This is an excoriation of Gucci’s latest misstep, yes, but more importantly, it’s a eulogy for an era of fashion that has long since lost its soul. The comparison to Hermès at Gucci’s 1989 crossroads is particularly striking, not just because of the obvious shared DNA in craftsmanship, but because it underscores the industry’s most fundamental divide: heritage versus hype. Hermès chose the slow burn of artisanal integrity; Gucci, despite a brief and promising flirtation with refinement under Dawn Mello, ultimately threw itself at the altar of high fashion’s dopamine rush.
And here we are, as you write it. What we see now isn’t just another bad collection — it’s the culmination of decades of unchecked expansion, corporate bloat, and an industry that mistook mass production for modernity. That Gucci Fall 2025 appears to be a Raf Simons knockoff is less an insult to Raf than an indictment of fashion itself: a hollow spectacle. When every brand cannibalises the same tired aesthetics, when the runways become indistinguishable from one another, when luxury houses churn out products with the efficiency of fast fashion while insisting on their “handmade values” — what, exactly, are people still paying for?
The most damning truth is that fashion has outpriced its own mystique. As much as Kering and LVMH have tried to convince us that luxury is about exclusivity, scarcity, and artisanship, their business models betray them. They aren’t selling craft; they’re selling scale. And in an era where even the wealthiest consumers are scrutinising their spending, where brand fatigue is setting in, and where the illusion of desirability is breaking down, the cracks in the façade are impossible to ignore.
So yes, the bubble is bursting, not with a bang, but with the slow, unceremonious deflation of an overinflated industry that forgot what made it special in the first place. The question now isn’t whether the pendulum will swing back, but whether there’s anything left to salvage when it does.
"They aren’t selling craft; they’re selling scale." This is exactly it. And exactly why it can't continue. The jig is up and people are no longer impressed. There's no there there, as Gertrude Stein would say. Nothing is inspiring when people deeply need to feel inspired. Fashion has always had an element of commerce, of course, but now so often, it is only commerce, and that's why the wheels are falling off.
Excellent article, Martin! Everything you said was right on the money. I think the trends of all the famous designers between 1994 and 2015 were some of their best! I can't believe today's Gucci line and Calvin Klein.
Thank you 👏🏻 Let’s hope one day real artisanal products and high quality items will return.
One of the things I am also hoping is that the ‘middle market’ for brands will make a comeback somehow. Providing items that are affordable if you save up for them, good quality and have a certain limit in stock. The space between high fashion and luxury has died off when lots of retail stores had to close. I honestly think that when you only shop online quality will matter less than when you can feel and fit items in store.
Hopefully with less people spending their bucks on luxury (and fast fashion) this segment will return.
I completely agree! The market has become so, so polarized with options only available at the extremes of the price range. I too would love to see more mid-market brands with great quality enter the fray. They'll need a lot of support given the way the industry is now, but I think resurgence is possible. Even people who have the funds are exhausted with having to pay $2K for pants.
Immediacy and convenience result in a lower quality product and shopping experience. I love to walk in a store where the staff introduces themselves and provide help and suggestions. Not some AI bot programmed to sell me one specific item.
This is an excoriation of Gucci’s latest misstep, yes, but more importantly, it’s a eulogy for an era of fashion that has long since lost its soul. The comparison to Hermès at Gucci’s 1989 crossroads is particularly striking, not just because of the obvious shared DNA in craftsmanship, but because it underscores the industry’s most fundamental divide: heritage versus hype. Hermès chose the slow burn of artisanal integrity; Gucci, despite a brief and promising flirtation with refinement under Dawn Mello, ultimately threw itself at the altar of high fashion’s dopamine rush.
And here we are, as you write it. What we see now isn’t just another bad collection — it’s the culmination of decades of unchecked expansion, corporate bloat, and an industry that mistook mass production for modernity. That Gucci Fall 2025 appears to be a Raf Simons knockoff is less an insult to Raf than an indictment of fashion itself: a hollow spectacle. When every brand cannibalises the same tired aesthetics, when the runways become indistinguishable from one another, when luxury houses churn out products with the efficiency of fast fashion while insisting on their “handmade values” — what, exactly, are people still paying for?
The most damning truth is that fashion has outpriced its own mystique. As much as Kering and LVMH have tried to convince us that luxury is about exclusivity, scarcity, and artisanship, their business models betray them. They aren’t selling craft; they’re selling scale. And in an era where even the wealthiest consumers are scrutinising their spending, where brand fatigue is setting in, and where the illusion of desirability is breaking down, the cracks in the façade are impossible to ignore.
So yes, the bubble is bursting, not with a bang, but with the slow, unceremonious deflation of an overinflated industry that forgot what made it special in the first place. The question now isn’t whether the pendulum will swing back, but whether there’s anything left to salvage when it does.
And I’m very pessimistic….
"They aren’t selling craft; they’re selling scale." This is exactly it. And exactly why it can't continue. The jig is up and people are no longer impressed. There's no there there, as Gertrude Stein would say. Nothing is inspiring when people deeply need to feel inspired. Fashion has always had an element of commerce, of course, but now so often, it is only commerce, and that's why the wheels are falling off.
Excellent article, Martin! Everything you said was right on the money. I think the trends of all the famous designers between 1994 and 2015 were some of their best! I can't believe today's Gucci line and Calvin Klein.
It really is shocking to see how far so many of these brands have fallen in such a short time!
I LOVE your POV. You are 100% right on all fronts. Overpriced and cheap. No wonder why sales are tanking.
Thank you so much!
Perfect analysis. It’s an unsustainable model. The Emperor has no clothes.
Thank you! And so true. He ironically has no clothes at all.
Thank you 👏🏻 Let’s hope one day real artisanal products and high quality items will return.
One of the things I am also hoping is that the ‘middle market’ for brands will make a comeback somehow. Providing items that are affordable if you save up for them, good quality and have a certain limit in stock. The space between high fashion and luxury has died off when lots of retail stores had to close. I honestly think that when you only shop online quality will matter less than when you can feel and fit items in store.
Hopefully with less people spending their bucks on luxury (and fast fashion) this segment will return.
I completely agree! The market has become so, so polarized with options only available at the extremes of the price range. I too would love to see more mid-market brands with great quality enter the fray. They'll need a lot of support given the way the industry is now, but I think resurgence is possible. Even people who have the funds are exhausted with having to pay $2K for pants.
Immediacy and convenience result in a lower quality product and shopping experience. I love to walk in a store where the staff introduces themselves and provide help and suggestions. Not some AI bot programmed to sell me one specific item.
A great retail experience makes all the difference. It's practically a lost art these days.
And when you have one, you never forget it.