Retail distress & recovery pivots amid tariffs

Nike China digital reset cutting 1,000+ storefronts. Vans turning corner (VF Q1: Vans -8% but DTC growing, wholesale expected H2 improvement). Deckers Q1: Hoka +7.7%, Ugg +4.9%, DTC +13%. Skims Regent Street flagship. COS expanding. GU hires Risso. Crocs Q2 preview DTC +10%, Classic Ballet Flat potential. Frasers Group Dublin flagship. Hoka slowing. Thursday Boot Co. Houston store. Buckle closes 24 stores. Kate Spade sales down 10% vs Coach +31%, inventory reduction, new hires. David's Bridal outlet shop-in-shop. Steve Madden trend rotation, DTC +697% via TikTok, supply chain flexibility, private label headwind 2027. VF Corp Q1 beat guidance: TNF +6%, Timberland +4%, net debt down $1.1B, inventories -11%, raised FY outlook to +2% constant currency, ~8% operating margin. On opens first Dubai store (265sqm) with nine more GCC stores planned. Heritage brand distress: Bally seized by bankruptcy office after Regent rejects acquisition bid; union suspects asset stripping, closures of Swiss factory, Florence studio, retail cuts.