Podcast Summary – Bloomberg Talks

Episode: Dana Telsey, CEO and Chief Research Officer at Telsey Advisory Group, Talks Luxury Gifting Trends
Date: November 28, 2025
Host: Bloomberg

Overview

This episode features renowned retail analyst Dana Telsey discussing holiday 2025 luxury retail and gifting trends. She provides real-time insights collected from in-store visits, consults on high-end and mainstream gifting shifts, analyzes the evolving retail landscape—including store footprints, consumer behavior, and hot brands—and weighs in on the challenges and opportunities in luxury and broader fashion retail.

Key Discussion Points & Insights

The Black Friday Landscape & Macy’s 2025

• New Dynamics: Dana reports a noticeable shift in Black Friday shopping rhythms—crowds arrive later rather than first thing in the morning. Promotions are comparable to previous years, but Macy’s stands out with 40% "newness" in offerings.
  • Quote:
    “Crowds and traffic, the buzz doesn't kick up until later in the day. … 40% newness. Lobo is the hottest thing out there.” – Dana Telsey [01:01]
• New In-Store Experiences:
  • Pop Mart pop-up shops, new cosmetics brands, and brands like Donna Karan and Rag & Bone offer new engagement points for shoppers [01:25].

Consumer Trends and Holiday Spending

• Bifurcation of the Consumer:
  The market is split—high-end consumers benefit from a "wealth effect," while lower-end shoppers are value and promotion-driven.
  • Quote:
    “You really have a bifurcated consumer. … the high end is spending. … [while] on the low end, the pressure points, obviously prices have gone up.” – Dana Telsey [02:21]
• Holiday 2025 Theme:
  Newness and value dominate. Retailers must offer something fresh and value to convert sales [02:21].

Category Drivers & Hot Items

• Outerwear & Apparel:
  Outerwear continues to move the needle, especially as temperatures drop.
  • “It's always about out of outerwear. When it gets cold, it's about apparel.” – Dana Telsey [03:30]
• Tech Accessories & Novelty:
  • Oura rings and Meta glasses are “very popular” for gifting [03:41].
  • Labubu dolls are trending with all ages and incomes [03:46].

Luxury Retail: Store Footprints & Adaptation

• Heritage & Experience:
  Dana reminisces about her childhood awe of holiday windows, highlighting enduring magic and iconic retail experiences [04:14].
• Consolidation vs. Expansion:
  Less focus on mergers in luxury—more on brands expanding store footprints & direct retail, plus ongoing brand reorganizations (e.g., Versace to Prada, the future of Armani) [04:30].
• Gucci’s Path Forward:
  The brand’s revival hinges on blending heritage with innovation and smart digital storytelling.
  • “You need to bring Gucci back to its heritage and be able to update it and modernize it, … have brand ambassadors that everyone wants to follow.” [04:51]

Brick-and-Mortar: Shrinking, Curating & Evolution

• Physical Stores Evolve:
  Store closures have mostly stabilized, with a pivot to smaller, experience-focused spaces—including luxury brand activations (Dior, Hermès) [05:13].
  • Local Favorites:
    • Aritzia is cited as a “destination” [05:35].
    • High-end malls (Short Hills NJ, Chestnut Hill MA, Highland Park TX) will increasingly be centers for curated brands, food, and activities in the next decade [06:08].
  • Quote:
    “In 10 years, they're going to be even more curated. They're going to have more special brands and … more food and activities because people are going to want to gather there.” – Dana Telsey [06:08]

Top Stock Picks & Brands to Watch

• Outperformers:
  • TJX and Steve Madden cited for solid performance, with Steve Madden’s acquisition of Kurt Geiger set to boost margins and sales for 2026 [06:26].
    • “Suede boots. They're back. They also have a Kurt Geiger acquisition that's going to add to sales and margins. Very exciting for 2026 and beyond.” – Dana Telsey [06:32]
• Fashion Must-Haves:
  • Brown suede, tall-shaft boots and wide-leg embellished jeans are on-trend [08:14].
  • Brown rumored as “the new black” for the season, trending since last year’s Milan shows [08:28].

Rising Small Luxury & Streetwear Brands

• Emerging Names:
  • Goyard (handbags), Ma Leon Dore, and Kith (streetwear-luxury crossover) are highlighted as up-and-coming or expanding [07:12].
  • Continued partnership between streetwear and luxury underpins much of “newness and innovation” in fashion [07:38].

Defining ‘Newness’ in Fashion

• Meaning:
  “Newness” means products/looks consumers haven’t seen in previous years—like denim with new embellishments and cuts, especially wide-leg styles [07:41], [08:02].
  • Quote:
    “Look what's happening on denim jeans with embellishment ... at all different price levels that it's appealing.” – Dana Telsey [07:41]

Memorable Quotes & Notable Moments

• “Super Bowl of the year for me.” – Dana Telsey on Black Friday’s importance [02:03]
• “Offer something new, offer value and you'll get conversion.” – Dana Telsey [02:21]
• “Store footprint is basing out. We’ve already closed a lot of stores. … Stores may be smaller. … New engagement, with buy online, pickup in store and their activations.” – Dana Telsey [05:13]
• “Brown is the new black. Seriously?” – Interviewer [08:26]
• “In fashion today, brown was this color. … when the fashion shows for winter came out.” – Dana Telsey [08:28]
• “In 10 years, they're going to be even more curated … more food and activities because people are going to want to gather there.” – Dana Telsey [06:08]

Timestamps for Key Segments

• Opening & Dana’s Macy’s Observations: 00:34–01:58
• Holiday Consumer Behavior & Newness/Value Trends: 02:03–02:57
• Category Sales Drivers & Hot Gifts: 03:30–03:46
• Luxury Store Dynamics & Consolidation: 04:26–05:13
• Store Footprint and Mall Future: 05:09–06:18
• Stock Picks & On-Trend Fashion Items: 06:26–06:49, 08:14–08:28
• Newness, Innovation, and Small Brands: 07:12–07:41

Takeaways

• Retailers must balance newness and value to win this holiday season.
• Physical retail spaces are evolving—smaller, more curated, and experience-driven.
• Luxury is adapting by expanding direct retail and telling more dynamic brand stories.
• Certain accessible luxury (TJX, Steve Madden) and trend-forward brands (like Kith, Goyard, Ma Leon Dore) are poised for growth.
• Brown replaces black as the color du jour, and wide-leg jeans plus tall boots dominate winter fashion.

This episode is an engaging pulse-check on 2025 holiday retail, blending Dana Telsey’s strategic insights with an insider’s feel for fashion and gifting trends.