Hi, and welcome back to Line Sheet. Happy Hanukkah.

As we wrap the year, there are only two things on everyone’s mind: Who is taking over at Versace, and what in the world is happening at Saks Global? I’ve got some answers, plus news of a luxury retail veteran’s next move and some fresh data about the state of the American consumer—from how GLP-1 usage is affecting their spending to why they are obsessed with NAD supplements.

Tomorrow on Fashion People, my guest is Tallulah Harlech, fashion director, stylist, and founder of Sylva. She is smart and cool, and we get into Versace, Timothée and Kylie, the year of Jonathan Anderson, and plenty more. Listen here and here.

By the way, this Wednesday, Line Sheet beauty correspondent Rachel Strugatz is answering your burning questions in a hotly anticipated mailbag issue. This is a last call for submissions. Reply here or email her directly at Rachel@puck.news.

Also, don’t spend the holiday season engaging in the illegal act of forwarding this email. (I’m always watching.) Instead, get your very own subscription. Just click here for a sweet little deal that helps you while never eroding our brand equity.

Mentioned in this issue: Donatella, Miuccia Prada, Versace, Pieter Mulier, Dario Vitale, the Prada Group, Alaïa, Raf Simons, John Idol, Matthieu Blazy, Saks Global, Marc Metrick, Richard Baker, Elizabeth von der Goltz, GLP-1s, NAD supplements, J.W. Anderson, Anthony Vaccarello, and many, many more…

Three Things You Should Know…

Saks’ big bill: You think Saks Global owes you a lot of money? Well, on December 30, the group composed of Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman must make good on a $120 million interest payment on its bonds—some of which were trading at 12 cents on the dollar on Friday, down from 30 cents on the dollar on the previous Monday, according to Bloomberg. Saks has a one-month grace period to pay, which means a deadline of January 30. Today, Saks Global C.E.O. Marc Metrick is at the Dallas stores after spending time with private clients in Los Angeles this past week. I’m sure people asked about the payment. Perhaps that Hail Mary deal Richard Baker has been promising to vendors, many of which have stopped shipping, is about to be announced… or something else. A rep for Saks Global had no comment.

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Elizabeth von der Goltz saw the future: One of the conundrums of the multibrand retail apocalypse has to do with all the talent that grew up in the business: Where do they go now? Top merchant Elizabeth von der Goltz made her name at Bergdorf Goodman, but ended up passing through Net-a-Porter, Matches, Browns, and Farfetch before taking a break to see what else was out there.

Today, secondhand marketplace Poshmark announced that von der Goltz would be joining the business in the newly created role of chief revenue officer, where she’ll be responsible for merchandising, brand, and sales. The von der Goltz hire indicates that Poshmark wants to give the peer-to-peer marketplace experience some brand identity and structure as shopping secondhand becomes second nature to consumers. (In the release, Poshmark noted that it hopes to create a more “integrated” and “creative” retail experience.)

For von der Goltz’s part, the rationalization is easy: She sees where the customer is moving, and she wants to be there. “Resale and vintage have already become a mainstream part of shoppers’ closets and represent a structural shift in retail consumption,” she noted, adding that she sees the role as an opportunity to help shape “how people discover, buy, and sell fashion.”

There’s no doubt von der Goltz could have taken another traditional retail job, even if there aren’t many of those left. I hope her appointment at Poshmark, which was taken private by South Korean tech conglomerate Naver in 2023 for $1.2 billion after a crash-and-burn stock market run, is a signal to the rest of the industry. Fashion needs to stop ignoring resale, which could quickly become an albatross instead of a tool if executives and investors don’t engage with it properly.
Tirzepatide slaps back: The great fear with GLP-1s, other than that they make you look old because of weight loss in the face, is that they also impede your appetite for fun things—like eating, drinking, shopping, and having sex. Indeed, there is evidence that some GLP-1 users do see appetites of all kinds curbed to a point of no return, at least until they stop shooting up. But as microdosing has become de rigueur, it seems that consumers are finding they can enjoy the benefits of GLP-1s (reduced weight and inflammation, becoming fuller faster, eating less impulsively) without saying goodbye to all their vices.

The New Consumer’s Dan Frommer, who also happens to be my husband, has spent the past few years studying how GLP-1s affect consumer behavior for his annual Consumer Trends report, which he publishes in partnership with Coefficient Capital. According to this year’s brand-new data, 41 percent of GLP-1 users in the U.S.—where obesity appears to have peaked… for now—are buying more premium-slash-expensive products or brands than ever. And the majority say they actually spend more on food than they used to, have more sex, exercise more, and have a better life.

The rise of GLP-1s is just one storyline that Dan is tracking in the annual Consumer Trends report. If you’re interested in the creator economy—and how people feel about Skims—there’s plenty of info about that too. Also: Did you know that TikTok Shop makes more revenue than both Sephora and Ulta? And that more than half of Gen Z and Millennials have heard of NAD supplements? Welcome to 2026.

Now on to the main event…

Versace’s New Creative Director Is…

As the dust settles on Dario Vitale’s whirlwind ouster from Versace, the Prada Group’s likely new creative director reveals a more practical rationale for his departure—and offers some clues about the group’s vision for the storied luxury brand.

Lauren Sherman

The Machiavellian drama surrounding Dario Vitale’s ouster from Versace has been all the rage in the industry for the last number of days. As I revealed last week, Vitale found himself in an unenviable personal pickle—having scorned Miuccia Prada by leaving Miu Miu for Versace, where he may have slightly alienated namesake Donatella, only to find himself serving his former mistress following the Prada Group’s acquisition of the brand from Capri. Yes, yes, Vitale showed an impressive collection at Versace, but loyalties run deep in this industry.

Anyway, Vitale never stood a chance to return to the Prada Group. Beneath this personal dynamic, there was also a relatively practical reason for his departure. Long before the Prada Group had even formally bid on the brand—before Vitale had even left Miu Miu—the leadership team had already begun favoring a different designer for the creative director role at Versace. In fact, according to people inside Versace and the greater Prada Group, company leaders had already informally assigned the job to a more experienced and pedigreed designer with decades of brand-building experience and commercial success, not to mention a deep connection to the group: Pieter Mulier, the current designer of Alaïa.

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I’ll insert the requisite caveat here: Negotiations break down at the eleventh hour; contracts get torn apart; people change their minds. But as of late last week, everyone involved was certain that Mulier would be joining the business. I reached out to every company involved—the Prada Group, Versace, and Alaïa—for comment. A rep for the Prada/Versace side said that they are not commenting on any rumors or speculation regarding the appointment, but that the in-house team is currently working on the Fall/Winter 2026 collection.

Mulier, of course, managed to transform Alaïa alongside C.E.O. Myriam Serrano into a commercially viable business that accelerated as competing brands slowed down. Mulier is also a longtime collaborator of Prada’s Raf Simons—the two men worked together for decades, both on Simons’ namesake brand, but also Jil Sander, Dior, and Calvin Klein. There was a hope inside the industry that Mulier would stick with Alaïa for another few years at least. After all, it’s one of just a handful of recent success stories, with sales primarily fueled by the popularity of the brand’s netted ballet flat, and backed up by novel bags and a sellable ready-to-wear collection that has influenced pretty much every other brand around. (Even at Target the other day, I spotted a dance dress in the vein of Mulier.)

And yet for Richemont, which owns Alaïa, fashion and accessories will never be a priority. The group has paid more attention to Alaïa and Chloé in the last couple of years, but its core business is still hard luxury. And while I have heard that you can expect Richemont to become more acquisitive in the coming years, thanks to the success of Cartier and Van Cleef & Arpels in particular, I’m not sure fashion brands will be a serious target.

Versace, on the other hand, represents the biggest opportunity in fashion. When Capri overpaid for the business in 2018, I remember that group C.E.O. John Idol noted Versace’s promise—despite business fatigue, the brand had incredible name recognition among consumers. That reach has only expanded over the past seven years, thanks in part to the social media prowess of Donatella Versace herself, the longtime creative director. Sales have not grown in lockstep, however, and the Prada Group obviously recognized that it needed the assistance of a veteran designer, with commercial, editorial, and brand development chops. Even regardless of any ruffled feathers between Prada and Vitale, Mulier presented a much surer bet.

The Belgians Are Coming

My understanding is that the Richemont and Alaïa teams have some say in the timing of this announcement, which could be months away. Meanwhile, Mulier continues to post Alaïa products on his Instagram, which tells me that they are going to try to make this transition as peaceful and respectful as possible. It’s still unclear whether Versace’s executive unit will stay in place, but the Prada Group would be smart to poach Serrano, too. No matter, I have been told that Versace will present a collection in Milan next February—the show, after all, must go on.

If this all goes down as many people believe it will, what might Mulier’s Versace look like? In a recent issue of Self Service, Mulier actually referred to Versace as a fount of his inspiration. The most impressive thing about Mulier’s tenure at Alaïa has been his ability to respect what Azzedine Alaïa built without catering to it outright. I suspect he’ll strike the same sort of balance at Versace, no matter the depth of participation from Donatella, who still wishes to be involved in the design process. With the right shoe and apparel strategy—bags will be trickier—I believe Versace could grow as quickly as Miu Miu has in the past decade, doubling sales in some years. Versace also occupies some of the best real estate in the world—one of the reasons the Prada Group wanted to buy it.

Mulier’s reunion with Simons is another reminder of the tremendous influence that both designers—along with Chanel’s Matthieu Blazy, another former collaborator—have had on the modern fashion industry. If you look back at their tenure at Calvin Klein, in particular, you can see their individual contributions to each collection. And now it’s clear how remarkably talented each of them is on their own. Mulier’s arrival in Milan also marks yet another Belgian in the city: With Simons at Prada, Meryll Rogge at Marni, Glenn Martens at Margiela and Diesel, and Mulier at Versace, the little country is taking over the big city.

What I’m Reading…

Leandra Medine Cohen is auctioning off some of her best pieces in the name of Sharsheret, which supports women battling breast and ovarian cancer. I recommend the Skall Studio sweater. [eBay]

I don’t follow this Instagram account because I mostly find it horribly mean, but this surfaced as a “suggested for you,” and I definitely agree with this person’s picks for the worst magazine covers of the year. The truth is important! [Boring Not Com]

I enjoyed this semi-profile of Saint Laurent’s Anthony Vaccarello. [Cultured]

Coty’s new owner, giant private equity firm JAB Holding, has pushed out the board chair—and the C.E.O. may be next. [Financial Times]

Very bullish on J.W. Anderson’s Pimlico Road homewares flagship. [WWD]

I cannot wait to go to the Fondazione Dries Van Noten. [Vogue]

David Haskell really redeemed himself post-Culturati 50 (sorry, truly hate the name) with these epic people-sharing-headphones covers for New York mag’s annual Reasons to Love New York issue. Especially Lauren Santo Domingo and Jinkx Monsoon listening to Carol Channing. [Instagram]

Until tomorrow,
Lauren

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