Fashion and luxury seek revival. The hot autumn of top management changes and the knot of markets

If the beginning of September was scourged by the passing of a milestone in world fashion - thestylist and entrepreneur Giorgio Armani, who died in Milan on 4 September at the age of 91 - the sector cannot afford, beyond the days of mourning, either uncertainty or setbacks. Armani's death marks the end of an era: that of the dream that, nourished by talent and a good dose of visionary spirit, is transformed into a great global enterprise, of the small company that, in the space of half a century, becomes a 2.3 billion euro colossus (revenues 2024) with businesses in the fashion, food, hospitality, real estate and beauty sectors. Fashion has no time to lose, because after a year and a half of crisis (which has not affected everyone, let's be clear), it is time to get back on track and activate the relaunch expected by the entire supply chain. In Italy and in the textile-fashion sector alone, there are 60 thousand companies involved, with 600 thousand employees.

The summer of 2025, in luxury, will be remembered as the one of certain excesses: first of all, the flashy engagement rings flaunted on social networks by celebrities - Taylor Swift's 9 carats, but especially Georgina Rodriguez's 40 -, testifying to the fact that, in important moments, those who can, do not spare any expense or worry about excessive 'show offs' even in complex times. Then the debut on the market of Louis Vuitton's Beauté line: lip balms, lipsticks and palettes (with prices ranging between 140 and 220 euros) signed by Pat Mc Grath, the world's most popular make-up star - so much so that she was awarded the title of Dame by Queen Elizabeth II (for now she remains the only one).

But it was also the summer of the eternal negotiation - the Supreme Court's opinion on their legitimacy is still awaited - on tariffs with Italian-made products in the USA taxed at 15% (and Swiss Made, on the other hand, with a 39% levy) and, certainly, of reflection: companies - with a year and a half of industry suffering behind them, equities at their lowest in 15 years and an estimated 50 million aspirational customers vanished under the weight of rising prices - have been forced by the evidence to face what for many is a structural crisis; consumers - with the exception (perhaps) of those at the top of the pyramid, the Ultra net high worth individuals with an annual income of at least EUR 30 million - impoverished by the seesawing markets and with little faith in recovery, have had to make choices that, inevitably, will be reflected in the quarterly reports of the giants (and others).

The month of September is already a decisive month in the fashion calendar: in B2c it tends to the winter sales with the hoped-for peak in the holiday season. In B2b it will be crucial to understand what to expect from 2026, as the sales campaign concerns the spring-summer collections.

Attention is running on several fronts. The first is that of the much longed-for (by retailers and end consumers) shake-up of creativity: in the month to come, several important changes will take place at the creative summits of some of the most prominent maisons and some of those in crisis. During Milan Fashion Week alone, all eyes will be on the debuts of Dario Vitale at Versace (a first taste, not exactly well received by the social public, was had in Venice with the dress worn by Julia Roberts at the première of the film "After the hunt"), Louise Trotter at Bottega Veneta, Simone Bellotti at Jil Sander and, above all, of Demna at Gucci.