Welcome in, today is Wednesday, August twelfth, and we begin with WWD, which reports Inditex has put its youth banner on American selling floors for the first time. Bershka has opened its first permanent store in the United States. FashionUnited reports the doors opened last Friday, August seventh, inside Aventura Mall in Miami, one of two Bershka locations the group had earmarked for the metropolitan area this year. Per that account, chief executive Óscar García Maceiras first flagged the entry in late twenty twenty-five, citing the brand's online performance in the market, and Inditex confirmed it when presenting its annual accounts in March. WWD reports further stores are expected in the Miami area and across the South. That expansion path is the read on how Inditex stages its banners behind Zara stateside. Bershka is the group's second-largest brand by turnover and its youth-facing label, and this makes it the third Inditex banner with physical US retail, after Zara and Massimo Dutti, which returned to American selling floors at the same mall in late twenty twenty-four, according to that same reporting. The store carries three lines: the womenswear collection, the BSK teen line, and menswear. Bershka's management said the mall's existing Zara and Massimo Dutti stores reinforce what it called the group's integrated model, and pointed to the location's draw among Gen Z shoppers, millennials and tourists. FashionUnited notes USA Today rated the centre the country's best for a second consecutive year. Also today, a date on the Shein listing. The Business of Fashion reports the retailer's Hong Kong offering could launch as soon as Wednesday of next week, August nineteenth, citing two people with knowledge of the matter speaking on Tuesday. The timing is unconfirmed, and we have not seen that date matched elsewhere. It follows our earlier report on the thirty to forty billion dollar valuation the company is understood to be targeting, and on the profit decline sitting behind it. A completed float would put public financials behind the ultra-fast-fashion model for the first time, and give the trade a running price on it. Industry reaction leans toward reading the venue itself as the story, with some in the trade framing the path from New York to London to Hong Kong as evidence that listing decisions now turn on regulatory clarity rather than on best valuation. A recurring concern in the channel is the reset price itself. Set against a falling profit line and a disclosed US regulatory inquiry, some read the deal as a live test of investor appetite for large consumer listings rather than a formality. Separately, On's shares slumped after second-quarter sales came in below expectations. The Business of Fashion reports the Swiss brand's stock tumbled on the miss, and that it issued a slightly more cautious sales forecast for the year. WWD reports executives said they were managing wholesale to protect margins, and lowered full-year twenty twenty-six guidance despite new shoe releases on the way. For wholesale partners reading demand in performance footwear, the guidance line carries further than the quarter. Industry reaction is split. Some read tightened sell-in ahead of new product as an ordinary inventory reset, while others treat the guidance cut as evidence that growth is decelerating rather than being managed. A recurring counterpoint is that the underlying economics still look healthy, with gross margin and direct-to-consumer momentum noted alongside the miss, and the scale of the sell-off read as a repricing of premium growth expectations more than a verdict on the brand. Now, a few more headlines moving the trade today. The Business of Fashion reports John Lewis managing director Peter Ruis is stepping down after under three years, against trading conditions it describes as really tough; Drapers reports former River Island chief executive Will Kernan replaces him. And finally, Drapers reports Jonathan Anderson will unveil Dior's autumn/winter twenty twenty-seven collection in Dublin, his first show on the island of Ireland and the house's debut there.