Hi, and welcome back to Line Sheet. Yes, I loved the new Jil Sander. Below, you’ll find my take on the two most important shows of the season thus far—Simone Bellotti at Jil, and Demna at Gucci.

Today, though, Rachel “Rachel@puck.news” Strugatz is leading the charge with an update on the brand that both Ulta and Sephora are battling over. She also has some thoughts on the Gwyn-ification of Goop’s G. Label.

By the way, don’t forget to upgrade to the Inner Circle before tomorrow’s issue hits. In fact, you are currently entitled to a discount thanks to Puck’s fourth anniversary gift. If you’re still being forwarded these private emails, click here to be absolved of guilt.

Mentioned in this issue: Ulta, Sephora, Hailey Bieber, Rhode, Summer Fridays, Makeup by Mario, One/Size, Mikayla Nogueira, Point of View, Gucci, Demna, Francesca Bellettini, Luca de Meo, François-Henri Pinault, Jil Sander, Simone Bellotti, Gwyneth Paltrow, and many, many more…

A MESSAGE FROM OUR SPONSOR

Two Things You Should Know…

A tale of two debuts: I started hearing about The Tiger, the Gucci-backed short film co-directed by the equally in-demand and sexy Spike Jonze and Halina Reijn, over the summer. Several different actors were rumored to be attached to the project (Hollywood people love to talk!) before they landed on Demi Moore, who wears clothes incredibly well, and is supported onscreen by Ed Harris, Edward Norton, Elliot Page, Keke Palmer, Alia Shawkat, and Julianne Nicholson, among others. The 33 minutes, shot recently at a house in Pasadena, came together fast—which may explain the writer-director tag team—and feels like an amalgamation of various experiences that reflect the absolutely wacky times we’re living in.

But last night, as The Tiger premiered at a Gucci-constructed theater in Milan, I was reminded of my other experiences watching the brand on the big screen. First, there was the James Franco–produced documentary Gucci: The Director, which was released shortly before the end of Frida Giannini’s tenure. I also recalled being one of the few people who enjoyed Ridley Scott’s House of Gucci, despite the numerous inaccuracies and outrageous accents. And who could forget Who is Sabato de Sarno?.

Well, Gucci would very much like you to forget that last one, and you quite possibly will after watching Jonze and Reijn’s pleasure-packed, absolutely bonkers, charmingly senseless meditation on consumption and society. (Put this on the poster: “Laugh-out-loud funny! Great performances! The clothes were showcased near effortlessly!”)

I’m not going to get into plot points here, but there are a couple details you need to know: In the alternate universe in which the film takes place, a Gucci family still owns not only Gucci, but also the State of California. In many ways, the film is a perfect meta-commentary on the industry and Gucci, itself, which someone last night compared to the Vatican. (So many rooms, so many people to please with so many different objectives.) Of course, Kering is trying to change all that, and has streamlined operations over the past two years—culminating in the appointment of Francesca Bellettini as C.E.O. and, before that, Demna as its designer.

Photos: Courtesy of Gucci

Last night, models were seated in the audience in looks from Demna’s first collection, which were also featured onscreen. There was a notable 4-D effect. As I said earlier this week, Demna’s first effort was a clear and obvious reset. He was in high spirits at the premiere and a cocktail party at Casa Cipriani, clearly proud of how thoroughly he had nailed it. (The collection will go on sale Thursday for a limited time before a full-on rollout in January, indicating the urgency to sell more stuff ASAP.) New Kering C.E.O. Luca de Meo, making his first Fashion Week appearance, and chairman François-Henri Pinault were also cheery as they circled around their designer and chitchatted with editors and celebrities. Unlike some competitors, Kering doesn’t operate out of a place of fear, even when there’s a reason to be scared.

The next morning, Simone Bellotti, who spent many formative years at Gucci, introduced his first collection for OTB’s Jil Sander. Don’t let the flatness of the images dissuade you. The groundbreaking minimalist brands from the 1990s—Jil, Helmut Lang, Calvin Klein—are notoriously difficult to modernize, mostly because the original still reads as current. Bellotti managed to crack open Sander’s original proposal by literally splitting garments, and layering in the shapes and ideas that are becoming his signature: the hourglass, the rubbery leather, the creepy little shoe. The colors and proportions—shrunken knits stacked one on top of the other—were irresistible, too.

Photos: Courtesy of Jil Sander

More than anything, though, Bellotti’s understanding of commercial product was obvious. His take on Sander’s three-button blazer and the mini-spike-heel derby are so easy to imagine off the runway. At Bally, his previous gig, Bellotti managed to create a cult item with very little support. Here’s hoping that OTB sees the potential and meets the market needs with the right distribution and pricing.

Rachel Strugatz

G. Label déjà vu: People are still asking my thoughts on Gwyn, the “new” fashion line from Gwyneth Paltrow that she smartly debuted during New York Fashion Week and looks and feels exactly like G. Label, the fashion line it’s meant to replace. Paltrow certainly knows how to create a media moment, and she had all the right people in attendance for the unveiling of her “higher-end” wares. Press surrounding the relaunch was mostly glowing, as usual, but someone has to address the elephant in the room: I’m not quite sure what’s new here besides the name of the collection. An insider already expressed concern that Goop couldn’t even be bothered to upgrade the tags inside the new clothes, which are evidently still the same as the ones inside G. Label garments.

Privately, many have wondered why Paltrow would rebrand one of Goop’s main growth engines—a $20 million business. In its previous incarnation, G. Label was doing okay, and like many contemporary brands, its business had started to pick up. My understanding is that the rebrand is basically a creative solve for Paltrow, who’s long been obsessed with producing in Italy. And Goop, given the current tariff situation, realized they didn’t have the margin on G. Label. Alas, many people already thought G. Label was too expensive, and I’m not sure this rebrand will get them to pony up nearly $1,000 for dresses that look like Theory minus the genius of Andrew Rosen.

And now, the main event…

Sephora & Ulta’s Mikayla Showdown

Ulta and Sephora are squaring off for a makeup artist–led brand that everyone thinks could be the next Rhode. While Ulta is the sentimental favorite—brand founder Mikayla Nogueira worked there once upon a time—can it beat Sephora’s renowned brand-building?

Rachel Strugatz

As you know, Sephora has been on a tear: Hailey Bieber’s Rhode became the retailer’s largest brand debut in its history. And the business continues to enjoy the spoils that come with being the exclusive purveyor of Summer Fridays, Makeup by Mario, and especially One/Size. Its latest launches—M.ph by Mary Phillips, Chris McMillan’s haircare line, Hung Vanngo Beauty, Lore, etcetera—comprise the strongest lineup of new brands that Sephora has ever had. But with Rhodemania dying down, the LVMH-owned retailer is facing an inevitable retail reality: having to do it all again.

A MESSAGE FROM OUR SPONSOR

Already, Sephora is in stealth mode, plotting out its next year. And while other areas require attention, I’m told the retailer’s top merchants are currently battling to secure Mikayla Nogueira’s skincare line, Point of View, to anchor its fall 2026 season. After all, the self-taught makeup artist known for her huge personality and even bigger Bahston accent had one of the most impressive brand launches of the year. In April, I reported that Point of View did nearly $3 million in sales “within hours” of its March launch, selling out of everything and throwing the company into a monthslong race to stabilize inventory. (I’m hearing the stock, which includes five “skin prep” products meant for use before makeup application, is now under control.) I can also offer some informed speculation that makeup is coming, and it may arrive with the muscle of a huge retail partner that could amplify the category expansion even further.

But there’s a wrinkle in Sephora’s plan: Ulta Beauty may be even more hell-bent on getting this business. In recent weeks, I’ve heard from several sources that Sephora and Ulta are in the middle of a bidding war, and the latter even sent its Chicago-based C.E.O., Kecia Steelman, to a pitch meeting with Nogueira in New York to make their case. Both companies are hoping to shore up key exclusive talent and brands to provide a differentiated experience for shoppers increasingly opting for TikTok Shop, Amazon, or the competing retailer, and POV is the ne plus ultra of influencer brands that have yet to make the jump from D.T.C. to wholesale. (Point of View and Sephora declined to comment, and Ulta didn’t respond to a request for comment.)

The Courting Game

In any case, it’s an exciting moment for Nogueira. She attended Sephora’s Rhode launch party in early September, where she apparently spent time with the company’s most senior executives, including Cindy Deily, vice president of skincare merchandising, and Carolyn Bojanowski, executive vice president of merchandising. Meanwhile, Nogueira was the official host for the inaugural Ulta Beauty World in San Antonio in April. “Ulta really stepped up their game,” said a person close to Point of View. “I would imagine that what they’re trying to come up with is very financially lucrative for Point of View, and I think that’s why the decision has not been immediate.”

And yet, the final decision may be less about incentives or margins than which retailer is a better brand builder. A person with knowledge of the situation told me there’s a “bend” toward Sephora, although nothing has been decided yet. “It’s hard to point to the same number of iconic beauty brand–building anomalies at Ulta as there are at Sephora,” this person explained. Another insider noted the “personal” nature of the decision because Nogueira once worked at an Ulta store in Massachusetts—but was equally blunt about Sephora’s advantages. A person close to Nogueira acknowledged that entertaining conversations with both parties is the “responsible thing to do,” but ultimately thinks “Sephora is on a new-talent, new-brand dominance streak” and “is going to win out.”

And while it probably won’t be an influencing factor, it’s at least a fascinating data point that POV’s sole investor is Imaginary Ventures, Natalie Massenet and Nick Brown’s V.C. firm. Of course, Imaginary has been in the news in recent weeks because of the lawsuit that Massenet filed against her former partner Erik Torstensson. Imaginary counts Skims, The Row, Good American, and Everlane among its most notable investments, and their beauty portfolio is equally impressive, with stakes in Westman Atelier, Glossier, Nécessaire, and Kosas. But Nogueira’s POV is the first that Imaginary helped build from the ground up. Excluding Skims, Point of View was said to have had the “single strongest launch” of any of Imaginary’s brands. Maybe this is a silver lining?

What We’re Reading…

“What’s going to happen with Armani?” is the question of the moment. I don’t know—yet—but the company recently revealed another element of the late Giorgio Armani’s legacy: Casa Mariù, a child-education project that was always slated to be announced in tandem with the brand’s 50th anniversary celebration, which will take place in Milan on Sunday. The project will support eight children’s facilities in six countries, and will fund everything from dormitory renovations to staffing upgrades and safety improvements. [Inbox]

Someone asked me if I was working for Celine after I posted a still from the latest campaign, shot by Dan Martensen. Ha, they wish! However, I do want Michael Rider to succeed, and love good advertising. [Instagram]

Nepo alert: Minty Mellon, daughter of Tamara and Matthew Mellon, is now a fashion market editor at Vogue. This is her fate! [Instagram]

This column from Becky Malinsky is ostensibly about how Saint Laurent has infiltrated the everygirl’s wardrobe, but it’s really a complete guide to how to dress this fall. Lots of delicious inspiration here. It made me want to shop! [Five Things You Should Buy]

Brian Sugar, an investor and entrepreneur who is on the board of Everlane, has turned a job posting for a creative director into a manifesto of sorts. [Air Sugar]

And finally… Nice tie, Jimmy Kimmel!

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.

Kimmel Kremlinology

ERIQ GARDNER

Your A.I. on Drugs

IAN KRIETZBERG

The Book of Isaiah

PETER HAMBY

Need help? Review our FAQ page or contact us for assistance. For brand partnerships, email ads@puck.news.

You received this email because you signed up to receive emails from Puck, or as part of your Puck account associated with {{customer.email}}. To stop receiving this newsletter and/or manage all your email preferences, click here.

Puck is published by Heat Media LLC. 107 Greenwich St, New York, NY 10006

SEE THE ARCHIVES