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Our take: While Gucci鈥檚 reinvention is underway, it鈥檚 unfolding in a climate where even luxury鈥檚 most reliable shoppers are starting to pull back. That puts both Gucci and Kering in a tight spot, with little margin for error.

This is the first installment of our 鈥淯K Ad Spending Benchmarks鈥� series, which helps ad buyers and sellers calibrate their spending and revenue mix against the market.

The US and UK tout a trade agreement鈥攚ith a few caveats: The proposal would offer the UK some tariff relief while giving US businesses access to a $5 billion market opportunity, but it鈥檚 not a done deal.

This is the first installment of our 鈥淯K Ad Spending Benchmarks鈥� series, which helps ad buyers and sellers calibrate their spending and revenue mix against the market.鈥嬧��

This is the first installment of our 鈥淯K Ad Spending Benchmarks鈥� series, which helps ad buyers and sellers calibrate their spending and revenue mix against the market.鈥�

Brands that manufacture their wares in Europe鈥攍ike Inditex鈥攚ill also be subject to a 20% tariff. The repercussions: While companies with higher margins may be able to swallow the additional costs or pressure their suppliers into absorbing some of the expense, the most likely outcome is higher prices for consumers.

But that growth was driven by Europe (up 8.4%) and Asia-Pacific (up 5.2%). By contrast, US M&A during the first two months of 2025 fell to its lowest level in over two decades, per Dealogic. Companies struck 1,172 deals worth $226.8 billion, roughly one-third less YoY by both volume and size.

It鈥檚 trying to better compete internationally with Sweden-based Klarna, which already has a large European presence. The two are currently evenly matched in the US: We forecast Affirm鈥檚 US BNPL payment value will total $30.58 billion this year, compared to Klarna鈥檚 $30.42 billion.

The UK economy is in a tough spot: Consumers are keeping a tight grip on their wallets as tariffs and government budget cuts loom.

It helps that a Coach bag costs 10 times less than its European luxury counterparts, making the brand an attractive entry point for shoppers interested in designer labels. The combination of comparative value and trendy products鈥攁s well as marketing investments鈥攂rought Tapestry 1.2 million North American customers during the most recent fiscal quarter, two-thirds of whom were Gen Z and millennials.

This is the first installment of our 鈥淯K Ad Spending Benchmarks鈥� series, which helps ad buyers and sellers calibrate their spending and revenue mix against the market.