A MESSAGE FROM OUR SPONSOR

The end of De Minimis has already redefined global commerce - and most businesses aren’t navigating it alone. A recent Swap study found 88% of companies are already seeking partners to adapt cross-border strategy, mitigate tariff exposure, and protect profitability.

Swap’s latest tariff turmoil report gives leaders the playbook to stay compliant, defend margins, and unlock global growth in the new trade era.

👉 Download the full report

Now, the main event…

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.

A MESSAGE FROM OUR SPONSOR

The end of De Minimis has reset the rules of global trade. Every U.S.-bound shipment now faces tariffs, higher costs, and compliance pressure—making margin protection more critical than ever.

Swap’s latest tariff turmoil report gives businesses the blueprint to adapt quickly, reduce risk, and turn disruption into growth.

Inside, you’ll learn:
🌍 Impact of the De Minimis suspension on global commerce
💸 How businesses and customers are adapting to rising costs
⚠️ Risks of inaction for margins and loyalty
🚀 Five strategies to protect profits and fuel growth

👉 Download the full report

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.

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.”

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

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