Fashion looks a lot different now than it did in January.
Change has come for every corner of the industry. In the middle of a segment-wide slowdown, fashion’s leading luxury brands have overhauled their strategies and leadership ranks in a way that will have a lasting impact on the next phase of growth and creativity, with new creative directors in place at Chanel, Bottega Veneta, Givenchy, Celine and more. Luxury e-commerce, too, had a major year of upheaval, as several of the one-time retailers of tomorrow found new owners, including Farfetch and Net-a-Porter, or shuttered altogether, as was the fate for Matchesfashion.
The mass market, too, dealt with its own challenges. Department stores joined forces and faced existential threats in an increasingly challenged environment. Nike slowed down, suffering from a lack of innovation in product and marketing, culminating in the departure of CEO John Donahoe in September. At the lowest end of the pricing spectrum, competition has ramped up with the advances of Temu and TikTok Shop, while Shein continues to fight for its initial public offering in London.
Plus, in the US, Trump’s second-coming and TikTok’s potential sale or banning are fast-approaching, leaving plenty of questions for what the industry will face in the new year.
The Business of Fashion revisits the stories that changed fashion in 2024.
1. Chanel Picks Its Next Designer
got its answer: Matthieu Blazy, the designer who set off a hot streak for Kering-owned Bottega Veneta with his focus on craftsmanship and arty cultural references. He will start at Chanel in April and show his first collection in September.
take over at Dries Van Noten. Kim Jones left Fendi, Peter Do departed Helmut Lang and John Galliano said goodbye to Maison Margiela. All three, plus Slimane and Piccioli, have yet to announce what’s next.
2. An Election Year Ends With Big Questions for Fashion
about her own fashion choices— from the Chloé suits to the Converse. But for the most part, the industry was more subdued this election season.
hosted private fundraisers for Biden, then Harris, in Paris, then the Hamptons, the latter co-hosted with Tory Burch.) After a Trump victory was declared, many of the brands, designers, models, CEOs and others who were outspoken in 2016, stayed tight-lipped — whether still processing, for fear of alienating consumers or because of concerns about retribution.
will have sweeping implications for the fashion industry. Trump has promised widespread tariffs, mass deportation and tax cuts. There are worries his administration could hamper progress on diversity and inclusion, women’s, LGBTQ and immigrant rights, and efforts to curb the impacts of climate change.
3. Monumental Mergers and Misses
Big deals were made in 2024 — but the biggest of them all fell apart.
was crushed by The US Federal Trade Commission, which argued it would unfairly eliminate competition in the market for affordable handbags. Capri will have to get flagship label Michael Kors back on track alone.
reshape the American department store landscape — once it goes through. Saks owner Hudson’s Bay Company just tapped the junk bond market to help finance the deal.
receiving backing from high-profile investors including funds controlled by Chanel owners the Wertheimer brothers and L’Oréal’s Françoise Bettencourt Meyers.
Supreme and the late Virgil Abloh’s Off-White were acquired by eyewear-maker EssilorLuxottica and Bluestar Alliance, respectively. The transactions raised concerns about what might become of the pioneering streetwear brands, which have reported uneven sales in recent years.
4. Nike Lost its Cool and Got a New CEO
in both sales and “cool” factor — sportswear giant Nike got a much-needed executive shake-up. John Donahoe, chief executive since 2020, stepped down in September after calls for his ousting grew louder. Nike then tapped Elliott Hill, who retired from the company in 2020 after a 32-year career starting as an intern, to lead the brand.
Hill faces an uphill battle: Nike has fallen behind on innovation (all-important in the sneaker space) and will have to mend broken relationships with the retailers who it abandoned in an ill-fated pivot to DTC and customers whose attention has turned elsewhere. On Thursday, the company reported an 8 percent drop in second-quarter sales, with Hill saying the brand would quickly execute a pivot away from retro styles and back to its historic focus on sports.
5. Shein’s IPO Saga; Temu Takes Off
Shein’s move to list on the New York Stock Exchange received a poor reaction from US lawmakers over concerns about its business model, forcing the fast fashion giant to try its luck in London — historic $64 billion valuation in tow. (That’s bigger than the market capitalisations of Kering and Adidas, and would be the largest listing in London in over a decade.)
incubator for young designers and pledges to put millions toward British designers and circularity efforts, the UK’s financial regulator is sitting on a number of objections to Shein’s plans, citing poor labour and environmental practices. Still, the UK, looking to revive London’s struggling city, could welcome the monster listing.
not without its own problems.
6. The Great Luxury E-Commerce Re-Commerce
shuttered; Farfetch was sold in a fire sale to Coupang; and finally, loss-making Yoox Net-a-Porter was scooped up by Mytheresa. The upheaval had a huge impact on independent brands in particular, and it remains to be seen about what a new, more consolidated market will mean for them.
7. Fashion Vies for a Podium Spot at the Olympics
Leave it to Paris to make the Olympics a fashion fête. This year’s games attracted unprecedented interest from the industry, beyond the mainstay sportswear giants like Nike and Adidas.
up-and-coming designers or niche fashion brands create looks for their athletes. Even away from Paris, brands like Pandora and J.Crew turned the sporting fervor into marketing moments.
8. In the Midst of a Luxury Slump, a Few Houses Defy the Downturn
and prices keep going up. LVMH saw sales down 5 percent in the third quarter, while Gucci owner Kering reported a 16 percent drop as Gucci designer Sabato De Sarno’s designs have still failed to meaningfully take off. In a recent interview with BoF, Kering deputy CEO Francesca Bellettini called the industry’s situation a “crisis.”
keeping an eye on deceleration at the main, more profitable Prada line.
9. Activist Investors Circle Macy’s
This year, Macy’s Inc. struggled to shrug off pressure from activist investors eyeing the company’ real estate holdings.
create an entity to monetise its real estate assets. Whether they’ll succeed where others haven’t is still to be determined.
10. The Clock Is Ticking for TikTok
increasingly tenuous. The app’s fate isn’t sealed yet, though. The US Supreme Court has agreed to hear a bid by TikTok and ByteDance to block the law forcing the sale ahead of its deadline, and President-elect Donald Trump has also signaled that he could reverse course, saying he has a “a warm spot in my heart for TikTok.”
fashion brands who rely on the TikTok to do marketing — and, since the roll-out of its now-popular TikTok Shop — even generate sales.
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