The Glossy Podcast

Episode Title: Insights from Glossy's Holiday Research Report — plus, Grace Wales Bonner joins Hermès
Date: October 24, 2025
Host(s): Danny Parisi (A), Zofia Zwiglinska (B), Jill Manoff (C)
Guest: Li Lu (D), Glossy Research Director

Overview

This episode of The Glossy Podcast dives into the following major topics:

1. Grace Wales Bonner’s groundbreaking appointment as Hermès’ new menswear designer
2. D Squared’s restructuring and layoffs amidst industry challenges
3. Saks Fifth Avenue’s bleak earnings update and shifting brand partnerships
4. A special panel discussion of the Glossy Holiday Research Report: deep dive into holiday sales strategies, evolving retail channels, digital marketing shifts, and insights into how brands are approaching the 2025 holiday season amid economic and industry headwinds

1. Grace Wales Bonner Joins Hermès as Menswear Designer

(00:15–05:44)

Key Points & Insights

• Historic Appointment:
  • Grace Wales Bonner becomes the new head of menswear at Hermès, replacing Veronique Nichagnon after 37 years.
  • She is the first Black woman to lead design at a major European luxury house.
• Industry Excitement:
  • Her reputation stems partly from creative collaborations with Adidas and her independent label.
  • Her appointment is viewed as a "dream job" realized and a pivotal cultural milestone for representation in luxury fashion.
• Expectations:
  • Anticipation for her “slow and thoughtful” creative debut—first collection likely to debut in early 2027, allowing her time to define her vision.
  • Contrast with other brands’ rapid creative turnovers.
  • “Hermès is allowing her, you know, basically like a whole year to kind of define and flesh out her vision for the brand before actually showing it to the public.” – B (04:07)
• Artistic Approach:
  • Wales Bonner’s collections are known for their academic rigor and strong conceptual threads; fans are “excited to see where that goes.” – A (04:42)

Notable Quotes

• “She’s a great pick and obviously it’s really exciting to have someone from South London heading up such a major kind of fashion brand.” – B [02:04]
• “She is going to be the first Black woman to ever lead a major European luxury house for design, which is a big accomplishment on its own.” – A [01:45]

2. D Squared’s Restructuring and Industry Headwinds

(06:21–10:25)

Key Points & Insights

• Layoffs Announced:
  • D Squared is letting go of 40 employees (~15% of workforce) in response to a “profound and complex” global luxury slowdown.
• Mounting Pressures:
  • Follows legal conflicts with Staff International (production/distribution partner) and the move to bring key operations in-house after years of outsourcing.
  • Ongoing disputes are disrupting longstanding supply chain relationships.
• Market Position:
  • Lack of global presence, difficulty compared to conglomerate-owned competitors, and lingering pandemic impacts are compounding struggles.
  • As an independent brand, D Squared lacks the resource buffer of larger luxury groups.

Notable Quotes

• “It’s not a brand that I think a lot of people have on their radar right now…all of the fashion brands and luxury houses have expanded their operations, collections, everything, quite significantly compared to them.” – B [07:33]

3. Saks Fifth Avenue’s Financial Turmoil and Brand Sentiment

(10:25–16:57)

Key Points & Insights

• Earnings Plunge:
  • Saks cut its profit guidance in half (from $300M to $150M); net loss widened and sales dropped 13% year-over-year.
  • $2.2B in debt remains a heavy burden; attempts to reduce debt include selling stakes in assets like Bergdorf Goodman.
• Brand Relationships Erodes:
  • Non-payment and unreliable partnership practices are making Saks toxic for many fashion brands.
  • More brands are opting for fewer, deeper partnerships—often preferring Nordstrom’s concession model and transparency.
• Market Impact:
  • Brands, especially international ones seeking US entry, are increasingly avoiding Saks: “Brands are avoiding it like the plague.” – B [13:21]

Notable Quotes

• “If you just don’t pay…I have heard from people, it’s not just Saks, other retailers will be late or be annoying to work with, but it’s more the degree which Saks was kind of violating that agreement was what was notable.” – A [13:21]

4. Glossy’s Holiday Research Report: 2025 Strategies & Data Deep-Dive

Panel: Zofia Zwiglinska (B), Jill Manoff (C), Li Lu (D)
(17:57–41:37)

Key Findings

Holiday Sales Outlook

• Revenue expectations are flat or conservative compared to 2024.
  • 56% of marketers do not expect increases above 10%; 27% expect no change; only 8% expect declines.
• “Most marketers are very optimistic that they will at least meet the same revenue as last year.” – D [20:16]

Discounting & Value Strategy

• Discounting levels remain steady:
  • “Majority…said discounts were going to look the same as last year.” – D [22:43]
  • Brands are focusing more on timing and placement rather than deeper discounts, e.g., extending early sales periods, pausing, then shifting to replenishment sales closer to the holidays.

Price Sensitivity & Inflation

• Concerns about tariffs and inflation are affecting consumer purchasing power and strategy:
  • “Customers won’t even be able to afford holiday gifts this year…splitting it and making it even less gifting than they previously did in other years.” – B [21:05]
  • Silent price increases are happening—expected to accelerate into 2026 but are already underway.

Digital and Social Marketing Shifts

• Digital is increasingly important, with a pronounced focus on social platforms—especially TikTok Shop:
  • “Digital becoming a bit more important for holiday marketing tactics…expansion of social as well, especially through TikTok, TikTok Shop...” – D [25:24]

Amazon vs. TikTok Shop

• Amazon:
  • Data shows many brands moving away from Amazon as a primary sales channel.
  • Smaller brands still leverage Amazon for discoverability, while bigger brands pull back as consumers already know them.
• TikTok Shop:
  • Seen as the most promising social commerce channel, noted for its native content-driven approach vs. Amazon’s product-first model.
  • “With TikTok Shop, obviously you’re leading with the content…with Amazon, it’s kind of like the other way around.” – B [29:14]

Holiday Marketing Tactics & ROI

• Hauls/unboxing videos are popular but don’t deliver ROI proportional to usage.
• Pop-up shops are less common but yield higher returns, especially for brands with resources:
  • “Pop up shops were pretty low in usage but…a lot of the response said like, oh, we are actually getting quite a lot of return out of this.” – D [33:38]
• In-person activations (pop-ups, experiential retail) are especially valuable around the holidays.

Brand Size and Strategy

• Smaller brands benefit from earlier campaigns and creative tactics due to crowded ad space and higher costs:
  • “Typically smaller brands have to be a lot more crafty…they have to come in earlier to get that awareness.” – D [35:55]
• Big brands continue to rely on owned channels, IRL experiences, and innovation in timing and messaging.

Shifts Away from Traditional Retail

• Growing emphasis on brands’ own e-commerce as the top sales channel.
• Physical retail remains important, particularly for holiday but continues to give ground to digital.

The AI Factor

• Brands are considering or already leveraging AI for operational efficiency and personalization, with expectations this will grow amid tariff-related challenges in 2026.

Recommendations & Takeaways

• Start holiday marketing earlier: “Getting in there earlier, getting in the customer’s minds, and then having the strategy become less uphill in the later game…” – D [39:18]
• Balance digital and physical touchpoints—focus on own website, tightly managed wholesale relationships, and select IRL brand activations.
• Keep an eye on effective partnerships: Retailers with transparency and reliability are increasingly important; brands are wary of unreliable partners like Saks.
• Adapt channels to brand size and goals: Smaller brands use discoverability platforms (Amazon, TikTok Shop); bigger brands focus on loyalty and recurring shoppers.
• Leverage content-first approaches on social, especially TikTok Shop, rather than forcing traditional commerce onto non-native platforms.

Memorable Moments & Notable Quotes

• “She’s going to be the first Black woman to ever lead a major European luxury house for design, which is a big accomplishment on its own.” – A [01:45]
• “Brands are avoiding [Saks] like the plague.” – B [13:21]
• “It’s not so much of them deepening discounts, it’s more about timing and placement of where the discounts are going.” – D [22:43]
• “With TikTok Shop, obviously you’re leading with the content…with Amazon, it’s kind of like the other way around.” – B [29:14]
• “You’re literally leaving money on the table at this point. It’s become Cyber Week. That time period extends more and more.” – D [39:18]
• “[Physical retail] does seem every year that it’s kind of giving way to more of this digital space. So I’m particularly curious of how they’re going to deal with like shipping strategies this year in particular.” – D [37:42]

Timestamps for Key Segments

• (00:15–05:44) Grace Wales Bonner at Hermès: appointment significance and expectations
• (06:21–10:25) D Squared layoffs and restructuring analysis
• (10:25–16:57) Saks Fifth Avenue: earnings decline, brand relationships, retail trends
• (17:57–41:37) Holiday Research Report Panel:
  • (20:16) Revenue expectations
  • (22:43) Discount strategies and timing
  • (25:24) Digital/social marketing priorities
  • (26:32) Amazon vs. TikTok Shop
  • (32:20) Alternative holiday sales tactics (unboxing, pop-ups)
  • (34:55) Big vs. small brand approaches
  • (37:06) Traditional retail, e-commerce, and shipping considerations
  • (40:26) AI in holiday strategy

Conclusion

This episode offers a rich blend of industry news and exclusive research, providing actionable insights for fashion professionals and keen observers of retail and luxury. The conversation traverses high-profile leadership moves, market turbulence, and practical, data-driven holiday strategies—painting a detailed picture of how brands are navigating an evolving industry landscape.