Welcome in, today is Thursday, October twenty-second, and we begin with Reuters, on cracks in the resale premium that built Hermès. Reuters reports that second-hand prices for the Hermès Birkin are falling as more bags reach the resale market. That account has nine resellers interviewed in the US, Europe and Asia; six said prices had dropped over the past year, five reported softer demand. It puts an unworn black Birkin twenty-five at around twenty-four thousand pounds, down roughly four thousand since twenty twenty-two, against a Hermès retail price of nine thousand three hundred and ninety pounds in Britain. Brokerage Bernstein, cited in the same reporting, had the model clearing about one point seven times retail in the third quarter, against about two point six at the twenty twenty-two peak. What that reporting raises is structural, because the prospect of resale profit is what pulled clients into buying the scarves and shoes first. The same account has UBS downgrading the shares to sell this month on exactly that reasoning. Some market watchers push back, drawing a line between a company compounding and its share or resale price having direction. Hermès declined to comment. Also today, US Customs and Border Protection has proposed ending the post-arrival filing window for low-value imports. Per WWD, the rule would require shipments valued at two thousand five hundred dollars or less to be filed electronically on or before arrival, and would create a new entry type for international mail. That reporting has the agency framing the proposal as an answer to enforcement problems that grew with low-value volumes after the de minimis threshold rose to eight hundred dollars in twenty sixteen. The change is one of timing, and it lands on anyone whose paperwork currently clears after the freight does. A recurring operator concern in the channel is ownership rather than the rule, who on a team is responsible for finding out whether small postal shipments now need a formal entry. Separately, Moncler group revenue rose six percent at constant currency to one point eight nine five billion euros across the first nine months, while third-quarter sales came in flat at six hundred and six million. Per Investing.com, the Moncler brand fell one percent in the quarter and its direct-to-consumer sales dropped two percent, while Stone Island rose five percent. That reporting and WWD both point to unseasonably warm weather through July, August and September and thinner tourist traffic in Europe, with Asia and the Americas carrying the nine-month figure. Management said it still targets operating margins around twenty-nine percent, while noting how hard the top line is to forecast in a business ninety percent direct-to-consumer. It is a clean read on what a late season does to outerwear economics. Reaction leans toward calling the growth concentrated rather than broad-based. Adidas is set to post record third-quarter revenue of seven point two five billion euros for the period ended the thirtieth of September, up nine percent year on year, with record operating profit of one point zero one billion, and it has raised guidance. That is Drapers reporting, which credits strong full-price selling and a two hundred million euro tariff refund from the United States. Full-price mix is the part that reads straight through to margin. Some observers note the headline profit leans partly on that one-off refund, and are treating the underlying full-price demand trend as the number worth watching into peak. Now, a few more headlines moving the trade today. WSG Brands has acquired the contemporary label Sanctuary, per WWD, with plans for international expansion and category diversification. UK consumer prices rose three point five percent in the twelve months to September, up from three point one percent, according to Office for National Statistics data reported by Drapers. Target and Kohl's have each named price, newness and convenience as their holiday priorities, WWD reports, for a season both describe as challenging. And finally, Dick's Sporting Goods and Foot Locker are hiring about eleven thousand seasonal workers between them, roughly eight thousand four hundred and two thousand nine hundred respectively, per WWD.