Retail entered 2025 already under strain. Then tariffs landed like a gut punch, blowing holes in supply chains and forcing brands and retailers to quickly make tough decisions, such as whether to raise prices yet again.
From there, the year’s biggest fault lines came into view. On the heels of its acquisition of Neiman Marcus Group, Saks’ attempt to reset its relationship with brands backfired publicly, underscoring the increasingly tense nature of wholesale partnerships. The bankruptcies of Ssense and Luisaviaroma delivered additional shocks, highlighting once again just how fragile luxury multi-brand e-commerce has become.
All of this played out against a backdrop of deep consumer uncertainty. Shoppers are pulling back, asking difficult questions about price and value. For many retailers, it has felt like survival mode. But for others, the turmoil cracked open opportunity.
Independent boutiques are quietly gaining ground by being sharper and closer to their customers. DTC brands stopped chasing endless growth and put more focus on defining who they are and what differentiates them in a crowded market. Emerging labels got more inventive too, building businesses that do not rely entirely on the old wholesale playbook. And in luxury, a wave of more accessible but still premium brands have picked up serious market share by doing something radical: making high-quality clothes women actually want to wear.
Looking towards 2026, the outlook is cloudy: low consumer confidence, rising costs and more tariff uncertainty. Yet times like this tend to reorder the field. As shoppers redefine their expectations of value, the companies that respond fastest can emerge stronger.
Top Stories
1. The Great Fashion Reset | The Future of Multi-Brand Retail. As major luxury retailers from Saks to Ssense struggle, independent boutiques are making a comeback.
2. Trump’s Tariffs Rock Fashion’s Supply Chain. Some of the most severe import duties announced Wednesday were aimed at apparel manufacturing hubs.
3. Ssense: What Went Wrong. Tariffs were the immediate cause of the Montréal-based company’s decision to file for bankruptcy protection. But insiders tell BoF that the downfall was a long time coming as the online retailer’s formula for appealing to Gen Z shoppers with indie fashion brands and constant markdowns lost its edge.
4. Saks Wanted to Clear the Air With Brands. The Plan Backfired. Relations between Saks Global and many of the 2,000-odd brands stocked in its department stores appear to be worse than ever after the owner of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman sent a letter last week setting new payment terms.
5. How Emerging Brands Can Solve the Wholesale Puzzle. Partnering with department stores and boutiques used to be the first and sometimes only option for new labels to break though. Today, that path often winds through Shopify and Instagram first, but multi-brand retailers still have an important role to play.
6. How Brands Are Taking On Quince. The dupe retailer has become a $4.5 billion powerhouse by promising lower prices and comparable quality to labels that fall between fast fashion and luxury. Competitors fighting back by stepping up their brand building chops are already seeing results.
7. The New DTC Rebranding Playbook. Direct-to-consumer pioneers are refashioning themselves with new logos, slogans and revamped product lines to broaden their reach and build a legacy, without fully abandoning their original propositions.
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