Fashion, luxury and lifestyle news aggregator - September 2025

Posted: 03/10/2025

Retail's summer squeeze

As October begins, the fashion, luxury, and lifestyle sectors are navigating shifting consumer behaviours, economic headwinds, and poignant industry milestones following a mixed summer season.

Early summer data from the British Retail Consortium showed that July failed to deliver the boost in shoppers many retailers had hoped for, with overall footfall decreasing by 0.4%. High streets saw a sharp 1.7% drop in footfall, while shopping centres declined by 0.3%. Retail parks bucked the trend with a 1.7% increase.

The figures reflect broader caution among consumers, particularly around discretionary spending. Sophie Michael, Head of Retail and Wholesale at BDO, commented: “Consumer spending continues to be challenged, with little optimism for retailers. We know that consumers are being incredibly cautious when it comes to discretionary spend, given the significant noise around rising job losses and volatility in the geopolitical landscape.”

August ended the summer on a brighter note, with the sunshine, bank holiday and interest rate cut bolstering retail figures. Total sales increased 3.1% year on year in August, compared to 1% in the same period in 2024.

Despite the headwinds, innovation remains a cornerstone of resilience. H&M recently unveiled a new concept store in Paris’s Marais district, underscoring the brand’s evolution towards a more fashionable and cutting-edge identity. The new store offers customers carefully curated collections and a premium fashion experience, showcasing 'the best of H&M'.

Retailers are reportedly entering this year's 'golden quarter' with trepidation in light of tax hike concerns and the impending November Budget, despite a stronger start to the autumn selling season.

Tariff turbulence: US ends duty-free threshold 

In a new phase of Trump's tariff policy, the US removed a long-standing de minimis global tariff exemption on 29 August 2025. Imports valued at £592 or less will no longer qualify for duty-free status and will face tighter customs checks. This marks a shift in trade relations that could impact international retailers and consumers alike, particularly small businesses.

As a consequence, retailers are beginning to announce their strategies and revenue impacts. Lululemon reported that the change will cost them £178.4 million this year, with shares falling sharply after warning that the de minis rule will have a 'significant impact' on earnings. Inditex, the owner of Zara, has also reported a slowdown in second-quarter revenue growth, due to mounting import tariffs. Meanwhile, Canadian luxury retailer Ssence has filed for bankruptcy protection after the tariffs took an unexpected toll on the business. 

Some American businesses have welcomed the change, suggesting it would 'level the playing field' against some importers who avoid paying their fair share of US duties. 

Topshop & Topman make triumphant return 

Topshop and Topman marked a major comeback this summer, staging their first runway show in seven years in Trafalgar Square. Set against the backdrop of the National Gallery, the Autumn/Winter 2025 show drew thousands of attendees.

On 28 August Topshop launched an in-store residency at Liberty London, marking its return to the UK high street after a four-year absence. The residency offers shoppers a curated edit exclusively available in-store. This move is part of a broader retail strategy, with Topshop expanding its wholesale network across the UK and Europe. Partners already include John Lewis in the UK, McElhinneys in Ireland, Printemps in France and Zeb in Belgium. The return of standalone bricks and mortar stores has also been confirmed by Topshop's managing director, Michelle Wilson.

The relaunch has been widely celebrated by fashion media, with anticipation building around its evolving retail and branding approach. However, it remains to be seen whether Topshop can charm Gen Z as it once did teenagers in the 2000s and 2010s.

Guess goes private

Guess, the iconic fashion brand known for its denim, clothing and accessories, is going private in a $1.4 billion acquisition by Authentic Brands Group (Authentic). The move marks another major shake-up in the apparel and footwear industry, following recent takeovers of Skechers and Foot Locker by 3G Capital and Dick's Sporting Goods respectively.

Authentic is a leading owner of sports, lifestyle and entertainment intellectual property, and Guess will become its second-largest brand. It will acquire a 51% stake in a new entity that will own and license substantially all of Guess' intellectual property and the majority of its licensing agreements. The remaining 49% stake will be owned by Guess' co-founders Maurice and Paul Marciano, Nicolai Marciano, and CEO Carlos Alberini.

Authentic's CEO, Jamie Salter, expressed excitement about building on Guess' legacy, with plans to expand Guess into new categories and territories, while strengthening Authentic's European presence. The deal will also "provide the company with greater flexibility…to pursue a more focused, long-term strategy."

Despite broader industry challenges, Guess has remained resilient. CEO Carlos Alberini noted that the brand hasn’t been significantly impacted by Trump's tariffs, with only slight price increases anticipated. Guess reported a rise in net revenue for the second quarter of fiscal year 2026, from $732.6 million to $772.9.

This deal is expected to close in the fourth quarter of FY2026.

The end of an era: farewell to Armani

Giorgio Armani, the legendary Italian fashion designer, passed away on September 4 2025, aged 91. 

He was best known for elevating red carpet fashion, pioneering suit tailoring for men and women, and being the first designer to ban underweight models from the runway. His signature ready-to-wear style included the female 'power suit', which launched in the 1980s.

His luxury brand Armani, established in 1975, spans beauty, fragrance, music, sports and luxury hotels, generating more than £2 billion annually. As the sole major shareholder of the brand that he set up with his late partner, Armani maintained a tight rein over the business. With no children to inherit the brand, his death raises inevitable questions about its future. 

Giorgio's will named LVMH, Luxottica and L’Oréal as preferred buyers of his empire, instructing his heirs to sell an initial 15% stake to one of them, with an additional 30-54.9% stake to be sold to the buyer within five years of his death. 

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