Department stores are disappearing—Nordstrom pulled out of Canada, Neiman Marcus and Bergdorf Goodman were swallowed up into Saks Global, Hudson's Bay is liquidating, and direct-to-consumer brands are reshaping the retail landscape. But Holt Renfrew (you know them, that Canadian luxury destination with the iconic magenta shopping bags) continues to stand strong. It's an impressive feat considering the brand's almost 200-year history. So, what does it take to not just survive, but thrive in today’s evolving luxury market?

In this episode of Mission Critical, Lance sits down with Sebastian Picardo, President and CEO of Holt Renfrew, to explore the evolving definition of luxury and the future of multi-brand retail. From his first brush with luxury in Argentina to navigating Holt Renfrew through a rapidly changing landscape, Sebastian shares personal insights, leadership philosophies, and the strategic vision that keeps Holt Renfrew at the forefront of the industry.

They discuss:

• The emotional and experiential aspects of luxury in 2025.
• How Holt Renfrew stays relevant in an era where brands are going direct-to-consumer.
• The crucial role of relationships in luxury retail.
• Balancing heritage with innovation.

Key Takeaways:

• Luxury is more than price—it’s about emotion, purpose, and connection.
• Multi-brand retailers must define their own identity beyond the brands they carry.
• Personal service and relationships are the true product in luxury retail.
• Sustainability and heritage can coexist with innovation.
• Navigating uncertainty requires a long-term vision and a strong company culture.

If you’re curious about the future of fashion, retail, and what it takes to lead a legacy brand in a rapidly changing industry, this is the episode for you. Let's get into it.