

Summary: China’s Golden Week holiday revealed a striking disconnect between the surge in domestic travel and the decline in average spending per trip, which fell to its lowest level in three years. This pattern reflects the persistent weakness in consumer confidence, despite government efforts to stimulate demand through targeted policies and stimulus packages. While the total number of trips reached a record high, the modest increase in overall tourism revenue was offset by a reduction in discretionary spending, particularly in entertainment sectors such as cinema, which saw significant declines. These trends are compounded by ongoing macroeconomic pressures, including a sluggish property sector, job insecurity, and the impact of renewed US tariffs, all of which have eroded household sentiment and altered spending habits. Chinese consumers are increasingly prioritising experiences and digital engagement over traditional retail and entertainment, signaling a broader transformation in consumption patterns. This evolving landscape challenges retailers and policymakers to adapt their strategies to meet the demands of a more cautious and experience-driven consumer base.

IADS Notes: China’s Golden Week spending downturn is consistent with findings from March, April, and May 2025, which show that government stimulus and policy efforts have not fully restored consumer confidence amid property sector weakness and trade tensions (Inside Retail, March 2025; BCG, April 2025; Xinhuanet, May 2025). The record number of trips but lower per-trip spending mirrors the shift toward experiential and cultural engagement over traditional shopping, as seen in Hong Kong and across China (Financial Times, May 2025; WWD, November 2024). The entertainment sector’s decline and the rise of digital content consumption further confirm a fundamental change in consumer behavior, as documented in Fung Group, January 2025 and Inside Retail, April 2025.

China’s Golden Week holiday spending falls in latest red flag for economy

What: Startups and tech giants are competing to make AI shopping agents a mainstream part of the consumer e-commerce experience.

Why it is important: The shift to AI-driven shopping experiences reflects growing consumer demand for personalisation and seamless automation, validated by recent adoption data.

AI-powered shopping agents are rapidly emerging as a transformative force in online retail, with both startups and established technology leaders striving to make these autonomous tools a staple of the consumer experience. These agents promise to revolutionize e-commerce by offering highly personalised product recommendations and even completing purchases on behalf of users, aiming to replicate the tailored service of in-store shopping. While major players like Google, OpenAI, and Perplexity are integrating such features into their platforms, a new generation of startups is developing proprietary agents with advanced capabilities, such as scanning virtual closets or matching celebrity styles. Despite significant investor interest and technological progress, the widespread adoption of AI shopping agents faces hurdles, particularly in building consumer trust and overcoming satisfaction with existing shopping habits. The technical demands of integrating these agents—requiring robust data infrastructure and seamless user experiences—remain a barrier, with only a small percentage of retailers achieving scalable success. As the industry evolves, the ability to deliver both personalization and operational excellence will determine which platforms become indispensable to consumers.

IADS Notes: The rapid emergence of AI-powered shopping agents is fundamentally transforming the retail landscape, as both startups and established tech giants race to deliver more personalized and autonomous online shopping experiences. This shift is validated by industry reports from January 2025 (“AI agents to reshape finding and buying products online,” BoF), February 2025 (“How autonomous AI shopping agents will transform retail,” Forbes), and March 2025 (“How AI-driven hyper-personalisation is transforming retail,” Inside Retail), which highlight how companies like Perplexity, Amazon, and OpenAI are leading the way in developing agents that can autonomously manage complex shopping tasks, with 32% of consumer goods companies already implementing generative AI for end-to-end automation. Investor enthusiasm is evident, as 87% of companies adopting AI have reported revenue increases of at least 6% (“AI agents are here. What now?,” Hugging Face, January 2025), and the drive for hyper-personalisation is now seen as essential, with 71% of consumers expecting tailored interactions. However, widespread consumer adoption remains a challenge, as many shoppers are still unaware of AI’s role in their retail journeys and cite satisfaction with current methods as a barrier (“Retailers face trust challenges as generative AI becomes more integrated,” Retail Dive, November 2024). The technical complexity of deploying these agents is significant, with only 10% of retailers successfully scaling their AI applications due to persistent infrastructure and data integration hurdles (“Laying the tech foundation for GenAI success,” BCG, December 2024; “Seizing the agentic AI advantage,” McKinsey, July 2025), reinforcing the necessity for comprehensive transformation and robust technical foundations.

What it will take for consumers to let AI shop for them

What: Frasers Group has acquired a majority stake in luxury multibrand retailer The Webster, with founder Laure Hériard Dubreuil retaining a significant share and continuing to lead the business.

Why it is important: This acquisition reflects Frasers Group’s ongoing strategy of expanding its luxury portfolio through targeted investments, as seen in recent market activity.

Frasers Group’s acquisition of a majority stake in The Webster marks a significant development in the luxury retail landscape. The Webster, founded by Laure Hériard Dubreuil in Miami in 2008, has grown into a prominent multibrand retailer with thirteen locations across North America, offering over 100 luxury brands. Despite the change in ownership, Hériard Dubreuil will maintain a substantial share and continue to guide the company, ensuring continuity in its creative vision and customer experience. The Webster will operate independently within Frasers Group’s Flannels division, leveraging the conglomerate’s financial strength and digital expertise to accelerate growth and enhance operational capabilities. This partnership is expected to drive further expansion and digital innovation, positioning The Webster to thrive amid increasing competition and evolving consumer expectations in the luxury sector. The deal underscores the value of strong brand curation and experiential retail, as well as the importance of integrating digital strategies to remain relevant in a rapidly changing market.

IADS Notes: The acquisition of The Webster by Frasers Group is consistent with the conglomerate’s recent pattern of strategic investments and international expansion, as evidenced by its moves involving Mulberry, Hugo Boss, and leisure sector ventures (Financial Times, October 2024; Fashion Network, September 2025; Retail Week, November 2024). This approach reflects Frasers’ ambition to control key retail destinations and diversify its portfolio, while The Webster’s focus on digital and operational enhancement aligns with broader industry trends toward omnichannel innovation and personalized customer engagement (Vogue Business, October 2024; Vogue Business, May 2025; Internet Retailing, July 2025). The Webster’s North American growth also mirrors the resurgence of multibrand luxury retailers and curated boutiques, which are increasingly valued for their unique experiences and community-driven retail models (WWD, January 2025; Fashion United, December 2024; BoF, September 2025).

The Webster sells majority stake to Frasers Group

What: U.S. immigration restrictions are shrinking the labour force, raising costs, and destabilising the retail sector.

Why it is important: The shift highlights how immigration and policy changes are directly impacting retail workforce dynamics, pricing, and long-term competitiveness, as documented in recent Notion analyses.

America’s abrupt move toward zero net migration is fundamentally altering the retail landscape. With the border effectively closed and new barriers for both low- and high-skilled migrants, the sector faces a rapidly shrinking labour pool just as the native workforce ages. This has immediate consequences for retailers, who are already reporting the lowest holiday season hiring since 2008, along with a surge in layoffs and store closures. Labour shortages are driving up wages and operational costs, forcing companies to accelerate automation and adopt leaner, more flexible workforce models. At the same time, consumer confidence is plummeting, discretionary spending is contracting, and retailers are passing higher costs on to shoppers, further dampening demand. The crackdown on skilled migration and foreign students threatens the talent pipeline that fuels retail innovation and digital transformation, while demographic shifts complicate demand forecasting and inventory planning. As a result, the industry is being forced to prioritise resilience, scenario planning, and technological adaptation to maintain competitiveness in an increasingly volatile and unpredictable environment. 

IADS Notes: The sharp shift toward zero migration in the United States is already reverberating across the retail sector, as evidenced by the lowest levels of holiday hiring since 2008 and a surge in layoffs and store closures reported by Forbes in September and March 2025. Retailers are contending with a shrinking labor pool, heightened competition for frontline talent, and rising wage pressures, as detailed by ERE Media in June 2025, all exacerbated by aggressive immigration restrictions and tariff-driven cost increases highlighted by Forbes in October and March 2025 and CNBC in July 2025. These pressures have forced companies to overhaul their workforce strategies, accelerate automation, and adopt leaner inventory and supply chain models. They are also grappling with declining consumer confidence and contracting discretionary spending, as reported by The Robin Report in September 2025. The resulting market stagnation and operational uncertainty have led to cautious sales forecasts, price hikes, and a fundamental rethinking of talent management, with only a minority of retailers successfully integrating AI and upskilling initiatives to offset the loss of skilled migrant labour, according to MAD and BCG in June and September 2025. As the consumer base shrinks and economic volatility persists, the sector’s ability to adapt through resilience, scenario planning, and technological innovation will be critical to maintaining competitiveness and stability in an increasingly unpredictable environment (Forbes, Visa, and The Robin Report, March–October 2025).

Welcome to zero migration America

What: Major US retailers are restructuring and redefining roles as AI accelerates automation and reshapes hiring practices.

Why it is important: Financial markets are rewarding bold AI strategies, but only companies that successfully scale and integrate AI realise lasting value.

The rapid adoption of artificial intelligence in the US is already transforming workforce management and organisational structures in retail, with companies like Walmart and Accenture reducing hiring and accelerating targeted layoffs to adapt to new technological realities. This shift is particularly pronounced for entry-level and white-collar roles, as AI-driven automation and augmentation redefine job requirements and productivity expectations. While some leaders, such as Walmart’s Doug McMillon, emphasise that AI will impact virtually every job, others warn of a looming “jobs apocalypse” that could see half of entry-level white-collar positions disappear. Despite these concerns, the retail sector’s experience over the past year suggests a more nuanced reality: leading retailers are leveraging AI to enhance productivity and upskill employees rather than simply replacing them. The financial markets are closely watching these developments, rewarding companies that demonstrate bold, effective AI strategies, as seen in Alibaba’s recent stock surge. However, the challenge remains for most retailers to scale AI initiatives successfully and balance technological innovation with human capital investment, ensuring operational resilience and sustainable growth. 

IADS Notes:  In September 2025, research from BCG and the Stanford Digital Economy Lab confirmed that only 36% of retail workers feel prepared for AI-driven change, with generative AI most disruptive for entry-level roles, emphasising augmentation over replacement (“AI is moving faster than your workforce strategy. Are you ready?”; “Canaries in the coal mine? Six facts about the recent employment effects of artificial intelligence”). March 2025 data from Forbes highlighted leading retailers achieving 4.5% annual productivity growth through strategic AI integration (“Redefining productivity in retail”). January 2025 findings from BCG underscored Walmart’s use of autonomous agents to process 850 million product data points and the sector’s focus on upskilling (“From potential to profit: closing the AI impact gap”). In September 2025, Bloomberg reported Alibaba’s stock surge following major AI investments, reflecting positive financial market reactions to ambitious AI strategies, though only a minority of companies realie substantial value (“Alibaba’s shares soar after investors buy into big AI moves”).

AI is already disrupting the job market, predictions of "apocalypse jobs" increasing in the US - French