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Hi, and welcome back to Line Sheet. I hope you had a Happy Thanksgiving. Mine was great. I
love visiting Northern California. The only other place I would have wanted to be is sitting next to Tim Blanks at Tom Ford designer Haider Ackermann’s dinner with Mytheresa in London. (H.A. is remarkably good at organizing press. There should maybe be a Harvard Case Study?)
You all know how I feel about Black Friday. Only buy things you have wanted forever and that are likely to sell out before the deeper
discounts arrive. Replenishment products, like cleansing oil, are a good bet, too. (My purchases were a vintage Christian Dior coat from Etsy—no discount, of course—and Monastery skincare staples, including my favorite cleansing oil.)
It’s also a good time to get going on gifts. In today’s issue, Sarah “SShapiro@puck.news” Shapiro presents Line Sheet’s annual guide to gift guides. As anyone who has created a gift guide knows, they are incredibly difficult to master, requiring an alchemic mix of creativity, taste, and curiosity. (You also have to really put in the work; we all know when someone half-asses one of these.) I am partial to Puck’s annual Guide
to Mirth & Merriment, where I got to recommend my favorite TV-watching experience of the year, HBO Max’s The Eastern Gate. But there are many others you need to read and use. Enjoy.
Up top, I have a Saks Global financial update, and Sarah braces us for Le Bal des Débutantes, truly my favorite event of the annual social calendar.
(Baby2Baby is a close second.) Plus, a Black Friday performance preview.
Today on Fashion People, you can catch my conversation with four Oscar-worthy costume designers, recorded live at Stories of the Season a few weeks back. Listen here. Plus, Sarah is on The Powers That Be, chopping it up with Peter Hamby about whether a weak Black
Friday and worsening consumer sentiment could portend a hard year ahead for retail. Listen here.
Mentioned in this issue: Laura Reilly, Emilia Petrarca, Lorenzi Milano, Plum Skyes, Martha Stewart, American Eagle, Gwyneth Paltrow, The RealReal, Alessandro Michele,
Valentino, Khaite, Jane Herman, Refined Roadie, Michael Williams, Olivia Nuzzi, Le Monde Béryl, Saks, and many more…
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Four Things You
Should Know…
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- Another
thing about the Saks debt: On Monday, I mentioned that the most senior Saks bond was yielding 43 percent—not great! Turns out, that note trades under the ticker SAGLEN. There’s another senior note trading as SGUS—another ticker, if you have access to a Bloomberg terminal and want to look it up yourself—yielding 17 percent. A much healthier number, if still junk bond status. The takeaway: The market has more confidence in Saks’s ability to pay its bills than I had conveyed.
As for late vendor payments? Let’s see how this sales season goes.
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A MESSAGE FROM HARRY WINSTON
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This holiday season, give the gift that shines forever. Visit your nearest Harry Winston salon and discover a gift that’s as radiant as
you.
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| Sarah Shapiro
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- Debs descend on Le Bal:
Le Bal des Débutantes returns to Paris tomorrow. What started in 1957 as a rarefied social ritual has transformed into what’s sometimes referred to as the “Teen Met Gala,” populated by (invite-only) Upper East Side private school girls and their moms, a smattering of European and Asian royalty, and the occasional celebrity. Last year, Gwyneth Paltrow and her daughter Apple Martin turned up, the latter wearing custom Valentino couture designed by
Alessandro Michele. Gwyneth wore a number from Valentino’s Spring 2025 collection; dad Chris Martin and son Moses were trussed up in custom Valentino tuxedos. (Check out Jonathan Becker’s recent essay and photo spread in Air Mail.) Luxury brands compete to dress the attendees, hoping to build brand
loyalty with next-generation, U.H.N.W. consumers and to benefit from social media exposure. See you there?
- And speaking of Gwyneth…: Martha Stewart’s campaign for American Eagle has edged out Gwyneth and Apple’s campaign for Gap Studio denim—at least on social media. Stewart’s post for the mall brand generated about $1 million in media impact value in its first 48 hours, as estimated by Launchmetrics, whereas the Paltrow-Martin x Gap
post took a week to hit the same number. Of course, the real test will be in how much foot traffic, online traffic, and sales Stewart’s campaign can generate. But at least by one measure, the queen is still the queen.
- More Black Friday jitters: Shoppers are wobbling into this Black Friday unsure of how they feel about the current state of the Trump 2.0 economy. Retailers are likewise baffled. As Lauren reported earlier this week, there
was already chatter about luxury retailers and department stores breaking their own rules around holiday discounting this season. According to Adobe Analytics, early Thursday online shopping indicated a 5 percent boost in sales versus last year. It’s too early to tell if this means higher revenue this year or, more likely, online sales giving shoppers a head start before Black Friday officially even began.
Now, it appears that Telfar, which is famously resistant to discounting, is also
breaking protocol for its first-ever Black Friday sale, discounting select bags by up to 50 percent. Shifts like these tend to be a reaction to slow sales, an attempt to meet end-of-year revenue targets, or the desire to unload excess inventory. (Other Line Sheet stalwarts offering discounts today include Khaite, on their popular denim; Lili Chemla’s
Leset; and Mara Roszak’s Rōz, which is also tossing in a free foundation mask.) Shoppers will have to trust their instincts as to whether there will be even more discounting later this season, or whether this weekend is the best that it gets.
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A highly selective, incredibly discerning tip sheet for holiday shoppers suffering from
indecision amid the ever-proliferating crush of post-Thanksgiving gift guides.
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It’s the day after Thanksgiving and, as usual, everyone from micro-celebrities to the legacy media brigade is
rolling out their 2025 holiday gift guides in an attempt to make their Q4 affiliate revenue numbers. Some influencers have been teasing their gift guides for months. For others, the final e-commerce sprint of the year has only just begun. Are we having fun yet?
As we tend to note every year around this time, gift guide season can be pretty overwhelming. Part of that is just the sheer volume of brands and writers now financially compelled to play the same game in the name of revenue
diversification. And yes, this is an economy and culture predicated on consumption—deal with it! But it doesn’t have to be the stuff of seasonal depressive disorder if you know where to look.
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A MESSAGE FROM HARRY WINSTON
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This holiday season, give the gift that shines forever. Celebrate the holiday season with the timeless brilliance of diamond jewelry by
Harry Winston.
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Enter Line Sheet’s Third Annual Guide to Gift Guides, our seasonal exercise in minimizing the pitfalls of
year-end shopping—and online shopping discourse—in an era where more than 40 percent of all holiday shopping begins online. These days, there are two types of gift guides. There are the aforementioned affiliate link assembly lines, which are perfectly fine when you’re buying something for someone to whom you owe a gift, but not your time, or much thought. Brands and their publicists have been pitching these guides since the summer, hoping their products land in as many guides as possible, to
drive influencer conversation and pump up holiday revenue.
And then there are the gift guides that mimic a well-merchandised boutique, providing just enough narrative to make shoppers feel they’ve stumbled upon something genuinely rare or off the beaten path that they can’t live without. These are usually a better bet, but there are a lot more of them than there used to be, and it helps to have a key. This list is by no means comprehensive, but it’s a good start. Happy
hunting…
Legacy Media: The Ones Who Should Know What They’re Doing… But Do They?
We miss when Becky, Rory, and Jacob were doing the WSJ Off Duty Gift Guides (sorry, Dale), but there are still some people working at these places who care and make good on their promise of being arbiters of taste and discovery. T magazine did the thing where they came up with
very specific scenarios—nice ex-husband, bedbound mother, primary caregiver dad—and, of course, the results feel more universal and inspired. The Lily Allen t-shirt is funny. Marie Claire’s categories also made
me laugh. The Financial Times’s guide is giving humidor-and-high-yield-junk-bond vibes (leather dumbbells from Dunhill, a £435,000 Aston Martin, etcetera).
For those who like to shop Manhattan’s boutiques and boulevards in person, New York magazine’s
Strategist has put together a solid guide for the brick-and-mortar inclined. Honestly? That is sorta novel. (New York is under the most pressure to perform, though. Their annual gift guide is the standard-bearer.) Also, it’s not a traditional gift guide, but NPR’s
list of books is a solid option for a literary friend or family member. College students are always a tricky category—cash is nice—but Town & Country nailed Gen Z with Longchamp’s
Le Pliage, Rhode lip balm, and the Coach Brooklyn bag.
Substackers: If They Don’t Get This Right, They Don’t Get Paid
Most Substack gift guides are link dumps of stuff you already know about.
(You could say this about most shopping Substacks, generally.) Experts have emerged, however. Laura Reilly is hands down the best at organizing sales and offering gift ideas every day she publishes. She doesn’t need to build an official guide, although I’m sure she will at some point. Intrepid shopping reporter Emilia Petrarca bravely asked people outside the fashion
and media bubble for discoveries I didn’t see on other lists, like Annika Inez earrings. Plum Sykes’s Pre-Gift Gift Guide creates the permission structure to just go ahead and gift a candle (say, a large Baies Diptyque if you’re
gonna do it) or, even better, a French butter dish. Katie Elliott’s guide, in her Design School newsletter, has ideas for the pretentious giftee on your list without being pretentious, itself. (Katie is also V.P. of product at Schoolhouse, which has a festive and design-forward holiday assortment.) Monica de La Villardière
created a list for neurotics that includes hair clips for French twists and Call It By Your Name bags, the nouveau take on Vera Bradley, straight out of France.
Jane Herman, the queen of jeans, suggests
that when all else fails, fill a beautiful candy jar with lip balms or fancy toothpicks. (You may want to include Sophie Buhai’s sterling silver fancy toothpick and case as the centerpiece.) Perhaps Michael Williams’s gift guide for guys is coming, but until then, it’s worth referencing his
newly published guide to shopping during this season without feeling crazy, complete with a list of 25 small menswear brands you’ll like. Like many Brits, Otegha Uwagba wonderfully walks the line between offhanded
accessibility and pure snobbishness, like Laila Gohar’s bird-shaped lemon squeezer.
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Personally, I love to give and receive books. Jenny Rosenstrach, who writes Dinner: A Love
Story, has a selection of cookbooks, and Amanda Lee Burkett has canvassed the shelves for you. The only downside to buying something secondhand online is that the delivery times tend to be less predictable. Otherwise, just
as searching for vintage fashion—be it in store, on The RealReal, or via your Gem app—is now viewed by many as the last truly satisfying clothes-shopping experience, secondhand, one-off items often make the best present. Kellyn Loehr, who writes the fabulous secondhand shopping roundup Best Friends, scoured the web for vintage table
decor.
Brands: When You Have to Shill Your Own Stuff But Also Not Make People Hate You
This is potentially the most difficult kind of gift guide to pull off. Ostensibly, brands don’t have to create a gift guide. But good content can drive commerce. Alex Mill partners with enough other brands to make their list fun. Tory Burch
mixed in Dries Van Noten lipstick with Holiday magazine and a Louise Carmen leather organizer (more on the site here). Violet Grey is truly the Barneys New York of beauty retail: It’s the only place you can really discover anything. This year, they’ve
published multiple gift edits. Attersee’s founder, Isabel Wilkinson Schor, just released her gift edit, with one-of-a-kind jewelry, their beautiful tassel evening bag, and Yaser Shaw’s hand-embroidered pashminas. (Isabel is a former magazine editor, so she feels an extra responsibility to do
right by her customers when it comes to recommendations.) Aurora James’s brand, Brother Vellies, has a bodega filled with gifts, including the cloud socks she made famous during the pandemic.
A Little Navel-Gazing
Puck’s fifth annual Guide to Mirth & Merriment includes a Lorenzi Milano micro-viral toothpaste squeezer (for a mere $780); a Refined Roadie flask; hiking socks (on my list this year) selected by Karla
Welch, and art by Jake Longstreth.
Our new colleagues at Air Mail have also dropped their own reliably stylish and impeccably sourced Holiday Gift Guide, including Métier’s distinct
Vérité Mini; Le Monde Béryl’s Allegra riding boot in plum (sizes appear to be going fast); and Jennifer Alfano’s
Bullseye lockets. There are also categories for “Guys” (always tough) and “Loot for Little Ones.” Buy anything Linda Wells recommends. Of course, we also recommend getting co-workers and friends their own Puck subscription. For those who have been on the
extra-nice list, go ahead and upgrade them to Inner Circle here.
Finally, the Winner of the Best Gift Guide of the Year Goes To…
If you read only one gift guide this year, it should be publicist-writer/writer-publicist Kaitlin Phillips’s
Google doc. The guide, now several years running, has become so popular that Kaitlin actually launched a year-round Substack inspired by it, which now makes her tens of thousands of dollars annually. I cannot tell you how satisfying I find reading Kaitlin’s work and how much pleasure I derived from shopping this gift guide. There are certainly some duds (Phillips’s
publicist side let Olivia Nuzzi’s sad rec slide in because it’s a good tease) but generally the recs—from the best and only hand engraver left in New York, to a reworked vintage specialist beloved by Chloë Sevigny—are above and beyond.
The best part of Kaitlin’s guide is that she has only published part one. There is more to come. Also, she says not to read it on your phone, but I did, and it was fine.
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Have a great weekend, Lauren
P.S.: We use affiliate links because we are a business. We
may make a couple bucks off them.
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