This Week: Italy Takes on Fast Fashion, Retail Earnings, BoF VOICES 2025

High Fashion vs. Fast Fashion

For some time, France’s fashion industry and regulators have been agonising over whether to fight the rapid rise of Shein, Temu and other ultra-fast-fashion competitors — and how to do so if they do. That tension came to a head when Shein opened its first permanent store in Paris earlier this month, drawing both protests and crowds of eager shoppers.

This week, the fight moves to Italy, where government officials will meet representatives from the country’s fashion industry associations to discuss the future of “Made in Italy.” At the top of the agenda will be fast fashion. A law to tax low-value parcel imports — the primary way purchases from Shein enter the country — is making its way through Italy’s legislature.

But Italy’s fashion industry is also facing pressure to clean up its own act, after a series of revelations of labour abuse. The regular drip of allegations that brands such as Loro Piana and Armani used suppliers that exploited workers to make products that went on to sell for thousands of dollars has severely hurt consumer perception of luxury brands. This, too, will be on the agenda on Monday, though expectations are low that decisive action will be taken.

If anything, the industry seems to be digging in: On Wednesday, Italy’s highest court will decide whether to move Tod’s labour violations case out of Milan and into the presumably friendlier jurisdiction of Ancona in the Marche region where the company is based. Unlike other brands facing similar allegations, Tod’s has fought back, with chairman Diego Della Valle questioning whether investigations into luxury’s labour practices stemmed from a “need for publicity.”

Eric Sylvers contributed to this item.

Will Consumers Keep Spending?

This week brings a slew of earnings from retailers that cater (though not exclusively) to lower-income Americans. Among them are off-price giants TJX and Ross, big-box chains Walmart and Target, and Gap Inc. (which owns low-priced Old Navy). TJX and Target report Wednesday, while Ross, Gap and Walmart report Thursday.

The conventional wisdom this year is that these companies should benefit from shoppers trading down when they feel pressured by inflation and tariffs. Shares of TJX, which owns T.J. Maxx and Marshalls, are at a record high, as are Ross’s. But there are growing signs that some consumers’ budgets have been stretched to the breaking point. The University of Michigan’s near-record-low consumer sentiment reading earlier this month in particular raised the alarm.

We’ve been here before, and US consumer spending just kept humming along. Many experts are predicting something similar to happen this year. While the sentiment reading indicates anxiety is spiking, spending intention surveys, for the most part, point to modest growth in holiday sales. Growth is mostly coming through higher prices rather than increased volume these last couple years, though for the moment at least, a sale is a sale.

But if this time is different, this week’s earnings will provide some early warning.

What I’m Looking Forward to at BoF VOICES 2025

Around when this email hits your inbox I’ll be somewhere over the Atlantic on my way to London and then Oxfordshire, for the 10th(!) edition of BoF VOICES, our annual gathering of business and creative leaders throughout the global fashion industry. If you’re looking for some highlights:

• We’ve assembled a few micro-generations of influencers, including Susie Bubble, Bryan Yambao, Camille Charriere and The Gstaad Guy, to talk through 20 years of the creator economy.
• Prada Group chief executive Andrea Guerra takes the stage as his company finalises its acquisition of Versace.
• Trend forecaster Li Edelkoort updates her anti-fashion manifesto. The original was delivered at the first VOICES.
• Model Awar Odhiang, fresh off closing out the Chanel Spring/Summer 2026 show in Paris.
• Academy Award-winning documentarian Kartiki Gonsalves, because like her, my daughter is also obsessed with orcas.

You can find the full speaker list here as well as a link to the livestream.

The Week Ahead wants to hear from you! Send tips, suggestions, complaints and compliments to brian.baskin@businessoffashion.com.