The Debrief

Saks’ bankruptcy was widely expected, yet still felt like a shock to the fashion system. The department store giant’s Chapter 11 filing outlines $1.75 billion in restructuring finance and $3.4 billion owed to as many as 25,000 creditors – including $136 million to Chanel alone. Who will get paid, and what Saks looks like at the other end of the bankruptcy process, is an open question. Former Neiman Marcus chief Geoffroy van Raemdonck will lead the reset. As BoF’s retail editor Cat Chen puts it, Saks will need to “shrink in order to grow,” curb discounting, and rebuild trust through clienteling and service.Key Insights:Missed vendor payments undermined confidence in Saks Global soon after it acquired Neiman Marcus and Bergdorf Goodman. “Even after Saks created these new payment terms, they weren’t able to stick to their instalments,” Chen says. Labels “stopped shipping to Saks entirely,” creating “a death spiral where Saks wasn’t getting good inventory, and this hurt their ability to attract customers,” and sales slid further.When Saks Global acquired Neiman Marcus, both companies were extremely levered going in, with savings being swallowed by interest. The plan pitched $500 million in cost savings, but Saks Global took on more debt — $2.2 billion in bonds. As Chen explains, with margins in multi-brand retail already slim, “they were ill-fated because… a chunk of whatever sales or savings they were able to generate would be going toward interest payments.” As Saks has 10,000 to 25,000 creditors, owed $3.4 billion, bankruptcy court will approve a list of critical vendors that are essential to Saks’s business. While conglomerates will cope, “it's really the smaller independent brands that might be owed less money, but the amount that they're owed are just so much more critical to their business operations. These are the players that are the most vulnerable right now,” Chen warns — and it’s not just brands. A model shared she’s “owed $46,000...and can’t pay rent now.”Now, Saks must reset its business. Van Raemdonck “took Neiman Marcus in and out of bankruptcy,” yet Chen is blunt about the reality of the situation: “Saks Global will have to shrink in order to grow.” That means closing stores, stabilising cash flow and getting ruthless about discounting. From there, Chen says Saks has to compete on experience, delivering the best customer service and catering to their VICs. Additional Resources:Saks Global Files for Bankruptcy After Monthslong Hunt for Cash | BoF Chanel, Gucci and Capri Holdings: The Brands Topping Saks’ Creditor List | BoF Hosted on Acast. See acast.com/privacy for more information.

2026 opens with real movement in beauty deals. As first reported by The Business of Beauty, Estée Lauder is exploring a packaged sale of Too Faced, Smashbox and Dr. Jart to free up cash and refocus the portfolio. Who’s next? Colour fatigue is depressing makeup valuations, while fragrance, bodycare and haircare are drawing the most credible buyer interest, particularly from beauty conglomerates. Executive editor of The Business of Beauty, Priya Rao joins Brian Baskin and Sheena Butler-Young to unpack what this year of beauty deals has to offer. Key Insights:With Estée Lauder exploring a bundled sale of Too Faced, Smashbox and Dr. Jart, this portfolio reset signals a valuation reality check. The goal is to free up cash and refocus on culturally relevant, digital-native brands like The Ordinary and Le Labo. As Rao notes, “Deciem sells more skincare products than all of Estée Lauder’s other skincare brands combined,” and “Le Labo is also continuing to be on fire, even though Santal 33 has been around for 15 years.” Colour fatigue is depressing valuations in makeup. Over the past few years, artistry and colour brands have gone to market to find a buyer, but quickly found a landscape already flooded with similar offerings. “There were so many colour brands on the market. People were waiting for the next great one, so they weren’t willing to make a bet on any of these brands until the full slate was out,” says Rao. The result was some colour brands being left in the market, on and off, for over a year. She explains: “It’s kind of like buying a house – why am I going to buy this house at a premium when I could be buying at a discount?”Fragrance, meanwhile, remains a booming, high-margin lane. “All these other beauty businesses – hair care, body and fragrance – are more incremental to a strategic,” says Rao. While private equity is trying across the board, Rao advises that “if you want L’Oréal, LVMH or Estée Lauder, you have to be in categories that add incremental value, rather than ones they’re still trying to figure out.”Haircare offers the clearest near-term upside for acquirers. “Amika has the number one or number two dry shampoo at Sephora,” and its move into Ulta taps “a huge haircare business because of their back bar program”, says Rao. In mass hair care, Not Your Mother’s, which has had its longevity questioned in the past, shows durability and runway. Focused on styling and texture, Rao notes that it “hasn’t even played with shampoo and conditioner yet – in mass hair care, that’s where you play to make the big bucks.”Additional Resources:Exclusive: Estée Lauder Companies Has Put Three Brands Up for Sale | BoF Prestige Hair Care’s Shampoo Problem | BoF Why Fragrance Is the Latest Red Carpet Accessory | BoF Hosted on Acast. See acast.com/privacy for more information.

BoF and McKinsey’s annual State of Fashion report finds the industry entering 2026 with caution: 46 percent of executives expect conditions to worsen, citing geopolitics, macro volatility and the risk of shoppers pulling back. Yet there is also a pulse of optimism around AI-driven efficiency, luxury’s creative recalibration and fresh consumer interest in categories from smart glasses to fine jewellery.Tariffs remain the dominant near-term swing factor. Brands mitigated pain in 2025 by pulling forward inventory, but as that cushion runs out, the full impact shows up in 2026 in costs and pricing. More broadly, luxury’s era of price-led growth has run its course; as BoF correspondent Marc Bain puts it, if you ask customers to pay more, you have to “actually offer the value for the price.”Key Insights:The mood has shifted from “uncertain” in 2025 to “challenging” in 2026. Companies feel better equipped but are bracing for a tougher year. “Uncertainty was ‘we don’t know what’s going to happen’. The challenge is, we know what is going to happen and it’s going to be tough,” says Bain.Tariffs will continue to bite in 2026, and price hikes will be part of the playbook. Brands used a mix of mitigation tactics in 2025, but many still expect to pass on costs. “The strategy that the highest number of executives said was their way of mitigating the tariff impact was raising prices,” Bain notes. “To some degree, there's just no way around that. You can do it strategically, but at some point you're probably going to have to raise prices.”Jewellery is the consumer bright spot for the year ahead, as the category has steadily outperformed thanks to steadier, more gradual price rises, exciting design and a strong perception of value retention. “It’s hard luxury… you can wear it a lot and it can still be in good shape,” Bain says, adding that more women self-purchasing are reinforcing demand, with maximal accessories over minimal wardrobes adding another tailwind. He adds, “It sounds almost silly in 2026, but a big shift has been that more women are actually buying jewellery for themselves.According to Bain, 2026 is the year AI gets embedded into the fashion ecosystem. Expect a ‘two steps forward, one step back’ year where efficiency wins drive adoption even as mishaps make headlines. “Companies don’t feel like they can sit out AI,” Bain says. “It’s not like everyone by the end of next year is going to be using ChatGPT instead of Google, but the expectation is it'll be a significantly higher number than [2025]. And at a certain point, even if it's 5 percent of shoppers … it's still enough that you as a business have to start accounting for it. Additional Resources:The 10 Themes That Will Define the Fashion Agenda in the Year Ahead | BoF The Perfect Package: What It Takes to Be a Fashion Leader in 2026 | BoFThe Top Trends That Will Define Beauty in 2026 | BoF Hosted on Acast. See acast.com/privacy for more information.

Choosing “sneaker of the year” has rarely been this contentious. In 2025 the debate has splintered opinion between incumbent players like Nike and contenders from Vans, Converse and New Balance as consumers test the field.Whilst Nike’s shadow looms and expands with new silhouettes, real-world volume is being driven by ‘regular’ pairs like ASICS’ black-and-silver GEL-1130.In this episode of The Debrief, BoF’s Sheena Butler-Young and Brian Baskin sit down with Mike Sykes to unpack the data, the storytelling and what this year signals for 2026.Key Insights:In a widening market, this year’s debate has splintered opinions. Unlike typical years with “two to three shoes,” 2025 felt like “it’s five, it’s six, it’s seven, it’s eight,” says Sykes. He frames it as consumers testing “Nike versus the field,” with many deciding, “I’m actually gonna try the field for once,” which explains why we have seen credible contenders from Vans, Converse, New Balance and more.At the same time, reports of Nike’s demise are overdone. “Nike has always – and, in my opinion, probably will always – be the industry standard. The company is just too big at this point; it makes too much money. Even when it fails, it’s still a notch above its competition,” says Sykes. The real question now is which Nike silhouettes win attention. A few years ago it was largely Jordan 1s, 3s and Dunks, however now styles like Infinite Archives 17, Awake’s Jordan 5, and Nigel Sylvester’s Jordan 4 are all taking space.Hype is increasingly powered by storytelling that feels personal rather than driven by pure scarcity. Nigel Sylvester’s Jordan 4 showed how “over the top” yet authentic activations made fans attach to Nigel beyond the sneaker. “He’s riding his bike, kissing babies, shaking hands,” says Sykes. It’s “absolutely marketing” but designed to connect on emotion.On sneaker resale marketplace StockX, beneath the headline-grabbing premiums, Asics is moving serious volume with everyday pairs. As Mike notes, “the black and silver Asics Gel-1130 is just a common shoe that you could probably just go to your Foot Locker and buy,” yet he sees “people just buying the shoe up.” Set against hype, the GEL-1130 shows how “regular everyday shoes that look cool” can dominate real-world sales even when they’re absent from sneaker-of-the-year shortlists.Additional Resources:The Sneakers That Mattered Most in 2025The Kicks You Wear: The Collab of the Year With Bimma WilliamsThe Kicks You Wear: The Death of Sneakers Is Overstated Hosted on Acast. See acast.com/privacy for more information.

Collectively, Clare Waight Keller and Maria Cornejo have over two decades of experience in the fashion industry. Waight Keller’s impressive career includes roles at Givenchy, Chloé and Gucci — and today, she serves as creative director at Uniqlo. Cornejo’s New York–based label, founded nearly three decades ago, counts Michelle Obama and Christy Turlington Burns among its most devoted fans.From deeply entrenched gender biases to the fear of returning to work after giving birth, women face a number of systemic barriers to reaching senior leadership positions in the fashion industry, insiders say. Today, some women designers have found success launching their own labels — and when they do land leadership roles at major houses, often make it a priority to create opportunities for other women, which remain few and far between.At the VOICES 10th anniversary, Waight Keller and Cornejo speak with senior correspondent Sheena Butler-Young about what it’s like to work in an industry where women are the muses and chief customers, but the top commercial and creative roles are dominated by men. Key Insights: Clare Waight Keller says that the inequalities between men and women in fashion are driven in part by the narrative that “men are often seen as the implementers of big change, and women of stability, and so with stability we’re often also cornered into a commercial sense of aesthetic.” Both Waight Keller and Cornejo push back against this notion, saying that women aren’t less creative but simply more considerate of how real women want to dress.Maria Cornejo feels that “there’s a big disconnect in fashion… from what's instagrammable and what is actual reality … all the women I know who have independent businesses… we’re making clothes that women wear.” Both designers say they have encountered inequities as women in fashion, prompting Waight Keller to intentionally assemble an all-women team at Uniqlo. “Women add so much richness into the conversation of clothing, we offer a completely different perspective which is equally powerful and equally relevant,” she says.Additional Resources:BoF VOICES 2025: Finding Connection in Turbulent TimesClare Waight Keller | BoF 500Maria Cornejo | BoF 500 Hosted on Acast. See acast.com/privacy for more information.