Between a vision for the future of fashion and the illusion of luxury?
The FW25/26 Milano Fashion Week opened with Gucci presenting its post-De Sarno collection, alongside a bold statement from Carlo Capasa, President of CNMI, on the state of luxury. What emerged was a striking contrast between the industry’s optimistic rhetoric and the stark realities of the market.
FW25/26 Milano Fashion Week: Gucci, a cautious reflection rooted in heritage
Set to an immersive soundtrack by Justin Hurwitz, performed live by an orchestra, and staged against a Castleton Green backdrop. So Gucci’s Fall Winter 25/26 collection marked a transitional moment for the brand. With no creative director at the helm, the collection avoided the excessive creative experimentation seen during Alessandro Michele’s tenure. In fact, he hijacked the brand steering it away from its core identity. Instead, this season offered a measured, archive-driven aesthetic, blending 60s to 90s influences into an elegant, modern image. The result was a clear luxury statement, showcasing the excellent work of a group of twenty young designers who took their bow at the end of the show. Bravo to the team!
Undoubtedly, this restrained approach feels like a deliberate response to the shifting luxury landscape. However, for luxury brands with such a rich history like Gucci, the path forward may well lie in balancing tradition with contemporary relevance—heritage, elegance, and archival inspiration with a modern twist.
Capasa’s statement: a questionable narrative
In contrast to Gucci’s cautious optimism, Carlo Capasa’s remarks struck a more contentious note. The CNMI president dismissed concerns about a luxury slowdown, framing it as a mere “readjustment.”
“Luxury is not suffering; it is readjusting.”
Capasa pointed to brands performing well globally as evidence of the industry’s resilience. Also, he expressed confidence in fashion’s ability to navigate complex moments. While his optimism is understandable—given his role as a promoter of the sector—it feels at odds with the broader market reality. Data suggests that luxury is indeed slowing down, with many brands facing significant uncertainty. The fact that a few brands are performing well—perhaps because they have the backing of substantial budgets—simply makes them exceptions. It does not negate the struggles faced by the majority.
The bigger picture: is luxury adapting or struggling?
As the FW25/26 Milano Fashion Week unfolds, the disconnect between the industry’s official narratives and market realities becomes increasingly apparent. Gucci’s calculated collection reflects a brand responding to economic shifts with caution. But is this “readjustment” a sign of resilience? Or a moment of reckoning for an industry in need of strategic reinvention?
FW25/26 Milano Fashion Week: opening highlights
Gucci’s FW25/26 show signals a potential return to its roots, prioritising heritage over experimentation. Perhaps this marks the end of the brand’s exploration of pointless pathways and a renewed focus on what it does best.
A final thought: Is the luxury industry truly in control of its destiny? Or is it merely reacting to the inevitable change? As the fashion world gathers in Milan, these questions linger, challenging the narratives of optimism and resilience that dominate the headlines.