Welcome back, today is Wednesday, August twenty-sixth, and we begin with Canada's answer to the new American tariffs, per WWD. Canada is answering Washington's new tariffs with duties of its own, and American apparel products are among the goods hit. That is WWD's Sourcing Journal, citing a post by Prime Minister Mark Carney on Tuesday morning, in which he said Canada will match the new U.S. tariffs dollar for dollar. It follows our earlier report on the alarm across the trade over the future of the North American trilateral agreement. The exposure now runs both ways: brands moving goods across that border face duty costs on the outbound leg and on the return. Industry reaction leans toward reading the duties as cumulative rather than substitutive, a recurring point being that they stack on fees already in place and catch importers and exporters holding different goods on each side. A separate consumer-side thread is that avoiding American-made products has hardened into routine habit rather than short-term protest, which some read as a signal that demand may not snap back when duties lift. Also today, the case investors are weighing on Shein. Reuters reports the retailer is going public into a far more hostile environment than when its listing run began five years ago, with investigations by the European Commission and the U.S. Federal Trade Commission still active, and earlier probes that brought fines in France over alleged fake discounts and in Italy over greenwashing. Per that reporting, disclosure has widened, the annual ESG report running one hundred and eighteen pages last year against twenty-eight in two thousand twenty-one, and a spokesperson says the company operates in compliance with applicable laws. The argument turns on structure. Per Monday's filing, the four co-founders will hold fifty-nine point six percent of the shares but ninety percent of the voting rights, the chief executive also chairs the board, and three of seven directors are independent. The same reporting puts Shein's greenhouse gas emissions at roughly double those of Inditex in two thousand twenty-five, on lower annual sales. It follows our earlier report on the September first debut at a twenty-seven billion dollar target, and it sets the terms minority investors would be buying into. Separately, a demand read from one of the category's largest wholesale buyers. Dick's Sporting Goods has cut its full-year sales and profit forecasts, The Business of Fashion reports, attributing the move to a cautious consumer environment weighing on demand for athletic apparel and sporting goods. Coming from a buyer of that scale, the cut lands on fall planning for athletic brands and their retail partners well before it shows up in their own results. Industry reaction leans toward reading the quarter as an integration story rather than a broad demand story, with some in the trade pointing to a recently acquired footwear business as the driver. A related concern is how much weight to put on retailer reassurance this cycle. Also today, the numbers behind the resale shift. Demand for vintage, which The RealReal defines as items fifteen years or older, is up four hundred and thirty-two percent since two thousand twenty, according to the platform's annual resale report. Luxury Daily puts decade-specific saved searches up one hundred and thirty-five percent year over year, led by two-thousands fashion and Phoebe Philo-era Celine. Per that report, Chanel is the most searched brand on the site, and searches for Matthieu Blazy are up close to eleven thousand percent. Robb Report cites Capital One Shopping data showing forty-eight percent of shoppers weigh resale value before buying new, a figure that reaches pricing by putting the secondary market inside the first purchase decision. Industry reaction leans toward reading the move to product-level searching as pressure on brand pricing power rather than a win for luxury. Now, a few more headlines moving the trade today. The Business of Fashion reports that Leonardo Maria Del Vecchio is stepping down as chairman of Ray-Ban and as chief strategy officer, the company said, after reports of tensions with chief executive Francesco Milleri. Marks and Spencer has moved its entire continental European direct-to-consumer online business onto Zalando's ZEOS fulfilment platform, per Drapers. U.S. consumer confidence has hit a seven-month low, with Conference Board respondents negative on future job and income prospects, per The Business of Fashion. And finally, Drapers weighs what Frasers Group's takeover of loss-making Harvey Nichols will cost, and whether it delivers the turnaround the chain needs.