Something I've been noticing this fashion season — imperfections are showing up on the runway deliberately. Models wearing one earring. Mismatched shoes. Clothes that are visibly wrinkled or even stained. And not in a deconstructed way — more like the styling is trying to say: this person just got dressed and lived their life.

I think it signals something bigger culturally. We've spent the last few years in an era of hyper-curation, and now AI can generate an ideal image in seconds. I wonder if what we're seeing on the runway is designers pushing back against that — the idea that in a time when everything can be perfected, imperfection is more human, more real, and ultimately more interesting.

Curious if you've noticed this too. Let me know your thoughts.

Caught my eye

This isn’t a digital zoom-in, but a real shoe designed by Kobi Levi

Trends — what’s bubbling underneath the headlines

• The rise of buying bots

  81% of retail executives think generative AI will weaken brand loyalty by 2027. That's according to Deloitte's 2026 Retail Industry Global Outlook.

  AI shopping agents are already driving 15 to 20% of referral traffic for some retailers. And by 2030, industry analysts estimate AI agents could handle up to 25% of all global e-commerce sales. So instead of a customer going to a brand they trust, they'll ask an AI to find the best option — and the AI will optimize for value, fit, and availability, not brand loyalty. The brands that win will be the ones whose product data is clean, accessible, and optimized for AI readability — because if an AI agent can't find you, your customer won't either.

• Luxury isn’t the dream job anymore

  Great article in the FT last week exploring how some of the biggest names in luxury fashion are leaving Paris and Milan — not for another fashion house, but for the high street.

  Clare Waight Keller, who designed Meghan Markle's wedding dress at Givenchy, is now creative director of Uniqlo. Kim Jones is designing for Chinese retailer Bosideng. And Jonathan Saunders, who consulted for Louis Vuitton and Alexander McQueen, is now heading & Other Stories at H&M.

  And it says something about where the fashion industry is heading. Luxury has priced out most aspirational shoppers with aggressive price hikes, and the business model is now mainly driven by accessories sales. So if you're a designer who actually wants to design clothes that people wear every day, the high street is arguably a more interesting place to be right now.

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

• The platform that Invented resale is buying it back. eBay is buying Depop for $1.2 billion. Etsy acquired Depop in 2021 for $1.6 billion, and now it's selling it to eBay for $1.2 billion. Etsy shares jumped about 10% on the news, which tells you how investors felt about Depop's fit there. eBay was up 7% in extended trading.

  The acquisition is part of eBay's push into secondhand fashion — a category that's been hot but that eBay has struggled to success in despite being the original resale platform. The irony is that eBay invented online secondhand shopping, then watched Depop, Vinted, and Vestiaire build cooler versions of it for younger consumers. Now they're buying their way back in.

• Pat McGrath Labs is under new ownership. PE firm GDA Luma has taken control of the brand through a $30 million Chapter 11 recapitalization

  It's a rough turn for a brand that was once valued at over $1 billion. Pat McGrath herself is one of the most influential makeup artists alive. But building a cult following and building a profitable business are two different things.

  The question now is what GDA Luma does with it. PE firms taking over distressed beauty brands doesn't always end well. But at $30 million, someone clearly still believes there's something worth saving.

• The Cheapest Buyback in Fashion E-Commerce. Ssense was valued at $5 billion in 2021. Last week, its founders bought it back for roughly C$78 million. In 2025, the company was carrying over $200 million in debt and filed for bankruptcy protection after it couldn't meet loan maturities.

  What's interesting from a business perspective is that the founders essentially bought their own company back at a fraction of what it was once worth.

  From all recent fashion e-commerce collapses Ssense, Farfetch, MatchesFashion, LuisaViaRoma, and now Saks. Ssense might be the only one that gets a second life, and it's because the founders bet on themselves when no one else would.

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!

• Until 14.06.26 | Miami - Dolce & Gabbana exhibition

• Until 18.10.26 | Paris - The Crafts and Trades of fashion exhibition

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