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white paper February 2026 InSIGHT report No 2
No corner of the industry has been contorted quite as dramatically as fashion’s mid-market and its reinvention is now reshaping the rest of the ladder. What used to be the industry’s stable center – the “aspirational mainstream” between mass and premium – has turned into the most disrupted, scrutinized, and polarized part of fashion. Fast-fashion and value players scaled up from below with speed, price, quality and vertical control, while premium brands moved down with more accessible price points, heavy discounting, and outlet expansion. Together, they eroded mid-market’s price–value advantage and blurred its purpose.
The forces that hollowed out the middle–polarization, verticalization, consolidation, and the squeeze on subscale models–are now moving up the value ladder. What we observe in the mid-market today is the playbook that will increasingly shape the premium segment going forward.
event March 2025 Svensk Handel's D-Congress
Achim Berg presents a keynote at Svensk Handel's D-Congress in Gothenburg, Sweden. The congress is a leading retail event in Northern Europe, bringing together over 3,000 innovators and decision-makers to shape the industry's future.
press December 2024 Fashion industry faces cautious consumers during Christmas s...
tagesschau24 Update Wirtschaft by Anne-Catherine BeckAchim discusses on German television how this year’s Christmas business is unfolding for the fashion and luxury industry.
He points out that while city centers may seem less busy, people are still shopping, especially now during the holiday season – but there is a noticeable reluctance to spend. Affordable luxury in particular is struggling as aspirational consumers cut back, while high net worth individuals continue to spend at the top end of the segment. There are fewer tourists from SoutheastAsia as they shift their spending to Japan given favorable exchange rates; although Americans and Middle Eastern customers are increasingly present inEurope. In addition, online and secondhand sales are growing and taking sharefrom brick-and-mortar stores. Achim attributes the industry’s challenges to a stagnant market in Europe, economic uncertainty, and an increasinglycompetitive landscape. This has led to a wave of consolidation, as evidenced by the recent acquisitions such as the Zalando-About You or MyTheresa-Net-a-Porterdeals.
press December 2024 What's behind the merger of Zalando and About You
WirtschaftsWoche by Lisa Ksienrzyk and Nele Antonia HöflerAchim shares his views on the Zalando-About You merger and the ongoing consolidation of online marketplaces in the fashion industry. Zalando announced plans to acquire the fashion retailer About You from the Otto Group for € 1.13billion, thereby strengthening its market position while About You will continue to exist as an independent brand. The acquisition also includes the technology platform Scayle, which will be strategically integrated into Zalandoin the future. Experts see the deal as a necessary step to streamline the market and fend off competition from large Chinese players such as Shein and Temu.
linkedin Interview #10 - James Fallon; Chief Content Officer, WWD
The CELEBRATIZATION of #Fashion and Why the US is a Graveyard for European Brands ... … was at the heart of my recent conversation with James Fallon Editorial Director of WWD and Chief Content Officer of Fairchild Media Group, in his office on 5th Avenue. James is a legend in the fashion media industry, with an impressive 45-year career at Fairchild Media. He oversees editorial content across iconic brands like WWD Beauty Inc, Sourcing Journal, Footwear News, and Fairchild Live Media. Having spent 20 years as Fairchild’s London bureau chief before relocating to New York in 2001, James has developed a deep understanding of both the European and U.S. markets, making his perspective on their intersections and contrasts invaluable.
press December 2024 Retailers open up windows of opportunity in own-brand jewell...
Financial Times by Milena LazazzeraAchim provides his perspective on the opportunities and challenges of the growing own-branded jewellery business. There is arising trend of retailers expanding into jewellery, leveraging market knowledge and customer access todevelop high-margin, unique own-branded offerings. The strategy aligns with broader industry shifts as retailers diversify portfolios and introducein-house lines to cater to consumer demand for exclusivity and fill product gaps. While this move can drive growth and strengthen partnerships, expertscaution that market conditions and potential risks of cannibalizing salesrequire careful curation and strategic execution.
linkedin Interview #2 - Max Bittner; CEO, Vestiaire Collective
#Luxury E-commerce’s Perfect Storm and the Future of #Resale These were the key themes of my recent conversation with Maximilian Bittner during our meeting in hashtag#NewYorkCity. Max began his career at McKinsey & Company before founding and leading Lazada Group in Singapore. In 2019, he joined Vestiaire Collective as an investor, CEO, and Chairman, recognizing a massive scalability opportunity in the luxury resale market.
press October 2024 Luxury online retail – Mytheresa is now facing these challen...
WirtschaftsWoche by Nele Antonia HöflerIn an article in WirtschaftsWoche, Achim comments on the challenges that online luxury retailers like MyTheresa are currently facing and how they can overcome them.
MyTheresa has announced plans to acquire rival Yoox Net-a-Porter in a bid to become the leader in online luxury e-tailing. However, the company faces several challenges as demand for luxury goods has weakened due to uncertain consumer sentiment and rising prices of luxury goods. In addition, luxury brands are increasingly turning to direct sales and moving away from multi-brandplatforms. Growth alone is no longer sufficient for luxury online players; instead investors are now demanding profitability. MyTheresa plans to overcome these hurdles through synergies, a curated offering and the integration of YNAP's platform and customer data.
event May 2025 The Future of Retail Summit, Milan
Achim Berg joins the opening panel at the first edition of "The Future of Retail" Summit, hosted by FASHION Magazine in Milan on May 5th. The summit gathers leading voices from across the fashion industry from Italy and beyond to explore the evolving dynamics and future of fashion retail. In the discussion, Achim addresses the complex challenges and emerging opportunities that are currently reshaping the industry landscape.
press October 2024 What's next for luxury e-commerce
glossy.com by Jill ManoffAchim discusses his perspective on the future of luxury e-commerce with Glossy's Jill Manoff.
Luxury brands are increasingly by passing multi-brand e-tailers, offering direct-to-consumer sales with full product ranges, exclusive perks, and enhanced omnichannel experiences. Many once highly valued e-commerce platform shave struggled to achieve profitable growth in a high-interest rate environment, while others, such as Mytheresa, have thrived by focusing their differentiation strategy on curation rather than low prices, and by building customer loyalty through exclusive services and events. Although luxurye-commerce is projected to grow by 20 to 30 percent, physical retail will remain essential for luxury brands.
linkedin February 2025 Interview #19 - Michael Werner; Editor-in-Large, Textilwirts...
Where is German fashion heading? That was the central theme of my recent conversation with Michael Werner, Editor-at-Large at TextilWirtschaft in our Wiesbaden offices. With over 30 years of experience in the industry, Michael has been a keen observer of the German fashion market. He spent more than a decade leading the editorial team at TextilWirtschaft the leading trade publication for the DACH fashion market, and continues to shape the industry dialogue in his current role as Editor-at-Large. Few have analyzed and narrated the sector’s evolution as extensively as he has.
event September 2025 Chalhoub Group in:sight summit
Back in Dubai for the Chalhoub Group’s in:sight summit, Achim had the pleasure of discussing the future of luxury in the GCC. The region’s economy is experiencing steady growth, fueled by robust GDP, low inflation, and rising consumer confidence. Furthermore, non-oil sectors are building momentum and the economic decoupling is gaining traction. The beauty sector continues to outperform, and while Dubai maintains its position as the region’s luxury hub, Saudi Arabia requires new models to unlock its full potential. Across the GCC, consumers are becoming true luxury connoisseurs who are globally minded and trend-savvy.
linkedin March 2025 What means the US deregulation push for ESG in fashion?
The US administration has announced a series of 31 regulatory rollbacks, including the repeal of emissions limits on power plants, a reconsideration of the mandatory greenhouse gas reporting program, and an overhaul of the “social cost of carbon.” These moves follow US foreign aid cuts in January and the country’s withdrawal from the Paris Climate Agreement. These regulatory changes will have significant implications for fashion. But what does this mean for ESG (Environmental, Social, and Governance) in fashion? Will US fashion players reverse their sustainability efforts, much like some retailers have scaled back on DEI initiatives?
press September 2024 From hawk to dove: the Fed's rate cut and its impact on fash...
Modaes.com by Pilar RiañoIn a discussion with Modaes journalists, Achim shares his perspective on the impact of interest rates on the fashion industry.
The FED’s recent interest rate cut, the first in over four years, has sparked mixed reactions in the fashion industry. Some experts believe it could stimulate consumer spending, especially during the holiday season, while others think its effects may take time to materialize, and the upcoming U.S. elections could heavily influence its impact. The rate cut is expected to weaken the dollar, potentially reducing costs for European fashion companies sourcing materials from abroad but making exports to the U.S. more expensive.
press August 2024 Scandinavian MIND Transformation conference Copenhagen 2024
scandinavianmind.comA fireside chat with Achim and Konrad Olsson at the Scandinavian MIND Transformation conference in Copenhagen.
Achim Berg reflects on the current state of the fashion industry, including the post-COVID boom and the industry's hard landing in the face of multiple global crises, a challenging macro economic environment, and weakening consumer demand. He also reflects on his personal career, the lessons learned at McKinsey, and provides insight into the plans for his new company.
event April 2026 World Retail Congress
At this years World Retail Congress in Berlin, Achim will join Mango CEO Toni Ruiz on stage for the closing interview to talk about the strategic priorities driving MANGO's continued momentum while also looking ahead to 2030 and discuss what it takes to build a global leader in the upper mid-market.
press February 2025 Spanish fashion conglomerate conquers Leipzig
Leipziger Volkszeitung by Florian ReinkeAchim shares his perspective on Inditex’s expansion strategy in Leipzig, Germany.
Inditex is expanding its brand portfolio in Leipzig with new stores for Zara, Pull & Bear, Bershka, and Stradivarius. Achim points out that this move reflects broader industry shifts, particularly in the mid-market segment, where competition has weakened due to bankruptcies. Coupled with lower retail rents, Inditex is seizing the opportunity for growth. Achim further explains that Inditex’s vertically integrated business model is a key driver of this success, allowing the company to control the entire value chain and operate with greater resilience.
linkedin June 2025 Interview #32 - Hermann Haraldsson; Co-Founder & CEO, Boozt ...
What is the real potential of hashtag#fashion e-commerce? That’s the question I explored in a recent conversation with Hermann Haraldsson, Co-founder and CEO of Boozt - the leading multi-brand fashion pure player in the Nordics. Since 2009, Hermann and his team have built a hashtag#powerhouse by focusing on a region most global players overlooked. Today, Boozt not only dominates the Nordic market but also ranks among the most profitable fashion e-commerce platforms in Europe. We spoke about: How fashion e-commerce has matured over the past 15 years Why scale and hashtag#operational hashtag#efficiency are critical for long-term success Why Boozt believes the wholesale model is the right one for their business And why a 50–60% online share is the realistic sweet spot for the Nordic market, given its unique dynamics
press March 2025 D-Congress 2025: How AI Is Powering Fashion, Culture And E-C...
Forbes by Cassell FerereAchim is featured as a top voice with his keynote speech on fashion's paradigm shifts and the evolving e-commerce landscape.
Held in Sweden, home to innovative e-commerce companies, D-Congress brought together prominent industry thought leaders to explore the transformative power of AI in global fashion, culture and retail. In his keynote, Achim discussed fashion’s e-commerce transformation, highlighting how the landscape is consolidating and evolving around three core value-driven archetypes. He also identified ten key paradigm shifts that are revolutionizing the fashion industry, from AI streamlining back-end operations to ESG initiatives becoming non-negotiable for brands.
press March 2025 Paradigm shifts: Dr. Achim Berg on D-Congress Talks
Achim's keynote on fashion's paradigm shifts, presented live at D-Congress, is now available as a podcast episode.
After a decade of massive growth, peaking during Covid, e-commerce now faces a reality check. Achim dives into the drivers behind the past decade's e-commerce boom and gloom and explains why the focus has now shifted from aggressive growth to profitability. This shift is leading to a market restructuring and consolidation, with a future focus on three key archetypes that define the landscape.
linkedin Interview #34 - Renuka Jagtiani, Chairwoman, Landmark Group
During my recent visit to Dubai, I had the privilege of sitting down with Renuka Jagtiani, Chairwoman of Landmark Group - one of the UAE’s leading multinational retail and hospitality groups, with over 2,200 stores across the Middle East, India, Southeast Asia, and Africa. The group is behind beloved brands like Max, Splash, Lifestyle, and Home Centre. In our engaging conversation, we discussed why retail in the hashtag#GCC thrives only with true #operational #agility and deeply #localized #strategies. When it comes to #India, Renuka shared her focus on major urban centers, strong product leadership, and a deep understanding of local customer demands in a highly competitive market. I left inspired by her energy, clarity, and leadership - especially amazed to have met my second female chairwoman of a major retail group within just a few hours. Something that, honestly, happens far too rarely in other parts of the world. This conversation is part of the interview series for my upcoming book on the Future of Fashion.
press April 2025 Luxury industry at the crossroads of price increases once ag...
Vogue Business China by Junjie WangAchim shares his perspective on the impact of currency shifts and gold prices on luxury.
With the luxury market facing persistent headwinds and a prevailing sense of uncertainty, Achim notes that hopes for the US to offset weakening demand in China and Europe are quickly fading. Since the announcement of new tariffs, the US dollar has dropped nearly 10%, adding yet another hurdle for American consumers purchasing European luxury goods. Market sentiment, Achim emphasizes, is closely linked to consumer psychology - while many still have the financial means, they increasingly lack the confidence and willingness to spend. In this environment, gold has re-emerged as a global safe haven. Its surge is weighing on the luxury sector, not only diverting discretionary spending away from luxury, but also driving up costs for hard luxury items like jewelry and watches.
press April 2025 Show goes on for Ralph Lauren as fashion reels from Trump ta...
The Guardian by Chloe Mac DonnellAchim shares his view on navigating uncertainty and brand priorities.
Fashion and luxury brands are particularly vulnerable to Trump’s newly imposed tariffs on imported goods, due to the industry’s heavy reliance on Asia-centric supply chains. With ongoing confusion around the scope and timing of these measures, many brands remain unsure of the actual impact. Yet Achim emphasizes that moments of uncertainty are exactly when brands should reassess what they do. He highlights the importance of leaning into marketing and brand events to strengthen emotional connections and reinforce brand positioning. Ralph Lauren embraces this mindset, going ahead with his show despite the volatility triggered by Trump.
press April 2025 Luxury has experienced a cultural change
WirtschaftsWoche by Michelle Jura & Katharina KalinkeAchim comments on the democratization of luxury and the industry’s structural problems.
Following LVMH's weak quarterly results and falling share price, the downturn goes far beyond Trump's looming tariffs. They are just the latest piece in a much larger, already crumbling puzzle. Economic uncertainty continues to weigh on consumer confidence, but attributing the decline solely to external factors oversimplifies the luxury sector's deeper structural problems. Achim points out that internal missteps have also played a significant role. Years of aggressive price increases and efforts to make luxury more accessible to a broader audience have eroded the exclusivity that once defined luxury brands. He describes this as the democratization of luxury, a reflection of a broader cultural shift with a new understanding of luxury that is more experiential and value-driven than materialistic.
linkedin October 2025 Interview #40 - Jaume Miquel; Chairman & CEO, TENDAM
The fashion industry is being reshaped by changing consumer mindsets, sustainability pressures, and new investment models I recently had the pleasure of discussing these topics in depth with Jaume Miquel, the chairman and CEO of TENDAM and a renowned industry expert and strategist. Tendam is a Madrid-based multi-brand fashion and omnichannel retailer (Cortefiel, Springfield, Pedro del Hierro et al), since recently majority-owned by Multiply Group. Jaume and I first met some 10 years ago and I have always valued our insightful discussions about the evolution of fashion and the industry. During our latest conversation, he shared his perspective into the industry's ongoing consolidation, the impact of private equity on fashion, and how successful companies balance creativity with strategy. Thank you so much Jaume for taking the time to speak with me and for such an inspiring conversation. Further highlights from my interview with Jaume will be featured in my upcoming book on the future of fashion.
press April 2025 What Will Happen to the Handbags?
The New York Times by Vanessa Friedman & Jacob BernsteinAchim comments on how tariffs impact the luxury industry.
The US has long been seen as the next main growth engine for the luxury industry, but Trump's new tariffs have turned it into a source of concern. These measures act less as a tax on Europe and more as a burden on American consumers. Aside from Louis Vuitton's factory in Texas, no major brand is considering shifting production to the US, as "Made in Italy" and "Made in France" remain central to their identity. While some brands may be able to absorb the additional costs, years of price increases have already tested the limits of consumers. Although the luxury sector is more resilient than lower-margin segments, Achim warns that it won't remain untouched. The majority of luxury buyers are affluent or aspirational consumers - groups that are now hesitant amid market volatility and recession fears. In a climate of uncertainty, it is not necessarily wealth but confidence that drives indulgence, and right now, uncertainty is the prevailing mood, says Achim.
press May 2025 How luxury giant LVMH threatens to fall into Trump's customs...
WirtschaftsWoche by Katharina KalinkeAchim comments on the impact of tariffs and shifting dynamics in America’s role for luxury
Trump’s imposition of new tariffs is placing renewed pressure on European luxury houses. While no brand is seriously considering relocating production to the US, LVMH - already operating a manufacturing site in California - is the only one exploring an expansion of its American operations. The move aligns with Trump’s pro-domestic manufacturing narrative but remains largely symbolic, as Achim notes, given that a meaningful return of textile production to the US would require full automation - a challenge that has repeatedly proven unfeasible in the past. Beyond tariffs, Achim highlights the growing impact of luxury’s democratization, with middle-class consumers being the first to scale back spendings amid economic uncertainty. Even if tariffs prove temporary, he adds, they fail to restore the level of investment security needed. Mounting fears of a global recession and eroding investor confidence are steadily weakening America’s standing as a long-term growth engine for the industry.
linkedin January 2026 Smatch - raised €7.3m in Seed funding.
smatch is an AI-powered B2B marketplace transforming how unsold fashion hashtag#inventory is traded globally. By intelligently matching each item with the right buyer, smatch helps sellers regain control over distribution and margins, while buyers gain real-time access to a wide range of verified inventory. All transactions are discreet, fast, and data-driven. The opportunity is significant. In Europe alone, an estimated €300bn worth of fashion inventory is either heavily discounted or never sold, impacting profitability, brand equity, and sustainability efforts. Since launching in 2023, more than €15bn in inventory and 190 million items have offered to the platform. To support the next stage of growth, the team around Dr. Max Groberg and Dr. Hans-Martin Vetter has now raised €7.3m in Seed funding. The round was co-led by Transition Ventures, 42CAP, and 10x Founders, with backing from exceptional industry leaders including Noel Kinder (lululemon, former Nike CSO), Nigel Griffiths (former adidas SVP Global Sales), and myself.
press June 2025 As Kering’s Fashion Cools, Pomellato Heats Up
BoF by Ming LiuAchim discusses how high-end jewellery is outperforming other luxury categories in times of economic uncertainty.
The Pomellato brand stands out as a positive performance outlier within parent company Kering, offering a blueprint for a shifting luxury landscape and overall industry phenomenon. While the demand for many luxury goods has softened, Achim notes that jewellery is gaining appeal due to its timeless nature and intrinsic value. Compared to other luxury items, it is viewed as a more solid, investment-worthy purchase. Achim also highlights that demand remains robust among high-net worth individuals, who are less affected by economic or geopolitical concerns. For brands, this makes high-end jewellery a strategic category to connect with a more resilient target segment.
linkedin January 2026 Interview #50 - Lars Braun; CEO, BRAUN Hamburg
The State of German Fashion Retail A central thread of my recent conversation with Lars Braun, CEO of German luxury retailer BRAUN Hamburg, and one of the country’s top wholesale experts. We unpacked how the industry reached this moment of reckoning – and how consumers are pushing back amid economic pressure, fatigue, and years of overexpansion. Lars described it as a market hitting its ceiling, with customers growing more disillusioned and value-driven, shifting spend through substitution and off-price channels. We reflected on the state of German fashion retail and the changes that will shape its next chapter: e-commerce’s role in supporting financial resilience and why the wholesale model can provide strategic advantages over monobrand retail. Find more in the sneak peek below.
press August 2025 These NJ and PA designers are making modest workout gear tha...
northjersey.com by Deena YellinAchim shares his perspective on the state of modest fashion, highlighting its growth drivers, increasing popularity, and strong outlook.
Modest fashion, particularly activewear that conceals without constricting, is gaining traction. Achim notes that the global Muslim community, projected to comprise nearly a third of the world’s population by 2050, already accounts for a significant share of fashion and luxury sales, with its spending set to continue rising in the coming years. Achim further emphasizes that this demographic’s upcoming affluence and purchasing power represent a structural growth opportunity for brands, rather than a passing trend.
press September 2025 Are US fashion brands at risk of growing anti-American backl...
The Guardian by Lauren CochraneAchim comments on concerns that U.S. tariff policies may fuel anti-American sentiment abroad.
Sparked by Levi’s warning of potential sales losses in the UK, the debate centers on whether fashion brands face such risks. Achim notes that the backlash usually targets companies tied to the U.S. government, not fashion labels. He also points out that consumers continue to embrace American products, such as Apple and Netflix without hesitation. Debates around wokeness and sustainability have shown that consumers are usually less consistent and radical than media narratives suggest, often continuing to favor brands regardless of their reputation in those areas.
press July 2025 Uniqlo Lands in Munich: The Battle of the Fashion Giants
Münchner Merkur/tz by Dominik GöttlerAchim comments on Uniqlo’s continued push into the German market with its planned Munich store opening in fall 2025.
The company's expansion into Munich highlights both the opportunities and the hurdles of competing in Germany’s saturated fast-fashion landscape. Achim notes that the brand’s focus on durable, high-quality basics aligns with the shift in consumer preferences away from disposable fashion and toward functional, value-driven basics. Its Japanese image of precision and thoroughness further strengthens its positioning, even though production practices are similar to those of its rivals. He adds that durability supports Uniqlo’s sustainability profile; however, recycling challenges demonstrate that the industry is still in its infancy. Achim further states that Germany is a challenging market due to full wardrobes, cautious spending, and strong low-price competition. Achim makes clear that Uniqlo’s future in Germany depends on its ability to seize market share from established players.
press July 2025 Houses link up to burnish jewelry growth at Kering
Financial Times by Milena LazazzeraAchim comments on the Gucci-Pomellato collaboration, viewing it as a smart way for Kering to navigate the current environment.
Kering brands Gucci and Pomellato have teamed up on a high jewelry collection to strengthen the luxury group’s jewelry segment, which has proven resilience even as its core fashion business faces pressure. With Gucci being in a transitional phase following the departure of Sabato De Sarno and ahead of Demna Gvasalia’s arrival as creative director, Achim states that the capsule serves as a strategic bridge to maintain momentum for the brand.
press June 2025 Why the Fashion Industry is Looking to India with Cautious O...
Hertzman Global Intelligence by Caletha CrawfordAchim comments on the renewed discussion about India’s potential as a sourcing market, particularly in light of trade and price policies.
He notes that a big breakthrough in India has often been predicted but never delivered. The article highlights both the country's potential and the challenges it faces, a perspective which Achim shares. In his view, India has most of what it takes to succeed; however, the challenge lies in organizing these strengths holistically. The current mix of trade shifts and new investments may finally create the conditions for progress. Achim concludes that India will only turn its sourcing potential into sustained growth if it secures reliable trade deals that provide fashion brands with confidence in stable costs and predictable market access.
press October 2025 Uniqlo Lands in Frankfurt: The Global Hype About Uniqlo
Frankfurter Rundschau by Kathrin RosendorffAchim dissects Uniqlo’s success, positioning it as a considered alternative to the fast fashion paradigm.
As Uniqlo opens its 11th store in Germany, the article explores the brand’s positioning and growth drivers while critically examining its claims of democratization, quality, and sustainability. Achim notes that Uniqlo’s rise reflects a broader shift in consumer preferences toward longevity and quality, with its innovative, functional fabrics serving as a defining USP. Unlike its competitors, Uniqlo isn’t driven by rapid trend cycles or ultra-fast production; its focus on functionality, craftsmanship, and accessible yet moderate pricing sets it apart. Although he doubts that Uniqlo will overtake Inditex, Achim believes that Uniqlo is poised to challenge H&M amid its current slowdown.
Source: Frankfurter Rundschau
press October 2025 Fashion Forward: What Will the Industry Envision in 2026?
Modaes by Celia Oliveras, Pilar RianoAchim comments on what factors will shape the fashion industry in the year ahead.
As 2026 approaches, the fashion industry is bracing itself for another year of uncertainty. In a recent interview with Modaes, Achim shared his perspective on the structural forces shaping this reality. He notes that geopolitics, tariffs, and shifting regulations are driving market changes, leading companies to move away from centralized management towards distributed decision-making. He further points out that adapting to these circumstances comes at a high price, requiring businesses to carefully balance speed, costs and risk when making investment choices. Achim also highlights that, amid growing insecurity surrounding the impact of AI and the macroeconomic environment on the job market, consumers favor savings and smaller purchases over heavy expenditures.
press November 2025 How Uniqlo’s Japanese Fashion Tycoon Plans to Conquer Europe
Manager Magazin by Tim SparkAchim comments on Uniqlo’s positioning and strategic path as the brand intensifies its push into the European market.
The article evaluates Uniqlo’s market position and growth potential to assess the realism of its ambition to overtake H&M and Inditex. Achim highlights that Uniqlo’s low-risk, quality-focused product strategy aligns strongly with today’s demand for durability and value. He also makes it clear that he views Uniqlo as a mid-market player rather than a fast fashion brand, as the company is built on timeless essentials rather than trend-driven, disposable apparel. Despite its global scale, Uniqlo still has a comparatively small presence in Europe, particularly in Germany, leaving significant room to grow. Achim notes that future gains will likely come from customers shifting away from mid-market and upper-mid-market retailers, many of which are already under pressure, making Uniqlo’s expansion demanding yet achievable.
linkedin February 2026 Does luxury have an off-price addiction?
Edouard Aubin and his team at Morgan Stanley just shared this striking graph mapping the physical outlet footprint across luxury brands – and the findings are revealing. 3 takeaways: A structural pressure hashtag#valve: Wholesale discounting, excess inventory, and new regulations that prevent brands from destroying surplus stock have all pushed luxury into outlet channels. For most players, outlets have become a release mechanism. The most resilient brands refrain from outlets and and sit at zero: Louis Vuitton, Hermès, CHANEL all have no outlets. Midst the gloomy landscape, these are also the brands with the strongest pricing power and the healthiest margins. Outlet discipline and brand resilience clearly go hand in hand. The outlet count mirrors the pressure: Versace and FERRAGAMO lead the outlet count – and are also among the brands facing the steepest desirability and profitability challenges today. Outlets offer a powerful short-term solution: clearing overstock, generating top-line revenue, and are usually margin accretive. Though the fix becomes the problem as the short-term gain dilutes brand equity, defeats scarcity, the perception as true luxury, and with it, desirability. For many struggling brands, a necessary course correction is already underway. Gucci is the most instructive case: down from 49 outlets to ~34 and heading toward 30 according to Morgan Stanley.
press November 2025 The Twilight of the Luxury World
FAZ by Felix SchwarzAchim outlines the key drivers and mitigants shaping luxury’s current reckoning.
He outlines the factors behind luxury’s current downshift, that consumers have become increasingly oversaturated with physical goods. Luxury, once reserved for the super-rich, has democratized, with upper-middle-class aspirational buyers and emerging markets – particularly China – driving past growth. This expansion created dependencies, leaving the industry a victim of its own success as Chinese demand weakens. As brands seek to counter this slowdown, Achim highlights sport as a mitigant. Major sporting events provide global visibility and access to attention-scarce, affluent audiences, making them an increasingly important platform for luxury brands seeking global success.
linkedin March 2026 Interview #51 - Ian McGarrigle; Founder & CEO, World Retail ...
What is the Future of (Fashion) Retail? Nobody is better positioned to answer that question than Ian McGarrigle, founder and chairman of the World Retail Congress. He is one of the most seasoned observers of the global retail landscape and is bringing together industry leaders each year to navigate their next chapter. Through that lens, Ian McGarrigle shared his perspective on how retail has evolved over the past decades, the forces shaping it, and where it is heading. We explored the transformative rise of e-commerce, the implications of globalization, and why data has become one of retail's most powerful strategic assets. He also reflected on why he founded the World Retail Congress and why strong leadership, perspective, and clarity of vision are more critical now than ever.
press December 2025 Brands of the Past – Who Will Buy Them in the Future?
Der Aktionär by Sarina RosenbuschAchim comments on luxury’s current reckoning amid macro pressures, weak consumer appetite, and what it will take to recover.
He highlights the industry paying the price for years of vanity-driven growth, where overexpansion and price inflation failed to deliver sustainable returns. Luxury is now entering a necessary phase of consolidation, seen as a prerequisite for the next growth cycle. While the ongoing reshuffling of creative directors aims to refresh creativity, Achim cautions that its impact will take time to materialize. He notes that luxury fulfills a fundamental human need for aspiration and self-expression, making recovery, though gradual, inevitable. A rebound will depend on broader economic stabilization, renewed growth in China, and easing regulatory pressure in the U.S. He adds that current experience-led luxury strategies enhance brand image rather than drive effective revenue growth.
press January 2026 India and EU agree game – changing trade deal
BBC World Business Report podcast with Leanna ByrneAchim comments on how ownership changes are reshaping the global sportswear and fashion industry.
There’s been a big shift after the Pinault family’s decision to sell its remaining stake in Puma to China’s Anta Sports. Achim discusses the reasoning behind the sale, Puma’s history and position as a brand and Anta’s plans going forward. He also shares his observations on Anta’s growing Western portfolio and what the acquisition means for them as a company.
press February 2026 After the Mid-Market Squeeze – The Vertical Blueprint Set to...
WWD; Modaes; TextilWirtschaft; FashionUnitedFashionSights’ latest report analyzes how the forces hollowing out the mid-market are now reshaping the premium segment.
Following the publication of “After the Mid-Market Squeeze: The Vertical Blueprint Set to Hit Premium,” international trade media highlighted its central warning: polarization, verticalization and consolidation are moving up the value ladder. WWD and FashionUnited stressed the growing pressure on brands caught between value and luxury, while TextilWirtschaft focused on the four strategic responses premium players must adopt. Modaes placed the findings in a European context, pointing to the UK as a leading indicator of structural change.
Together, the coverage signals a broader industry shift: as the middle erodes, only clearly positioned brands will remain profitable.
press March 2026 Big Bargains and 'White Knuckle' Buying: Inside the Rise of ...
Financial Times, Capital by Gregory MeyerAchim comments on the rise of off-price giant TJX and how a perfect storm of consumer pressure and surplus inventory has propelled the discount group into retail's big league.
Against a backdrop of structural headwinds – softening consumer spending, elevated cost of living, and price fatigue at the high end – TJX (operator of TJ Maxx, Marshalls, and TK Maxx) is thriving. The group absorbs surplus merchandise from brands, manufacturers, and retailers, converting excess inventory into quick cash, selling at 20-60% below retail, and providing a discreet clearing channel for the industry's stock imbalances. Bankruptcies and full-price distress only deepen the supply pipeline, turbocharging the "treasure hunt" dynamic that drives repeat footfall. Achim notes that most brands now actively embrace off-price – increasingly using these channels as a planned release valve rather than a last resort. The risk, he cautions, remains the dilution of brand equity over the long term.
linkedin March 2026 Luxury reality check in Milan
Last week, Tradebyte brought together an inspiring group of industry experts for ECD Premium in Milan – arguably a great setting to discuss the state of luxury in e-commerce, the rise of Agentic AI, and the evolving role of platforms. A particular highlight was the presentation of the new Tradebyte Premium report "Luxury in the Age of Algorithms", which set the stage for our keynote conversation on the State of Luxury in 2026. In the discussion, we explored why the industry has reached an inflection point: after decades of expansion, growth dynamics are shifting, consumer sentiment has softened, and the sector is increasingly confronting the limits of price-led growth. The conversation also focused on what comes next – from restoring creative momentum and sharpening strategic focus to embracing new technologies such as AI that are beginning to reshape operations and content production.linkedin March 2026 Inside the off-price playbook
Off-price is as one of fashion retail’s resilient growth models. The momentum has been building for over two decades. The drivers are both cyclical and structural. What began in the United States is now proving a winning formula globally. Why does off-price work? (1) Consumer reality has shifted. Elevated living costs, coupled with significant price increases from fashion brands, are pushing more demand into off-price. (2) In a world of oversupply, consumers still enjoy the “treasure hunt”. Beyond price, the in-store discovery experience drives both traffic and repeat visits. (3) There is no shortage of supply. Off-price acts as the industry’s pressure valve: particularly in today’s softer market environment. (4) Brands and retailers could, in theory, use AI and data to reduce overstock. In practice, many choose not to. Off-price has become a vital – and profitable – channel, especially for mid-market, premium and luxury players. What does this mean for the fashion industry? Structural shifts are reinforcing the model. Ongoing disruption in department stores (for example, Saks Global) and sustained pressure on the mid-market, squeezed between value and discounted premium, are accelerating the role of off-pricelinkedin March 2026 Mid-market elevation needs to translate into a higher sell-t...
In UK womenswear, the gap between full-price and discounted sales illustrates the broader shift in the mid-market. Our latest analysis shows: Total market: 62% sold at full price (+1 pp vs. 2024) / 38% discount MANGO: 75% sold at full price (+2 pp vs. 2024) ZARA: 83% sold at full price (+5 pp vs. 2024) The takeaway: leading vertical mid-market players are less reliant on markdowns while strengthening their full-price position. In a market where the middle is under pressure, that says a lot about desireability, pricing power, margin resilience, and brand relevance. Thanks to Worldpanel by Numerator for the analysis input.linkedin April 2026 What is Mango’s roadmap to 2030?
Next week Wednesday, I’ll be joining Toni Ruiz Tubau, Chairman and CEO of MANGO for the closing interview at the World Retail Congress in Berlin. Our conversation will focus on the strategic priorities driving MANGO’s continued momentum: deep customer understanding, brand and product elevation, investment in physical retail, strong digital growth, and the agility required to perform in an increasingly complex market. We will also look ahead to #2030 and discuss what it takes to build a global leader in the upper mid-market A timely discussion at a defining moment for our industry. See you in Berlin. Thanks to Ian McGarrigle and World Retail Congress team for bringing us all together in Berlin!
linkedin April 2026 Interview #60 - David Schneider; Co-Founder, Zalando
Can online fashion ever reach 50% market share? One of the most striking questions from my recent conversation with David Schneider, co-founder of Zalando – one of the earliest and most successful scale-ups in European e-commerce. We explored key factors that have shaped the category over the past decade, including Zalando’s launch and scaling strategies, COVID’s impact on the industry's trajectory, and current approaches for navigating a soft market backdrop. We also addressed ESG: its significance in difficult market conditions, strategies for managing reputational and strategic risks associated with disengagement, and the prospects for renewed investment in ESG. Ultimately, the most critical question emerged: Can fashion e-commerce ever capture 50% of the market?
