Friday, November 14, 2025
Holiday '25 Outlook
Lunch & Webinar
Lunch: 12:00 pm-2:00 pm EDT
Webinar: 12:45pm-1:45pm EDT
The NRF forecasts that Holiday sales in the U.S. will moderately increase vs. last year and may exceed $1 TRILLION for the first time ever! On the plus side, GDP is up in the low-single digits, the Fed recently announced its 2nd interest rate cut this year, and inflation seems under control. On the other hand, the tariff wars continue, the geo-political environment is uncertain, one of the longest U.S. government shutdowns in history is into its fifth week, and the government has stopped reporting monthly U.S. labor rate numbers.
What does all this mean for consumer spending during the most consequential quarter of the year? Join TD Cowen’s talented Retail Equity Research Team as they provide our RMS community with their view of Holiday ’25 sales.
TD Cowen will host our RMS/CBUS Members for an in-person lunch on Friday, November 14 at their new offices at One Vanderbilt Ave. (adjacent to GCT) on the 20th Floor in Room 33 and also will broadcast a simulcast for any RMS/CBUS Members (free) who cannot attend in person or Non-Members (for a fee of $50.) To attend either the in-person lunch or the on-line webinar, you must register. Space at the lunch will be LIMITED, so please register ASAP!
The TD Cowen team will address the following topics from their Wall Street perch:
What’s the overall outlook for Holiday ’25 sales compared to LY?
What sectors and product categories are expected to show increases or decreases over last year? What are the hot products this season?
How are online sales vs. in-store sales expected to perform this year vs. last year?
What companies/stocks are you recommending and why, as we move into the Holiday season?
As a reminder, there is no charge for RMS members to attend our webinars. There is a $50 charge for non-members to attend. Both members and non-members must register in order to participate in the webinar. Once registered, we will send you an email with the Zoom link. If you're not a member and would like to join RMS, our annual membership dues are $200 and you can join by visiting our Events & Registration Page.
QUESTIONS?
Contact RMS Chairman Richard Baum at richardbaum@retailmarketingsociety.org or RMS President Marie Driscoll at mariedriscoll@retailmarketingsociety.org if you have questions or need more information. If you are enjoying our programs, we hope you will consider joining RMS.
Fees:
RMS/CBUS Members: FREE
Guests: $50*
Date: Friday, November 14, 2025
Time:
Lunch: 12:00 pm-2:00 pm EDT
Webinar: 12:45pm-1:45pm
Location:
One Vanderbilt Ave.
20th Floor, Room 33
New York, NY 10017
Zoom instructions will be emailed upon registration for the event.
* If you're not an RMS member, now is the time to join.
Benefits of membership include: free webinars, reduced rates on meetings and conferences; complimentary attendance at our in-person networking events; and a Membership Directory for networking purposes.
Oliver Chen
Managing Director-Retail, Luxury, and New Platforms Sector Head
Oliver Chen is a Managing Director-Retail, Luxury, and New Platforms Sector Head. Mr. Chen’s deep understanding of the consumer and his ability to forecast the latest trends and technological changes that will impact the retail space has set him apart from peers. Oliver’s broad coverage and circumspect view makes him the thought partner of retail and brand leaders. In his spare time, Mr. Chen is also an Adjunct Professor in Retail and Marketing at the Columbia Business School.
John Kernan
Managing Director, Consumer - Retail & Consumer Brands
John Kernan is a Managing Director and senior equity research analyst covering the Retail and Consumer Brands sector. Mr. Kernan joined TD Cowen in 2008 and has been covering the consumer sector for over ten years, which has helped him develop a deep understanding of how to grow and sustain a global brand. His coverage of the retail sector has led to industry awards for stock picking and earnings estimates. Mr. Kernan has a BA from the University of Pennsylvania and an MBA from the Kenan-Flagler Business School at the University of North Carolina. He is a CFA charter holder and CAIA charter holder.
Jonna Kim
Director, Special Retail and Beauty
Jonna Kim is a Director on TD Cowen’s Retail & Luxury team covering Specialty Retail and Beauty. Prior to joining TD Cowen in 2018, Ms. Kim was an investor relations associate at JPMorgan Chase. Ms. Kim received a BA from Barnard College/Columbia University and a master’s degree in International Affairs from Columbia University. Ms. Kim is a CFA charter holder.
Thursday, November 20, 2025
Fireside Chat with Coach's Former CEO Lew Frankfort
6:30pm EDT
We are excited to announce a unique opportunity for our members, non-members, guests and friends to attend a special event and book signing presented by the Gromek Institute and hosted by Parsons School of Design in NYC - Fireside Chat with Coach's Former CEO Lew Frankfort. The event will be Thursday, November 20th at 6:30p at Parsons School of Design, Tishman Auditorium, 63 Fifth Avenue in NYC.
Lew will be interviewed by the Retail Marketing Society's President Marie Driscoll who's also an Adjunct Professor at Parsons and expert in retail, fashion, luxury, beauty, and marketing. Lew recently published his business memoir entitled "Bag Man: The Story Behind the Improbable Rise of Coach" that details his 35-year career at the company and which will be available for purchase and signing at the event..
The book chronicles how Lew grew Coach from a small $6 million family leather goods maker into a $5 billion global lifestyle brand by using his "Magic Plus Logic" philosophy, which combines data-driven discipline with creativity and intuition. It also explores his personal journey, including his fear of failure and its impact on his leadership.
For more details and to register please go to https://event.newschool.edu/gromekinsitutelewfrankfort. You do not need to register on the RMS website for this event.
Looking forward to seeing you there for this Pre-Thanksgiving/Black Friday event!
QUESTIONS?
Contact RMS Chairman Richard Baum at richardbaum@retailmarketingsociety.org or RMS President Marie Driscoll at mariedriscoll@retailmarketingsociety.org if you have questions or need more information. If you are enjoying our programs, we hope you will consider joining RMS.
Fees:
RMS Members: FREE
Guests: FREE*
Date: Thursday, November 20, 2025
Time: 6:30pm EDT
Location:
Tischman Auditorium
Parsons School of Design
63 5th Ave
* If you're not an RMS member, now is the time to join.
Benefits of membership include: free webinars, reduced rates on meetings and conferences; complimentary attendance at our in-person networking events; and a Membership Directory for networking purposes.