Breaking Down the 2025 Luxury Report, From It Bags to New Creative Directors
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In the latest episode, Editor in Chief Kat Collings sits down with Associate Director of Special Projects Kristen Nichols to unpack the 2025 Luxury Report, her annual summary of where where luxury fashion is headed now and what’s coming next. You can’t talk about luxury fashion in 2025 without mentioning the unprecedented shake-ups at legacy houses—we’re talking about more than 20 creative-director swaps!
Kristen and Kat discuss the new energy and anticipation around luxury fashion, the resurgence of preppy staples, the It items defining fashion right now, consumer shopping patterns, and how celebrity influence is shaping brands today. Basically, as prices of these goods rise, there’s more emphasis on heritage, storytelling, and artistry, reframing what luxury truly will mean in 2026 and beyond.
For excerpts from the conversation, scroll below.
What would you say are the top houses that had the biggest response and people were most excited about?
One of the first designers to make their debut this year was Michael Rider at Celine. He came from Ralph Lauren, and I think that was ahead of a lot of the director debuts. It presented a new take on preppy style that really translated to some of the big trends we saw and [the] ways people were dressing this year.
Jonathan Anderson at Dior was a very exciting moment. It was just interesting to see how he reframed a lot of the archival references that are so iconic at Dior but then really brought his new vision to them in a way that connects with a new audience but also the existing audience at Dior.
(Image credit: Getty Images)
What about one or two others?
Louise Trotter at Bottega was also one of the big moments in Milan. A lot of the people we’ve been talking about are men who are taking over at these fashion houses, so I think there was a lot of excitement and support behind her leading a really big brand. That was also one of the more challenging brands to take over because Bottega was already so loved.
The most anticipated moment throughout the whole year was Matthieu Blazy at Chanel. It was interesting even that it was an evening show versus a day show, and the set felt so different in this dark environment that was lit up with this truly new universe of Chanel with all of the planets and everything. The moment that stands out the most is the finale look with the rainbow skirt where the model and Matthieu embrace at the end, and it was just this moment of joy and optimism.
(Image credit: Getty Images)
Are there any celebrity pop culture moments that you can point to that have had a big influence on luxury trends?
Gen Z is really setting the tone for this new wave of people in fashion. Jacob Elordi works with Cartier and Bottega, and I think he can truly wear anything and make it look cool. He wears Bottega bags almost every time he’s photographed. He has a collection of Cartier watches and the Love Bracelet, and was just shot by Sofia Coppola for their recent campaign. He’s just someone who really is influencing style for that generation, men and women alike.
(Image credit: Jacopo M. Raule/Getty Images for Bottega Veneta)
(Image credit: The Image Direct)
What are the key buys currently, and how did they gain traction?
The one that collectively was named as an It item for the year was the Chanel 25 bag, and that’s one we actually predicted early. What’s interesting about that bag that sets it aside from previous-generation It items is this is a bag that first appeared on the runway for the spring 2025 collection, but since it appeared, it has appeared in every collection since.
(Image credit: Getty Images)
We’re weeks away from 2026. What are some of your luxury fashion predictions?
Gucci and Louis Vuitton announced that they’ll be showing their cruise collections in New York, and Dior will be showing theirs in L.A. this spring. I think this is just a really interesting indicator because the cruise collections are very well-known for being in these far-flung, international vacation/holiday destinations.
The fact that they’re choosing these domestic U.S. locations shows that there’s a lot of interest in the market and making sure they’re paying attention to the shoppers that are based here. Just on the business side of things, I think we’ll see more of a focus on the U.S. fashion space or local fashion shows.
This interview has been edited and condensed for clarity.
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