The Business of Fashion

For the global luxury industry, the last two years have been defined by a prolonged period of meagre growth, macro-uncertainty, and a slow recovery in the critical Chinese market. But as we move further into 2026, the strategic imperative has shifted. It is no longer enough to simply wait for the cycle to turn; leadership now requires navigating a rapidly-changing environment where geopolitical volatility and technological disruption have become the baseline. In this episode of The BoF Podcast, Jonathan Wingfield (@misterwingfield ), editor-in-chief of System Magazine joins Imran Amed (@imranamed ) and Luca Solca, managing director and global head of luxury goods at Bernstein, for their regular seasonal conversation on the state of the industry. They analyse this new industry paradigm through two distinct lenses: the clinical, data-driven reality of the equity markets, and the visceral, creative pulse of culture. They examining the collapse of the old narrative within luxury, why brand heat has become a lazy currency, and why the real threat of AI isn’t the technology itself, but the professionals who master it first. 🎙️ Listen now #linkinbio #TheBoFPodcast 📷 System Collections Issue No. 3. Photograph by Johnny Dufort. Styling by Suzanne Koller.

This week in fashion: Swatch x Audemars Piguet scores, LVMH offloads Marc Jacobs — plus more industry moves that hit, and missed, the mark. This Week in Fashion is BoF’s weekly news briefing, available exclusively to BoF Professional members. Become a BoF Professional member to access the full analysis #linkinbio

In fashion today, dupes are a standard practice. Its practitioners aren’t just the typical culprits of fast fashion brands and anonymous Amazon sellers; major retailers and even luxury brands all engage in some form of “duping.” This reality has created a new push-pull dynamic between influencers and brands. While sharing dupe versions or creating their own is a near-certain financial win, influencers risk upsetting the brands they hope to partner with. Read the full story on how to navigate the tricky business of dupes, including what the best defense is for brands #linkinbio ✍️ @dianaspearl

LVMH announced on Thursday that it is selling Marc Jacobs to brand management firm WHP Global. Financial details of the sale were not disclosed. Marc Jacobs will continue in his role as creative director. “I am forever grateful to Bernard Arnault for his support, belief and trust in me over the last 30 years,” Jacobs said in a statement. “It has been an honor and privilege to work alongside the Arnault Family and LVMH. I remain committed in my role as Creative Director ... and look forward to this bright new chapter.” The move confirms reports in the Wall Street Journal and others that the French luxury conglomerate was moving ahead with a long-studied sale of Marc Jacobs, targeting a $1 billion valuation. Read the full story by BoF’s @robert.williams.writes #linkinbio

While nuptials of the rich and famous have long been attention fodder, patronage by brands was usually reserved to the likes of A-listers like Kourtney Kardashian, whose 2022 wedding to Travis Barker “hosted” by Dolce & Gabbana drove $10.8 million in earned media value for the fashion house, according to influencer marketing platform CreatorIQ. In 2026, interest has reached a new high — and expanded well beyond celebrities. Influencers and even ordinary brides have realised that their bridal journeys are attention bait and are documenting accordingly, landing partnerships along the way. BoF’s Haley Crawford (@haleycrawf ) explores how brands, stylists and publicists are cashing in as weddings become content productions with viral potential. Read more #linkinbio

Selling to multibrand retailers has become a source of opportunity and risk for fashion brands. On one hand, these players can still offer credibility, scale and geographic reach without the costs of operating stores. On the other, they’ve also become a source of mounting financial and strategic risk as a wave of bankruptcies, restructurings and distressed transactions has laid bare the fragility of the wholesale ecosystem. In March, The Business of Fashion published “How to Navigate the Unravelling of Multibrand Retail,” a memo for executive members that unpacks how brands can leverage these partnerships while minimising their risks. Key to that balancing act is choosing the right partners to begin with. Read the full memo at the #linkinbio — Which multibrand retailers are defining the landscape for you right now? ✍️ @ericsylvers

The beauty industry is contending with marketing saturation, compounded by an overcrowded content ecosystem in which traditional metrics like follower counts and comments are often distorted by bots. To combat this, brands are turning to “rage bait” — content designed to trigger shock, anger or confusion and meant to drive shares and saves, which are now seen as more authentic indicators of engagement. From Lancôme’s “misdirected” PR mailers to ColourPop’s fake apology squares, the strategy bets that a negative or confused reaction is more valuable than no reaction at all in a world where attention is the ultimate currency. In this episode of The Debrief Podcast, BoF’s Sheena Butler-Young (@sheena.butler.young ) talks to Business of Beauty executive editor Priya Rao (@priyarao ), and senior editorial associate Rachael Griffiths (@rachaelgriffs ) about whether these high-risk stunts build genuine brand equity or simply erode long-term consumer trust. 🎙️ Listen now #linkinbio #TheDebriefPodcast 📷 Unsplash

“Tomorrow it will be exactly one year since I entered the house of @Dior ,” said creative director Jonathan Anderson at a preview before his sixth fashion show for the LVMH mega-label. The Cruise outing — staged outside at LACMA, under the beton brut curves of the new David Geffen galleries — came with a highly cinematic setup complete with Cadillac cars and extras playing chatty characters at the drive-in. It’s Hollywood, baby: a dream machine whose fashion potential Monsieur Dior himself understood early on. “I am still learning and I am not in a rush,” said Anderson. The unfazed calm seemed a little put on, the need to show results fast being something of a curse in today’s fashion industry, even more so for a house as big and revered as Dior amid a prolonged sectorwide downturn. What is unquestionable, however, is Anderson’s powerful but particular approach to creativity — processual, in fieri, endlessly a work in progress, made of clashes, unlikely connections, sprinkles of the highbrow mixed with pop — and the more he grows, the more this is apparent. There are creators who know where they want to go right at the start of their tenure at a brand and those who discover what they want along the way, through trial and error. Anderson is a creature of the latter approach, which is what makes his mind so puzzling, and his Dior so quixotic — at times electrifying but unresolved. Read Angelo Flaccavento (@poeticallypunk )’s full report from Dior’s Cruise 2027 show at the #linkinbio 🎥 @susiebubble

In late April, Chanel announced Jacob Elordi as the face of its flagship men’s scent franchise and more implicitly noted the departure of Timothée Chalamet, who has faced Bleu de Chanel since 2023. Chalamet’s appointment was not only a splashy moment for the brand but seemed to generate authentic buzz: According to Launchmetrics, Chalamet’s campaign announcement earned one of the highest media impact values of any celebrity fragrance contract in recent history — behind A$AP Rocky for Gucci Guilty in 2024, and ahead of Rihanna’s blockbuster announcement as the new face of Dior J’adore. BoF’s Brennan Kilbane (@brennankilbane ) explores the impact of recent fragrance campaigns and what they reveal about the changing face of celebrity endorsement. Read more #linkinbio 📽️ @guccibeauty , @chanel.beauty , @diorbeauty , @burberry , @pradabeauty , @yslbeauty

New luxury store openings last year fell to their lowest level since 2020, according to property adviser Savills. More than half of all openings were concentrated in a group of roughly 30 so-called alpha cities — including London, New York, Paris, Dubai, Milan and Los Angeles. While luxury store openings increased slightly in Europe and the US, Asia’s share of new stores has slipped. The pullback has been most pronounced in tier-two and tier-three cities in China, which for years drove the bulk of global expansion. In 2025, China accounted for just 22 percent of new luxury store openings, down from 40 percent two years earlier. Ferragamo, which has shown signs of emerging from a prolonged downturn, plans to close about 70 stores while opening roughly half that number in better locations. Most of the closures will be in China, with the group increasingly relying on e-commerce to serve demand in smaller cities. BoF’s Eric Sylvers (@ericsylvers ) explores how labels are rethinking their retail networks as they seek better returns amid a prolonged industry downturn. Read more #linkinbio

For over a century, Saks Fifth Avenue represented a manifestation of American aspiration — a luxury icon whose flagship on New York’s Fifth Avenue served as a vital crossroads for the global fashion industry. But even the most storied institutions are not infallible. On Jan. 13, the newly formed Saks Global — parent company of Saks, Neiman Marcus, and Bergdorf Goodman — filed for court-supervised restructuring. Saks Global’s crisis was largely self-inflicted. The acquisition of Neiman Marcus, coupled with slow payments to vendors resulted in a deepening inventory crisis. As debt obligations mounted and cash reserves dwindled, Saks fell further behind on vendor payments, prompting suppliers to freeze shipments. Without new merchandise to sell, revenue plummeted, trapping the retailer in a terminal liquidity crunch. It was caught up in a downward spiral that left its industry reputation in tatters. Now, just four months into Chapter 11, the company’s new CEO Geoffroy van Raemdonck is leading a turnaround effort to salvage its reputation and restore trust with its customers and the wider industry. In this special episode of The BoF Podcast, BoF’s retail editor Cathaleen Chen (@kittykewlcat ) and Imran Amed (@imranamed ) sit down with van Raemdonck to unpack his plans for a big turnaround. 🎙️ Listen now #linkinbio #TheBoFPodcast 📷 Saks Global

A surprise collaboration between Audemars Piguet and fashion watch brand Swatch has brought fresh buzz to the high-end Swiss watchmaker and prompted fans to line up in front of Swatch stores ahead of its launch. The tie-up is a “one-off” aimed at recruiting younger generations to the world of watchmaking, Audemars Piguet chief executive Ilaria Resta told BoF. Analysts weigh in on the  potential of the $400 "Royal Pop”pendant watch to lift Swatch sales. Read more #linkinbio 📷 @swatch