As investors monitor crowd sizes at stores on Black Friday they will be shopping for a different kind of holiday deal: retailers that do well in a mixed economy characterised by high prices and limited shopping budgets. Along with retail powerhouse Walmart, off-price retailers such as TJX and Ross Stores are expected to draw some bargain hunters away from department stores like Macy’s and Kohls. Higher-end retailers like Ralph Lauren and Tapestry are expected to attract big-spenders but that is already reflected in their shares.
Retailers like Target aim to draw bargain shoppers this Black Friday – Reuters
Walmart is up about 21% year-to-date, while Ralph Lauren is up around 61% and Tapestry is up about 70%. Investors and analysts still watch store traffic for clues on consumer sentiment and preferences even though an increasing number of shoppers opt to order online from the couch, which has boosted Amazon.com and Walmart hugely in recent years. Amid persistent inflation and a slowing labour market, investors expect cautious spending from low- and middle-income households, while well-off consumers who have benefited from 2025’s stock market gains will pick up some of the spending slack.
“Whenever you have a bifurcated economy where some people are doing really well and others are not but everybody wants to spend, that just raises the stakes for all the retailers,” said Kim Forrest, chief investment officer at Bokeh Capital Partners. She saw “stressed” shoppers before Thanksgiving at Walmart, which was “bending their pricing to allow people to buy what they need,” with a 10- and 5-pound potato sacks and a variety of turkey sizes.
Forrest said Walmart’s “eye-catching displays,” like a set Thanksgiving table marketing home goods or a decorated crib in the baby section, compared favourably to Target. While, in the past, Target store displays convinced shoppers to buy unplanned items, Forrest said they have “lost their merchandising mojo.” Last week, Walmart increased annual forecasts for the second time this year. Target reported a bigger-than-expected drop in quarterly same-store sales as consumers pulled back spending on apparel and home decor.
“If you’re careful with your money you’re going to want the most bang for your buck. You’re going to go to the store where you think you could get that. You’re not going to go to a humdrum kind of shopping experience,” said Forrest. She expects stronger sales for TJX- owner of TJMaxx and HomeGoods- than at Macy’s and Kohls.
Kohl’s shares rallied 42.5% on Tuesday when it projected a smaller drop in sales and bigger profit for the year ahead. However, the company has reported same-store sales declines in the last 11 quarters.
David Swartz, senior analyst covering retailers at Morningstar, said investors have shown a preference in recent years for Ross Stores and TJX over Macy’s and Kohl’s, which have been, “hit hard by competition from the clearance off-price stores as well as Amazon and Walmart.”
And going more upmarket, Swartz sees Ralph Lauren, Ulta Beauty, and Tapestry doing well this season, but warned that increasing their already-rich valuations could be risky.
In contrast, Nike and LuLulemon Athletica have underperformed in recent years. While “they may not necessarily report great holiday periods,” Swartz points to low valuations, so “if things do get better, you could see the stocks go up quite a lot.”
He noted that some retailers kick off sales as early as October and some deepen discounts closer to Christmas or in the New Year, while some consumers buy all their gifts online. “You can’t judge the whole season’s sales just based on one day,” said Swartz.
Bokeh’s Forrest sees VF Corp, whose shares are down about 19% year-to-date, as a potential turnaround story while Urban Outfitters‘ namesake stores have not been doing as well as its Anthropologie chain.
With many consumers under pressure, Hardika Singh, economic strategist at Fundstrat, will watch spending levels among higher-income shoppers. “If their spending falters, then we would have some trouble in the economy, she said.
Swarovski on Tuesday announced the appointment of Sindhu Culas to the role of president, general manager, North America at the Austrian jewelry maker.
Sindhu Culas – Courtesy
Based in the luxury firm’s New York City office, Culas will be responsible for “maximizing the Swarovski physical and digital presence and overall brand affinity in the U.S.,” according to a press release.
“We are thrilled to welcome Sindhu to Swarovski. Her vast leadership experience and passion for the brand make her an exceptional addition to our team,” said Kolja Kiofsky, chief commercial officer, Swarovski.
“With Sindhu guiding our next chapter in North America, we are looking ahead to an exciting future filled with creativity, operational excellence, and meaningful growth under our LuxIgnite strategy.”
A retail veteran with over 25 years of experience across omni‑channel retail and institutional investment management, Culas joins the crystal jewelry maker from G-Star, where she served as CEO of North America at the British denim and apparel brand.
She began her career as a buyer and planner at Macy’s, Talbots, and Lord & Taylor before being promoted to strategy and brand management at Macy’s. Later on, the executive served as senior vendor manager at Amazon and as senior vice president of e‑commerce and strategy for Calvin Klein.
“Watching Swarovski’s brand repositioning and momentum in recent years has been inspiring,” said Culas, in response to her new appointment.
“I’m excited to join this exceptional team, collaborate across the business, and help strengthen our position while accelerating growth throughout North America. It’s a remarkable moment for the brand, and I’m thrilled to contribute to the journey ahead.”
There are stories you simply couldn’t invent. The tale of Bourrienne Paris X, a finalist for the DHL 2025 Award, is one of them. The French shirtmaker for men and women, co-founded in 2017—among others—by two women with entirely different backgrounds, is now entering a phase that balances dynamic expansion with a quest for longevity, projecting growth of over 50% in 2025 and an equally high target for 2026.
Cécile Faucheur is the label’s artistic director – Bourrienne Paris X
The designer behind the Bourrienne Paris X collections is Cécile Faucheur. A former fashion design teacher, pattern cutter and stylist, she is now head of design at the brand she co-founded. Her research at the Musée de la Chemiserie in Argenton-sur-Creuse captivated both her and Charles Beigbeder (who had just taken over the Hôtel de Bourrienne in Paris), prompting them to dedicate a men’s shirting brand to the building.
Historical details and diverse trajectories
For her part, Carine Beigbeder, co-founder and CEO of Bourrienne Paris X, draws on a background that spans finance and entrepreneurship. She previously managed a listed small-cap fund at Financière Arbevel. Her analysis of companies’ business plans and strategies spurred her to take on an operational role—one she now fulfils at Bourrienne Paris X. A luxury brand, or at least on the way to becoming one, the label currently employs around ten people and is attempting to compete with luxury giants such as Hermès in a niche that has, until now, been very narrow: the shirt.
Carine Beigbeder aims to bring longevity to Bourrienne Paris X – Bourrienne Paris X
“The idea was to build a brand inspired by historical details and the shirtmakers of yesteryear. We realised that the men’s wardrobe had lost much of the richness it once had.”
Today, the Bourrienne Paris X wardrobe is rooted in both French stylistic heritage and modern fashion, having opened up to womenswear as early as its second season. This now accounts for more than half of the house’s turnover.
In search of quality materials
“For women, the shirt was a vehicle of emancipation as womenswear became uncorseted and a little freer. It wasn’t necessarily at the same time, but that’s not the point,” explained Beigbeder.
Bourrienne Paris X now goes beyond the shirt and has launched men’s trousers on pre-order, cut from a very heavy Belgian linen, “as if coated with a fine layer of beeswax, which gives it a very new and very innovative look,” in the CEO’s words.
Details play an important role in Cécile Faucheur’s work – Bourrienne Paris X
At Bourrienne Paris X, the linen comes from Belgium, the poplin from Italy, the embroidered trims inspired by the Hôtel de Bourrienne are made by a century-old manufacturer in northern France, the pleating by a Breton artisan, and the mother-of-pearl is sourced from Australia. The shirts, meanwhile, are made in Portuguese and Romanian workshops, and the house is considering other production sites elsewhere in Eastern Europe.
Priority given to digital
Soon to mark its tenth anniversary, Bourrienne Paris X is now in its third year of profitability. Struck by the Covid-19 pandemic after a loss-making start, the brand managed to “keep its head above water,” thanks to digital, which provides sufficient data to respond to its customers’ tastes. The company has self-financed its digital investments and plans to double them in 2026 to accelerate growth, a priority given that its e-commerce site generates over 50% of its sales.
Bourrienne Paris X is largely inspired by the Hôtel de Bourrienne – Hôtel de Bourrienne
Bourrienne Paris X also invests in SEO, and in Google, Pinterest and Meta campaigns tailored to each of the countries where it is sold, namely the United States, England, Switzerland, Canada and Australia. Customs duties, included in the final price across the Atlantic, are no longer an issue for the brand, thanks to the purchasing power of its American customers.
International expansion
With 60% of its sales generated abroad, the label is stocked by a number of department stores, including Le Bon Marché’s men’s department in Paris, as well as Bongénie in Geneva and Zurich, Lane Crawford in Hong Kong, and Isetan, Tomorrowland, United Arrows and Wako in Japan. This is why it is presenting its project to the DHL Prize jury this year.
The brand is a finalist for the DHL 2025 Award – Bourrienne Paris X
The brand remains based at 58 Rue d’Hauteville, opposite the Hôtel of the same name, in the 10th arrondissement of Paris. It’s not unusual for curious customers to be invited to discover the place that inspires the brand with each new collection. The brand’s desire to prioritise digital shapes its approach to welcoming investors, whose most valuable contribution would be their expertise.
For the time being, beyond the brand’s growth, Beigbeder is focused on a mission that is no less important: ensuring that Bourrienne Paris X stands the test of time. A “real challenge” consisting of remaining faithful to the house’s convictions and avoiding, as far as possible, the pull of passing trends.
Jeanne Friot: a queer manifesto to rouse Fashion Week
With her “Awake” show, Jeanne Friot literally brought her guests to their feet at the Théâtre du Rond-Point des Champs-Élysées. Making her debut on the official calendar, the French designer opened the Paris proceedings with a high-octane performance that, true to form, championed LGBTQI+ causes.
The unveiling of Jeanne Friot’s Autumn/Winter 2026 collection, blending runway and choreography conceived with choreographer Maud Le Pladec and the Ballet de Lorraine company, could not have felt more timely given recent headlines and the American president’s posturing. The thirty-something designer issued a call to wake up, with several dancers wearing T-shirts emblazoned with the slogan “It’s never too late to fight fascism“.
Beyond words, the designer opened with three powerful womenswear looks: a black tweed suit with a cropped jacket; a cocktail dress reimagined in a tartan of silver, red and purple sequins, worn by a model with gothic make-up; and a jacket-and-mini-skirt ensemble in black faux leather, heightened by a play of metal straps and buckles—one of her signatures, applied horizontally or vertically to form skirts or dresses—always nodding to the queer wardrobe.
Soon, dancers—wearing tartan catsuits paired with thigh-high boots, faux-leather mini-shorts, colourful tulle tops or black sequin hoodies—launched into breathless choreography. Then came two women in generously cut suits, one black, the other white. The two models drew closer, stared each other down, touched and kissed intensely and at length, melding like yin and yang as, all around them, the troupe ratcheted up the intensity of their stagecraft. The tableau prompted a wave of approval throughout the Parisian theatre.
Ever more exacting in her use of deadstock materials, the French designer introduced several other visually striking pieces, including a long black faux-leather coat worn over a bodysuit and teamed with metallic thigh-high boots, a houndstooth suit with a broad-shouldered jacket and micro-shorts, and an opulent dress featuring a tartan motif that unfurled from the waist into a train of colourful feathers—a true tribute to the queer community.
That community made its support unmistakable when Friot took to the stage to bow, prompting a prolonged standing ovation for a show that opened Paris Fashion Week Men’s with a bang.
Études Studio and its elegant seekers of sound
On Tuesday, for its show in the impressive Institut de Recherche et Coordination Acoustique, Études Studio staged a composition exploring the tonalities of tailoring. For this collection, christened “N°28 Résonances”, co-founders Aurélien Arbet and Jérémie Egry explained in their letter of intent that they drew inspiration from the origins of 1990s dance music and from the universe of American philosopher John Cage, who questioned the very concepts of music and silence.
To pace their mixed show in soundproofed underground spaces, the French opted for powerful music, teaming with British artist Actress, who composed the soundtrack for a show charting new horizons for Études Studio.
Of course, the brand retained its velvet jackets, hefty canvas blousons with carefully worked washes and a few hoodies (with its logo in a circle of stars on the back), faithful to its utilitarian roots. But the label introduced a compelling, reimagined tailoring proposition, with no fewer than a dozen far more formal looks—straight-cut jackets, fluid trousers and layered shirts, waistcoats and roll-neck jumpers—in black, grey or earthy tones.
Gold prospectors or sound seekers? Between Walkman headphones and cowboy hats, Études Studio refused to choose. Its earnest youths saw their wardrobe explore different material aspects—from worn-in finishes to contrasts between nylon and velvet—and a few chromatic accents, such as an intense purple puffer, or camo riffs on substantial, fuzzy knitwear in shades of green or blue, paired with long, wide scarves in matching hues. This season, the brand presented pieces in collaboration with Berlin-based Canadian artist, Jeremy Shaw.
These silhouettes were accompanied, for the first time, by leather or canvas bags bearing the brand’s logo. This leather goods range, developed in two sizes, should provide a growth driver for the independent creative label.
Valette Studio pays tribute to the New Romantics
Once again this season, Valette Studio’s fashion looked to the past. As the first day of Paris Fashion Week drew to a close, the French brand took over the Institut du Monde Arabe. In a basement room supported by large, thick stone columns, Pierre-François Valette unveiled his Autumn/Winter collection entitled “Les Nouveaux Romantiques”, born of a contemporary melancholy caused by the displacement of creation by image.
This season, Valette Studio focuses on color, frills and ruffles – Samuel Gut
Accompanied by a rock soundtrack with wild percussion, later joined by a violin, the models wore a herringbone denim trench with matching skinny jeans, a short cream dress with a shirt collar and frills that cinched the waist and framed the chest, a black leather ensemble and Louboutins, in collaboration with Louboutin on this collection.
Another dress appeared heavy yet almost bounced, covered in frills and cut from a material that looks, to the eye, like balloon rubber. Perhaps the most striking pieces were two white skirts bearing a made-up face, a watercolour rendered alternately in blue and in orange, created by Teintures de France and inspired in particular by the legendary make-up of David Bowie, the pre-eminent figure of the New Romantics. The models were sometimes adorned with silver make-up swept along the outer corners of the eyes, another nod to the stars of this early-1980s movement. At the end of the show, Pierre-François Valette was warmly applauded by the many guests as he crossed the long room to take his bows.
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