The Great Fashion Reset: Can Designer revamps Save Fashion?
The luxury fashion industry is undergoing a period of meaningful change, spurred by a recent downturn and a shifting consumer landscape. While brands historically reliant on seasonal trends have struggled, those focused on enduring style – such as Hermès, Brunello Cucinelli, Loro Piana, and Zegna – have demonstrated greater resilience. Though, simply emulating this “timeless” aesthetic may not be the answer. According to Luca Solca, “Timeless designs are great. But the problem is consumers may already have them in their wardrobe. I have a feeling that ‘quiet luxury’ is past its peak.”
A divergence in consumer demand is emerging, as observed by Selfridges’ beth Crane. She identifies continued strong interest in “archetypal” products – like a Birkin bag or a classic cashmere sweater – alongside a renewed appetite for bolder, seasonal designs. Crane notes a current saturation of “in-between” styles that fail to resonate with increasingly discerning shoppers. “Recently there’s been a lot of stuff that’s sort of in-between, which doesn’t respond to the growing sense of discernment in the market. I see it moving to the extremities: a mix of core, comforting, understandable pieces and ones that can really excite the imagination.”
Fashion insiders are hoping the current wave of creative appointments will spark a new era of excitement, reminiscent of 1997. That year saw groundbreaking work from John Galliano at Dior, Lee McQueen at Givenchy, Nicolas Ghesquière at balenciaga, and Martin Margiela at Hermès, all contributing to a fusion of fashion creativity, pop culture, and French couture – a period recently highlighted in an exhibition at Paris’ Palais Galliera fashion museum. Concurrently,Tom Ford was revitalizing Gucci with a provocative aesthetic,and Prada was gaining recognition for its unconventional approach to Milanese glamour.
The context of the 1997 shift also involved a business need for reinvention. A slowdown in sales in Japan, previously a key luxury market, prompted a search for new relevance in a growing US market. Today,the industry faces a similar challenge,needing to reduce its dependence on China while navigating a more volatile and polarized US consumer base. The potential for growth in markets like the Gulf remains uncertain.Financial markets are keenly watching for signs of enhancement,particularly following the upcoming fashion shows.Solca cautions that luxury stocks often experience volatile swings, “rising on expectations and sometiems falling back on disappointing updates,” citing Prada, Burberry, Ferragamo, and Kering as examples of this pattern.
Elizabeth von Guttman, co-founder of System magazine, emphasizes that building desirability takes time. “all the hiring and firing puts brands’ names in the media spotlight – but the hiring is simply the beginning of a new chapter. Desirability requires time and is incredibly tough to maintain – winners and losers will inevitably emerge.”
Industry experts agree that patience is crucial as designers and brands establish their new direction. According to Pierre Pagès, “Not everything can work right away. It takes time to put something in place and to refine it, and for it to find its audience. But you do need some strong early signals to make people believe.” He adds a stark warning: “It’s very hard to come back from a bad debut.”
