Hi, welcome to Line Sheet. I landed in Paris yesterday. Nine more days to go! So much has transpired since I last wrote to you. In this issue, I’ve got final thoughts on Milan, intel on John Donahoe’s exit from Nike, plus a smattering of scoops. Rachel Strugatz is here with $$$ details on the Violet Grey buyback deal, and I’m sharing some info about the future of Proenza Schouler.

🚨🚨 Programming note: Tomorrow on Fashion People, fellow Bally fangirl Becky Malinsky joins me to discuss the Milano shows, the future of Nike, Dover Street Market Paris, and all the other stuff happening right now. Listen here and here.

Mentioned in this issue: Violet Grey (again), Cassandra Grey, Proenza Schouler, Jack McCollough, Lazaro Hernandez, leather pants (again), Kay Hong, John Donahoe, Elliott Hill, charisma, Cheryl Hines, R.F.K. Jr., Bally, red Mary Janes, Michael A. Reinstein, Gucci, Sabato De Sarno, Marie Chaix, Marco Bizzarri, Domenico Dolce, Stefano Gabbana, Susan Chokachi, Jean-François Palus, Twin Peaks, Matthieu Blazy, Bottega Veneta, Julianne Moore, Simone Bellotti, Versace, Romeo Gigli, Matteo Tamburini, Madonna, and many, many more…

• Rachel told ya: Last week, it was finally announced that Cassandra Grey had bought back her baby, Violet Grey, after it had languished for two disastrous years under Farfetch, which is now owned by Coupang. I heard that the beauty content site turned retailer, which helped transform newcomers like Augustinus Bader into viable competitors to La Mer and La Prairie, traded for a $1 million purchase price, plus a few million dollars added post-sale to cover operating costs, etcetera. Grey’s partner in the transaction was Sherif Guirgis from 888 Midas Partners.

  I’ve been following the Violet Grey-Farfetch saga since earlier this year, when I reported that Coupang was planning to sell the beauty retailer. Of course, Grey always wanted it back, but it will cost far more than a few million bucks to undo the Farfetch mess. Violet Grey was doing about $20 million in revenue at the time of Farfetch’s misguided $55 million acquisition in early 2022, but sales dropped by 40 percent in 2022 and then dropped again in 2023. I’ve always thought that Grey should use her traditional skill set to build an actual beauty brand, or even brands—plural. Her talents are well suited for such an endeavor: she has great taste and would excel at manufacturing an aspirational “universe” to serve as the backdrop. (Coupang declined to comment; a spokesperson for Violet Grey said, “As a privately held company, we do not disclose financials, but we're excited about the future and the opportunities ahead.” ) —Rachel Strugatz

• What happens after you get what you want?: More change is afoot at Proenza Schouler, six years after designers Jack McCollough and Lazaro Hernandez bought back their company with the help of a new financial partner, so-called vulture fund Mudrick Capital. (It’s not as predatory as it sounds; it was more of a friends-helping-out-friends situation, but still…)

  As you’ll recall, McCollough and Hernandez initially brought on private equity investors far too early, suffered from pressure to scale, and then spent years unwinding the damage with C.E.O. Kay Hong, a turnaround expert who was able to successfully reposition the business as a high-fashion, design-led alternative to obvious, status-signaling labels. (See: the leather pants.) Today, I’m told Proenza Schouler generates about $70 million in annual revenue. That’s a lot less than the ~$200 million that the company earned during its peak, but more than the $40 million in revenue during the trough.

  Proenza Schouler ran a sale process a few years back, but didn’t end up consummating a deal. Now, Hong is stepping down (she’ll remain on the board), and I hear that the new C.E.O. (whom she is helping recruit) should be announced soon. A rep for the company did not wish to comment.

• What happens after you get what you want? Part II: The inbound I received about the Leftovers-style flash departure of Nike C.E.O. John Donahoe and the return of beloved ex-Nike executive Elliott Hill was pretty extraordinary. At the company’s Beaverton HQ, some employees were even passing around an image of Hill rendered in the style of Shepard Fairey’s Obama “Hope” poster. Multiple people told me there was cheering and a standing ovation when the email arrived announcing Hill’s appointment.

  If the core of the Nike problem is the loss of its winning culture, this morale boost should go a long way. And Hill has the chops: Not only has he touched most parts of the business, but his last job before leaving the company in 2020 was managing a $39 billion P&L. That said, analysts have already warned that replacing Donahoe isn’t a cure-all. The “very charismatic” Hill and his team still need to crawl out of the discount dungeon, and fix everything else, too. Nike went through multiple reorganizations during the Donahoe years, and now there will be change once again, so prepare for a long slog. As one former executive said, “Nike is over 50 years old and very big in every sense. Adidas was around 40 years old when Nike overtook them for the top spot.” Wonder what the folks over at On think about all of this.

• Yes, that was Cheryl Hines at Bally: On Saturday, the Curb Your Enthusiasm actress, and still-wife of former presidential candidate R.F.K. Jr., showed up all fresh and clean to the Bally show in Milan in a starched white shirt and red Mary Janes. There are many reasons why Hines would decide to be there. (She politely declined to comment when I asked her about the sexting scandal involving her husband and New York magazine’s Olivia Nuzzi.) Bally was recently acquired by Regent, a Los Angeles-based private equity firm whose portfolio includes Escada, Club Monaco, and Intermix. (Also: Cheddar News, Drybar, Playtex, Wonderbra… a lot of stuff.) I’ll save my analysis of that purchase from JAB Holdings for another day, but it seems that Hines is buds with Regent C.E.O. Michael A. Reinstein. Anyway, being out and about, and looking great, while your world implodes is an oft-used, and oft-effective tactic.
• P.S. We’re experimenting with affiliate links because when we link to stuff (like said leather pants, or a COS sweater, or mustard), it often sells out. Just wanted you to know.
• P.S.S. Just a reminder that you received a note about participating in the Puck Private Conversation, powered by Orchestra, a whole new big fun thing we’re doing. Basically, we want your unvarnished opinion about everything—from who you think will win the U.S. election in November (or who you want to win) to the brands that you’re buying (at retail, people). This is yet another way for us to interact directly, which is the name of the game here. More soon, but until then, make sure to fill out this survey.

For what it’s worth, I thought that his latest collection was once again a marked improvement from the previous one. His big idea (i.e., Let’s have fun in cute clothes) was more fully realized, assisted by new stylist Marie Chaix, who appears to be a better match than former stylist Alastair McKimm, who was off helping creative director Adrian Appiolaza sharpen up Moschino. (They succeeded, by the way.) Of course, the industry sentiment around De Sarno matters far less than whether the collection sells. On the runway, the greatest strength was in the shoes, especially the clear-wedge platforms, which you don’t have to love to know that they will work at retail.

What about De Sarno’s neat coats, tulip-skirt sets, ribbed tanks, and wide-leg jeans? Maybe, but remember that Gucci is a global brand that needs to win back consumers in Asia as much as in the U.S. and Europe. Parent company Kering, whose latest results will be released on October 24, recently saw its shares plunge to a seven-year low on analyst reports of soft consumer trends in China.

The other priority for Gucci is restructuring the business, which has changed dramatically during the past year. It was only in July 2023, after all, that Marco Bizzarri was fired. Less than two months later, U.S. deputy Susan Chokachi left the business. (They are now investing in new brands together through Forel, Bizzarri’s fashion and luxury firm, which is linked to Faro Alternative Investments. They were holding court at the show of Elisabetta Franchi, their first buy-in, on Friday night.)

After Bizzarri and Chokachi left Gucci, many more executives followed, and a new management structure was implemented a few months ago. The people at the top—C.E.O Jean-François Palus and deputy C.E.O. Stefano Cantino—are surely still working through the reorganization. As one person close to Kering said to me, De Sarno has the ingredients, but there’s been operational upheaval since the moment he arrived. Now he’s presumably getting the support he needs, but is it all too little, too late?

It’s been a pleasure to watch his unfolding vision for how we should, or could, dress. And it’s Kering’s job to make sure people buy into this world through merchandising Bottega’s stores correctly, but it’s Blazy’s job to inspire. Bottega ambassador Julianne Moore called the collection “deeply felt, romantic and human,” on Instagram and honestly, she nailed it!

The other big win this past weekend was at Bally, where designer Simone Bellotti once again exhibited a talent that does not know the bounds of a brand. He is undoubtedly being considered for bigger jobs, given what he’s been able to cook up in three seasons at the Swiss house, which recently changed hands over to an American investor. More on that sooner than later, I’m sure, but for today, let’s talk about the clothes.

Bellotti mentioned that he was thinking of the silhouettes of Romeo Gigli, a clue that might explain why so many fashion people are smitten with his work. (Gigli is a big inspiration for The Row, among others, and is a current favorite on the overpriced vintage circuit.) His intention with the “project,” as he calls it, was to suggest that Swiss-ness wasn’t just about “banks, chocolate, and precision,” even if his work is indeed very precise. For the collection, he once again played with the idea of a bell curve, this time on the hem of denim jeans. The black leather, the boat shoes, the red bags: pretty, but a little nasty, and a tad off. Kind of what Audrey Horne would wear if the original Twin Peaks were set in 2024. It’s what we all want right now.

Loro Piana, too, is making things people want. I hear the bags are selling like crazy, but the brand’s success is less about the wretched concept of quiet luxury and more about the specificity of everything they do—from the color choices (soft, but not dusty, shades) to the silhouettes (the pant shapes and necklines are so uber-traditional and purposefully stuffy that they nearly look rebellious). My theory is that Loro Piana has prospered as it moves further into leather goods and true fashion because its underlying business is textiles. The support of the LVMH infrastructure doesn’t hurt, either.

Watching the Tod’s and Ferragamo shows this past week, however, made me think about how hard it is to turn a shoe brand into a clothing brand. I thought Tod’s designer Matteo Tamburini’s second collection was nice—made nicer by Brian Molloy’s styling proclivities—and that this Ferragamo show was Maximilian Davis’s best to date. (The raw edges on some of the pieces, and the edgeless swirls of rope on others, were two of my favorite elements.) And yet, I don’t know if I see a person looking to become a Tod’s woman or a Ferragamo woman. I’m not sure if that’s simply a matter of history or a matter of resources.

On the other hand, we know who the Versace woman is. Donatella Versace is the master and muse, and the brand’s ’90s archive-inspired collection reflected that. The show, itself, felt smart and commercial but also appropriate given the situation that parentco Capri finds itself mired in with the stalled Tapestry merger: Nothing can really change until everything gets unfrozen. But, as with Michael Kors, once the deal goes through (or doesn’t) we have to demand more.

Armani remains independent, even though there are dozens of, if not more, investors who dream of buying it. The season’s Emporio show was a sort of teaser for the big collection show occurring in New York in October. The thing a lot of these stalwart brands, like Armani, is that their fashion proposal remains unchanged. Some seasons that’s bothersome, other times it’s not. This time at Emporio, the jaunt around the venue in cropped jackets and billowing trousers was warmly received. (As were Mr. Armani’s own navy sweatpants, only rivaled by Ralph Lauren’s vintage denim.)

At Dolce & Gabbana, the homage to the Jean-Paul Gaultier era of Madonna—who sat in the front row, by the way, covered in a black veil as if she were attending her own funeral—was perhaps not the designers’ best version of themselves. Anyone who cares to deeply criticize the clothes on a Dolce & Gabbana runway is going to have a tough time: The reason the company has been so successful, besides its hit fragrances, is because people actually buy the clothing. I’d reckon the percentage of repeat purchases is far higher than most brands. (Women collect these dresses because they fit like a dream.) That said, the homage to Gaultier felt hokey at times.

In Italy, however, everyone is talking about Dolce & Gabbana for another reason. Will Domenico Dolce and Stefano Gabbana finally sell? As with most of these companies, the designers have previously denied interest in raising outside capital… but it’s impossible not to consider an exit as they ponder the future. In 2022, the brand brought its fragrance and beauty businesses in-house—a bold move for an independent company that could reap more profits in the long run, but nevertheless a major cost in the short run. If a deal is to be done, I could see them looking to partner with someone outside of Italy. Maybe even as far away as China.

I’m finally almost through the whole of the 4-hour, 16-minute episode of the Acquired boys’ take on Amazon! [Acquired]

A friend wrote to me and said that Dylan’s take on the R.F.K. Jr.-Olivia Nuzzi situation reads like “Shakespearean prose.” It’s good! [In the Room]

It’s official, former Times Styles fashion reporter Jessica Testa is now on the media desk. Her first piece for the section is a fascinating deep dive on the co-founder drama at Racquet magazine. I love this beat for her. My only question for her new bosses: Can she still come on the pod? [New York Times]

“Uncross your legs!” R.I.P., Richard Renda. [CFDA]

Every time a big job comes up, someone says, Why doesn't anyone ever mention Erdem?. Anyway, he is loved, and just launched a handbag. [Vogue]

The new Alaïa campaign is smoking. [Instagram]

I love the Sunnei guys and it was nice to see them featured so prominently in a major American pub. [NYT]

Rachel Tashjian on the Substackers. (Many of whom are heavily influenced by her own newsletter, by the way.) [WaPo]

The Row’s store in Paris (which I told you about months ago) opens tomorrow! [Vogue]

Yes, I did indeed watch this segment on the F.T.C.’s Lina Khan. [60 Minutes]

Until Wednesday,
Lauren