Despite unforgettable fashion moments, of which 2025 certainly had no shortage, this was a year of historic upheaval for the industry. Trump-era tariffs sent luxury sector stocks tumbling into a freefall, forcing radical restructuring across the board. The luxury market rarely recovered and often plummeted sharply throughout the year. It became clear that unrealistic growth expectations had to be abandoned, along with the absurd price explosions coupled with declining quality—something consumers responded to inevitably: not just with a shocking drop in luxury spending, but with a dramatic shift in how luxury itself is emotionally perceived today.
Gen Z confirmed that in their value system, overloaded with information, loyalty without real substance simply doesn’t exist. Meanwhile, Silver Spenders—the older generations of consumers—emerged as saviors, most notably boosting heritage brands with unrivaled prestige and tradition, like Hermès, Rolex, and Cartier. The consequence was a rapid pivot in fashion overall: collections became structured and mature again, while streetwear gradually vanished from the runways. Estimates suggest that by 2027, top-spending clients will drive 65 to 80 percent of global market growth, so it’s no surprise that fashion is catering to them even more. A Charvet cotton shirt for Chanel at an eye-watering $4,500? The new normal.
Although we like to think of fashion as a haven of freedom, this year made it clear just how vulnerable—and, at the very least, inconsistent—fashion’s integrity can be. After the U.S. elections, a strong shift toward conservative political thought was felt globally, to the point that even the fashion industry, following a period of intense efforts to promote sustainability, fairness, and inclusivity, suddenly slashed budgets for these initiatives, stumbled, and in some cases abandoned them altogether.
The LVMH group’s return to +1% growth was celebrated as the year’s big positive business news in fashion, a telling sign of just how serious the situation has become. Fashion houses have attempted to counter declining numbers and waning customer interest through unprecedented reshuffles of creative directors and rebranding efforts, though the effectiveness of these moves remains to be seen. Brands attuned to the zeitgeist, on the other hand, proved better equipped to respond in time to social turbulence and cultural shifts, aligning their operations with client sentiment. In 2025, this proved crucial for maintaining what loyalty remained—a loyalty that, by all indications, will face an even greater test in the year ahead.
#11
November
Rosalía dropped her album Lux, instantly hailed as a masterpiece. She sings in 13 languages, experiments with sacred music from various religions, and draws inspiration from the lives of female saints. Naturally, the fashion she wears alongside it is just as spectacular.
Rosalia Lux album
The official trailer for the highly anticipated sequel, The Devil Wears Prada 2, has finally arrived, and Miranda’s red Valentino Rockstud pumps caused shockwaves through fashion circles. Photos of on-set looks had already leaked in recent months, and during Milan Fashion Week, Meryl Streep appeared as Miranda at the Dolce&Gabbana show, delighting the audience and confirming that this, too, was part of the film. The premiere is set for May next year, and it’s already stirring daily controversy.
Meryl Streep, Acielle/Style Du Monde
During his 14 years at the helm of Balmain, Olivier Rousteing defined the house’s opulent identity and pioneered the use of celebrity culture and social media for a fashion brand. Balmain thanked him and appointed Antonin Tron, founder of the fashion house Atlein, as his successor.
Pedro Pascal, Alexander Skarsgård, Jacob Elordi, Oscar Isaac, and Jonathan Bailey were the men whose style we followed—and adored (along with everything else about them, TBH!). Jonathan Bailey also earned this year’s coveted People “Sexiest Man Alive” title, making him the first openly gay man ever to receive it. Statement belts (cue: Celine and Dior) are the new must-have pieces you simply can’t go without. The end of the year is reserved for the long-awaited premieres of Frankenstein, Pillion, and Wuthering Heights, with the spotlight on the stunning costume design that accompanies them. Saint Laurent has been crowned the hottest brand by Lyst, thanks not only to Vaccarello’s unforgettable collections but also to the brand’s overall image—especially its campaigns. Our favorite remains the recent one featuring two perfectly imperfect fashion icons: Chloë Sevigny and Kate Moss.
#10
October
After last year’s binge-worthy David Beckham documentary, Netflix has once again glued us to our screens—this time with a three-part series centered on Victoria Beckham’s life story. Never-before-seen footage from her childhood and youth, the Spice Girls era, her marriage to David, family life, struggles with paparazzi, and living under constant public scrutiny, all leading up to her transformation from Posh Spice to a respected fashion designer running an empire that was anything but easy. Some love her, others hate her, but no one is indifferent.
Victoria Beckham, Netflix
Has home décor become the new fashion? This year’s analyses show an incredible shift toward this trend, one I’m happily onboard with myself. In a dramatic restructuring of the struggling giant, Kering sold its beauty division to L’Oréal for $4.6 billion. After 37 years, Hermès replaced Véronique Nichanian, the creative director of its men’s line, with the young and talented fashion darling Grace Wales Bonner. Mocca mouse and every shade of brown, brushed and smooth leather, boat shoes, and Miu Miu’s Arcadie and Alaïa’s Le Teckel bags were among the ultimate must-haves of ’25, surviving—and thriving—all year long.
Grace Wales Bonner i Jeremy O. Harris, Getty Images
While the fashion industry struggled with a business downturn, the beauty sector saw a more favorable year for many. Among the winners were Rhode, Hailey Bieber’s celeb brand, acquired by e.l.f. for a staggering $1 billion; Aesop, which continued its remarkable global expansion; and the Omani niche perfume house Amouage, reporting annual revenues exceeding $300 million. Love Unlimited is the new iteration of Cartier’s iconic Love collection, first introduced in 1969. Sofia Coppola spent a day shooting Jacobo Elordi’s campaign, capturing relaxed everyday moments across New York’s uptown and downtown.
#9
Spetember
Matthieu Blazy at Chanel, Jonathan Anderson at Dior, Demna at Gucci, Pierpaolo Piccioli at Balenciaga, Louise Trotter at Bottega Veneta, Simone Bellotti at Jil Sander, Jack McCollough and Lazaro Hernandez at Loewe, Dario Vitale at Versace, Duran Lantink at Jean Paul Gaultier… It was a season of designer debuts! The biggest fashion houses all welcomed new creative directors in a game of musical chairs the industry has never seen before.
Legendary Giorgio Armani passed away at the age of 92. Mourning and farewells defined the month, accompanied by speculation about the future of his legacy and the vast Armani empire, one of the largest in fashion.
Giorgio Armani, Getty Images
Christian Louboutin appointed Jaden Smith as creative director of the men’s line, sparking global debate over the logic of using fashion appointments as cheap marketing stunts. Earlier this year, Ray-Ban did something similar for the first time in its history, naming A$AP Rocky to the same position.
Sneakers, along with shoes featuring chunky, robust soles, have finally replaced the ultra-thin, almost invisible styles. Saint Laurent loafers top the list of favorites.
#8
August
Kim Kardashian’s mega-brand Skims has conquered the world with its shapewear; they released a collection in collaboration with Nike and, this summer, tapped into the viral jawline-lifting trend by launching their own collagen-infused face wrap priced at $48. A full beauty line is expected to debut next year. In its latest valuation, Skims was estimated at a staggering $5 billion.
Nike x SKIMS
Slim slides, aka flip-flops, weren’t just a summer staple—they dominated the entire year! One particular model, the Dune from The Raw, took the fashion world by storm. Its controversial $690 price tag raised eyebrows and criticism, yet the results were staggering: #1 hottest item on the Lyst Index and a 162% spike in searches.
Louis Vuitton launched a lipstick line at an eye-watering $160. The hidden math is simple: few can afford a $10k jacket or dress, but aspirational buyers will splurge on a lipstick just to step into the LV world. Miley Cyrus became the first-ever celebrity ambassador for Maison Margiela, starring in the Fall/Winter 2025 campaign shot by the famed Roversi. Fantastic Paris retrospectives dedicated to Virgil Abloh, Rick Owens, and Demna’s era at Balenciaga were just some of the many unforgettable fashion exhibitions—plenty of reason to head to the City of Light.
#7
July
Glenn Martens’ first artisanal collection for Maison Margiela proved that even after Galliano, the white ateliers remain fearless in creativity. The first couture piece to hit the press landed on the cover of Vogue Adria’s September Issue. An original Hermès Birkin bag by Jane Birkin sold at Sotheby’s for an astonishing ten million dollars.
This summer, top designers “dressed” the most iconic beach clubs and resorts. Four Seasons in Taormina was decked out in Dolce&Gabbana’s blue-and-white Amalfi print across loungers, umbrellas, and towels, while Ibiza’s Clap sported the same duo’s leopard print. Jacquemus covered Casa Jondal in Ibiza, as well as Monte-Carlo’s Societe des Bains de Mer, with a playful mix of dots, stripes, and bananas. Dior’s pastoral print graced Jumeirah Capri Palace, and Missoni’s stripes took over Cali Mykonos.
Jacques Marie Mage
If you wanted to stand out this summer, you wore sunglasses by Jacques Marie Mage. The new it-brand combines storytelling, a strong design signature, and limited editions from founder and designer Jerome Mage. Sidney Sweeney became the face of American Eagle jeans in a campaign that sparked controversies still talked about today. Lady Gaga kicked off her massive tour, “The Mayhem Ball,” delighting countless European and American fans with new songs and unforgettable Gaga performances and costumes..
#6
June
Luca de Meo has been appointed the new CEO of Kering, surprising many as a complete outsider to the fashion world. Previously, De Meo revolutionized Renault, and Henri Pinault hopes he can work the same magic with his struggling conglomerate. At the end of the day, the numbers are all that matter.
Chloé Malle, photo: Jeff Henrikson
The news that Anna Wintour is stepping down as editor-in-chief of American Vogue hit like a bombshell! Behind the headlines, the reality is that Wintour remains at the helm of Vogue globally, as well as chief content officer for the entire Condé Nast portfolio. Chloé Malle, former editor of Vogue’s digital platforms, has been named to the prestigious position.
We also saw the first Dior menswear collection under Jonathan Anderson’s creative direction: a parade of young grunge aristocrats that divided both critics and audiences, while Anderson, as always, stayed true to himself.
Art Basel confirmed that the art market is facing a future full of uncertainty and challenges. Still, the leadership of one of the world’s most renowned art platforms announced expansion to a fifth location next year: after Basel, Miami, Hong Kong, and Paris, the newest hub for art will be Doha, Qatar.
#5
May
“Superfine: Tailoring Black Style” was this year’s Met Gala theme, celebrating dandy style within Black communities. Many called it a slippery slope for A-listers posing in front of the Metropolitan Museum, but it was also welcomed as a necessary—and long overdue—acknowledgment of the immeasurable contributions and influence of Black communities on fashion.
Janelle MonáeDia, Getty Images
At the end of Dior’s show in Rome, the audience greeted Maria Grazia Chiuri with a standing ovation. Soon after, her departure as the house’s creative director—having held the position as the only woman in its history for nearly a decade—was confirmed. She has since been appointed to lead another fashion jewel: Fendi.
This year saw an (almost bizarre?) peak in the obsession with accessories, particularly charms, at a time when the Labubu phenomenon swept the globe like an unprecedented storm. A new generation of supermodels—Alex Consani, Anok Yai, Paloma—proved their influence extends far beyond the runway. Confident, smart, and visionary, they have become voices leaving a mark on millions who follow them faithfully.
#4
April
Pedro Pascal’s photo in a T-shirt printed with “PROTECT THE DOLLS” went viral instantly! Before him, Haider Ackermann was the first to wear it, Troye Sivan sported it during his Coachella performance, and it has also been worn by Madonna, Charli XCX, Addison Rae, Tilda Swinton, and many others. What’s the story? The T-shirt, designed by Conner Ives for Fall/Winter 2025, carries a well-known slogan from 1980s ballroom culture and serves as both a statement and protest against the dangerous rhetoric of the current U.S. government regarding trans rights—a message that has resonated globally. Kudos to everyone wearing it!
By mid-April, Hermès’ valuation had reached €243.65 billion, just edging out the entire LVMH conglomerate, which stood at €243.44 billion. It’s the culmination of Hermès’ leadership efforts to maintain independence—a sweet victory over Bernard Arnault’s empire, after his failed takeover attempt 15 years ago, an unprecedented corporate maneuver that shocked the entire French business world.
Has 2025 driven another nail into the coffin of once-beloved stilettos? From the 1980s onward, high-heeled stiletto shoes were the ultimate object of desire for women. New indicators suggest that after a 12% drop in demand last year, that decline will grow even further this year.
The trade war between the U.S. and China triggered a new crisis for luxury brands: TikTok and other social media platforms were flooded with viral videos showing angry Chinese manufacturers revealing that luxury bags and other products are made there for a fraction of their retail prices. While some dismissed it as scam marketing, many others questioned the already fragile credibility and reputation of the luxury sector.
Jewelry emerged as the only growing segment of the luxury industry, as consumer sentiment shifted toward the idea that spending a few thousand euros on a ring offers more lasting value than, say, a handbag. Today’s buyers see jewelry as providing a stronger sense of enduring worth and a form of investment.
#3
March
Haider Ackermann for Tom Ford, Sarah Burton for Givenchy, and Julian Klausner for Dries Van Noten all wowed with their debut collections. Honoring the heritage and distinctive DNA of each house, the collections brought a breath of fresh air and genuine excitement!
“It was the greatest honor of my life to carry on my brother Gianni’s legacy,” said the iconic Donatella Versace as she stepped down from her role as creative director after more than 30 years. The appointment of Dario Vitale as the new creative director—credited with Miu Miu’s unprecedented rise—confirmed rumors that Prada SRL is acquiring Versace (a move finalized a month later) and hinted at what the group intends to achieve with the house in the future.
Donatella Versace
L.A. burned tragically, and method dressing at this year’s Oscars was duller and more predictable than ever. Nominated actresses mostly dressed as their on-screen heroines or villains, leaving the actors to spark the fashion buzz: lemon-yellow head-to-toe Timothée Chalamet, alongside risk-takers Colman Domingo in red and Omar Apollo with a chic mesh over his eyes (both in Valentino), spiced up Hollywood’s most glamorous night.
Statistics show that over 50% of this season’s shows included some version of fur. Most looks weren’t real fur, but experts attribute the surge in popularity to increasingly luxurious interpretations, as well as an atmosphere where rebellious younger generations refuse to let anyone dictate what is—or isn’t—ethical or acceptable to wear.
Valentino Fall 2025, gorunway.com
Demna has been appointed creative director of Gucci! Later in May, Pierpaolo Piccioli took the helm at Balenciaga. Alongside Alessandro Michele at Valentino, the “Holy Trinity” has simply rotated their positions across three iconic maisons. Some cheered, others rolled their eyes.
#2
February
Jack McCollough and Lazaro Hernandez are leaving their own brand, Proenza Schouler. Kim Jones is leaving Dior. Sabato de Sarno is leaving Gucci. Lucie and Luke Meier are leaving Jil Sander. Major creative director changes rolled through February like a snowball, growing as they descended the fashion slope. The departures continued in the following months: Casey Cadwallader from Mugler, Francesco Risso from Marni, Donatella from Versace—the list went on.
AI-generated fake campaigns of major brands flooded social media, with some, like those of Sybille de Saint, drawing attention from both fans and the brands themselves. Everything in them is artificial—set, models, clothing—but it was impossible not to see a glimpse of what the future holds. And it arrived quickly: H&M’s campaign featuring AI twin versions of supermodels sparked controversy within the industry, bordering on a global scandal.
During Milan Fashion Week, Fendi celebrated its 100th anniversary with a spectacular show honoring the house’s rich heritage, reimagined through a fresh vision for the future. It also marked the farewell of Silvia Venturini Fendi, the longtime creative director of the family empire. Meanwhile, Dsquared2 marked their 30th anniversary with an exciting, provocative show infused with music and clubbing elements.
Dsquared2
New EU regulations have left fashion with more gray areas to sidestep established sustainability targets, while the ethical issue of labor exploitation within the industry has put even prestigious brands like Valentino and Loro Piana under scrutiny. Attempts by Nike and Columbia to impose order, however, produced lukewarm results due to the complexity of oversight and systemic complications.
#1
January
We’re still nursing the New Year’s hangover, and one bag has gone viral! Somewhat unbelievably, Walmart’s Birkin knockoff, the “Wirkin,” a copy of the legendary Hermès model, sold out instantly at $78, flooded TikTok, and sparked an unprecedented trend. Has the era of designer dupes completely spun out of control? Younger generations openly admit they have no problem wearing copies at all.
The Golden Globes, kicking off awards season, found fashion uninspired and unprepared, with many playing it safe by diving into archives. Givenchy Couture from 1966 on Ariana Grande proved that opening precious archives—a major trend recently—makes sense for museum exhibitions, but on the red carpet it too often backfires for both the star and the brand.
Y/Project, beloved among fashion insiders, suddenly shut down under the weight of financial issues, revealing the vulnerability even of the most progressive labels in the battle for profitability. Shortly after, Glenn Martens was named creative director of Maison Margiela, alongside his work at Diesel.
Oliviero Toscani, Benetton
The fashion world lost legendary photographer Oliviero Toscani, whose provocative approach to photography challenged social issues such as equality, faith, race, and sexuality. His campaigns for Benetton remain permanently recorded in fashion history as revolutionary and unique.
“When I was a child, I wanted to become a costume designer—and I think that shows in what I do,” said Alessandro Michele after his debut couture collection, “Vertigineux,” for Valentino. The hyper-theatrical collection confirmed this idea, but how did the famed Roman house, celebrated for couture, monetize it?
Valentino 2025 couture, gorunway.com
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