Bloomberg Talks TD Cowen's Oliver Chen Talks Retail Outlook
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Nov 28, 2025 Oliver Chen shares insights on the retail sector as Black Friday approaches. He highlights Levi's focus on direct-to-consumer strategies and classic denim appeal. Chen anticipates modest holiday spending growth amid consumer anxiety and shifting payment methods. He discusses the rise of quiet luxury in fashion, emphasizing quality materials over logos. Jewelry is shining in the luxury market, outperforming handbags, with a notable interest in gold. Additionally, he predicts selective M&A activity in beauty and names Walmart as a top pick due to its AI potential.
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Levi's Focuses On Classics And DTC
- Levi's is leaning into direct-to-consumer stores and classic product execution with subtle newness.
- Denim's durability and perceived value fit current consumer demand for quality and value.
Holiday Spending Looks Modestly Up
- Consumers remain anxious but still spend on deals, joy, and gifting this holiday season.
- Chen forecasts sales up ~2-3% with unit volumes roughly flat due to inflation-driven price gains.
Offer Every Fulfillment And Payment Option
- Use multiple fulfillment and payment options because mobile is the new mall.
- Offer buy-online-pickup, curbside, delivery and alternative payments to capture younger and mobile-first shoppers.