Hi, and welcome back to Line Sheet. I’ve landed in London. Today is the opening of Hermès’s extraordinary new store here. Tomorrow I’m hosting a dinner with our friends at ShopMy. Meanwhile, Malique Morris is back with a scoop on Toteme’s big menswear launch and I’m tracking the latest round of V.I.P. P.R. musical chairs. For the main event, Sarah Shapiro pops in to share this month’s ShopMy top 10. It’s a wild, insightful list.

Also mentioned in this issue: Molly Sims, Alessandro Michele, Inez & Vinoodh, Elin Kling, the Galerie Sardine Cap, Camilla Nickerson, Demna, Mfpen, Priscillia Saada, Charles Leclerc, Birkenstocks, Susie Cave, Michael Gunther, Alexander Häggblad, Mikael Jansson, Bethenny Frankel, Helmut Lang, Karl Lindman, Formula 1, Ruthie Rogers, Laura Reilly, Khaite, Paul Price, Debra Gunn Downing, Julia Berolzheimer, Alexandra Leclerc, Steven Meisel, and more.

Two Things You Should Know…

Malique Morris

Exclusive! Toteme is launching menswear: During the last 12 years, Toteme has emerged as one of the leaders of a new class of contemporary womenswear brands—alongside Khaite, Kallmeyer, Attersee, and TWP—that cater to customers who are looking for sophisticated basics but can’t afford a full wardrobe from The Row. The online native brand partnered with Altor Equity Partners in 2021 to fund a growth strategy closer to its pure luxury counterparts than a D.T.C. upstart. Since then, Toteme has opened 26 architecturally imposing stores, each with interiors tailored to its location; produced erudite, Philo-esque campaigns shot by Inez & Vinoodh, Steven Meisel, and Mikael Jansson; and, since 2024, staged several directional runway shows in New York and Paris styled by Camilla Nickerson.

That’s all netted out to €200 million in annual sales on the back of genuine viral hits, including its $1,430 scarf coat and $760 to $1,920 T-lock bags. Now Toteme, which was co-founded by Swedish couple Elin Kling and Karl Lindman, is trying to replicate the playbook for men. Since March 2025, the Hedi Slimane acolyte Alexander Häggblad has been working in Sweden with Lindman to develop Toteme’s menswear line. The inaugural range of ready-to-wear, shoes, and accessories is scheduled to drop in August.

Yes, Toteme is following in the footsteps of brands that have offered elevated, though not exorbitantly priced, minimal and structural designs in luxurious materials. But it’s not a zero-sum market. The strongest contenders each occupy distinct territory: Auralee has its iridescent knits; Mfpen is grunge officewear; Evan Kinori has rugged, louche workwear, etcetera. And even the established players have had a difficult time owning categories. The Row’s $1,290 soft loafers are canon at this point, but menswear remains a small part of the company’s overall business. Theory continues to be a force in suiting under Uniqlo parent company Fast Retailing, but it no longer carries its former cachet.

If Toteme can translate the discipline and sophistication of its womenswear to men’s, and produce a few breakout hits on the level of the scarf coat, it has a chance to establish itself as a more approachable, distilled alternative to Zegna. The challenge, of course, will be convincing the increasingly discerning menswear customer that he’ll find something he can’t get elsewhere.

IN PARTNERSHIP WITH OVER THE MOON

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Goodwin’s a Gucci girl now: Katie Goodwin, the near-legendary V.I.P. P.R. who repped Valentino in Los Angeles for almost two decades, has decamped to Gucci. This change will likely trigger a string of other moves in the V.I.P. departments across luxury fashion. Valentino might not have the budget of a megabrand, but Alessandro Michele has deeper-than-dollar-signs relationships with stars and an incredible atelier to make beautiful clothes that fit.

So why did Goodwin leave? Sometimes it’s just time. She was there for 12 and a half years, and Gucci is a new challenge. Remember, Kering is continuing to invest, Demna is a fun collaborator, and it’s one of the biggest brands in the world. And I’m not sure there is a bigger opportunity for a V.I.P. P.R. than the LACMA Art+Film Gala. With Gucci as the sponsor, Katie will own the night. Congrats to her, and to whoever lands at Valentino.

And now, here’s Sarah with the May numbers…

Downturn Abbey

Despite geopolitical tensions and slowing growth in Europe, luxury consumers are treating economic anxiety as someone else’s problem. Exclusive new data reveals what these shoppers are buying—and why a demographic shift could be the industry’s salvation.

Sarah Shapiro

The latest retail headlines could give you whiplash. One day, consumers are pulling back on spending; the next, Chanel is posting blockbuster demand. The signals seem contradictory. But the latest ShopMy x Line Sheet top 10 list offers a useful reality check: According to the data, consumers are still shopping for luxury goods—and spending more each time.

As always, this exclusive data tracks where transactions occurred and which affiliate-linked products first drove shoppers toward an online purchase. ShopMy generates more than $200 million in monthly revenue for brands and retailers, so the analytics cut across a broad swath of price points and categories. As usual, of course, the top 10 reflects the affiliate links that drove shoppers to retail sites where purchases were ultimately made, but not necessarily the specific items they purchased. For May we also isolated luxury purchases, defined as items priced above $600.

Five of the top brands—Khaite, Christian Louboutin, Pucci, Manolo Blahnik, and Cult Gaia—were also outperforming in Consumer Edge’s sector data, according to Michael Gunther, the firm’s S.V.P. of research and market intelligence, suggesting that they aren’t just affiliate-link winners. The data also suggests that shoppers are buying with specific occasions in mind. Summer weddings, bridal showers, vacations, and graduations are driving demand. Among the standout products were the Co Maxi Dress, the Pucci Maxi Dress—evidence that “Pucci Girl Summer” may be back—the Christian Louboutin Miss Z Mule, the Manolo Blahnik Slingback Pump, and the Cult Gaia Emmy Gown.

Timing helped, too. Alexandra Leclerc, wife of Formula 1 driver Charles Leclerc, partnered with Frame on a leather pants collaboration timed to the Monaco Grand Prix. Nearly 15,000 shoppers follow Leclerc through ShopMy’s Circles platform, and the collaboration was promoted to her 5 million Instagram followers upon its May 1 drop.

IN PARTNERSHIP WITH OVER THE MOON

Create a life well lived with the Over The Moon Wedding Registry. Whether you're furnishing your first home, collecting future heirlooms, or celebrating milestones along the way, the Registry makes it easy to curate, organize, and share a collection of meaningful pieces you'll treasure for years to come. Designed to be as beautiful as it is effortless to use, our Registry brings together a thoughtful mix of timeless essentials, beloved brands like Ginori 1735, Juliska, Le Creuset, and Matouk, and distinctive heirloom-quality pieces from talented artisans. Beyond traditional gifting, couples can add cash funds, exclusive Over The Moon experiences, and products from any website, creating a registry that reflects the life they envision together.

Discover more at OverTheMoon.com.

Four of May’s top 10 products were shoes, ranging from flip-flops to high heels. Manolo Blahnik generated the most creator activity, with more than 400 sharing affiliate links. The Saint Laurent Renée Slingback—a sharply pointed style that was driving requests earlier this year—also continued to perform. And The Row’s Dune flip-flop returned for another strong season, with the all-leather version emerging as the most-linked style in May.

The Luxury Factor

The broader spending data may be even more notable. According to Consumer Edge, the strongest improvement among shopper cohorts is coming from those aged 25 to 35, and the gains are spread across income levels—both aspirational and affluent shoppers are spending more. The average luxury customer appears to be getting younger, too. Consumer Edge theorizes that part of the shift may be tied to younger consumers delaying major life purchases such as homes. (It’s dystopian, but it could be true: The median age of first-time homebuyers reached 40 last year, according to the National Association of Realtors. This is not investment advice: Real estate is a better asset class than clothing.)

Meanwhile, discretionary spending continues to grow. Consumer Edge found that retail spending increased by 3 to 3.5 percent between the fourth quarter and the first quarter, and grew by another 1 percent in the second quarter. Importantly, the growth isn’t being driven by more transactions. Consumers are spending more each time they shop. A person familiar with the data told me that ShopMy is seeing year-over-year increases in average order value as well.

The same trend is showing up in physical retail. According to Debra Gunn Downing, the executive director of marketing at South Coast Plaza, demand has translated into increased leasing activity from designer and luxury brands. Cult Gaia will open at South Coast Plaza this fall. Other incoming tenants include Tom Ford, Toteme, Maria Tash, Longchamp, and the long-awaited Tiffany Blue Box Café.

Traveling Pants

Plenty of more accessible brands also made an appearance on the ShopMy list—including several familiar names that continue to make the top 10. Ruti’s On the Loose Pants remain the No. 1 item. Leset, Frame, AYR, Chan Luu, and Margaux also returned to the rankings with repeat performers. Among the new entrants, Agolde’s 90s Pinch Waist Denim stands out. It’s one of the brand’s legacy styles and has been a bestseller for years. According to a source at the company, demand for the style has increased over the past six months despite the absence of new marketing campaigns or promotional activity.

Agolde does not discount or mark down the style. The renewed momentum may signal an early shift away from looser, barrel-leg silhouettes and back toward straighter fits. (Are GLP-1s to blame?) I was told that Circulate and Marshmallow, the brand’s white denim wash, were the two top-performing colorways for May.

Summer staples also performed well. A Hill House Home tunic cover-up, a Sea embroidered button-down, and an oversize butterfly-shaped pair of Chimi sunglasses were each shared by more than 500 creators, including Molly Sims, Laura Reilly, Bethenny Frankel, and Julia Berolzheimer.

So while economists continue to debate the direction of the broader economy, shoppers appear to have made up their minds. They’re buying luxury, shopping for events, spending more per purchase, and, at least for now, still adding plenty of loose pants to their carts.

What We’re Reading… and Listening To…

I love Ruthie Rogers’s podcast, especially when she interviews fashion people. Why don’t you listen to Burberry chief merchandising officer Paul Price chat about growing up in Spokane and running an events business smack in the middle of his career? [Ruthie’s Table 4]

The great writer Christopher Bollen (and B.F. of Thierry Conrad Reutenauer, C.M.O. of Loewe), profiled Michael Rider. Everyone lives in Paris now! Love that Rider wore a cobalt blue shirt jacket. [Vogue]

I regret to inform you that the Galerie Sardine cap is gonna peak this summer, so keep wearing it while you can! [The Hamptons Chronicle]

Birkenstock’s meh share price doesn’t really make sense, and the company is attempting to rectify the situation with a buyback. [Bloomberg]

Pitti Uomo is starting. Who goes anymore?! [WWD]

Helmut Lang is bringing back its “Seen By” series for its pre-Fall collection with a set of provocative images from Parisian photographer Priscillia Saada. Sex will always sell! [Inbox]

More British indie labels, including a new venture from Susie Cave of now-shuttered The Vampire’s Wife, are circumventing the broken fashion system with made-to-order models, even if it means sacrificing true scale. Is that even the point anymore? [Financial Times]

Quince’s flagrant but lucrative copycat formula is nearly unimpeachable after the company beat Ugg-maker Deckers in a first-of-its-kind “dupes” lawsuit. We’ll see if Tapestry, which also sued the brand last year for patent infringement, can stop the company on its path to worldwide dupe domination… [Reuters]

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.

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