Amid economic uncertainty, a global luxury industry slowdown, and conflicts erupting around the world, designers at the Spring/Summer 2025 shows balanced restraint and expression, resulting in collections that sought deeper emotional and intellectual impact. Megabrands scaled back fashion week festivities as they battened down the hatches with budget cuts and streamlined shows.

“I think there's a general caution and a realignment. I think the state of the world is more conducive to reflection than extravagance,” says Tim Blanks, The Business of Fashion’s editor at large.

It was the designers who took creative risks that stood out. At Marni, Francesco Risso created a cinematic spectacle, transforming cotton into expressive designs, emphasising simple beauty amid turmoil. Alessandro Michele made his anticipated debut at Valentino, honoring the legacy of Valentino Garavani while infusing his flair. At Loewe, Jonathan Anderson played with scale, encouraging audiences to rethink aesthetics.

In this episode of The BoF Podcast, Imran Amed sits down with Tim Blanks to unpack the highlights of Fashion Month and discuss how the current global climate is influencing designers and brands.

Key Insights

• In his eagerly awaited debut for Valentino, Alessandro Michele seamlessly integrated his unique creative approach with the storied heritage of the house. Blanks describes the collaboration as “a natural consummation ... like lovers meeting after decades of being apart and that kind of explosion of joy.”

• Sabato De Sarno's recent work at Gucci reflects the complexities of redefining a brand with a rich and influential legacy. While attempting to honor Gucci's heritage, his collections have faced criticism for lacking the distinctive and bold creative direction of his predecessors. Blanks remarks, “the problem is creating a new story for Gucci when the old stories are just so overpowering.”

• At Loewe, Jonathan Anderson pushed boundaries by experimenting with scale and perspective. His designs included oversized hoop skirts that seemed to hover. "He likes to challenge people's points of view," Blanks observes, adding that Anderson provokes thought "by showing them something that makes them wonder, how would I wear that? How would I sit in that?"

• Emerging designer Duran Lantink made a strong impression with his collection featuring extreme shapes refined into wearable forms. “Those clothes are a physical realization of independent thinking. What we need is more independent thought... fashion needs more of that," Blanks says.

• Amed echoes the importance of nurturing new talent, saying, “I think the future of the fashion industry is in good hands with some of these younger designers that haven't necessarily had a big role in a house yet but certainly deserve an opportunity to show what they can do. I think that's part of what we need in the industry—to move away from this lack of risk-taking. Safety and being safe, that's just boring.”

Additional resources

• In Paris, the Boys Can’t Help It!
• Beauty Is Still Defiance
• What Does Pressure Look Like in Milan?

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For decades, department stores were symbols of American retail success, but their shine has long since faded. Overexpansion that began in the 1990s, the growth of e-commerce and the decline of many malls has left a saturated market, with more stores than there is demand. Major department stores have been struggling for decades to adapt to changes in the way their customers shop, with little to show for it.

"These challenges existed ten years ago, but the problem we have today is that it’s getting later and later, and more and more desperate for these department stores. Time is running out, and they still haven’t figured out the solution,” says retail editor Cat Chen.

In this episode of The Debrief, BoF senior correspondent Sheena Butler-Young speaks with Chen about why department stores are struggling to stay relevant, how activist investors are complicating the picture, and whether following the approach of European department stores like Selfridges can save this iconic segment of the retail industry.

Key Insights:

• Activist investors have been targeting department stores like Macy’s and Kohl’s, but they are more interested in these companies’ real estate portfolios than retail. Chen highlights the parallels with Sears, where the investor Eddie Lampert spun out Sears’ real estate into a separate entity, ultimately leading to its bankruptcy. “The sentiment in the industry is that if these companies were bought out by activist investors it would not be a good sign for the health of these department stores. There wouldn’t be a long-term strategy for maintaining their health,” she says.

• Nordstrom's strategy for revival includes focusing on experiential retail, enhancing customer service, and possibly going private under the Nordstrom family’s ownership. These moves would allow them to invest in the long-term health of the company without the pressure of quarterly earnings. “The Nordstrom family is really set on making some radical, transformative changes to Nordstrom that they just can't make as a public entity,” Chen explains.

• European department stores are a potential model for American department stores to replicate. “Look at Selfridges or look at Le Bon Marché. People love spending time in those stores — tourists but also locals,” Chen says. Explaining how European stores are treated like flagships, with significant investments in customer experience and meticulous attention to detail, she adds, “these companies invest in the layout of the store — fixtures, carpeting, lighting — all of these details matter, and European department stores have done a great job making it happen.”

Additional Resources:

• Why Nordstrom’s Founding Family Wants to Take the Retailer Private | BoF
• Innovation Won’t Save Department Stores. The Right Products Will. | BoF
• Can Saks, Neiman Marcus and Amazon Save the American Department Store? | BoF

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Alessandro Michele’s whimsical, bold vision as creative director of Gucci revitalised the brand, turning it into a cultural juggernaut. Now, he’s attempting to do the same at Valentino, bringing his signature blend of nostalgia, craftsmanship, and artistic risk-taking to reimagine the Roman couture house.

“This place has such a specific story,” he says. That name, Valentino—it’s a real name, with real life, with real love. … There is always Valentino somewhere with me.”

This week on The BoF Podcast, BoF founder and editor-in-chief Imran Amed sits down with Michele to discuss his evolution as a designer, his deep connection to Valentino’s heritage, and the importance of passion and obsession in achieving creative success.

Key insights

• As creative director, Michele said that the weight of Valentino founder Valentino Garavani’s legacy continues to inspire and guide him, even in the smallest details of his work. “When I'm working by myself, with the people of the studio, with Jacopo, there is always Valentino somewhere with me. … There is always an open conversation with him because I can feel the things talking to me, through the dresses, the walls," he said.

• Contemplating the meaning of success, Michele emphasises the importance of remaining true to himself as a designer. “It’s more moving left and right, rather than up and down. … Success is when you are in the right place, when you're free to be yourself,” he said. His approach to fashion is personal and deeply intuitive, and he protects his creativity by concentrating on his own creative fulfilment rather than trying to please everyone. “I don't need to be someone else. I think a big designer or a good designer needs to be himself.”

• Michele approaches his work with a deep understanding that creativity comes with taking risks, both in life and in fashion. He views risk as an essential element of growth and evolution in his designs. "You are taking beautiful risks, but they are risks,” he said. “I like myself also for the things I did wrong. … Now that I’m a big boy, I like the Alessandro who did so many wrong things.”

• For Michele, the magic of fashion and creating a collection lies in the uncertainty. "You put all the ingredients inside, and it’s going to be real only when the first person starts to walk on the catwalk. That’s the magic," he said. “You feel that you were pregnant, but now the baby has a proper life and you can no longer be in control. It's outside and it's gonna walk by himself or herself.”

Additional Resources:

• Alessandro Michele, Michelle Yeoh, Francesca Bellettini, Zac Posen and Angel Reese Are Our BoF 500 Cover Stars
• ‘Hyper Beauty’: Inside Alessandro Michele’s Surprise Valentino Collection | BoF
• The Logic Behind Valentino’s Alessandro Michele Appointment | BoF

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