I visited the Helmut Newton Polaroids exhibition last week. In 2026, we take 400 identical bursts on an iPhone and let an algorithm pick the "best" one. Newton used Polaroids to satisfy what he called an "impatient urge" — he needed to see the light and composition immediately. The shots are messy, hazy, technically imperfect. He scribbled notes directly onto the white borders. And here's the thing: these are the draft versions of some of the most iconic photographs, magazine covers, and advertisements ever made. We're so obsessed with polished output right now. Everything has to look finished before it's shared. But I'm increasingly coming to the conclusion that creative genius isn't always the final frame — it's the willingness to be imperfect in public long enough to find the one shot that actually matters.

Caught my eye

Interior of the Bar Far in Rome

Trends — what’s bubbling underneath the headlines

• The 2026 consumer playbook, according to PwC

  Ali Furman, PwC's U.S. consumer markets leader, laid out what's coming—and the short version is: smaller baskets, bigger bifurcation, and a lot more AI.

  High-income households are still spending on luxury. Everyone else is stressed and hunting deals. GLP-1s are rewriting the grocery list. Resale is "hot, hot, hot." AI agents that browse, compare, and buy on your behalf are coming—fast.

  Consumer sentiment and consumer spending used to move together. Since the pandemic, they've diverged—people say they're anxious, then spend anyway. The brands that win in 2026 will be the ones that master the “Anxiety Arbitrage” —providing a sense of control to a consumer who is stressed, deal-hunting yet still desperate for the dopamine hit of a luxury purchase.

• The squeeze is climbing

  FashionSights, the think tank led by former McKinsey fashion leader Achim Berg, published a white paper with a warning: the forces that destroyed fashion's middle market are now coming for premium.

  For years, the "aspirational mainstream"—the space between fast fashion and luxury—has been getting crushed from both sides. Value players like Zara and Shein scaled up with speed, vertical integration, and prices customers couldn't ignore. Premium brands moved down with lower entry points, discounting, and outlet expansion. Together, they eroded the mid-market's price-value advantage and "blurred its purpose".

  Premium brands that still rely on "aura" and traditional wholesale partners are about to face the same hard questions mid-market had to answer first. But at least it’s clear what they have to do: go vertical, build real brand equity, or get consolidated.

Business moves, big numbers & “wait, what?”

• From blowout to IPO. KKR is reportedly preparing Wella Company for an IPO this year—and if it happens, the company could be valued at significantly more than the $4.3 billion KKR originally paid for it.

  This one's personal. My first job, more than 15 years ago, was at Wella Professionals—back when it was a “small” professional haircare brand sitting in the long tail of P&G's portfolio. Today, Wella owns OPI nail polish, Clairol hair color, ghd styling tools, Briogeo, and the professional business where I got my start. The company generated $2.26 billion in sales in 2024 (up 3.3% from 2023) and employs over 6,000 people globally. Bank of America and Goldman Sachs are working on the listing, according to Reuters.

  The caveat: beauty IPOs have a rough track record lately. Olaplex was valued at over $15 billion at its 2021 IPO. Today? Market cap just over $1 billion. The Honest Company is down ~85% since going public. But I'd like to think professional beauty—with its specialized distribution and salon relationships—has more staying power than the hype-driven DTC brands.

• From YouTube to Sephora. Claudia Sulewski—OG beauty YouTuber and actress—launched her body care brand Cyklar in 2023 with a single $58 body cream. Now, after a rebrand and backing from The Center accelerator, the brand is rolling out across 500 Sephora stores—and industry sources expect it to hit $50 million in sales this year.

  What makes this story worth studying:

  1. She killed her darlings. The first launch didn't work, so she changed it. Prices came down (body cream: $58 → $29), formulas leaned into fragrance, and the product pipeline got really interesting—roll-on perfume oils, exfoliating body sprays, not just another lotion in a pretty jar.

  2. She proved demand before retail. Cyklar sold over 200,000 products through TikTok Shop before ever touching a Sephora shelf. Proof of concept? Check.

  The creator-to-founder playbook still works—if done right.

• Caruso gets a new tailor. Lanvin Group has sold Italian luxury menswear manufacturer Caruso to MondeVita, the subsidiary of Abu Dhabi-based Mondevo Group. Financial terms weren't disclosed.

  Why Lanvin is selling: The group is not doing well. Revenue declined 22% in the first half of 2025 Caruso accounted for 13% of group revenue but, as a white-label manufacturer, carries lower margins than other consumer-facing brands.

  Gulf investors now own stakes in Valentino, Roberto Cavalli, and—with this deal—Caruso. Italian heritage craftsmanship is increasingly backed by Middle Eastern capital.

Wish I were there - pop-ups,  collabs, etc.

Pencil in, book the ticket, or just follow on social media — choose your option and let’s discuss afterwards!

• Ongoing | Tokyo - Jimmy Choo Cafe

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