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Apparel retailers Destination XL and FullBeauty agree to merger of equals

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December 12, 2025

Retailers Destination XL Group and FullBeauty Brands agreed to merge, creating a bigger player in the size-inclusive apparel market, the companies announced on Thursday.

DXL Big + Tall

The combined company generates approximately $1.2 billion of annual net sales, and expects cost synergies of $25 million by 2027.

FullBeauty shareholders are set to own 55% of the combined company while Destination XL (DXL) shareholders will own 45%.

The plus-size clothing market broadly has grown amid a drive for more body positivity and even users of GLP-1 weight loss drugs like Ozempic are ready to spend on apparel as they drop clothing sizes, industry analysts have said. However, the risk to DXL and FullBeauty is that customers will lose enough weight that they have to shop elsewhere.

DXL operates over 250 stores across the DXL and Casual Male XL banners, which sell clothes for big and tall men. FullBeauty has a portfolio of over a dozen plus-size brands including Cuup, Woman Within and Roaman’s.

DXL shares had fallen around 45% year-to-date as its total revenue has also declined year-over-year. Its shares closed at $1.56 on Thursday for an $84 million market capitalization. FullBeauty emerged from bankruptcy in 2019 and Oaktree Capital Management is its largest investor.

The combined company will be better positioned to meet customers, including those using GLP-1 medications, at every stage of their weight-fluctuation journey through offerings such as DXL’s FiTMAP and FullBeauty’s free exchange program, the companies said.

The transaction is expected to close in the first half of 2026, subject to customary closing conditions and approval by DXL shareholders.
 

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Pacsun debuts curated resale shop

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December 12, 2025

Pacsun launched on Thursday a curated resale shop, introducing PS Vintage Powered by Springy, a dedicated collection of thousands of one-of-a-kind vintage pieces for men and women. 

Pacsun debuts curated resale shop, introducing PS Vintage Powered by Springy. – Pacsun

The collection is now available online with an in-store rollout planned at 15 Pacsun locations nationwide beginning in January 2026.

The assortment was hand-selected in collaboration with Springy, an established authority in online secondhand retail, and with direct input from Gen Z through Pacsun’s Youth Advisory Council.

“Vintage shopping has become central to our community, and with this launch, we wanted to make that experience authentic and accessible,” said Richard Cox, chief merchandising officer of Pacsun. “Guided by strong consumer listening, our trend-driven curation delivers on the style our consumers love while reflecting the sustainability they value.”

The collection includes graphic tees, hoodies, denim, jackets and other apparel, each piece sourced by Springy and tagged by size, year and category. Pacsun curated the lineup around themes central to the brand—fashion, art, culture, sports and music. Meanwhile, the women’s offering includes nostalgic labels, vintage music tees and holiday-themed graphic sweatshirts that lean into the ongoing Y2K revival seen across TikTok. 

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Historic perfume house Satinine returns with single-brand boutique in Milan

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December 12, 2025

Founded in 1883 in Milan, Satinine is a perfumery laboratory that blends art and science in the creation of fragrances deeply rooted in Italy’s botanical heritage. Today, the Milanese brand has announced its return to its home city with the opening of a 70-square-metre boutique at Via Giuseppe Mengoni 4, just a short walk from Piazza Duomo.

Satinine returns to Milan – ©Tiziano Ercoli e Riccardo Giancola

Satinine’s founder was Lorenzo Usellini, a native of Arona on Lake Maggiore, who moved to Milan to handle the import and distribution of toiletries. After the First World War, Usellini began composing fragrances, and the “Satinine Officina Odoraria” was born—an enterprise that grew thanks to the artistic and creative input of his three sons in a family with a pronounced artistic streak; one of Usellini’s sons would go on to become a respected painter.

“Each essence is the result of a sophisticated balance between nature and science, memory and innovation, art and formula,” Usellini said of his creations.

In the 1930s, Satinine created perfumes that gained international popularity, most notably “Orchidea Nera” (a women’s fragrance) and “Caccia alla Volpe” (a men’s fragrance), presented in precious flacons that became icons of the Italian olfactory landscape, produced by Vetrerie Bormioli. The company’s name combines “Satin”—the fabric, a symbol of tactile elegance, lustre and sensuality—with the suffix “-ine”, which evokes the company’s precision and chemical/botanical leaning.

“Today we have a trove of 150 items from Satinine’s past to draw inspiration from, including perfume bottles and other materials, which stand out in a display case inside our store,” Galletti, the entrepreneur and fragrance enthusiast who relaunched this historic brand by co-founding Profumieri Milano S.r.l. with Ridgely Cinquegrana, former president of Loewe, tells FashionNetwork.com.

“I worked with him in the past in London on the development of Fornasetti Profumi,” Galletti added. “We stayed in touch, and he was keen to realise a project that would be meaningful in the perfumery world. We didn’t want to launch a brand with no history. As someone who knows the history of perfume, I decided to invest in the relaunch of Satinine.”

Satinine in Milan
Satinine in Milan – E.P. – FashionNetwork.com

“Historic perfumery was wiped out in the 1950s by the advent of fragrances from designer brands,” Galletti continued. “Satinine too began focusing on licensing and, over time, produced fragrances for brands such as Ferrari, Bottega Veneta and Borsalino. Milan had hundreds of perfumeries—single-brand houses with in-house production—and they were swept away by a public that wanted designer-label scents. The only ones to hold firm were the French, who continued to champion their historic production. In doing so, we lost an immensely important cultural heritage,” says the entrepreneur. “In 2005, Satinine went bankrupt; it was acquired by a Rome-based company, but essentially disappeared from the market. In 2024, we at Profumieri Milano reacquired it.”

The company has also opened a laboratory with in-house production, where it manufactures for other brands—mainly bespoke products for designers or hotel chains—while Satinine has now also debuted in home fragrances. Its perfumes retail between €120 and €180.

Satinine in Milan
Satinine in Milan – E.P. – FashionNetwork.com

Satinine’s new Milan shop, called Officina, is designed by Mara Bragagnolo and reinterprets the city’s architectural and perfumery traditions through a contemporary lens, drawing inspiration from the entrance halls of historic buildings as places of welcome and intimacy. Organised into distinct spaces—the porter’s lodge, the sensory room and the curatorial area—the shop creates a journey intended to transform the discovery of fragrances into a shared ritual.

The interiors combine modernist rigour and textural warmth through local materials such as Lombard terracotta, glazed ceramic and cathedral glass, in dialogue with oak panelling, Cardinal marble and satin-finished steel details. Each element is bespoke, crafted by local artisans, while soft lighting, curated by Martina Frattura, envelops the space with a “satin” glow.

Satinine in Milan
Satinine in Milan – ©Tiziano Ercoli e Riccardo Giancola

Amid this atmosphere, the shop’s official opening saw the debut of a new collection of ten Satinine fragrances developed in the in-house laboratory, using natural ingredients from Italian cultivars, with the stated aim of championing independent auteur perfumery, distinct from the conventions of the French school. Also new is the brand’s perfume bottle, designed by Franz Degano, whose design draws on the elegance of the 1930s.

Satinine’s retail ambitions now include international openings. “We would love to open in London, but we also like the idea of having a shop in Japan or South Korea,” concluded Galletti.

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Lululemon CEO McDonald to step down, shares rise 10%

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December 12, 2025

Lululemon Athletica said that CEO Calvin McDonald was leaving the company without a replacement and raised its annual profit forecast, sending shares up about 10% in extended trade on Thursday.

Calvin McDonald – Reuters

McDonald will step down from Lululemon in January after about seven years at the helm.

However, sales in the U.S. have suffered in recent times, with its stock falling 61% over the last two years. Lululemon, known for its pricey leggings and athleisure clothing, has lost ground to upstart brands such as Alo Yoga as well as private-label replicas, with executives noting that they were disappointed with its product execution.

The Wall Street Journal reported, citing people familiar with the matter, that the company’s founder Chip Wilson was frustrated with marketing and had been considering a proxy fight.

The company named its finance chief Meghan Frank and chief commercial officer André Maestrini as co-interim CEOs while it searches for a new boss.

The shakeup at the top also is the latest in a string of big changes in C-suites for retailers as they look to capture a younger, more cautious audience and wade through supply chain and operational issues. Lululemon also approved a $1 billion increase to its stock buyback program.

“With the stock down so much, I think investors are satisfied that Lululemon’s board is taking aggressive action,” said Morningstar Research analyst David Swartz, who nevertheless said McDonald has been a very effective CEO.

While the holiday shopping season was off to a strong start with the Thanksgiving period, demand has slowed since, as consumers continued to trade down in the apparel space, McDonald said on a post-earnings call.

Discounts are also expected to be higher as it works to clean out aged product lines. The company said it would plan inventory units below sales in 2026.

Interim co-CEO Frank said on the call that Lululemon would invest in marketing in the fourth quarter to help drive traffic and build brand awareness.

Lululemon now expects annual profit between $12.92 and $13.02 per share, compared with previous expectations of $12.77 to $12.97 apiece, while it also raised its annual sales target.

It now sees a $210 million hit to its income from operations in 2025 due to tariffs, and reiterated its expectation for annual operating margin to decrease by about 390 basis points.

“(Lululemon) lost share in a increasingly competitive athleisure market and specifically has not been able to successfully address its weakening share of the core women’s pants despite multiple attempts to address that. So that will be a challenge for the new permanent CEO,” said Matt Jacob, analyst at M Science.

In 2013, then-board chairman Dennis “Chip” Wilson said that some women’s body shapes “just actually don’t work” with Lululemon yoga pants. Wilson returned to a more active role in the company in 2013 as Lululemon dealt with a high-profile recall of its signature yoga pants after complaints mounted that they were overly see-through.

Wilson stepped down as chairman a month after the remarks.

Lululemon did not immediately respond to a Reuters request for comment about the proxy fight report.

For the quarter ended November 2, the company reported net revenue of $2.57 billion, beating estimates of $2.48 billion, according to data compiled by LSEG.
 

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