No. 39
Beauty · Fashion · FMCG · Culture · PR

The Weekly Marketing Report

made by Ellen Henriksson Burén

Period analysed 21 to 27 September 2026

H&M raised its quarterly operating profit by 23 per cent on sales that grew one, and the Nordics were its best region. The same pattern ran through ASOS, Stitch Fix and General Mills: profit made from margin, price and cost, and hardly a customer won. The one industry that insists it is winning customers, AI shopping, spent the week fighting over who owns them.

+23%H&M's operating profit in June to August, on net sales that grew 1% in local currencies
−9%Swedish e-commerce in August, with purchases from Temu and Shein halved since the EU parcel duty
7%Fashion shoppers in the US and UK who would let AI buy for them without approval, the week Amazon blocked Meta's agent
104.9Svensk Handel's forward indicator for Swedish grocery in September, against 95.6 for specialty retail
The colour key · sector
Beauty

Skincare, haircare, colour, fragrance and the retailers that carry them.

Fashion

Apparel, footwear, luxury and fashion retail.

FMCG & food

Packaged goods, drinks, household, personal care and food service.

Adjacent

Services, platforms and auto: outside the core scope, read across into it.

The record

Trend-tracker movements and method notes. Deliberately uncoloured: these are observations about the evidence, not brands.

Colour carries sector only. Market is a separate, orthogonal dimension and stays a plain chip, Sweden or Int, so the two are never confused. The chart on page three is drawn in the page's own neutrals, bronze for the one bar the page is about and ink for the rest, and carries no sector colour.

About the artwork. Every picture in this issue is a photograph generated for this page with GPT Image 2.5 via Higgsfield, as in No. 38: eight plates opening the pages, numbered I to VIII, and one on each of the 35 find cards. All are held to one register: porcelain ground, one soft daylight source, bronze and champagne, no lettering and no identifiable face. The record's cards are greyscale on purpose, the same rule that keeps them uncoloured everywhere else. None of them is a still from the real creative. They are interpretations of the reading, they are not evidence, and they should never be shown as the work itself or as documentation of it.

Page One · The lead

Profit without the customer

H&M published its third quarter on 24 September, and the two numbers that matter point in different directions. Operating profit rose 23%, to SEK 6,037m. Sales rose 1% in local currencies, from about 2% fewer stores. The chief executive credited purchasing, cost control and buying closer to the season. About 1.6 points of the gross margin gain is a one-off tariff effect; without it, the underlying margin is roughly where it was a year ago.

It was not the only one. ASOS lifted adjusted EBITDA by more than a quarter on a year of GMV −5%. Stitch Fix grew revenue from fewer clients and expects no client growth next year. General Mills held organic sales flat by cutting prices, and paid 130 basis points of margin for it. Four businesses, two continents, one method: repair the numbers from the inside.

Margin repair is finite. Once purchasing and cost have been tightened, growth has to come from customers again, and the companies that used the repair years to build a reason to be chosen will be the ones ready. The quietest detail of the week is the most telling: H&M staged the most public show of London Fashion Week eight days before its report, and the report does not mention it. The one region that grew properly was home, where the Nordics rose 6%.

Photograph: a tall column of bronze coins on a marble plinth beside a small cream shopping bag, standing almost empty.

Plate I · The column and the bag. A tall stack of coins and a shopping bag with almost nothing in it. Operating profit up 23 per cent, sales up one.

Generated for this page
H&M, Q3Operating profit SEK 6,037m (4,914m), margin 10.6% (8.6%). Nine-month report, 24 September.
SalesSEK 57,189m, flat in kronor and +1% in local currencies. September started at +1%.
ASOSAdjusted EBITDA above £165m, up more than a quarter, on full-year GMV −5%.
General MillsOrganic sales flat, adjusted operating margin 14.4%, down 130 basis points after price cuts.
Margin repair is finite. After it, growth has to come from customers again.
Page One · the lead

Responded to Culture

Page Two

The brand joined something already happening: a film turning thirty, a menu fans had asked for, an industry tired of AI, a Netflix audience already counted. The more reliable and more learnable half of the board.

Photograph: a row of velvet cinema seats in a projector's light, a cream shopping bag resting on one of them.

Plate II · The seat was already warm. A cinema full of seats someone else filled, and a shopping bag sitting in one of them. This page is brands taking a place in an audience that was already there.

Generated for this page

4 cards on this page. Swipe the strip or use the arrows; the selected card's reading follows below.

01/04
2 · 01 Photograph: a cream vintage telephone with the receiver off its cradle beside a pile of cream paper shopping bags on ivory silk
AdjacentIntBorrowed IP

Scream, cashed back

2 · 02 Photograph: an open steel vault with a paper-wrapped burger and fries laid on a velvet tray inside like treasure
FMCG & foodIntIntegrated

World Menu Heist

2 · 03 Photograph: a closed laptop resting on an ivory daybed under a cashmere blanket, a cup of tea beside it
AdjacentIntAnti-AI

Give AI a Break

2 · 04 Photograph: champagne metallic pom-poms on a stool before a bulb-lit dressing-room mirror, a hairbrush and nail polish on the counter
BeautyIntBorrowed audience

The cheerleaders' locker

Card 2 · 01

Scream, cashed back

Level 3 · trade and entertainment press, no metrics

Chase remade the opening of Scream for the film's 30th anniversary, with Drew Barrymore back as Casey Becker and Kevin Hart as a Ghostface who only calls about her cash back. The scene ends in a shopping spree instead of a murder. It is the only work this week that was covered outside the trade, by genre and entertainment outlets that wrote about it as a moment rather than a launch. Whether the film is licensed from the studio is not stated, which is why it enters the tracker as the third case of brand participation in third-party IP with that caveat. It did not reach Google Trends in either country.

Adweek 2026-09-21 and Ads of the Week 2026-09-25 · genre outlets, search results only · licensing unconfirmed · absent from Google Trends US

The Weekly Marketing Report · No. 39Page Two · Responded to Culture

The Home Market

Page Three

The week's most quotable figure: where H&M's one per cent actually came from.

Photograph: a folded ivory sweater on a birch table by a window over water, a bronze compass on top with its needle pointing north.

Plate III · Needle pointing north. A folded sweater and a compass pointing north. H&M grew one per cent as a group and six at home.

Generated for this page

The group grew one per cent. Home grew six.

H&M net sales growth in local currencies by region, June to August 2026 against the same quarter of 2025. The dashed line is the group.

The Nordics Every other region
Group +1% 0+2%+4%+6% +6%Nordics+4%Asia, Oceania, Africa+1%Southern Europe+1%Americas−1%Western Europe

Nordic net sales were SEK 5,595m against 5,248m, +7% in kronor. Western Europe, the group's largest region, fell 1%. The same week Svensk Handel's forward indicator put Swedish grocery at 104.9 and wholesale at 103.4, while specialty retail, where fashion sits, stayed under the neutral line at 95.6. Source: H&M nine-month report, 2026-09-24, release and PDF; Svensk Handel via TT, 2026-09-24.

The home market is carrying a global company, in a week when the home market's own fashion retailers were cutting staff.
Page Three · the home market
The Weekly Marketing Report · No. 39Page Three · The Home Market

Tried to Start Culture

Page Four

The brand went first and asked the audience to follow. This week that meant celebrity comedy and genre parody, and the only two roundup picks went to work that made fun of its own brief.

Photograph: an empty theatre stage, an ivory curtain half drawn and a single bronze microphone stand in a spotlight.

Plate IV · One microphone, no audience yet. A stage set for a performer who has not arrived. The brands on this page went first and asked the audience to follow.

Generated for this page

6 cards on this page. Swipe the strip or use the arrows; the selected card's reading follows below.

01/06
4 · 01 Photograph: costume cat ears on a diner booth table beside a pink soda bottle and a pastrami sandwich
FMCG & foodIntOnline film

Cats at Katz's

4 · 02 Photograph: three round candies, red, yellow and green, on a miniature theatre stage with a velvet curtain
FMCG & foodIntGenre parody

Screentime

4 · 03 Photograph: an open sardine tin holding two pale blue silicone under-eye patches instead of fish
BeautyIntCollab

Eye mask, tinned

4 · 04 Photograph: a navy bomber jacket folded into itself as a compact tote bag on a marble counter
FMCG & foodIntPR stunt

The jacket that is a bag

4 · 05 Photograph: a small billboard tilted off its posts, groceries tumbling out of it into a green paper bag
FMCG & foodIntSpecial build OOH

The billboard drop

4 · 06 Photograph: an open glossy magazine with a red spread beside a Negroni in a crystal tumbler
FMCG & foodIntCreator

Stay Bitter

Card 4 · 01

Cats at Katz's

Level 4 · two independent roundups, no search signal

Ben Stiller arrives at Katz's Deli in full Broadway Cats costume because he misread the email. Three mostly improvised minutes, a Shirley Temple flavour pitched as the first new soda at the 138-year-old deli in decades, and a director who says the film "pokes fun at the concept of marketers reaching out to social media personalities". Muse made it Ad of the Week and Adweek picked it independently, which satisfies level 4 on the ladder's roundup rule. Read that level carefully: it is editorial agreement, not audience behaviour. It did not reach trending in either country.

Muse Ad of the Week 2026-09-23 and roundup 2026-09-24 · Adweek Ads of the Week 2026-09-25 · Google Trends: absent, explore failed

The Weekly Marketing Report · No. 39Page Four · Tried to Start Culture

Sweden

Page Six

The first week in this series with Swedish data, results and campaigns all sourced to primary releases inside the window. Grocery is confident and spending on brand; fashion is cutting; nobody publishes what a drop sold.

Photograph: a linen table in northern daylight with a round crispbread, lingonberries, a cinnamon bun and a glass of milk.

Plate VI · A Swedish table. Crispbread, lingonberries and a cinnamon bun. Grocery is the most confident corner of Swedish retail this month, at 104.9 on Svensk Handel’s forward indicator.

Generated for this page

6 cards on this page. Swipe the strip or use the arrows; the selected card's reading follows below.

01/06
6 · 01 Photograph: a record player with a spinning record beside a wicker basket of bread, apples and leeks
FMCG & foodSwedenBrand platform

Leva Lidl

6 · 02 Photograph: an older woman's hand with a pearl ring putting a vintage telephone receiver firmly back down
AdjacentSwedenBehaviour change

Dare to be rude

6 · 03 Photograph: a canvas tote on a wooden floor with bottled water, tins, candles, a torch and a wind-up radio
FMCG & foodSwedenCause

Preparedness, in store

6 · 04 Photograph: a stack of grey courier parcels on stone, the top one crushed, a brass stamp beside them
AdjacentSwedenIndex

Temu and Shein, halved

6 · 05 Photograph: two advent calendars in cream and bronze, one small door open on a tiny perfume bottle
BeautySwedenScarcity drop

Two calendar drops, one day

6 · 06 Photograph: an empty clothing shop in morning light, rails of pastel knitwear and one empty stool at the counter
FashionSwedenStore network

A hundred stores restaffed

Card 6 · 01

Leva Lidl

Level 2 · primary release and agency, no effect data

Lidl rewrote Lill-Babs' "Leva livet" as "Leva Lidl", following its awarded 2022 platform that did the same to Anita Lindblom's "Sånt är livet". A German discounter borrowing Swedish popular song so that shopping cheap feels like belonging to Swedish everyday life. The marketing director says the rational choice "går hand i hand med det emotionella värdet i att välja smart" (goes hand in hand with the emotional value of choosing smart). 212 stores, target 300, and Advertiser of the Year at StockholmMediaAward two weeks ago.

Lidl Sverige via TT 2026-09-21 · Garbergs · StockholmMediaAward 2026-09-10

The Weekly Marketing Report · No. 39Page Six · Sweden

Launches & Results

Page Seven

What came to market, and what the accounts said about it.

Photograph: three marble plinths carrying a serum bottle, a bottle of red sauce and a phone lying face down.

Plate VII · Three plinths. A serum, a sauce and a phone face down. A week of launches in beauty and food, and of retailers moving onto somebody else’s platform.

Generated for this page

7 cards on this page. Swipe the strip or use the arrows; the selected card's reading follows below.

01/07
7 · 01 Photograph: a tall stack of bronze coins and a folded ivory knit garment on a marble plinth
FashionSwedenResults

Profit up 23, sales up 1

7 · 02 Photograph: a smartphone standing on a vanity among lipsticks, compacts and perfume bottles
BeautyIntPlatform

Sephora opens on TikTok Shop

7 · 03 Photograph: a pharmacy shelf of unlabeled white skincare with a smartphone leaning against it
BeautyIntPlatform

Boots follows

7 · 04 Photograph: an opened delivery box with a silk blouse in ivory tissue, beside a small clothes rail
FashionIntResults

ASOS finds a customer

7 · 05 Photograph: pink fruit concentrate poured from an unlabeled bottle into a tall glass of ice and strawberries
FMCG & foodIntLaunch

Refreshers, at home

7 · 06 Photograph: a ready meal of chicken and grain salad in a clear container beside a small stack of coins
FMCG & foodIntPrice

$86m off, and ready meals

7 · 07 Photograph: an unlabeled ketchup bottle beside a red chilli and a small carved pumpkin
FMCG & foodIntLimited edition

Chilli Bite Ketchup

Card 7 · 01

Profit up 23, sales up 1

Level 5 · the company's reported accounts

Operating profit SEK 6,037m against 4,914m, a 10.6% margin; net sales SEK 57,189m, flat in kronor and +1% locally, from about 2% fewer stores; gross margin 54.0%, of which about 1.6 points is a one-off tariff effect. September started at +1%. The Nordics grew +6%, the strongest region. The report does not mention Barcelona or the London show. The Persson family now owns more than 68% of the company.

H&M nine-month report 2026-09-24, release and PDF · Global Cosmetics News 2026-09-25

The Weekly Marketing Report · No. 39Page Seven · Launches & Results

Claimed, Unverified

Page Eight

Claims this report carries without evidence, the one it is dropping, and three corrections to the last issue. Kept visible on purpose.

Photograph, greyscale: an antique balance scale with one pan empty and a blank card on the other.

Plate VIII · An empty pan. One pan empty, the other holding a blank card. What this issue carries without evidence, and the three things the last one got wrong.

Generated for this page

5 cards on this page. Swipe the strip or use the arrows; the selected card's reading follows below.

01/05
8 · 01 Photograph, greyscale: an empty wire shopping basket beside a smartphone lying face down
The recordIntNo number

Bigger baskets, size unknown

8 · 02 Photograph, greyscale: an unlabeled perfume bottle on a pedestal beside a tall, empty glass cylinder
The recordIntHype

+38% conversion, from whom?

8 · 03 Photograph, greyscale: an injector pen on marble beside an open bag of crisps
The recordIntModel

$73bn of snack value at risk

8 · 04 Photograph, greyscale: a polished trophy cup beside a blank white card
The recordSwedenDropped

A Grand Prix without a number

8 · 05 Photograph, greyscale: an old ruled ledger with one line struck through in pencil, a pencil and an eraser on the page
The recordSwedenCorrections

What the last issue got wrong

Card 8 · 01

Bigger baskets, size unknown

Level 1 · an executive's statement

Kroger's chief digital officer said shoppers who give the AI assistant detailed instructions add more items, and gave no figure. The same article cites Albertsons at +10% (a January earnings call, not this week) and two further figures that could not be verified at source. This is the missing number in the AI discovery entry, now in its second week.

Grocery Dive 2026-09-23 · MarketingTechNews 2026-09-23

The Weekly Marketing Report · No. 39Page Eight · Claimed, Unverified