Sep 2, 2025

Hi, and welcome back to Line Sheet. Last week, I had the opportunity to briefly, and unexpectedly, meet Lili Chemla, founder of Leset, a line of anti-basics basics that has been gaining ground with fashion people (and followers of fashion people) for some time. A couple of days earlier, coincidentally, Sarah Shapiro had started noodling on writing something about the insurgence of upscale purveyors of t-shirts and drawstring pants—the brands aimed at customers who can’t afford to wear The Row head to toe, but decry commodity fashion. When Sarah and I caught up later in the week, we knew that the story was really about Lili and Leset, which has led the charge.

Up top, I’ve got a little more on the Chloe Malle era at Vogue. Sarah also explains why Alo’s attempt to sell $3,000 handbags simply won’t work. Finally, she peers into Nike’s new tennis strategy: Instead of going for volume, as they do in many pro sports, they’re only sponsoring the top top athletes. (I thought Carlos Alcaraz looked great in mauve.)

Mentioned in this issue: Lili Chemla, Leset, The Row, High Sport, Donni, Flore Flore, Arielle Charnas, Jonathan Anderson, Dior, Yves Klein Blue, Alo, Nike, Naomi Osaka, Jack Draper, Vuori, Chloe Malle, Vogue, Melania Trump, and many more…

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Three Things You Should Know…

Chloe’s reality sets in: The New York Times interviewed Chloe Malle about her appointment as head of editorial content at U.S. Vogue, which I told you about yesterday. Malle presented as charming, no-nonsense, and in on the joke. She also managed to deftly wedge in some news: “Ms. Malle believes issues should be released less frequently and around specific themes or cultural moments, upending its current monthly schedule,” Jessica Testa wrote. “These issues should be viewed more as collectible editions, printed on thick, high-quality paper.”

This is nothing revolutionary—Vogue reduced its frequency to 10 issues a year in 2023, and has been playing with paper stock and supersized editions since the mid-2010s—and Malle would have likely been forced to do this no matter what. (I’m sure she’ll have to fight for the good paper stock.) But it is telling that she pitched Wintour & Co. on the idea of making the business smaller—“more direct, smaller, healthier,” as she put it. For the first time, refreshingly, someone at Condé Nast said the quiet part out loud.

What really comes through in the Times piece, though, is Malle’s ability to handle herself in public-facing situations like this one. (She brushed off a question about whether she would ever put Melania Trump on the cover, rather than digging herself a hole, which many people would have done.) As many online commentators have noted, it’s rare that this kind of job goes to a writer; typically, it’s a visual person. So perhaps we are entering an era of think-y Vogue.

Sarah Shapiro

Alo, is anybody home?: Is Alo making a brand miscalculation by launching designer handbags priced from $1,200 to $3,000? Once considered an heir to Lululemon, before competitors like Vuori challenged the space, Alo announced last week that it’s venturing into luxury territory with bags at price points that make me wonder why a shopper wouldn’t just buy a resale Louis Vuitton Speedy, or heritage prep Coach handbag.

The company undoubtedly conducted eons worth of tests on consumer pricing elasticity, and presumably the desire to spend more on its products. But these items dilute Alo’s core identity, and they risk alienating both ends of the spectrum. The brand built customer loyalty around aspirational-yet-attainable wellness pieces, not luxury accessories. Cachet came from customers pairing Alo leggings with a Chanel 25 or Hermès Birkin, mixing more contemporary and appropriately priced athleisure with designer accessories, but not entering the space.

The merchandising strategy also feels off. Alo’s strength has been its understanding of activewear fit and function. The company’s expansion into supplements worked because it aligned with the overall wellness brand identity, and created additional revenue per customer visit while operating within the existing infrastructure. Handbags that sell for over $1,200 justify that pricing by the manufacturing expertise and an experienced supply chain.

Anyway, maybe Alo’s marketing team has identified the customer who wants to spend $78 on leggings and a couple thousand bucks on an Alo handbag, but I’ve never met her. A collab might have been the right play here.
Nike’s U.S. Open wins: Nike’s decision to pull back on sponsorships of mid-level tennis players (who often barely make it out of the tournament’s first week), and focus on the very top pros (whose matches invariably occur in primetime on center court), seems to be paying off. When two-time U.S. Open winner Naomi Osaka beat Coco Gauff to advance to the quarterfinals on Monday, her bedazzled red Nike outfit—with complementary Labubus—generated $1.3 million in Media Impact Value, according to Launchmetrics. This Instagram post pulled in $205,000 according to their data. Of course, no one would question Nike’s investment in Carlos Alcaraz, the most talented athlete in the sport.

After years of ubiquity, both in tennis and in general, Nike seems to be coalescing around a strategy of performance par excellence—a response, perhaps, to the recent nips from challenger brands across sports. Osaka and Alcaraz have a combined nine Grand Slams. Jack Draper, who just signed with Vuori, doesn’t have any.

Now, the main event…

Leset Point

How Lili Chemla built a self-funded, $20 million basics brand in the “grey space” between loungewear and luxury—a category that has exploded as customers seek out The Row look-alikes for one-tenth the price.

Sarah Shapiro

It’s no secret that shoppers are searching for The Row wardrobe without the hedge fund price tag—you know, something in the realm of this $1,000 tee that doesn’t actually cost that much. (Bonus points if it’s washable.) Right now, Kiane von Mueffling’s Soldout.nyc, Alyssa Wasko’s Donni, and Flòrian van Zuilen’s Flore Flore are operating in this space, and Alissa Zachary’s High Sport exists on a slightly higher tier. But few have done it better than Leset, whose story dates back to 2019, when founder Lili Chemla couldn’t find pants comfortable enough to wear all day. “I was that person wearing a pair of jeans at dinner who couldn’t wait to unbutton them, or get home and change,” Chemla told me. Her solution was a brand built around what she calls “the grey space” between ready-to-wear and pajamas.

Chemla designed knit and silk sets to be worn outside the house, for travel or dinner, and that worked equally well with heels or slippers. But when she pitched the line to department store buyers, they didn’t know where to place it and turned her away. She eventually launched exclusively with Net-a-Porter, in October 2019, since it was easier to merchandise the product online than in a physical store. Shopbop, Moda Operandi, and Elyse Walker quickly followed. Later, she added additional wholesale partners like Mytheresa, Bloomingdale’s, and Revolve. She’s also built out the company’s O&O channels.

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Leset’s business is now growing 150 percent year over year, according to the company. Chemla wouldn’t disclose revenue, but multiple industry sources—including Charm.io, which tracks e-commerce sales—suggest the brand generates at least $20 million in net sales. I’m also told the business has solid double-digit EBITDA. The evolution of the business model is likewise notable. “Starting the business, we were around 80 percent wholesale, 20 percent direct-to-consumer,” Chemla said. “This year, we’re actually seeing the flip; we’ll be around 70 percent direct-to-consumer, 30 percent wholesale.”

That shift has been driven largely by word of mouth. The company doesn’t have any influencers on the payroll. Instead, they just let the recommendations and links circulate on their own. (Now, when Arielle Charnas’s followers ask her for affordable alternatives to The Row, she sends them to Leset.) Fifty-five percent of Leset shoppers are returning customers, according to Chemla.

Since May 2025, Leset’s Margo t-shirt has been the most linked tee on ShopMy, outperforming the Cos Clean Cut Regular t-shirt and the Skims Cotton Jersey t-shirt. (Its Kyoto Carpenter pant is on track to surpass the Margo tee in revenue. The retail price—nearly three and a half times higher—certainly helps.) Chemla admitted that the brand has seeded product, but she noted that influencers tend to share it only after wearing it themselves. The affiliate marketing strategy is paying off, helped by another key advantage: 90 percent of Leset’s manufacturing takes place in the United States. This positioning feels particularly timely amid rising tariffs.

One industry insider unaffiliated with Leset suggested that much of its success owed to manufacturing partners that understood quality production. It’s a trait evident in Leset’s strong color assortment—like its cobalt “Leset Blue,” introduced before the shade surged with Jonathan Anderson’s Dior men’s debut and the revival of Yves Klein Blue this summer. “It’s so hard to get good color, and good fabric, when you’re not producing at scale,” this person said. The capability has become both a manufacturing advantage and a branding tool: Customers recognize the distinctly Leset palette, which sets its pieces apart from commodity basics.

The “Next 15 to 20 Years”

Leset’s early success invites the question: How does a basics or commodity brand expand beyond its core category? Do customers expect a label to dress them for more than one aspect of their lives—even if loungewear and basics dominate their everyday wardrobe? What about suits, cocktail dresses, or the revenue-driver for many brands, shoes and handbags?

Leset has one retail location, on Bleecker Street, and Chemla says she plans to open 10 to 15 stores in the next five years, with two more slated for next year in L.A. and another to follow on the Upper East Side (contingent on finding the right space, of course). Chemla says she’s hired a shoe designer, with an expected 2026 drop—at the moment, Leset offers just two lounge-style silhouettes. Handbags and men’s collections are also on the horizon, according to Chemla.

So far, the business remains 100 percent self-funded and profitable, she told me, with no outside investors. But given the expansion plans, that seems destined to change. Not only will Chemla need the capital, she’ll also want the expertise as she scales in unfamiliar ways. Whether premium basics can sustain this momentum, after all, remains to be seen.

For now, however, the pendulum shows no sign of swinging back post-pandemic. The premium basics category has grown too large, too entrenched. But brands like Leset still need to prove they are more than just mid-priced loungewear. “The ethos of the brand is more relevant now than ever, and women want wardrobe pieces that carry them from morning to night without having to sacrifice who they are or how they feel,” Chemla told me. “And they want something that will really feel like it will be part of their wardrobe for the next 15 to 20 years.”

What We’re Reading…

The Arnaults are coming to Los Angeles in November. [Bloomberg]

Meanwhile, the luxury stocks rallied after HSBC upgraded both LVMH and Kering. Phew? [Bloomberg]

Proenza Schouler announced Rachel Scott as its new designer. But you already knew that. Congrats to everyone involved. [Harper’s Bazaar]

Dorm decor is over-the-top this fall, thanks to overinvolved, status-obsessed parents. [The Atlantic]

After Lauren wrote about Ssense’s bankruptcy filing last week, and with tariffs causing shipping issues, it’s no surprise that customers are receiving notice to hold on to their returns. [Magasin]

Gold hit a record high, surpassing the previous peak in April 2025. The prices of fine jewelry have already ballooned: This is a market where it’s hard not to pass off additional costs to the customer. [Bloomberg]

Brynn Wallner went to the Rolex box at the U.S. Open and typed up a Puck guest column about the luxury watch and resale market. [Wall Power]

Until tomorrow,
Lauren

P.S.: We use affiliate links because we are a business. We may make a couple bucks off them.

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.

Puck’s daily art market email, anchored by industry expert Marion Maneker, offers unparalleled access to the mega-auctions and galleries, elite buyers and sellers, and the power players who run this opaque world. Wall Power also features Julie Brener Davich, a veteran of Christie’s and Sotheby’s, who provides unique insights into how the business really works.

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