Welcome in, today is Tuesday, September twenty second, and we begin with Drapers reporting a leadership change at the body that runs New York Fashion Week. Drapers reports that Steven Kolb has stepped down as chief executive of the Council of Fashion Designers of America, following an altercation with animal rights activists during New York Fashion Week. We have not seen that account matched elsewhere. The council runs the city's fashion week, so the vacancy sits with the body that sets show scheduling and security policy going into the next calendar. No successor is named in that reporting. Industry reaction splits sharply on where protest ends and disruption begins, and a recurring counter thread holds that the departure could slow animal welfare progress inside fashion rather than speed it, given the outgoing leadership's association with anti fur positions. Also today, Glenn Martens is leaving Diesel. Drapers reports the creative director exits after his final spring summer twenty twenty seven catwalk show in Milan on the twenty second of September. Reaction in the trade leans toward reading that exit as the loss of a hard won repositioning rather than a routine designer move, with the silence on succession the open question for the label. It adds another open creative seat at an Italian house, extending the run of designer changes that has reset much of the top end over the past two years. Separately, JD Sports is entering Mexico without building the estate itself. WWD reports a franchise partnership with Grupo Axo covering one hundred and forty stores, with Axo operating both the shops and JD's e-commerce in the market. Drapers has the deal including a dedicated Mexican website. That is a template rivals can copy for Latin American scale without the capital of an owned chain. Spanish language trade commentary frames it less as a single market entry than as a step up in competition for Mexican sneaker and sportswear shoppers, and notes the store build out is staged from twenty twenty seven rather than immediate. Now to luxury valuations. Bloomberg makes the case that LVMH shares are cheap for a reason. That analysis sets the group's London pop up hotel, marking one hundred and thirty years of the Louis Vuitton monogram, against investors moving the other way, with the stock at its lowest since twenty twenty. It follows our earlier report on that near six year low and the wider European luxury sell off. The argument reaches past one stock, because the sector's largest group sets the valuation floor peers get measured against. A recurring counterpoint holds that top end demand for watches, spirits and collectibles still looks firm, which would make the problem conglomerate and China specific rather than sector wide. Now, a few more headlines moving the trade today. Retailers have welcomed the Conservatives' pledge to restore tax free shopping and VAT refunds for overseas visitors, per Drapers, though that is an opposition vow, not policy. Mothercare has warned on its future in an update to its financial outlook, Drapers reports, after its Middle East franchise partner set plans to close stores in twenty twenty seven. WWD's executive moves roundup has Nike adding an LVMH executive and Lycra naming a chief executive, with Target hiring Hilton's global marketing chief Mark Weinstein. And finally, a study in the Journal of Global Fashion Marketing finds millennials' stated ethical concern rarely changes what they buy on Shein and Temu, with affordability, promotions and social media trends the drivers, the ABC reports.