Hi, and welcome back to Line Sheet. I’m on my way home to Los Angeles, where the next three weeks are going to be busy and important. This quick Nashville trip was essential, though, and not only because I got to see Alison Mosshart perform for the first time in 20 years. (Literally, 20 years. Back then, she went by “VV.”)

I’ll have more on Monday about what’s going down at Hermès, whose store in the fast-developing Wedgewood-Houston neighborhood opens tomorrow. But I will say, I’m not sure there’s another luxury brand that could have convincingly sat their C.E.O. (and sixth-generation heir) next to Jack White, Will Guidara, T Bone Burnett, and Callie Khouri at a dinner, along with anyone who is anyone from the city, in such a playful and chic way. (Nashville has sort of an expat vibe; the locals are not yokels. Karen Elson lives among them.) In today’s issue, Sarah Shapiro is back with a report on how this historic Fashion Month affected resale. (Are people searching for Dior Bar jackets now?) Plus, some interesting intel on outlet malls versus off-price stores, as well as an update on the rise of smart glasses. (Zuckerberg should be happy.) Plus, the week in feedback. Mentioned in this issue: Matthieu Blazy, Chanel, Jonathan Anderson, Dior, Maria Grazia Chiuri, Phoebe Philo, Demna, Michael Rider, Celine, Mark Zuckerberg, Louisa Schneider, Rowan, and many, many more…

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Sarah Shapiro

Two Things You Should Know…

A.I. vision quest: As it turns out, consumers are increasingly curious about life as seen through Mark Zuckerberg’s A.I.-powered glasses. Shares of EssilorLuxottica jumped more than 15 percent yesterday after the Ray-Ban maker posted its third-quarter earnings, which included a major increase in revenue in its wearables category—the segment that includes the A.I.-powered smart glasses it produces with Meta. According to chief financial officer Stefano Grassi, those glasses contributed more than four percentage points to sales growth. Indeed, in the third quarter alone, sales volume for Meta’s glasses matched almost half of their total sales in 2024.As I wrote last month, when Meta debuted its upgraded Ray-Ban Display glasses in Menlo Park, there’s huge upside in the category if Zuckerberg can stick the landing with the fashion community, which Meta has been aggressively courting. It’s no accident that Matteo Battiston, EssilorLuxottica’s chief design officer, selected the Wayfarer line as the basis for the new concept: It’s a classic shape that’s already been embraced by fashion people and ordinary consumers, alike. But, of course, Meta wants to produce real luxury goods, too. Next up, the company is working with Prada and EssilorLuxottica to get more fashion-forward A.I. glasses to market.
Parenting and piercings: For parents concerned that their kids are spending too much time indoors glued to screens, take heart: According to Louisa Schneider, C.E.O. and founder of the earring retailer Rowan, piercings among youngsters between the ages of 10 and 19 are rising, with second and third piercings in that same group up 16 percent since 2023. Sure, leaving the house to get additional piercings may not quite qualify as “touching grass,” but it’s something.I’m told Rowan opened 37 new stores this year, and will have 100 U.S. locations—many in lifestyle centers or malls—by the end of 2025. As a fun aside, Schneider also observed that more dads are coming in with their daughters these days, and getting piercings themselves—which is either a cute attempt at father-daughter bonding, or a clever workaround for getting a piercing without having to admit they actually wanted one.

And now, the main event…

The Week in Shopping: Fashion Month Halo Effects & Outlet Mall Blues

News and notes on how last month’s runway shows translated into search interest and sales in the secondhand market. Plus: A stunning divergence in foot traffic between outlet malls and off-price retailers, and why everyone is cutting back on their SKUs.

Sarah Shapiro

The runways of New York, London, Milan, and Paris have been swept clean of the residue of Fashion Month, which means it’s not a bad time to look at the downstream effect on retail, as well as where and how shoppers spent their time and money in September. The secondhand market offers a wealth of data points: In the two weeks after Matthieu Blazy’s debut Chanel collection in Paris, sales for the brand rose only 3 percent on The RealReal. But searches for “Matthieu Blazy” were up 83 percent. The discrepancy suggests that consumers, like many industry insiders, were taken with Blazy and his new direction for the brand, which Lauren raved about earlier this month.

Meanwhile, in the fortnight after Jonathan Anderson’s first womenswear collection for Dior, the Bar jacket saw a 35 percent spike in searches on The RealReal. At the moment, it seems like nostalgia is still driving the business. According to a source at ReSee—where four of Maria Grazia Chiuri’s denim jackets were sourced and sold this month—Dior shoppers are more motivated by the house’s storied heritage than by individual creative directors. This contrasts with the hyperspecific designer loyalty driving other collections: Phoebe Philo–era Céline pieces continue to lead searches on the ReSee site.

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Historical trends also reinforce the notion that specific designers can have a meaningful impact on resale numbers. After Demna left Balenciaga, for example, sales of the Le City handbag skyrocketed 525 percent year-over-year, according to Fashionphile. When Michael Rider went to Celine, sales of the Phantom handbag surged 576 percent after his runway show

The Off-Price Migration

Alas, the Fashion Month afterglow didn’t transfer to the mall. In September, outlet malls saw a 6.8 percent drop in foot traffic compared to last year, while indoor malls saw a 2 percent drop and open-air shopping centers saw a 1.7 percent drop, according to Placer.ai. Instead, consumers gravitated to off-price retailers like T.J. Maxx, Ross, and Burlington. The most obvious explanations likely coalesce around convenience: There’s simply more of them, making these retailers easier to visit, and strip malls usually offer places and activities where you can park your kids for an hour or so while digging through clothing racks. At a T.J. Maxx this week, I spied a Khaite leather jacket that retailed for more than $4,000 marked down to $1,899. After I posted an image to Instagram, I was immediately flooded with DMs with everything from “Whoa,” to “Which location?” Perhaps one Line Sheet reader scored this find.

It may seem like a small thing, but a calendar quirk—there was one fewer Sunday this September than last year—probably had an impact on these figures. After all, any given Sunday typically draws 18 percent of an outlet mall’s foot traffic for an entire week. It’s also possible that many people got their back-to-school shopping done at the start of the month, which gave them less incentive to return in the following weeks.

For outlet malls, the trick is finding ways to draw in shoppers outside of the window when they’re trying to brush out their wardrobe. Todd Caruso, a retail investor leader at CBRE, told me that these destinations are great for apparel, but not spontaneous outings. That’s why more of them are starting to experiment with fast-casual dining spots and entertainment options, like movie theaters and playgrounds for kids. In any case, holiday shopping is just around the corner, and no one seems to be overly sweating the September drop-off.

The SKU Slasher

Are consumers getting burned out on the everything everywhere all at once shopping experience, and instead pining for more curated options? Retailers seem to think so. According to Bernstein’s recent report with Data Boutique, many have slashed their SKU counts over the past year, and the numbers are pretty aggressive: Yoox is cutting 46 percent, Mytheresa is down 27 percent, and Mr. Porter is down 12 percent. Luisaviaroma is also down 46 percent, but this is likely due in part to its court protection status. (C.E.O. Tommaso Maria Andorlini told me it was because of the retailer’s “broader repositioning and optimization strategy,” as well as a post-Covid realignment.)

Of course, some of this is strategic, but it’s also an overdue reset. Carrying too much merchandise gums up operational efficiency, and it’s good business hygiene to clear old stock while doubling down on proven winners. It also addresses the paradox of choice: The fewer options facing a consumer, the easier it is to make a decision. While the “endless aisle” of e-commerce may work for a company like Amazon, it’s not the same for retailers that should have a point of view.

The Week in Feedback…

On the way activewear is moving: “Have you spent much time at Free People Movement? In my opinion, they are nailing the modern activewear aesthetic right now. Baggy bottoms and small tight tops. Oversize fleece and hoodies. Leggings have become quite uncool, unless they are truly required for an activity, like Pilates. I was surprised by how dated the NikeSkims aesthetic seemed. It needs a lot of work. Too bad Kanye is probably unavailable.” —An investor On the NikeSkims experience: “I ordered so many things and returned them all because they fit horribly—and I’m a huge lover of O.G. Skims.” —A beauty entrepreneur

On the latest Victoria’s Secret Fashion Show: “They are cooked! This looks worse than any show Eddie Razek ever put out there. The headpiece in the last photo reminds me of the erasers we had in grade school with the built-in brushes.” —A former V.S. executive On LVMH’s M&A strategy: “I really see them doing more real estate, hotels, etcetera, and not more brands. There are no more segments to go after. They should only pounce when a truly once-in-a-lifetime asset comes online.” —A person close to LVMH On the color of Fashion Month: “I really hope we don’t all start wearing teal.” —A chic person

Have a great weekend, Lauren

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Puck fashion correspondent Lauren Sherman and a rotating cast of industry insiders take you deep behind the scenes of this multitrillion-dollar biz, from creative director switcheroos to M&A drama, D.T.C. downfalls, and magazine mishaps. Fashion People is an extension of Line Sheet, Lauren’s private email for Puck, where she tracks what’s happening beyond the press releases in fashion, beauty, and media. New episodes publish every Tuesday and Friday.

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