Fashion Analyst & AI Strategist. Data, not hype. Market Pulse Newsletter ↓
Germany
Joined December 2024
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Bottega Veneta stayed off Instagram for five years. Last Thursday it came back with 60 images for its 60th anniversary. Among them the archive motto "When your own initials are enough".
Silence works as a strategy when you have something worth breaking it for.
Bjørn Gulden named the problem: "too much inventory and too much discounting in the marketplace."
Two brands from the same town, making the same call.
Price is defended in the channel before it shows up in the margin.
ASICS grew SportStyle 83% in the first half, to ¥123.1bn.
Tominaga on how: "We didn't mass-distribute anything." Then: "Our wholesalers are not doing a lot of discounts."
As a buyer, that second line is the one I'd frame.
Hoka and Ugg owner Deckers cut its sales outlook to $5.700-5.725B, from $5.86-5.91B. Profit still rose: EPS ex tariff refunds +11.5%.
The CFO: "where we saw others being more promotional or heavily promotional, we stayed out of that."
Holding price makes my next order easy.
adidas just reported preliminary numbers for the biggest quarter in its history: €7.25 billion in revenue and €1.01 billion in operating profit.
The part I care about is full price.
Running explains a lot. adidas athletes have won 8 of the 12 marathon major races so far in 2026 and hold 20 of the 36 podium places. All six Berlin podium runners wore adidas. Sawe ran 1:59:30 in London, the first official sub-2.
Resale is a live read on brand heat. FASHIONPHILE paid 15% above retail for the Chanel Urban Essential and 13% for the Souplissimo and Archetype Tote. Chanel was its most searched brand of 2026. Brands can't control what buyers pay secondhand.
LVMH's handbag problem just turned into a Sephora story.
Q3 organic:
→ Selective Retailing +8%
→ Watches & Jewelry +6%
→ Fashion & Leather Goods -5%
Asia excl. Japan -5%. US, Europe, Japan grew.
The bag is no longer the default luxury buy.
Reports in reply.
Nike Direct fell 8%. North America wholesale grew 9%.
That is the quarter. Not the EPS line.
Gross margin +60 bps came mostly from warehousing and logistics. An operations win, not full-price brand repair.
Full piece on Market Pulse.
marketpuls.substack.com/p/ni…
Nike just printed its first clean Win Now quarter.
$11.2B rev (-4%). Gross margin 42.8% (+60 bps). Wholesale almost flat. Direct -8%, Digital -13%.
NSW, Jordan and Greater China still drag. Margin held mostly on logistics, not a declared full-price victory.
Brand heat through product people chase is still open.