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The iPhone 17 was released on the first day of fashion month in Europe. As I shuttled to a few of the London shows (stopping off for a cheeky dip at the bathing ponds in Hampstead Heath), I passed droves of people queuing at Apple stores in the city. The new phone popped up in the hands of some editors on the front row almost instantly, too. Never mind that many of those were likely PR gifts or company purchases, the buzz surrounding Apple’s new phone felt like a relic of days past. Or perhaps a sign — that people are itching to spend money on unnecessary things again despite the ambient political and economic gloom.
Nearly a month later, fashion’s big season of designer debuts is in the rear-view mirror. And I’m inclined to think my initial hunch was right: Reactions to the runway came on faster and harder than ever, with the internet populated by judgments (often quite polarised) on each collection within minutes. (My counterparts at one major fashion media spent as much time live-blogging some runway shows as they did actually watching them.) But even the bluntest commentary was mostly focused on the collections, rather than celebrity guests or marketing stunts. It felt like people wanted to be excited about fashion again, not just as entertainment but as design.
Since that initial round of pollice verso, more thoughtful critiques have trickled in: about brands’ thorny, co-dependent relationships with their own archives, or whether male designers are projecting a suitable image of women (followed by critiques of those critiques as patronising or misinformed). In any case, people are talking about fashion like it matters.
LVMH (Kind Of) Returns to Growth
Tuesday, LVMH reported lacklustre third-quarter figures that were nonetheless improved over the previous two quarters — suggesting some of that revitalised fashion discourse may translate to sales. Growth turned positive for the first time this year, rising 1 percent on an organic basis (reported figures remained negative due to a stronger euro). Fashion and leather goods sales fell 2 percent compared to a 7 percent slump in the first half of the year.
Shares in the company surged 14 percent in early trading to their highest level since March. The news also prompted a sector-wide rally, with Kering, Hermès, Richemont also rising between 4 and 6 percent.
Most products from big debuts at Dior and Celine won’t reach stores before next year, but LVMH says the market is primed to respond to novelty. “What we see is whenever we are bringing a new initiative, or an innovation, or a retail disruption, it immediately creates an excitement, a consumer response,” chief financial officer Cécile Cabanis said. “We still have a lot of uncertainties… but we are confident that our initiatives will bear fruit.”
Dior has sought to capitalise on the halo from Jonathan Anderson’s appointment even while waiting for his debut mens and womenswear collections to land. The brand’s best-selling and most iconic bag, Lady Dior, is front-and-centre in a campaign starring new muses Greta Lee, Mikey Madison and Mia Goth — all signed since JW’s arrival. That push has “already started to rejuvenate Lady Dior,” Cabanis said.
Hailey Bieber was an unlikely star of LVMH’s analyst call, as Cabanis called out the “record-breaking launch” for Rhode at Sephora more than once. The group’s Selective Retailing division grew 7 percent, with Sephora “growing twice the rate of the market” across key regions.
Luxury’s overall demand picture remains muted, even if there were signs of life this quarter. Sales have returned to growth in Mainland China but are still down to Chinese customers abroad. There were “pockets of resilience” among local clients in the US as well, but a strong euro is pinching sales to holiday-goers in Europe.
Looking ahead, LVMH warned that the industry was up against a tougher comparison basis for Q4 — having benefitted from a post-election surge in spending in the US last holiday season. Then next year things will be “mechanically easier” even if the macro environment remains uncertain.
The IMF updated its economic outlook Tuesday, forecasting slowing growth in 2026 as tariff uncertainty takes a toll.
High prices have been a key stumbling block to luxury’s recovery, particularly among aspirational customers. And while LVMH has paused most price increases, they say “moderate” hikes may be needed in the US to make up for tariffs.
MGC to Fendi
LVMH confirmed Tuesday morning that Maria Grazia Chiuri will take over as creative director of Fendi, staging her debut show in February.
Fendi is ready for a change. Kim Jones’ womenswear collections were fine, if a bit stiff. Silvia Venturini Fendi’s menswear consistently innovated on Italian sprezzaturra, cutting nonchalance with ultra-functional, sporty silhouettes and technical materials. This didn’t always translate to the selection in stores.
Ultimately, it’s been a while since it felt like the brand was popping off in culture or in fashion. The business was coasting — propped up by great handbags, a fleet of best-in-class retail stores, savvy clienteling, recognisable marketing, a beloved monogram — even before the luxury industry entered its ongoing post-pandemic downturn.
Chiuri could prove to be a savvy pick. She engages deeply on collaborations with artists, craftspeople, filmmakers and historians — pushing ideas to their furthest conclusion in a way that provides brands with both visual texture and valuable communications hooks. Her runway shows create new brand signatures that can be trickled down across categories and price points, from “rockstuds” at Valentino to toile de jouy and logo-printed straps at Dior. Her aesthetic is legible.
But there’s a risk: Chiuri’s initial success at Dior was rooted in a decision to brush off criticism, sticking to her method and aesthetic despite initial blowback from the market. She eventually won over most critics. The strategy worked until it didn’t, however, and the brand suffered from ignoring signs that its creative approach had started to feel formulaic, its merchandising too trite.
A warm reception at Fendi will require signals that her aesthetic has moved forward. Groups can’t just transplant a designer’s vision to a smaller brand once it reaches its limits: Roman rival Valentino is learning this the hard way, having onboarded former Gucci designer Alessandro Michele as a turn-key creative solution. His work for Valentino is gorgeous, but business is off to a slow start as many customers see it as confusingly familiar.
Next Week
- Hermès, Kering, Prada and Ferragamo all report Q3 earnings on October 23.
- Look out for BoF’s special art edition, timed to coincide with Paris art week.
The gathering has taken on new proportions since Art Basel took over the anchor fair in the Grand Palais. There will be a frenetic constellation of openings, parties and dinners hosted by galleries, brands, publishers and more. There will also be art. Highlights include the unveiling of the new Fondation Cartier contemporary art museum (next door to the Louvre).
In terms of fashion brands getting involved, I’m looking forward to Helen Marten’s project hosted by Miu Miu in their show space at the Palais d’Iena, as well as the latest edition of Magma, an exhibition and publication underwritten by Bottega Veneta.