Retail Brew // Morning Brew // Update

December 19, 2025

Hi, it’s Friday, and Amazon is reportedly considering an investment north of $10 billion in ChatGPT maker OpenAI. That suggests Amazon wants a bigger stake in the booming generative AI market. Nothing says “We’re serious” like that many zeros.

In today’s edition:

—Jeena Sharma, Erin Cabrey, Katie Hicks

FASHION

Popular couture

Kevin Carter/Getty Images

This year has been full of both surprises and turmoil for fashion. With blockbuster acquisitions, unexpected executive shake-ups, and brands scrambling to navigate shifting tariff rules, 2025 often felt like a fashion-industry reality show in which every week brought a new twist.

So in case you didn’t keep up with it all, here are the biggest fashion moments of 2025.

Big deals

Kicking things off, the mother of all deals: the Prada-Versace merger. The 1.25-billion-euro ($1.4 billion) acquisition—one of the largest in Italian luxury history—saw Prada acquire the brand from Capri Holdings, effectively bringing Versace back under Italian ownership for the first time in years.

The takeover, which was officially completed in December, is likely to help Prada fortify its portfolio and better compete with French giants like LVMH and Kering, while giving it access to a broader range of global shoppers.

Another big partnership arrived via Guess and Authentic Brands Group. Per the deal—likely to close early next year—Authentic Brands Group is set to own a 51% stake (worth $1.4 billion), instantly making Guess one of Authentic’s largest brands and pushing ABG’s total portfolio-wide retail sales to $38 billion annually, per the company.

Leadership shuffle

When companies weren’t busy acquiring each other, they were scouting for new executive talent. Much like last year, 2025 delivered headline-making executive moves, especially in luxury, a sector still trying to bounce back.

Keep reading here.—JS

From The Crew

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Meet People Person—a show built by HR leaders, for HR leaders. Host Kate Noel, head of people ops at Morning Brew Inc., sits down with HR pros and career experts for candid conversations about the most important issues in the HR industry.

Tune in wherever you get your podcasts.

STORES

Under fire

Market Basket CEO Arthur T Demoulas trial

Boston Globe/Getty Images

Let’s be honest—none of us is immune to the appeal of a little CEO drama (see: the viral Coldplay-Astronomer scandal this year), and retail C-suites were particularly full of it this year. From Succession-level family feuds to company conduct violations, here are the most intriguing plotlines we followed as we tracked retail executive moves this year.

Kohl’s

Just a few months into his tenure, Kohl’s terminated CEO Ashley Buchanan after he directed the retailer to pursue a “highly unusual” business deal with a company founded by former Bed Bath & Beyond CEO Chandra Holt, with whom he was in a romantic relationship. He also directed the company to enter into a multimillion-dollar consulting partnership with her, the company said. Buchanan didn’t disclose the relationship in either case, a violation of Kohl’s ethics code. Chairman Michael Bender was initially named interim CEO before being tapped as permanent CEO in November.

Kroger

Fresh off a tumultuous 2024, Kroger kept the dramatic vibes going this year. The grocery industry was shocked in March when Kroger CEO Rodney McMullen suddenly resigned from his role after 11 years as CEO and 47 years with the grocer. The company said it was “made aware of certain personal conduct” by McMullen on February 21, and conducted an investigation that found his actions violated its business ethics policy. The company clarified the conduct didn’t involve other Kroger employees and wasn’t related to its financial performance or operations.

Keep reading here.—EC

MARKETING

All together

Illustration: Anna Kim, Photos: Heinz x Absolut, Airbnb, Starbucks, Liquid Death

Marketing may not be a math-heavy field, but there sure are a lot of Xs.

From Chili’s x Tecovas to Wicked: For Good x just about any brand you can think of, 2025 was filled to the brim with collabs. It’s no secret that marketers love a crossover moment, but do they always land?

We’re breaking down the best, worst, and downright cringiest brand partnerships we saw this year.

Keep reading here on Marketing Brew.—KH

Friday news quiz

The feeling of getting a 5/5 on the Brew’s weekly news quiz has been compared to getting a company-wide shout-out from your boss. It’s that satisfying.

Ace the quiz

SWAPPING SKUS

Today’s top retail reads.

Comeback tour: Nike’s turnaround is underway, but sales are expected to drop again this quarter as the company continues to struggle in China. (the Wall Street Journal)

Unfolding profits: How Uniqlo built a $22.9 billion empire over four decades and is betting that future growth will come from expanding beyond Asia. (Bloomberg Businessweek)

New muse: Zara has started using AI to show real models wearing different outfits digitally, making photo shoots faster. (Reuters)

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