No. 43
Beauty · Fashion · FMCG · Culture · PR

The Weekly Marketing Report

made by Ellen Henriksson Burén

Period analysed 19 to 25 October 2026

Hermès' leather goods grew 10.8% and Kering's houses other than Gucci 2% in their own stores while Gucci fell 6%: the bag is not losing as a category, particular houses are. In grocery the named price cuts came mostly from retailers, while P&G and Nestlé grew mainly on volume. In Sweden, Lyko grew 23.8%.

+10.8%Hermès Leather Goods and Saddlery in the third quarter, at constant exchange rates, faster than anything else it sells
−6%Gucci in the same quarter, comparable; its own stores −9%, while Kering's other houses grew 2% in theirs
+6.4%L'Oréal Luxe, like for like, with fragrance its first growth engine and Prada Paradigme's growth called stellar
17%of Swedish consumers bought goods online from abroad in September, against 22% a year earlier (Svensk Handel's survey)
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 2026 and ink for 2025, 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 42: 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 brand, not the bag

A week after LVMH's fashion and leather goods fell 5%, the rest of luxury reported, and the split ran by house rather than by category. Kering's Gucci fell 6% on a comparable basis and 9% in its own stores, but in the same release "Excluding Gucci, retail sales increased by 2%, driven by continued growth at Saint Laurent, Bottega Veneta and Brioni." Prada's Miu Miu fell 3% against +29% a year earlier. Hermès' leather goods grew 10.8%, and Mulberry 18.1% in its first half with less of it on promotion.

The bag is not losing as a category. It is losing at Gucci, and pausing at Miu Miu after a boom. The bottle is less simple than it looks: L'Oréal Luxe grew 6.4% like for like with fragrance its first growth engine and Prada Paradigme's growth called "stellar", while Prada's own stores grew 1%; but Puig's fragrance segment grew 3.9%, Interparfums was flat, and US prestige fragrance grew on price, not on more bottles.

Grocery had a split of its own. The price cuts named this week came mostly from retailers, Carrefour's August cuts on more than 500 products and Kroger's $5bn of customer value, while P&G and Nestlé grew mainly on volume. "The brand, not the bag" is our reading of four companies' figures set side by side; neither Kering nor Prada gives a leather goods figure, so it is a reading of houses, not of handbags.

Photograph: a tall pale oak display case with three shelves, a structured leather handbag on each; the top and bottom shelves softly lit, the middle shelf in deep shadow.

Plate I · The brand, not the bag. Three bags on three shelves, one in shadow. This quarter the difference was the house, not the category.

Generated for this page
Hermès, Q3Leather Goods and Saddlery +10.8% at constant exchange rates; Perfume and Beauty +7.5%. 22 October.
Kering, Q3Gucci −6% comparable, its own retail −9%; retail excluding Gucci +2%. 22 October.
Prada Group, Q3Retail stable organically; Miu Miu retail −3% after +29% a year earlier; Prada brand +1%. 22 October.
L'Oréal Luxe, Q3€4,176.6m, +6.4% like for like, fragrance its first growth engine. 22 October.
The bag is not losing as a category. It is losing at Gucci.
Page One · the lead

Responded to Culture

Page Two

The brand answered something already happening: a fan's design LEGO had kept under review for a year, a rival's burned suitcase, a basketball feud, a threatened ban, Halloween. The trade noticed. The public searched for one of them.

Photograph: a vinyl record turning on a turntable beside a small model pyramid stage built from plastic toy bricks, warm evening lamp light, a room in soft focus.

Plate II · A fan's stage. A record and a pyramid built from bricks. Among the week's launches, the one the public searched for was a set a fan had designed.

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 small pyramid shaped stage built from plastic toy bricks with two tiny helmeted toy figures behind a DJ desk, neon light across the studs, a child's hand at the edge of the frame
AdjacentIntFan design

A fan designed it first

2 · 02 Photograph: a brushed aluminium suitcase standing unscathed amid low flames on wet concrete in an empty car park at night, sparks rising
FashionIntReply film

Chief Destruction Officer

2 · 03 Photograph: a small black HDMI dongle with a glowing red light on a coffee table beside a basketball and a television remote, a dark living room lit by a game on a screen
AdjacentIntFilm + device

King Blocker

2 · 04 Photograph: a six pack of plain cans beside a typed letter and an envelope on a kitchen table in washed out 1980s colour, a blue sky through the window
FMCG & foodIntFilm + letter

Cheers Against Prohibition

2 · 05 Photograph: a suede varsity jacket hanging on a locker room hook, orange and blue confetti on the floor, a closed ring box on the bench
FashionIntLicensed capsules

Timed to the ring

2 · 06 Photograph: a laptop open on an unmade bed in a dark room, its pale glow lighting a shower curtain behind it, a horror film mood
AdjacentIntHalloween shorts

Too Scary; Didn't Read

2 · 07 Photograph: a bicycle rack outside a supermarket at dusk holding four witches' brooms, autumn leaves and a carved pumpkin on the kerb
FMCG & foodIntPR stunt

Parking for broomsticks

Card 2 · 01

A fan designed it first

Level 5 · a fan's design the brand's platform had backed, and a measured search spike

LEGO approved a fan designed set, submitted through LEGO Ideas and inspired by the duo's Alive 2007 pyramid stage, after holding it for review since October 2025, and announced a wider partnership with "more to come in 2027". Daft Punk's own YouTube broadcast had trailed the reveal the day before. US Google searches for "Daft Punk" went from 10 to 13 the week before to about 65 to 70 on the day, and "LEGO Daft Punk" from 0 to 44. Announced, with no date or price, and invisible in Sweden. Among the week's launches, the one the public went looking for was a product a fan had designed.

Famous Campaigns 2026-10-22 · Brick Fanatics 2026-10-21 · Google Trends Explore, US, read 2026-10-23 13:56 and 14:29 UTC

The strongest response to culture is one where the audience did the work before the brand said yes.
Page Two · responded to culture
The Weekly Marketing Report · No. 43Page Two · Responded to Culture

The Home Market

Page Three

Swedes bought less online in September, and much less from abroad: in Svensk Handel's survey the share who bought goods online from outside Sweden fell from 22% to 17% in a year, the second monthly fall since the EU's new customs duty.

Photograph: a quiet Swedish apartment hallway with a wooden bench, a single small grey courier parcel on the doormat beneath a brass letterbox, wide empty floor around it, morning light.

Plate III · One parcel. A single parcel on a Stockholm doormat. Fewer of them now come from outside the EU.

Generated for this page

Fewer parcels from abroad

Share of Swedish consumers who say they bought goods online from abroad in the month, 2025 and 2026, per cent. 2026 ran a little above 2025 in the first half of the year; from August the share fell well below it.

2026 2025
10%15%20%25%30% JanFebMarAprMayJunJulAugSepOctNovDec EUR 3 duty from 1 July Jan 2025: 16%Feb 2025: 16%Mar 2025: 18%Apr 2025: 24%May 2025: 20%Jun 2025: 21%Jul 2025: 21%Aug 2025: 23%Sep 2025: 22%Oct 2025: 19%Nov 2025: 27%Dec 2025: 23% Jan 2026: 18%Feb 2026: 19%Mar 2026: 19%Apr 2026: 23%May 2026: 21%Jun 2026: 22%Jul 2026: 20%Aug 2026: 16%Sep 2026: 17% 17% 22% 2025 2026

A consumer survey, not customs data: Novus panel, about 2,000 interviews a month, consumers aged 18 to 89. Since 1 July 2026 the EU charges a temporary EUR 3 customs duty per item on goods worth EUR 150 or less sent from outside the EU, and Svensk Handel ties the fall to it; July was level, and the gap opened in August (16% against 23%) and September (17% against 22%). Online goods turnover fell 7% in September; beauty and health online −13% in the third quarter. Source: Svensk Handel, E-handelsindikatorn September 2026, 2026-10-22, PDF p. 26, values confirmed against the chart; European Commission guidance, 2026-06-08.

The customs fee is doing what Svensk Handel wanted.
Page Three · the home market
The Weekly Marketing Report · No. 43Page Three · The Home Market

Tried to Start Culture

Page Four

The brand went first: an identity drawn in oil, a two year partnership, three invented job titles in three days, a pub catalogue on a television, Christmas before Halloween. Only Apple Music moved its own search, and only a little.

Photograph: a long polished boardroom table with three blank brass name plates and three empty leather chairs, one soft window light.

Plate IV · Three blank titles. Three name plates, nothing on them. Three celebrities were given made up executive titles this week.

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: concentric ripples in a shallow black tray of mineral oil, lit from above so the waves form a glowing shape
AdjacentIntIdentity

Made by Sound

4 · 02 Photograph: a crumpled white souvenir T-shirt with a simple red heart print on a dark stage floor beside a martini glass with an olive, green stage light haze
FMCG & foodIntPartnership

Two years of chaos

4 · 03 Photograph: three brass desk name plates with blank faces lined up on a polished boardroom table, a pair of sunglasses resting on one of them
AdjacentIntFormat

Three invented job titles

4 · 04 Photograph: a television in a dim living room showing a grid of warm pub interiors, an empty sofa, a coat taken off its hook
FMCG & foodIntStreaming pilot

Pubscription

4 · 05 Photograph: a tiny green capped shaker bottle of grated cheese clipped to a leather handbag strap like a charm, on a cafe table
FMCG & foodIntBag charm

Pocket Parm

4 · 06 Photograph: a tailored navy suit jacket on a wooden valet stand in a hushed tailoring shop, a tape measure draped over the shoulder
FashionIntComedy film

We Take Suiting Seriously

4 · 07 Photograph: two white bowling pins standing far apart on a polished wooden lane, a ball rolling towards the gap between them
AdjacentUKTwo films

One agency, two picks

4 · 08 Photograph: a pit lane at dusk with a stack of racing tyres beside a cooler of plain drink bottles beaded with condensation
FMCG & foodIntF1 films

Two teams in Austin

4 · 09 Photograph: an empty red velvet Santa chair in a department store, a folded red suit and a white beard lying on the seat
FashionIntHoliday

Christmas before Halloween

Card 4 · 01

Made by Sound

Level 4 · a small, real search bump

A new visual identity drawn by sound waves in a shallow bath of mineral oil, made with Fred again.. and NEST Acoustics. US searches for "Apple Music logo" rose from 0 or 1 to 8 on launch day: small, but the only campaign this week, apart from LEGO's fan set, that moved its own search at all.

Adweek 2026-10-21 · Apple Music on YouTube 2026-10-21 · Google Trends Explore, US, read 2026-10-23

The Weekly Marketing Report · No. 43Page Four · Tried to Start Culture

Sweden

Page Six

Swedish growth came through channels the companies own. Lyko said more stores could, over time, mean less paid marketing; Nelly that its organic traffic fell. And a Swedish regulator co-led an EU case on green claims.

Photograph: a narrow beauty shop on a cobbled Swedish city street at October dusk, warm light from its window on wet stones and a few yellow birch leaves.

Plate VI · A city shop. A narrow beauty shop on a wet Swedish street. Lyko's next store is a compact one in central Örebro.

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 narrow bright city beauty shop seen from the doorway, rows of glass serum bottles and tubes on pale wood shelves, a cobbled street reflected in the window at dusk
BeautySwedenResults

A store as acquisition

6 · 02 Photograph: a glossy deli counter with ready meals and cheeses in the foreground, a far aisle of plain stacked pallets out of focus behind
FMCG & foodSwedenResults

The discounter trailed the market

6 · 03 Photograph: a clear plastic water bottle standing alone on a white surface, its cap and its peeled label set apart beside it, studio light
FMCG & foodIntRegulation

Excluding cap and label

6 · 04 Photograph: a long gala dinner table under gilded nineteenth century ceilings and chandeliers, glass award trophies among white tablecloths, guests out of focus from behind
AdjacentSwedenAward

Sweden's best marketing directors

6 · 05 Photograph: an impossibly long white till receipt unspooling down wide grey stone steps in overcast Stockholm light, curling at the bottom, no legible print
AdjacentSwedenStunt

A receipt for SEK 22.9bn

6 · 06 Photograph: a supermarket shelf of oats, lentils, nuts and frozen berries in new matching plain green packs, overhead store light
FMCG & foodSwedenOwn label

One label, one claim

6 · 07 Photograph: a round fragrance table crowded with heavy faceted perfume bottles in amber and smoke glass, a mirror with a ring light behind it
BeautySwedenStore

Floor space for niche fragrance

6 · 08 Photograph: a rail of wide leg trousers in autumn colours in a bright showroom, a few garments carrying blank paper discount tags
FashionSwedenResults

Growth that had to be bought

6 · 09 Photograph: a colourful phone case lying on a seamless studio floor beside a pair of high heeled shoes, a softbox light in the background
FashionSwedenRO ruling

Each ad stands alone

Card 6 · 01

A store as acquisition

Level 5 · company report

Net sales SEK 1,024m, +23.8%; operating profit SEK 58m against SEK 2m; own brands +10.7%; the report credits "successful campaigns and additional stores". The 37th store opens in central Örebro on Black Friday, the first compact "Lyko Store". Rickard Lyko: "Over time, we believe a larger store network can also make customer acquisition more efficient and reduce our need for paid marketing relative to sales." The same night Lyko's marketing director won her category at Resumé's awards.

Lyko 2026-10-22 · Market 2026-10-23

The Weekly Marketing Report · No. 43Page Six · Sweden

Launches & Results

Page Seven

The results behind the lead, and the launches beside them: leather at the top, the licensee's bottle, volume without much price in grocery, and two collaborations read on their first day.

Photograph: a long ivory table with a tan leather bag, a faceted perfume bottle, a plain tube of sunscreen and a folded ivory gown laid out in a row.

Plate VII · The week, laid out. A bag, a bottle, a tube of sunscreen and a gown. The week's results and launches in four objects.

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
7 · 01 Photograph: an artisan's workbench under a north window, a half stitched tan leather bag held in a wooden clamp, waxed linen thread and an awl, hands out of frame
FashionIntResults

The bag at the top

7 · 02 Photograph: an elegant boutique window at dusk with half its lights switched off, a single structured handbag on a plinth
FashionIntResults

Gucci, not the category

7 · 03 Photograph: three unlabelled faceted perfume bottles on a marble counter, behind them the soft blur of a fashion boutique with dimmed lights
BeautyIntResults

The name, in another bottle

7 · 04 Photograph: a tidy laundry shelf of plain white detergent bottles and a stack of folded baby towels in morning light
FMCG & foodIntResults

Volume, not price

7 · 05 Photograph: a hypermarket aisle at dusk seen through a half lowered metal security shutter, the lit shelves beyond
FMCG & foodIntResults

500 prices, and a curfew

7 · 06 Photograph: a clear glass bottle moulded in the soft oval shape of a bar of soap, topped with a small gold bird, beside a wet white soap bar on a white bathroom shelf
BeautyIntAnnounced

A soap bar, bottled

7 · 07 Photograph: a black heel-less skate mule on a concrete floor beside a clothes rail with only empty hangers
FashionIntCollaboration

The merch sold first

7 · 08 Photograph: an embellished ivory gown on a dress form in a shop window at dawn, long shadows of a waiting line on the wet pavement outside
FashionIntCollaboration

A queue, not a sell out

7 · 09 Photograph: a sheer clear sunscreen swipe on a forearm in bright autumn sun, a plain white tube on a linen towel
BeautyIntLaunch

A filter starts a race

Card 7 · 01

The bag at the top

Level 5 · company release

Leather Goods and Saddlery +10.8% at constant exchange rates in the third quarter, faster than anything else Hermès sells, "driven by strong desirability of both new models and iconic pieces"; Perfume and Beauty +7.5%; Ready-to-wear and Accessories −2.0%. Group +4.3% in the quarter. Read with Mulberry's +18.1% half year: the bag grew at the top and in accessible luxury.

Hermès 2026-10-22 · Mulberry 2026-10-19

P&G's pricing added 0.4%. The retailer decides what a unit costs.
Page Seven · launches and results
The Weekly Marketing Report · No. 43Page Seven · Launches & Results

Claimed, Unverified

Page Eight

Claims this report carries without evidence, and a campaign two roundups called new that has run since April. Kept visible on purpose.

Photograph, greyscale: a wooden desk with a magnifying glass resting on a stack of blank glossy papers, an unused rubber stamp beside an ink pad.

Plate VIII · Not yet stamped. A magnifying glass on blank paper. What is on this page has been said, not shown.

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
8 · 01 Photograph, greyscale: a cat turning its back on a full bowl of food on a kitchen floor, morning light
The recordIntContext

New to two roundups

8 · 02 Photograph, greyscale: a ring light glowing over a vanity with small pastel skin care bottles and a phone on a small tripod, no person
The recordIntBrand claim

Eighty per cent above plan

8 · 03 Photograph, greyscale: a supermarket shelf label holder crowded with three different price tags stacked over each other
The recordIntDescribed three ways

Five billion, three readings

8 · 04 Photograph, greyscale: a perfume bottle and a tube of sunscreen side by side on hot sand under harsh midday sun
The recordIntParaphrase

A hot summer for sunscreen

8 · 05 Photograph, greyscale: a vintage travel agency desk with a rotary telephone and a stack of travel brochures, an empty chair
The recordIntBrand claim

Ten million views, its own count

8 · 06 Photograph, greyscale: two glossy lip balm tubes, one brick red and one pale pink, beside a bowl of glossy red spicy noodles and a small round flame shaped keychain
The recordIntFraming

Only at Sephora, and at home

Card 8 · 01

New to two roundups

Level 2 · two roundups, but not the week's work

Adweek's and Creative Salon's weekly lists both carried Sheba's cat programme as new work. It was live by 3 April 2026, when People interviewed Ilia Malinin about it, and Sheba India posted a version on 19 April. The October pieces cover a new market wave. Dated by the brand's own uploads, it is context, not a launch of the week.

Adweek 2026-10-23 · Creative Salon 2026-10-22 · People 2026-04-03

The Weekly Marketing Report · No. 43Page Eight · Claimed, Unverified