The Indicator | February 20th, 2026

By Sonal Gandhi
The Lead

This morning, the Supreme Court ruled that the Trump administration exceeded authority when he imposed tariffs on nearly every U.S. trading partner. While a much welcome news to many brands, it adds a bit of uncertainty on what new tariffs strategy may be put in place and when and how refund will be issued for the tariffs already paid. In other news, Williams Sonoma is testing ads on ChatGPT and Loop partnered with Soul Cycle.

'INNOVATION MOVES'

  • First Aid Beauty launched its first rebrand in nearly 20 years with its new skin-care partnership with Team USA for the 2026 Winter Olympics. The partnership, facilitated by parent company P&G, provides global exposure and aligns with a broader trend of beauty brands engaging with the Olympics. From athlete partnerships and product seeding (First Aid gifted all Team USA members) to performance-focused skin care and behind-the-scenes content. (Glossy)

  • J.Crew launched “The Rollneck Remix,” a limited, four-day pop-up and online collaboration during New York Fashion Week with five emerging designers including Buci NYC, Collina Strada, Eckhaus Latta, Patrick Taylor, and Tanner Fletcher. The designers created scarce, higher-priced reinterpretations of the classic Rollneck sweater, which were sold exclusively at the SoHo pop-up and online, bypassing J.Crew’s main stores. (Glossy)

  • SoulCycle has partnered with Loop, an Antwerp-based lifestyle earplug company, to offer riders hearing protection with Loop’s “Experience 2” earplugs. This collaboration marks Loop’s entry into the group fitness space and aligns with SoulCycle’s focus on holistic wellness, allowing riders to enjoy the music-driven classes while safeguarding their hearing. (WWD)

  • Williams-Sonoma, the parent company of Williams Sonoma and Pottery Barn, is participating in the OpenAI Ad Pilot program to test displaying ads for their high-end products within ChatGPT. The home goods company is one of the first to explore how generative AI platforms can reach customers during the purchasing decision process while maintaining a “trusted and transparent user experience.” (Retail Dive)

  • Clarins successfully piloted its AI Shade Finder in 20 French and U.K. kiosks, which uses a dedicated iPhone and IlluminateAI’s spectroscopy to select foundation shades despite poor lighting. The test doubled basket size, boosted conversion to 70%, and improved associate confidence and customer care, with the added benefit of increased sales of complementary products. (Glossy)

  • Luxury brands Dior and Chanel achieved growth and higher margins through significant price increases, targeting high-net-worth clients. This strategy, however, alienated aspirational shoppers, with items like the Chanel medium flap nearly doubling in price since 2019. To re-engage this segment, the brands are shifting focus to bolstering lower-priced offerings (small leather goods, accessories) and enhancing the value of current products through storytelling and new creative direction. (Business of Fashion)

 

'Financial Moves'

  • Aritzia has acquired the Fred Segal brand and its flagship LA retail location.

  • Depop (resale platform) was acquired by eBay from Etsy for ~$1.2B in cash.

  • Gluck (watchmaker) was acquired by American Exchange Group.

  • Pat McGrath Labs raised a $30M investment from GDA Luma, upon the Company’s exit from bankruptcy.

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'Career Moves'

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