Hi, and welcome back to Line Sheet, where we are counting our blessings that we don’t have to go to Art Basel Miami next week.

In today’s issue, Sarah “SShapiro@puck.news” Shapiro has the story of two mysterious brands that I know you’re seeing everywhere, from the depths of the Substack comments to the outside tables at Café Charlot: Déhanche, a belt brand, and Nour Hammour, a leather jacket maker. Turns out, in a surprise twist, they share a co-founder. Plus, up top, Sarah has a sweet little Black Friday preview, and I’ve got a Hearst layoff correction and the story behind Phoebe Philo’s first private sale.

Mentioned in this issue: Erin Webb, Gigi Hadid, Hailey Bieber, Jennifer Lawrence, Nour Hammour, Déhanche, Net-a-Porter, Hearst, Phoebe Philo, Bergdorf Goodman, Olivia Culpo, Elyse Winter, Black Friday, Incongruous Tuesday, and many, many more…

Three Things You Should Know…

Updated Hearst intel: Yesterday, I reported that there were about 192 layoffs across the company at Hearst. Oops, those were actually the 2024 layoff numbers. This year, the number was far lower than that—more like 25. Also, no one from Esquire or Elle got laid off, as I had been told: The affected brands were Cosmo, House Beautiful, the Oprah mag, and Elle Decor. (Esquire, which won a Pulitzer and an ASME this year, is actually hiring.) I screwed up!

Anyway, this indicates to me that the company is investing in publications that still attract the most upscale advertisers. Also, Cosmo and Elle Decor have new editors, who I assume seized the opportunity to cut loose folks who maybe didn’t fit with the new regime.

A MESSAGE FROM HARRY WINSTON

This holiday season, give the gift that shines forever. Visit your nearest Harry Winston salon and discover a gift that’s as radiant as you.

Phoebe’s first private sale: Today is the first day of many early-access sales. Magasin has an incredible roundup with exclusive subscriber access to certain events, if you’re interested and happen to be shopping. (A friend and I were discussing yesterday how we love discounts, but are turned off by sales. It cheapens things somehow.) Anyway, even for the most in-demand brands, it’s near impossible not to participate—except for those who would rather burn merchandise than mark anything down.

Phoebe Philo, for example, has attempted to avoid any discounts in the U.S., save for a few extremely secretive sales at Bergdorf Goodman (you had to ask to access the product). This morning, however, several readers sent me notes regarding the private sale that just launched on PhoebePhilo.com, which mostly features first-season items, including plenty of trousers (I wear the Boyish silhouette), most of which are already sold out. The private sale also features quite a few pieces under $1,000, including the cape turtleneck that has inspired so many others.

Prices are still higher than at the private sales in Europe—so shop those if you’re heading there this season—but if not, it’s an opportunity to get a piece of Phoebe. Actually, the only sales I’ve ever loved were the post-Christmas events when Philo was still at Céline. The fact of the matter is, practically all brands need to do this. They just need to make sure they do it right.

Sarah Shapiro

Glass half everything: On a holiday calendar already lousy with shopping events—Black Friday, Small Business Saturday, Cyber Monday—let’s add another: Incongruous Tuesday. How else to describe a retail environment that may see record-breaking sales, but is staring down increasingly dour consumer sentiment?

The National Retail Federation survey, in conjunction with Prosper Insights & Analytic, recently forecast holiday spending to reach, and possibly exceed, $1 trillion. That would represent an increase of up to 4 percent versus last year, with as many as 3 million more shoppers planning to spend in 2025 who didn’t shop previously from Thanksgiving to Cyber Monday. Who are the new entrants? One theory from my channel checks (and my experience parenting a tween): The youngest edge of Gen Z and elder Gen Alphas are coming into their spending power. Walk into any Sephora, Garage, Edikted, or PacSun and you’ll see them out in full force.

So far, wallets have remained open despite consumer pessimism. Deloitte reports that 57 percent of consumers expect the economy to weaken next year, the most daunting outlook since the firm started tracking consumer sentiment in 1997. Luckily for retailers, it seems the hunt for discounts and deals, particularly among Millennials, has become fairly addictive, according to Deloitte, keeping them fully engaged with shopping and spending. However, their more frugal Gen Z siblings, perhaps aghast at their elders’ profligacy, report they’re planning to cut spending by 34 percent. Merry merry!

Now, the main event…

Erin Webb and the Nour Hammour Leather Playbook

The Nour Hammour co-founder and Déhanche principal has found success by choosing one category and sticking to it. It’s a risky strategy, but when it works, it works.

Sarah Shapiro

Many founders struggle to build one successful brand. Erin Webb currently has two. Both brands, she recently told me, aimed to fill a gap she perceived in the market—namely, “moms with disposable income … seeking out brands that are able to let them live their lives, be comfortable, but look pulled together and feel great.” Gigi Hadid, Hailey Bieber, and Jennifer Lawrence have all worn the leather jackets from Nour Hammour, the outerwear brand that Webb co-founded in 2013 with designer Nour Hammour. Then in 2022, Webb launched Déhanche, a single-category concept that produces logo-free belts with identifiable, upscale materials and details.

A MESSAGE FROM HARRY WINSTON

This holiday season, give the gift that shines forever. Celebrate the holiday season with the timeless brilliance of diamond jewelry by Harry Winston.

Mono-product brands, which home in on one category so completely they become synonymous with it, carry high risk—especially in a seasonal category like outerwear. Every decision, from fabric sourcing to fit engineering and supply chain, has to serve a single goal. Yes, they appeal to wholesale buyers who want to identify a brand that owns a category—i.e., one that shoppers ask for by name. Still, there are no other categories to hide behind if the hero products aren’t performing.

While Nour Hammour is more than a decade old, an inside source told me that online revenue has grown 120 percent from last year. “They have truly nailed the price point for an accessible leather jacket that isn’t $5,000 to $10,000 like Khaite, which is less attainable for most,” said Elyse Winter, a personal stylist. “Their core styles are very similar to Saint Laurent and Khaite for a fraction of the price.”

Webb and Hammour, who first met at Istituto Marangoni in Paris, succeeded by identifying a category dominated by luxury players, like Saint Laurent and Prada, setting an accessible price (under $2,000) and nailing fit and style. I could tell Nour Hammour had hit a nerve when I received messages from fans as well as shoppers after publishing the Lyst Index for Q3. According to Lyst, searches for Nour Hammour have increased by 421 year over year.

In the early days, Nour Hammour was appointment-only. And while it’s since expanded into wholesale, Webb is managing growth strategically. According to a source familiar with the company, Nour Hammour has capped wholesale at 20 percent of its business—purposefully keeping their stockists capped, so they can work closely and directly with customers.

Top Five at Net-a-Porter

Déhanche operates from a similar playbook. During Covid, Webb had an itch for another brand. She liked the idea of a small accessory that could be an outfit finisher, and landed on belts. She launched Déhanche with a small run and kept it bootstrapped and self-funded to test the waters. After an initial $5,000 order at FWRD, Déhanche is now doing more than $1 million in revenue with the retailer. Webb also added retailers including Browns and Net-a-Porter, where it’s a top-five accessory brand earning between $2 million and $3 million in annual revenue. Last week, the brand launched at Mytheresa.

Still, Déhanche differs from Nour Hammour in a few key areas. For one, the price point is lower—under $500. The business is also around 60 percent wholesale, according to a source familiar. Déhanche’s Hollyhock belt, with its distinctive multiloop hardware, has sold eight times better than the next-most-popular belt on ShopMy. (Déhanche’s channel on ShopMy accounts for about 10 percent of its revenue, according to a source.) Since Olivia Culpo first shared the belt in 2022 via an Instagram link, it has been shared by more than 600 creators.

Even mono-product brands eventually feel pressure to expand. Déhanche recently added jewelry; Nour Hammour has edged into bottoms and accessories. Both are small category plays that shouldn’t be dilutive. But it’s a tricky line to walk. In a market where many founders chase growth at all costs, and wouldn’t dream of capping wholesale opportunities or building out a second brand, Webb’s next decisions won’t be easy.

What We’re Reading… and Looking At…

Gucci is also hosting its Cruise show in the U.S. in May: New York, May 16. And there’s at least one more that will be announced! [WWD]

Living legend Matt Belloni is featured in Vanity Fair’s Hollywood Power Players portfolio and styled by Friend of Line Sheet Rebecca Ramsey. He’s wearing Hermès. I approve! (I also promised I wouldn’t make fun of him.) [Vanity Fair]

Gabriela Hearst is genuinely obsessed with organic stones—she loves the Astro Gallery of Gems—so it’s no surprise her selections for Sotheby’s next fine jewelry auction are nothing short of incredible. [Sotheby’s]

Since tariffs basically feel like following a soap opera, the Planet Money podcast made it into one. [Planet Money]

This is an interesting look at Japan’s secondhand handbag market, where collectors from the economic bubble in the ’80s through ’90s mixed with consignors to drive the current surge. Valuence, the secondhand seller that purchased Jane Birkin’s personal Birkin at auction this summer for $10.1 million, has seen foot traffic triple in the shop where the bag is displayed. [Bloomberg]

Lauren has been wearing Dragon Diffusion bags since before the Olsens! (Okay, maybe not before…) But did you know that 60 percent of the products made at Craig Wright’s leather weaving factory aren’t even for his own brand? He helps develop and make products for Chanel, Hermès, Bottega Veneta, and Loewe. [New York Times]

The pendulum continues to swing between Abercrombie and Hollister. Hollister, with about twice as many store locations as Abercrombie, posted 15 percent comp revenue growth and outearned Abercrombie by 9.5 percent in Q3, while the brand that once carried the company slipped 7 percent compared to last year. [Abercrombie]

Until tomorrow,
Lauren

P.S.: We use affiliate links because we are a business. We may make a couple bucks off them.

Puck fashion correspondent Lauren Sherman and a rotating cast of industry insiders take you deep behind the scenes of this multitrillion-dollar biz, from creative director switcheroos to M&A drama, D.T.C. downfalls, and magazine mishaps. Fashion People is an extension of Line Sheet, Lauren’s private email for Puck, where she tracks what’s happening beyond the press releases in fashion, beauty, and media. New episodes publish every Tuesday and Friday.

Puck’s daily art market email, anchored by industry expert Marion Maneker, offers unparalleled access to the mega-auctions and galleries, elite buyers and sellers, and the power players who run this opaque world. Wall Power also features Julie Brener Davich, a veteran of Christie’s and Sotheby’s, who provides unique insights into how the business really works.

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