La Milan Fashion Week has opened its doors in a climate of palpable uncertainty, which does not even spare one of the most anticipated events of the year for the fashion industry. If New York and London seem to be struggling to maintain their relevance, the Milanese capital presents itself with a calendar leaner than in previous years, marked by theassenza of some big names. Giorgio Armani, for example, chose to show in New York in October, leaving the closing of the week to someone else. They also skipped the Milanese appointment Blumarine e Msgm, who showed co-ed in June, as well as Tom Ford, following the departure of creative director Peter Hawkings, who will present in the showroom.
La crisis of the sector, however, goes well beyond the calendar. The luxury industry, once the flagship of the European economy, is under pressure from several fronts. The difficulties are multiple and interconnected: skyrocketing prices of fashion houses accessible only to the elite of the ultra-rich; the Chinese crisis has drastically reduced demand; the continuous turnover of creative directors who are struggling to revive historic brands and revenues in free fall; and finally, the increasing costs of logistics and raw materials due to international conflicts. These problems have contributed to creating a dense cloud of uncertainty that has also enveloped Milan Fashion Week.
Fashion in crisis: problems in the supply chain and new promises of style
The fashion industry's production chain is in crisis everywhere. From France to Turkey, where more than 15 thousand companies have lowered their shutters in just seven months, as reported by Pambianco. Also in Italy, the fashion houses are not doing well: they have to deal with internal problems and controversies on exploitation of workers, amplified by recent investigations into Chinese factories in the Bel Paese, which have shaken the industry this summer.
Despite these difficulties and a lack of innovation in recent seasons, there are signs of hope. The recent announcements of creative changes, such as the arrival of Haider Ackermann at Tom Ford and Sarah Burton at Givenchy, bring with them a new hope of rebirth. Veronica Leoni's debut at Calvin Klein and Alessandro Michele's first show at Valentino, scheduled in two weeks in Paris, are also awaited with great interest and promise to bring a breath of fresh air.
Luxury stocks in trouble: crisis or normalization?
This crisis also has a heavy impact on luxury titles, who were once admired as Europe's “magnificent seven.” Kering, the giant behind Gucci, has seen its value plummet to its lowest since 2017, falling 42% this year after analysts issued a big “sell” on the stock. Despite the arrival of a new creative director, Gucci is struggling to shine as it once did, and Kering shares are headed for one of their worst annual performances since 2008.
Other big names in luxury are not faring any better. Burberry saw its value fall by 57%, losing its place among the top 100 companies in the City of London. Hugo Boss has lost 44% of its value, while lvmh, once the undisputed king of European luxury, has fallen 17%, far from its all-time highs of more than 30%. In contrast, Inditex, the symbol of fast fashion, has seen a 31% increase since the beginning of the year. In Switzerland, watchmakers have even asked for state aid to cope with the decline in sales.
Even Italian luxury stocks are feeling the effects of the crisis, as confirmed by the numbers. According to the report of the Luxury Goods Conference in Milan, the sector recorded a modest growth of 1% per year, net of exchange rates. The recent downward revision of China's economic growth forecasts has triggered another wave of sales in the luxury sector, which has fallen by 8,11% since the beginning of the year.
A less than rosy outlook that has further weighed on the prices of the Italian fashion house. At Piazza Affari, Moncler has lost more than 11% since the beginning of the year, while Brunello Cucinelli has dropped 4 percentage points. But the most significant decline was that of Savior Ferragamo, which has seen its value drop by nearly 49% since last January.
Will the fashion industry be as resilient as it has been in the past, or will the structural changes be so profound that they will require a total redefinition?
Milan Fashion Week: the calendar
Despite everything, Milan continues with the events of Fashion Week. The week has begun Tuesday September 17 with the fashion shows of Fendi, Marni, Alberta Ferretti and the 50th anniversary of Iceberg. Wednesday we saw collections by Antonio Marras, Boss, Marco Rambaldi, Jil Sander, N21, Roberto Cavalli and a futuristic show by Etro, which involved a small group of guests in an immersive experience with the Apple Vision Pro headset.
Today, Thursday September 19, the calendar includes Max Mara, Genny, Philosophy di Lorenzo Serafini, Anteprima and one of the most anticipated names, Prada, at 14 pm. Afterwards, the day will close with fashion shows by Federico Cina, Tokyo James, MM6 Maison Margiela, Moschino, GCDS and a double show by Emporio Armani.
Friday September 20st, Tod's, Phan Dang Hoang, Sportmax, Calcaterra, Vivetta and, above all, Gucci will dominate the day, followed by Missoni, Sunnei, Elisabetta Franchi and a spectacular finale with Versace.
Saturday 21rd September we start with Ferrari, followed by Ermanno Scervino, Ferragamo, Luisa Spagnoli, Bally and Dolce & Gabbana, and then close the day with Diesel, The Attico, Laura Biagiotti, Aniye Records, Bottega Veneta and Philipp Plein.
Sunday 22th of, Andreadamo will open the day, followed by Hui, Avavav, Francesca Liberatore, Rave Review and Chiccomao. Monday 23 will be dedicated to digital shows, with Maxvive, Defaïence by Nicola Bacchilega, Francesco Murano, Rè Shuǐ and Jacob Cohën, who will officially close the week.
In addition to the fashion shows, there is no shortage of events such as the CNMI Sustainable Fashion Awards 2024 at the Teatro alla Scala and Who's Who Awards at Palazzo Marino. The international not to be missed include the retrospective “Aldo Fallai for Giorgio Armani” at Armani Silos and the celebration of 60 years of Vogue Italia at Palazzo Citterio.
