fashion industry

Milano Fashion Week FW26.27: entertainment or pragmatism?

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Ready-to-wear: analysing what the point of fashion shows today is


Milano Fashion Week FW26.27 has just started, and with it a tension that feels impossible to ignore: entertainment or pragmatism.

For years, the runway has been a stage for spectacle — immersive sets, viral moments, emotional crescendos. But this season opens under a different mood. One that feels more rational. More measured. Perhaps more urgent.

The debut of Maria Grazia Chiuri at Fendi seems to crystallise this dichotomy. (Watch the video here).
A collection precise and controlled. Well-made, wearable garments. No excess. No overt dream. And no attempt to manufacture awe.

To Business of Fashion, she stated:
“I’m not an entertainment designer. It’s not important to create something for one shot, to surprise someone. Otherwise I would do a performance. This is another job.”

And she added:
“We have to be pragmatic. It’s time — it’s really time if we want to move to the future of this industry.”

Her words draw a clear line. Fashion design is not performance art. Surprise is not the goal. Pragmatism is not a compromise — it is a position.

Even trade headlines reflect this shift. Pambianco titled its coverage: “When pragmatism prevails over emotion.” A phrase that reads less like criticism and more like a diagnosis.

Perhaps Chiuri was not appointed to entertain. And if Fendi had been looking for spectacle, they would not have chosen her. This feels deliberate. Which brings us to a larger question: what is the point of a fashion show today?

If the majority of consumers buy mass-market clothing, how many will ever wear garments conceived for the runway? If fashion shows are no longer primarily about dressing bodies, what are they about?

Narrative? Positioning? Investor reassurance? Cultural relevance?

Final thoughts


If Chiuri is right, perhaps the point is viability. Not to create a viral moment. Not to chase wonder for its own sake. But to demonstrate that these clothes can exist in the real world — and sustain a house, a workforce, a business model.

The show becomes less fantasy, more proof of concept. But can a fashion show be matter-of-fact and still matter? Or is pragmatism itself becoming a kind of statement — a deliberate anti-spectacle in a spectacle-saturated world?

If the industry truly stands at a turning point — “it’s time,” as Chiuri says — then perhaps a rational debut is not the absence of vision. Perhaps it is a recalibration.

As the Milano Fashion Week FW26 begins, that tension — entertainment or pragmatism — feels less theoretical and more structural.

But maybe the real question is not whether fashion should entertain or be pragmatic. 

Maybe the question is: what does responsibility look like on a runway today?

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Watching the spectacle, refusing the script

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From the Olympics to Milano Fashion Week, this is our quiet action


Watching the spectacle, refusing the script.

From the discipline of the Olympics to the energy of Milano Fashion Week, we observe the trends, the noise, the spectacle. We keep a close eye on the major events—but then we go our own way.

Interestingly, the Paralympics have begun, yet they barely register in the mainstream conversation. This quieter moment reveals what “inclusivity” truly means—or fails to mean—through the lens of the spotlight.
Sport or fashion; hypocrisy doesn’t change.

Our approach is less about hype and more about substance. We research the brands we admire and receive fabric samples, feeling the texture and weight before committing to a piece. We select what fits our curation, not merely a label. Within our favourite designers’ ranges, we curate with intention. We look for fabrics that possess a specific quality—something tactile and enduring. We look for good design, garments that people can actually wear.

Also, we do appreciate occasion wear. A sculptural piece or a bold silhouette has its place. Yet we like to mix that energy with minimalist staples, creating a wardrobe that feels balanced rather than costume-like.

We truly go our own way because we are watching the spectacle—but we have grown tired of the industry’s hypocrisy. We are fed up with those who critique the fashion system—pointing out its overproduction, its waste, its frantic pace—yet continue to follow the old rules. It’s the equivalent of saying: “We acknowledge this is wrong, but we will keep doing it anyway.”

The gods of fashion will never change the system; they are too comfortable maintaining it. How could they make profit otherwise?

Change doesn’t come from the top. It comes from the small ones. It comes from mindful buyers, thoughtful consumers, and independent brands. And it comes from brave people who prioritise meaning over virality.

It’s up to us. And we are choosing to walk our own way. Watching the spectacle, refusing the script.

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No business fit for the future can ignore modern slavery

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A new global ISO standard seeks to stop businesses from using complexity as an excuse for inaction


The ISO 37200 standard enters the conversation at a critical moment. For all the talk of ethical sourcing in annual reports, the brutal reality is that modern slavery is not shrinking. It is exploding. Reading Susan Taylor Martin’s report for Reuters, we felt a sense of bitter recognition.

Every now and then, we highlight modern slavery, which often appears in the context of fashion but extends far beyond it, as one of today’s most pressing issues.

When leaders speak about preparing their organisations for the future, the conversation often revolves around artificial intelligence, quantum computing, or the race to net zero. Boards scrutinise geopolitical tensions and trade realignments, while businesses re-engineer supply chains for resilience and speed.

Yet, amid this strategic recalibration, one issue demands equal — if not greater — attention: how to ensure that growth does not come at the expense of human dignity.

Modern slavery: a rising issue


Today, an estimated 50 million people worldwide are trapped in forced labour or human trafficking. These abuses are frequently concealed within the intricate webs of global supply chains that underpin everyday commerce. (Source: Reuters).

Even more alarming is the trend. In fact, the number of people living in conditions of modern slavery has risen by 25% over the past decade.

“Shockingly, the number of modern slaves has increased 25% over the last decade.”
— Susan Taylor Martin


This risk extends far beyond distant markets. It is a systemic challenge that affects organisations of every size and sector. As supply chains become increasingly fragmented and opaque, the likelihood of exploitation rises. 

Modern slavery remains one of the most disturbing and complex issues facing global business. This statistic is not just a number. It represents a systemic failure of voluntary corporate oversight — a failure the new global standard hopes to address.

ISO 37200 standard: a new benchmark to stop modern slavery


It is against this backdrop that a new international benchmark — ISO 37200 — has been developed. Dedicated specifically to the prevention, identification and response to human trafficking and forced labour, it represents the first global standard of its kind.

Following public consultation, the standard will be published later this year. Its purpose is clear: to help organisations “prevent, identify, mitigate, remediate and report” modern slavery risks across their operations and supply chains. Crucially, it is designed to complement existing legal and regulatory frameworks rather than add layers of bureaucracy. The aim is not to create additional reporting burdens, but to enable companies to move beyond compliance exercises and “box-ticking” towards meaningful action.

Ahead of its release, leaders would do well to examine their own governance structures. Do clear lines of accountability exist? How deep is their understanding of supply chains — particularly beyond first-tier suppliers? Do robust procedures, staff training, and effective escalation mechanisms support those policies? And most importantly, can organisations respond responsibly and decisively if they uncover exploitation?

It may be tempting to assume that certain industries are more exposed than others. While risks do vary by geography and sector, exploitation can occur anywhere. The underlying principles — sound governance, transparency and ethical conduct — are universal.

The new ISO framework builds upon a British Standard introduced in 2022, reflecting the United Kingdom’s long-standing leadership in responsible business practice. Early adopters of that standard have already demonstrated how embedding worker protection at the heart of operations strengthens credibility and resilience.

By establishing a common language and shared framework, ISO 37200 standard aims to bring global consistency to the fight against modern slavery. No single company or country can address a challenge of this scale alone. Collective action is essential.

Final reflections


We frequently expose modern slavery within the fashion industry. But our attention to the issue began long ago — including the persecution and forced labour of the Uyghur minority in China, linked to supply chains across fashion, technology, automotive, and other sectors.

Our previous investigations into supply chain abuses have shown us that regulation alone is insufficient. This is why the publication of ISO 37200 is not just a policy update. It is a potential lifeline for auditors and compliance officers striving to effect change from within.

As one industry leader observed, consensus-based international standards have the power to accelerate “real, practical change — at scale.” Modern slavery cannot be dismissed as “the price of doing business”, nor can it be considered too complex to tackle. It demands deliberate, coordinated effort.

With the imminent publication of the ISO 37200 standard, the question for leaders is no longer “Do we have a policy?” but “Do we have the courage to look deeper?” 
As we continue to investigate these issues, we will be watching to see which companies adopt this standard — and which continue to look the other way.

Because any organisation that claims to be future-ready must be prepared to say — unequivocally — that it will not tolerate modern slavery.

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Climate action and the new materiality: when climate risk becomes a profit crisis

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Why climate risk is no longer a sustainability issue, but a financial one


What makes companies truly sensitive to climate action?

Profit.

Not moral pressure.
Not awareness campaigns.
And not even public outrage.

Profit.

And this is precisely why the new report, The Cost of Inaction, by Apparel Impact Institute (AII), feels different. It does not appeal to conscience. It speaks the only language that boardrooms consistently understand: financial survival.

The new materiality: from responsibility to financial necessity


For years, the fashion industry has discussed climate targets, net-zero pathways, decarbonisation roadmaps. The vocabulary has been refined. The pledges have multiplied—and with them, so has greenwashing.

But awareness without structural action changes very little. (We explored the knowledge gap here).

This report shifts the narrative. Climate risk is translated into numbers. And the numbers are not symbolic.

  • Operating margins could shrink by up to 34% by 2030
  • Losses could reach 67% by 2040
  • Under a net-zero transition scenario, the $1.77 trillion fashion industry could lose up to 70% of its value by 2040

This is no longer about “doing better.”
It is about remaining economically viable.

The three pressures that will reshape fashion


The report identifies three main financial risks:

  1. Rising carbon pricing
  2. Increasing raw material costs
  3. Higher and more volatile energy prices

The message is clear: delaying the energy transition increases exposure. Conventional operators heavily dependent on fossil fuels and coal will face multiplying costs.

Climate volatility is not a future scenario.
It is a cost driver already embedded in supply chains.

The most interesting part: action pays


The report is not apocalyptic. It is pragmatic.

It shows that early investments — particularly in supplier decarbonisation — create resilience and protect margins.

Incremental improvements such as: 

  • Energy efficiency
  • Heat recovery systems
  • Electrification
  • Renewable energy adoption

can deliver meaningful short-term relief while building long-term competitiveness. The report advises CFOs to view these not as costs, but as capital allocations that stabilise the Cost of Goods Sold (COGS) and protect EBIT—a framing that transforms a sustainability expense into a margin-defence strategy.

Companies that de-risk their supply chains and decouple profitability from climate-sensitive inputs could face four to five times less exposure by 2040.

This is not activism.
This is financial strategy.

CFOs at the centre


One of the most revealing aspects of the report is who it addresses: chief financial officers and finance teams.

Climate strategy is no longer confined to sustainability departments. It now belongs in capital allocation, risk modelling, and governance discussions.

Kristina Elinder Liljas of AII describes the report as putting a “price tag” on delayed net-zero transition. And that phrase matters. Because once a risk is priced, it can no longer be ignored.

Even industry leaders — such as H&M Group — acknowledge that awareness without decisive action will not deliver science-based targets—a notable admission from a company emblematic of the fast-fashion business model.

However, when it comes to sustainability and climate change, fast fashion reveals a striking paradox. The overproduction model remains untouched — as if it were neutral, inevitable. Yet choosing not to change is itself a powerful act of choice. The fast-fashion perspective is not just limited; it is inherently flawed. The core issue is that maintaining an unchanged overproduction business model is not a viable option; it is the very barrier preventing real progress.

Climate action: collaboration is not optional


The report emphasises co-financing and collective investment. Supply chains are interconnected ecosystems. One actor alone cannot stabilise the system.

Lewis Perkins, CEO of AII, highlights that maintaining business stability in a climate-disrupted world requires industry-wide cooperation, channelled through initiatives like AII’s own Fashion Climate Fund, which pools brand capital to de-risk and accelerate supplier-level investments.

This is perhaps the uncomfortable truth: resilience is a collective effort.

Beyond fashion


Although focused on apparel, the message extends far beyond fashion.

Any industry that postpones climate mitigation is not protecting its profit. It is accumulating risk.

The cost of inaction is not abstract.
It is measurable.
And it compounds.

A final reflection


For years, we have framed sustainability as an ethical evolution. Perhaps we were speaking the wrong language. Ethics, it seems, has become unfashionable.

If profit is what finally moves companies, then maybe this is the real turning point: climate action is no longer about virtue.

It is about survival.

And when survival becomes the question, hesitation becomes the most expensive choice of all.

But a final irony remains: the very brands whose business depends on relentless overproduction are now positioned as architects of the solution. Can those who built the problem truly deliver the cure — or will profit and habit always win?

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Couture in the digital age: art beyond the algorithm

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Is couture becoming a prop for the digital spectacle?


What does haute couture in the digital age represent: craftsmanship, complexity, and technical innovation—or pure spectacle? In an era where we judge everything from our phones, how can we possibly appreciate the hundreds of hours of handwork, the weight of a bespoke silk gown, the architecture of a hidden seam?

Platforms like 1Granary have sparked debates by placing designers like Blazy and Anderson at the centre of a modern couture dilemma. Anderson’s silhouettes were elaborate, with floral decorations, built for impact—a showstopper perfectly engineered for the digital gaze. This, in turn, ignited debate over Blazy’s Chanel: was it true couture, or elevated ready-to-wear? Dubbed “boring” by some, his collection was a quiet manifesto for wearability, for the tactile, a dreamy escape. What scrolled past as a simple suit may have taken weeks just to weave the fabric.
This is the ocean between a post and a piece of art: one is designed for reaction, the other for reality.

Let’s be clear: couture is the highest form of fashion, and it is elitist by definition. It exists for the few who can afford it. It’s a matter of wealth, not representation. Yet, its audience is now global, watching through a screen. Even if they can’t afford it, they judge it.

So what does haute couture in the digital age, in the age of content, represent? Why do houses continue? Because Haute Couture is the ultimate engine of the dream. It is high-stakes marketing, an artistic flag planted to validate the entire brand’s luxury status. The shows themselves are rarely profitable, but they generate the priceless cultural capital that sells perfumes, lipsticks, and handbags. 

It’s a brilliant, necessary paradox: they craft the unattainable to move the mass-produced.

This brings us to the core tension: spectacle versus substance. When a gown goes viral, are we admiring art—or just consuming content? 
Has couture become a prop for the digital circus, where the “wow” factor must be instantly legible in a thumbnail?

Perhaps the most radical act in today’s couture is not extravagance, but integrity. It is the insistence on existing beyond the scroll—in three dimensions, in time, in the human hand. The greatest luxury it offers now may not be the price tag, but its physical, tangible truth in a world of filters and facades.

So, does it matter if it keeps the ateliers alive? Absolutely. But let’s look closer, beyond the spectacle. The real dream isn’t just the dress on the runway; it’s the persistence of craft in a disposable age. It’s the hand that sews, the eye that fits, the art that refuses to be flattened.

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