Fashion industry gambles on luxury recovery: brands place big bets on runway comeback of high-end design
The luxury fashion industry is gearing up for a series of changes as new designers take the helm at some of the biggest brands, aiming to reconnect with consumers and generate excitement in the face of economic pressures and a slump in sales. Last year, luxury brands like Chanel, Dior, and Louis Vuitton reported a loss of 50 million customers due to economic pressures and price fatigue. The industry has struggled to maintain sales since the post-pandemic boom ended two years ago, with U.S. President Donald Trump's trade war also affecting consumer confidence and margins at European high-end brands. In an effort to revive customer interest, Matthieu Blazy has been named the new artistic director of fashion activities at Chanel. Blazy is set to make his debut with an evening show on October 6 at Lagerfeld's favoured venue, the Grand Palais in Paris. Meanwhile, LVMH's second largest label, Dior, brought on Jonathan Anderson to replace both menswear designer Kim Jones and womenswear designer Maria Grazia Chiuri. Anderson's womenswear debut is on October 1. Gucci, which has struggled since the departure of designer Alessandro Michele in 2024, is also introducing new designs as part of efforts to attract inflation-weary shoppers. Demna, known for applying high-end tailoring techniques to make oversize suits, streetwear, and couture, has been tasked with reviving Gucci. Initial designs from Demna will be shown at a presentation in Milan on September 23, but the designer's first fashion show for Gucci will be in March. The task for new creative directors this season is to introduce new styles that excite historic labels without diluting brand image. According to Jonathan Siboni, CEO of Luxurynsight, what's next in the industry might be more a revolution than an evolution. The industry-wide designer shakeup has also affected smaller labels such as LVMH's Celine, Loewe and Givenchy, Kering brands Bottega Veneta and Alexander McQueen, Prada's Versace, Puig labels Dries Van Noten and Jean Paul Gaultier, and OTB's Maison Margiela. Fashion brands are under pressure to 'set themselves apart, be more and more spectacular' while also being 'more 'quiet',' according to Stephane Galienni, associate of creative agency Balistik Art. Showing sneak peeks of new designs on the red carpet carries risks, as it can expose brands to negative comments on social media. However, catwalk presentations are no longer just industrial showcases, but also serve to generate excitement around a brand, according to Christian Kurtzke, CEO of Together Group. The fashion shows will take place in New York, London, Milan, and Paris starting on September 10. The Chinese economy, currently affected by a property crisis, may also impact sales in the luxury sector. In sad news, Italian fashion designer Giorgio Armani passed away on September 4. Armani, who founded his eponymous label in 1975, was a trailblazer in Italian fashion and will be deeply missed. As the luxury fashion industry prepares for a new season, it remains to be seen how the new designs will fare and whether they will be able to reinvigorate sales and customer interest.
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