Would You Trust AI to Shop For You?

Shein's Testy UK Hearing; The Gen-Z Fragrance Boom; New Balance's $10 Billion Plan

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WHAT YOU NEED TO KNOW TODAY: WEDNESDAY, JANUARY 8, 2025 Amazon, Perplexity and others are looking to AI "agents" that will recommend products, and even buy them. New Balance CEO Joe Preston opened up for the BoF-McKinsey State of Fashion 2025 about plans to hit $10 billion in annual sales. Gen-Z has propelled major growth in fragrance, but brands will have to cater to newly formed habits to keep the momentum going. Private equity firm Acon Investments acquired a majority stake in True Religion. A Shein representative declined to say whether the retailer sources cotton from China when questioned by a UK parliamentary committee, earning a rebuke from the hearing's chair. Spanish textile firm Sociedad Textil Lonia has acquired the Christian Lacroix label. Plus, download our latest Executive Memo now to explore how top brands are tackling luxury's pricing challenges and gain data-driven insights to inform your strategy.

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TECHNOLOGY Would You Let an AI 'Agent' Buy Your Next Handbag? By Marc Bain

The next big thing in AI is agents that can perform complex tasks on a user's behalf, and companies from Amazon to AI player Perplexity believe they could reshape the way consumers find and buy products online. READ MORE

RETAIL New Balance's $10 Billion Plan By Daniel-Yaw Miller

As the brand races to hit eleven-digit annual sales, CEO Joe Preston opens up for The State of Fashion 2025 about what New Balance is doing that its rivals aren't, the company's unique approach to brand and athlete partnerships and how it plans to stay ahead in the innovation battle. READ MORE

BEAUTY How to Keep the Gen-Z Fragrance Boom Going By Diana Pearl

Fragrance has proved a bright spot amid the beauty sales slowdown. But to keep growing, brands need to adapt to consumer habits that are changing quickly. READ MORE

What Happens When TikTok's Trend Machine Shuts Down? READ MORE

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NEWS BRIEFS Shein Representative Declines to Answer China Cotton Question in UK Hearing Christian Lacroix Is Acquired by Sociedad Texil Lonia Rolex, Patek Used Watch Prices Fell to Three-Year Low in 2024 Next to Increase Prices to Help Pay for Budget Tax Changes True Religion Acquired by Private Equity Firm Acon Investments

SPECIAL FEATURE

The State of Fashion 2025 by McKinsey & Company and BoF Insights Fashion executives are feeling pessimistic about 2025. A long-expected post-Covid spending slowdown has arrived, while geopolitical tensions remain high. But there are still pockets of opportunity in promising new markets, in underserved customer groups and at new frontiers in customer experience, powered by artificial intelligence. Download The State of Fashion 2025 now to explore the 10 themes that will define the industry in the year ahead. DOWNLOAD NOW

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