No. 42
Beauty · Fashion · FMCG · Culture · PR

The Weekly Marketing Report

made by Ellen Henriksson Burén

Period analysed 12 to 18 October 2026

LVMH's fashion and leather goods fell 5% in the third quarter while its Selective Retailing division, mostly Sephora, grew 8%, and Givaudan's fine fragrance grew 15.3%. Read together, LVMH's money left the bag for the bottle, though not mainly for the biggest house. In Sweden the cheapest clothes grew fastest in September.

−5%LVMH Fashion & Leather Goods, organic, in the third quarter, with the Chinese clientele down by a mid teens percentage
+8%LVMH Selective Retailing, mostly Sephora, in the same quarter and the same release
+15.3%Givaudan's Fine Fragrance over nine months, like for like: the perfumer behind much of the world's scent
+7.3%Swedish low price fashion in September, against premium +2.5%, by Svensk Handel's Stilindex
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 month the page is about and ink for the year to date, 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 Nos. 38 to 41: eight plates opening the pages, numbered I to VIII, and one on each of the 48 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

The bottle, not the bag

No. 41 ended on a rule: price brings the customer back, and a reason is what earns the growth. This week the luxury and beauty results showed where the reason currently lives. LVMH's Fashion & Leather Goods fell 5% organically in the third quarter, with the Chinese clientele down by a mid teens percentage, the CFO told analysts. In the release itself Selective Retailing, the division that holds Sephora, grew 8%. A day later Givaudan, the perfumer behind a large share of the world's fragrance, reported Fine Fragrance up 15.3% over nine months, and the week's beauty launches were almost all scents.

At LVMH, the customer who will not pay for the bag is still buying the bottle. But not mainly from the biggest house: LVMH's own Perfumes & Cosmetics grew 1%. The growth is spread across many launchers and collected by the retailer that sells all of them and the supplier that makes them. At the very top the rule holds in another form: Brunello Cucinelli grew 13.5% in the third quarter, and its release says it does not want "mass notoriety".

Sweden showed the other end of the same split. September clothing sales grew 6.2%, and the low price segment grew 7.3%, almost three times as fast as premium. The smaller, specific purchase is where spending moved, and the shop that curates many of them is outgrowing the brands inside it. "The bag to the bottle" is our reading of two companies' figures set side by side; neither company makes the link, and it describes LVMH's quarter, not leather goods as a category.

Photograph: a small faceted glass perfume bottle in sharp focus on a marble console, a closed structured leather handbag behind it, out of focus.

Plate I · The bottle, not the bag. The bottle in focus, the bag behind it and out of it. The week's results in one picture.

Generated for this page
LVMH, Q3Fashion & Leather Goods −5% organic; Selective Retailing +8%; Perfumes & Cosmetics +1%. 12 October.
Givaudan, nine monthsFine Fragrance +15.3% like for like; Fragrance & Beauty +13.5% in the third quarter. 13 October.
Brunello CucinelliThird quarter +13.5% at constant exchange rates; the year raised to +12%. 15 October.
Stilindex, SeptemberClothing +6.2%; low price +7.3%, middle +5.0%, premium +2.5%. 14 October.
At LVMH, the customer who will not pay for the bag is still buying the bottle.
Page One · the lead

Responded to Culture

Page Two

The brand joined something already happening: athletes angry at a rival's ad, the oversized bag, Halloween, the NBA tip-off, the synthetic moment, a competitor's outage. The campaign of the week was a reply.

Photograph: two large glowing blank screens facing each other across a wet city crossing at dusk.

Plate II · Facing screens. Two lit screens across one street. Powerade bought the screens opposite its rival's billboard and let the street make the comparison.

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
2 · 01 Photograph: a pair of worn running spikes and a folded swimming cap on a pale stone bench beside a plain sports bottle beaded with condensation
FMCG & foodIntResponse OOH

Never Just Sports

2 · 02 Photograph: an oversized brown paper takeaway bag with rope handles standing on a marble floor like a designer tote, a small foil bowl beside it
FMCG & foodIntStunt object

The Big Ass Chipotle Bag

2 · 03 Photograph: a tall cylindrical urn of brushed pale metal standing on a dark velvet cloth beside a single dried autumn leaf
FMCG & foodIntSweepstakes

Once You Drop

2 · 04 Photograph: a basketball resting at the edge of a small empty comedy club stage under one spotlight, a cold green glass bottle with no label beside it
FMCG & foodIntFilm + player cans

Never Stop Refreshing the Game

2 · 05 Photograph: a large clear glass panel standing upright in a misty green field with a few sheep grazing behind it
AdjacentIntOOH in a field

Return to Real

2 · 06 Photograph: a folded newspaper on a cafe table beside an empty brown paper grocery bag and a set of keys in morning light
FMCG & foodBelgiumNewspaper ad

For when everything goes haywire

2 · 07 Photograph: two small cosmetic tubes, one large and one small, lying side by side on a pale pink linen napkin
BeautyIntReply

She called it in

Card 2 · 01

Never Just Sports

Level 5 · the brand responding to a backlash it did not create

Novig, a sports prediction app, launched "Just Sports" on 9 September with Sydney Sweeney covered only by sports equipment, and spent a month being criticised for it by female athletes. Powerade took the rival's line and added one word, showed real athletes swimming, jumping and running, named neither Sweeney nor Novig, and bought the digital screens directly opposite Novig's Times Square billboard, so the street made the comparison; Novig answered with a second Sweeney ad three days later. Its record of backing women's sport gave it the standing. Live by 9 October, covered in this window. There is no reach, search or sales figure; the only numbers are Novig's own, for two different periods. The campaign of the week.

DesignRush 2026-10-09 · IBTimes UK 2026-10-13 · B&T 2026-10-13 · Mediaweek 2026-10-13 · Creative Bloq 2026-10-16 · NBC Boston 2026-09-16, context

When the audience has already written the criticism, the campaign is a reply, and a reply is cheaper and more credible than an opening line.
Page Two · responded to culture
The Weekly Marketing Report · No. 42Page Two · Responded to Culture

The Home Market

Page Three

September's Stilindex broke the pattern the tracker has followed since July: the cheapest clothes grew fastest and premium came last. Food got cheaper and Swedes bought more of it.

Photograph: a wooden clothes rail in a quiet Scandinavian shop holding a cotton jumper, a wool cardigan and a camel cashmere coat, each with a blank paper tag.

Plate III · Three price points. A jumper, a cardigan and a cashmere coat. In September the cheapest of the three grew fastest in Sweden.

Generated for this page

September broke the barbell

Swedish clothing sales growth by price segment, September 2026 and January to September, per cent on the year. The cheapest segment grew fastest in the month; premium still leads the year.

September Year to date
0%2%4%6%8% Low priceLow price, September: +7.3%+7.3%Low price, year to date: +4.8%+4.8%MiddleMiddle, September: +5.0%+5.0%Middle, year to date: +1.5%+1.5%PremiumPremium, September: +2.5%+2.5%Premium, year to date: +5.7%+5.7%

Clothing overall +6.2% in September, shoes +6.4%; womenswear +8.0%, kidswear +0.4%. SCB's card data agrees: clothing and footwear +6.0%. HUI counted the first rise in Swedish chain stores since 2018, driven by low price concepts. One month is not a reversal; October's Stilindex arrives on 12 November. Source: Svensk Handel, Stilindex September 2026, 2026-10-14; SCB, 2026-10-14; HUI via Market, 2026-10-15.

One month does not undo eight. But an entry that is never challenged is not being tested.
Page Three · the home market
The Weekly Marketing Report · No. 42Page Three · The Home Market

Tried to Start Culture

Page Four

The brand went first: its own notoriety, a new platform, a role the audience already knew, a ballet, a cough hitman, an early Christmas ad. More of them passed the two roundup test than ever, partly because more roundups were counted.

Photograph: an empty photo studio with a director's chair, a softbox and a blank ivory backdrop, a silk robe over the chair.

Plate IV · Before the shoot. An empty studio and a robe on the chair. The brands on this page set the scene themselves.

Generated for this page

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

01/09
4 · 01 Photograph: a small neat parcel wrapped in nude tissue paper on the floor of an empty white photo studio beside a coiled cable
FashionIntFilm

Skims, Delivered

4 · 02 Photograph: a deep sofa with a knitted blanket and a paper takeaway bag on a low table in warm lamp light, evening
AdjacentIntNew platform

Stay Just Where You Are

4 · 03 Photograph: a pair of glossy black stiletto heels beneath a glass office desk beside a sleek closed laptop
AdjacentIntCelebrity films

Intelligence Is Always in Style

4 · 04 Photograph: a snowy harbour street at blue hour with a single lit Christmas tree and an empty wooden bench
AdjacentNordicMusical film

It's Totally Even a City

4 · 05 Photograph: worn pale pink ballet shoes and a folded grey cotton sweatshirt on a sprung wooden rehearsal floor
FashionIntBallet film

Opus Jazz

4 · 06 Photograph: a dark felt fedora and a small amber medicine bottle with no label on a rainy window ledge at night
AdjacentIntNew character

Take Care of Your Cough

4 · 07 Photograph: a single gift wrapped in cream paper with a satin ribbon beneath a sparse decorated tree in an empty department store hall
FashionIntChristmas film

Christmas. For everyone

4 · 08 Photograph: a frosted pint glass of amber lager on a sunlit outdoor table beside a plain cardboard beer mat
FMCG & foodIntParody

The Amber Nectar

4 · 09 Photograph: an old black telephone receiver lying off its cradle on the closed lid of a grand piano in a dim concert hall
AdjacentIntTV score

Scamcophony

Card 4 · 01

Skims, Delivered

Level 4 · Adweek Ads of the Week and Muse top five

Kim Kardashian, mid shoot, orders her own underwear through DoorDash. The brand's own past notoriety is the material, so the ad needs no setup. It was the only campaign of the week on both Adweek's Ads of the Week and Muse's top five, both on 16 October: the trade's pick, with no audience figure.

Adweek Ads of the Week 2026-10-16 · Muse by Clio top five 2026-10-16

The Weekly Marketing Report · No. 42Page Four · Tried to Start Culture

Sweden

Page Six

A strong September, measured from three directions: chain reporting, card data and the grocery index. Where the money went is the useful part, and who gave a reason beyond price: origin, a social issue, a new identity.

Photograph: a softly lit home goods shop window on a wet Stockholm street at dusk, flowers in brown paper on a bench in front.

Plate VI · A home window. A lit home store on a wet Stockholm street. H&M HOME reopened its Drottninggatan flagship this week as the first store in a new identity.

Generated for this page

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

01/09
6 · 01 Photograph: a stack of crisp folded white linen napkins beside a pale ceramic vase of autumn branches on a long oak table in a shop
AdjacentSwedenNew identity

A new logo, at home

6 · 02 Photograph: a paper receipt and a few coins beside a basket of root vegetables on a Swedish kitchen table
FMCG & foodSwedenInflation

Food down, power up

6 · 03 Photograph: a full wooden crate of groceries with bread, milk cartons and apples on a shop floor in morning light
FMCG & foodSwedenGrocery index

Cheaper food, more of it

6 · 04 Photograph: a row of small shopfronts on a Swedish high street, one with a newly opened door and fresh paint
AdjacentSwedenStore count

The first rise since 2018

6 · 05 Photograph: a wood fired pizza with a blistered crust on a pale stone board beside a sprig of basil
FMCG & foodSwedenOwn label

Premium grows fastest

6 · 06 Photograph: a parcel of butcher paper tied with string on a wooden counter beside a sprig of rosemary
FMCG & foodSwedenSurvey as PR

Origin over price

6 · 07 Photograph: a glass of milk and an untouched bowl of porridge on a school desk in early light
FMCG & foodSwedenBrand data

One in three skips breakfast

6 · 08 Photograph: a small cosy shop corner with white ceramic mugs and a children's picture book on pale wooden shelves inside a vast warehouse store
AdjacentSwedenShop in shop

A shop inside the shop

6 · 09 Photograph: a meditation cushion on the wooden floor of a quiet forest cabin, a smartphone lying face down beside it
AdjacentSwedenAgency work

A less silent retreat

Card 6 · 01

A new logo, at home

Level 1 · company release

The Stockholm flagship reopens as the first store in a new global concept and visual identity: a new logo and monogram system, monogramming in store and a florist. Frida Dahlquist: "The new store represents the future of H&M HOME and a clearer expression of the brand." The same week Sven-Harrys konstmuseum opened "Iconic Collaborations", thirty H&M designer collaborations since Karl Lagerfeld in 2004.

H&M Group 2026-10-16 · Sven-Harrys konstmuseum, from 2026-10-15

The Weekly Marketing Report · No. 42Page Six · Sweden

Launches & Results

Page Seven

The results that carry the lead, and the launches that explain them: fragrance at every price, and a soft drinks contract that changed hands after forty years.

Photograph: a long ivory shelf of new perfume bottles and small jars, one bottle uncapped in front.

Plate VII · The new scents. A shelf of new bottles, one opened. Most of the week's beauty launches were fragrance.

Generated for this page

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

01/10
7 · 01 Photograph: a single structured leather handbag standing alone on a long empty glass shelf in a quiet boutique
FashionIntResults

The bag down, the shop up

7 · 02 Photograph: rows of small glass perfumer's vials on a laboratory bench with paper smelling strips fanned in a glass
BeautyIntResults

Fine fragrance +15.3%

7 · 03 Photograph: a soft folded oatmeal cashmere sweater on a rustic wooden table in a stone room in daylight
FashionIntResults

No mass notoriety

7 · 04 Photograph: a row of plain amber bottles without labels on a dark bar shelf, one short glass poured
FMCG & foodIntResults

More volume, lower sales

7 · 05 Photograph: an empty shopping trolley standing alone in a wide quiet supermarket aisle under cool light
FMCG & foodIntResults

Guidance withdrawn

7 · 06 Photograph: a paper bucket of fried chicken on a diner counter beside a tall glass of dark cola with ice, no logos
FMCG & foodIntContract

Forty years, switched

7 · 07 Photograph: a dark glass soda bottle with no label beaded with cold water in a metal ice bucket on a wooden picnic table
FMCG & foodIntBrand ranking

Fastest growing brand of 2026

7 · 08 Photograph: a row of small pastel body mist bottles without labels on a bakery counter beside a slice of cheesecake
BeautyIntDrop model

Fragrance at the speed of culture

7 · 09 Photograph: an empty minimal tailoring atelier with a single dressmaker's dummy and bolts of dark wool on a long table
FashionIntNew label

Under his own name

7 · 10 Photograph: a single round tea bag resting on a small brass kitchen scale beside a white porcelain cup
FMCG & foodIntPack value

A heavier tea bag

Card 7 · 01

The bag down, the shop up

Level 5 · company results

Group organic revenue +1% in the third quarter (Q2: +3%). Fashion & Leather Goods −5%, nine months −2%; Selective Retailing, mostly Sephora, +8%; Perfumes & Cosmetics +1%; Watches & Jewelry +6%; Wines & Spirits +6%. On the call the Chinese clientele was down by a mid teens percentage, the US +5%, Japan +6%. The lead of this issue.

LVMH 2026-10-12 · TheIndustry.fashion 2026-10-13

Volume is not revenue: Pernod shipped 6% more and its organic sales still fell.
Page Seven · launches and results
The Weekly Marketing Report · No. 42Page Seven · Launches & Results

Claimed, Unverified

Page Eight

Claims this report carries without evidence, and a correction to No. 41's correction. Kept visible on purpose.

Photograph, greyscale: a wooden desk with a blank form, a rubber stamp lifted above an ink pad and a magnifying glass.

Plate VIII · Not yet stamped. A form waiting for its stamp. What is on this page has been said, not shown.

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: a velvet rope on brass posts across the entrance to an empty event hall with soft lights
The recordIntBrand claim

Quicker than Glastonbury

8 · 02 Photograph, greyscale: a closed notebook and a pair of reading glasses on a school desk beside a small tube of lip balm
The recordIntSecondary only

A survey high, unseen

8 · 03 Photograph, greyscale: a small vintage television set switched on to a blank glowing screen in a dark room
The recordIntPlatform claim

Nearly 580 million views

8 · 04 Photograph, greyscale: an empty glass display shelf in a boutique with a single small blank card standing on it, the products gone
The recordIntSold out, says who

Sold out, by the brand

8 · 05 Photograph, greyscale: a torn desk calendar page lying beside a rubber stamp and a pencil on a wooden desk
The recordSwedenCorrection

Posted later than dated

Card 8 · 01

Quicker than Glastonbury

Level 1 · the company's own claim, no ticket count

The festival's first UK edition: more than 40 brands, £95 for three hours. Sephora says the tickets sold out "quicker than Glastonbury", in two trade outlets and with no ticket count. A comparison chosen to be repeated.

BeautyMatter 2026-10-16 · TheIndustry.beauty 2026-10-19 · ticket price TheIndustry.beauty 2026-08-03

The Weekly Marketing Report · No. 42Page Eight · Claimed, Unverified