A MESSAGE FROM OUR SPONSOR

Now on to the main event…

This morning, Catherine Opie’s portraits of Demna’s first collection for Gucci were released into the world. Tomorrow, those attending a pair of evening events in Milan and New York—not a runway show, mind you—will get a second, different look. The lookbook, which melds generations of Gucci DNA with Demna signatures, reveals the work of a consummate professional. It completely erases the past two years of Sabato de Sarno, forming a bridge between Alessandro Michele’s Gucci and the company’s future. As promised, the collection is foundational: There’s a little sex appeal in a nod to Mr. Ford’s ’90s, a bit of flourish for those who miss Alessandro, and enough Demna for everyone else to know it’s Demna. (The use of the Gucci flora to envelope a sculpted gown was the clearest example of the man in charge.)

Photos: Courtesy of Gucci

Of course, this is only the first among a baker’s dozen of creative-director debuts that will take place during the next two weeks: After Demna, there’s Simone Bellotti at Jil Sander, Dario Vitale at Versace, and Louise Trotter at Bottega Veneta in Milan, followed in Paris by Jonathan Anderson at Dior, Miguel Castro Freitas at Mugler, Jack McCollough and Lazaro Hernandez at Loewe, Glenn Martens at Maison Margiela, Pierpaolo Piccioli at Balenciaga, Michael Rider at Celine, Duran Lantink at Jean Paul Gaultier, and, finally, Matthieu Blazy at Chanel.

A MESSAGE FROM OUR SPONSOR

And it’s all happening in unprecedented times. As editors and buyers descended upon Milan, they were met with a nationwide strike by Italy’s largest labor union, which called for the recognition of a Palestinian state and demanded that Italian Prime Minister Giorgia Meloni stop “all trade and military cooperation with Israel until the conflict ends,” according to a report in Il Tempo. Meanwhile, in France, the government collapsed two weeks ago amid a vote of no confidence for Prime Minister (and billionaire sympathizer) François Bayrou.

Of course, much of the political discourse in France has coalesced around a so-called wealth tax—a recurring fantasy among the Elizabeth Warren crowd in the States, but a political issue with far more momentum in Europe. Gabriel Zucman, the popular French economist, has proposed a 2 percent tax on citizens with assets north of €100 million. The scheme is supported by about 86 percent of the French population, even if the true financial benefit is fairly insignificant. Nevertheless, LVMH chairman and C.E.O. Bernard Arnault sent a statement to the Sunday Times warning that the tax could “destroy the French economy.” Arnault went on to call Zucman “a far-left activist … who puts at the service of his ideology (which aims to destroy the liberal economy, the only one that works for the good of all) a pseudo-academic competence that is itself widely debated.”

It’s unusual for Arnault to go publicly nuclear, particularly over an academic theory—even if Sébastien Lecornu, the new prime minister appointed by President (and Arnault ally) Emmanuel Macron, may have to institute some sort of additional tax on the wealthy. Yes, it probably irked Arnault that Zucman suggested that the levy be called the “Bernard Arnault tax.” But the timing also stinks: Arnault is facing arguably the most challenging moment in LVMH’s history as the profit center of the business—luxury handbags—is threatened.

The company, as multiple executives have attested to me, is filled with paranoia about layoffs and more. Michael Burke, who’s been empowered to refine the group’s U.S. operations, has become the avatar of the moment stateside, and it’s difficult for many employees to be hopeful when everything is “not possible,” as the French love to say. The top spenders never stopped spending, which is why brands serving the ultra-wealthy—Hermès, Brunello Cucinelli, as well as niche-ish players like Alaïa and Phoebe Philo—continue to perform. Loro Piana is now the third-largest fashion house in the LVMH portfolio.

Photo: David Sims/Courtesy of Dior

The onus, instead, is on LVMH’s new roster of designers to persuade the masses who buy high-volume, high-margin fashion to return to the fold. In particular, there’s enormous pressure on Jonathan Anderson at Dior and Michael Rider at Celine, both of whom are making their women’s ready-to-wear debuts this season. Rider’s first Celine collection, which was shown in June, is being rushed to stores. And fellow relative newbie Sarah Burton’s Givenchy, which is receiving early praise for its fit at retail, has an aggressive distribution strategy in the U.S.

Anderson, of course, is under the most pressure. Dior, LVMH’s second-largest brand, has not weathered the crisis as well as the largest, Louis Vuitton. Dior C.E.O. Delphine Arnault, one of three heirs apparent to her father’s throne, seems to be giving Anderson plenty of rope—presumably because he’s one of the few people who can bend the Dior machine to his will. His first women’s campaign, revealed during the past few days and featuring new ambassadors Greta Lee, Mia Goth, and Mikey Madison, was undeniably excellent, with all those shades of grey and pink. He managed to maintain the daintiness and cold femininity of Dior while refusing to play it saccharine. (If you thought the rugby shirt had seen its day, you were wrong. The rich will be buying Anderson’s version.)

The other savior-designer is Demna, who joined a limp and lifeless Gucci over the summer. Despite the chaos and confusion around his appointment, I’m increasingly confident that it’s all going to be okay. Not only because this collection looks good, but because Kering has new leadership. Francesca Bellettini, who just stepped into the role as C.E.O. of Gucci, is a formidable operator and will have something to prove after two years working across brands. Meanwhile, Kering C.E.O. Luca de Meo is increasingly viewed as a firm but fair leader whose experience in other industries will be value-additive during his foray into the byzantine world of luxury. His lack of category knowledge is irrelevant; he’s motivating the management team, quickly making the necessary changes, and impressing the market. Kering stock is up 11 percent in the week since he officially arrived, and 24 percent over the past month.

More than anything, though, de Meo’s appointment demonstrated the importance of brand stewardship in the current era. For evidence, look no further than the Prada Group’s management during the past few years. (Let’s see what they do with Versace once that deal closes in the next month.) And Chanel, too: After Virginie Viard’s less-than-discreet exit, the Wertheimers and C.E.O. Leena Nair have taken a measured approach to the recruitment and integration of Blazy. The company is in the midst of tremendous change, but Nair has built a business based on Chanel’s staples, which allows Blazy to grow into the job.

Post-Covid, it felt like the megabrands, good and bad, were on pace to destroy any competition. Then something gave way, the culture changed, and the customer communicated that they wouldn’t tolerate warmed-over ideas at increasingly high prices. Last week, I mentioned that fashion may be entering another era of meritocracy. I hope it’s true. The industry needs these next months of shows to work in order to make the case. After all, there is hope that the luxury market, especially in China, will begin to rehydrate by the end of the year, and consumption of these Veblen goods will pick up. They just need things they want to buy.

The best of London Fashion Week: Simone Rocha (it’s very powerful when designers use pillows on the runway), Richard Quinn, and (Kardashian find) Dilara Findikoglu. She’s amazing. Burberry Burberry-ed, and I suspect the collection, with all its color and swinginess, will sell well. [Vogue Runway]

A man named Lachlan is buying TikTok, according to President Trump. [NBC]

This party at (temporarily reopened) Chiltern Firehouse attended by Madonna, Kate Moss, Tish Weinstock, Charlotte Tilbury, and a lot of other interesting people actually looked fun. [Perfect’s Instagram]

J.W. Anderson reopened its store in London as a curiosity shop, filled with handmade Windsor chairs and penny-loafer handbags. It’s optimistic, it’s cute, it’s about trying something new. [WWD]

Tom Ford muse, jewelry designer, and Los Angeles fixture Lisa Eisner is simply one of the coolest, and she also happens to be the mother-in-law to one of the co-designers of The Row. They have now collaborated on a range of price-upon-request silver pieces. I’ll take the black jade bracelet. [Vanity Fair and The Row]

Until tomorrow,
Lauren

P.S.: We use affiliate links because we are a business. We may make a couple bucks off them.

Need help? Review our FAQ page or contact us for assistance. For brand partnerships, email ads@puck.news.

You received this email because you signed up to receive emails from Puck, or as part of your Puck account associated with {{customer.email}}. To stop receiving this newsletter and/or manage all your email preferences, click here.

Puck is published by Heat Media LLC. 107 Greenwich St, New York, NY 10006