Kering shares tanked on Friday morning after the group led by François-Henri Pinault chose to bet on subversive in-house talent Demna to reinvigorate its Gucci label rather than hiring a big-ticket name from fashion’s overheating job market. Shares fell by around 10% in early Paris session trade, underperforming French luxury peers, which were trading flat following the news.
Kering shares fall 10% after Gucci names Demna creative director. – Reuters
Analysts at Jefferies said the appointment of the Georgian former Balenciaga designer came as a surprise, while J.P. Morgan analysts called the move a “controversial choice,” citing early feedback on social media and fashion blogs and a “question mark” now hanging over the brand’s creative future.
The appointment of Gucci’s next design chief was the fashion world’s most-awaited news in recent weeks after Gucci fired Italian designer Sabato De Sarno after less than two years in the role.
The house’s prolonged sales decline, including a revenue drop of 24% in the fourth quarter of 2024 alone, has heavily weighed on Kering in the past months. Group shares are down around 40% year-on-year, while a European sector benchmark index is down close to 6% over the same period.
The fashion weeks held in New York, London, Milan and Paris from February 6 to March 11 for the Fall/Winter 2025-26 women’s ready-to-wear collections heralded a return to more commanding, creative fashion, gradually eclipsing understated luxury. The collections showcased two underlying trends, often combining them to redefine femininity.
On the one hand, a powerful, free and independent woman, evident in the office looks, the broad-shouldered silhouettes and bolstered hips, with garments featuring virtuoso textures and bold, very 1980s volumes, and an emphasis on outerwear and maximalist details, like giant jewels and maxi belts. On the other, a more feminine vein emerged, via a range of flowing, transparent lightweight outfits. Some of them romantic, with lace details to the fore, especially on tights, and others more sensual, in a boudoir mood characterised by an abundance of flesh-coloured garments. A genuine desire to dress up again was clearly felt.
Next winter, the garment worth investing in will be a fine piece of outerwear. Choosing from enveloping cashmere coats, especially a rich array of black ones, redesigned trench coats, cocooning tops, biker jackets in new XXL formats, jackets with oversized shoulders, hooded tops, thick cardigans, capes, and more. Some of them were even layered over one another. Exaggerated hips and reinforced shoulders added a dramatic touch to the ensemble. Shearling and leather coats in particular emerged as the new seasonal essentials. Not to mention fur coats.
Fur has become increasingly popular in recent seasons, and is now ubiquitous. It featured in every collection and across the entire women’s wardrobe, ranging from real fur, mostly vintage or recycled, to faux fur, reversed sheepskin, and amazing bouclé and tasselled wool treatments creating plush-effect garments.
Fur sneaked into every look, in the form of little details introduced to decorate accessories in unexpectedly amusing ways, but was also highly visible in extra-wide collars, sleeves, lapels and trims. Some designers presented dresses entirely made of fur, and even trousers, as well as a plethora of chapkas and similar types of trapper hats. Next winter’s it accessory will be the stole (in faux or real fur), as decreed by some of the coolest labels like Miu Miu, Prada, Marni, Chloé, and Ottolinger.
Longer silhouettes are ushering in more sophisticated office looks, and the midi skirt is back with a vengeance. From New York to Paris, designers have presented their contemporary take on this rather retro item. Midi skirts came in mid-calf length, sometimes down to the ankles, in flared or pencil versions, with or without slits, pleated or tight like a sheath, and featured in absolutely all kinds of materials. Midi skirts have become the symbol of corpcore looks, sometimes matched with a sweater or a hooded top à la Grace Jones, or as part of couture suits with hourglass jackets and statement shoulders, often inspired by 1980s-style power looks.
Ultra-tight trousers are making a comeback, especially skinny jeans. Stirrup trousers too are back, as seen at Dries Van Noten, Victoria Beckham, Ferragamo and Elie Saab, often looking very much like leggings, worn under oversize blazers. But, in a new twist, trousers’ waists are nosediving, down low on the buttocks, as at Dsquared2, Dolce & Gabbana, Diesel, Hodakova and Duran Lantink.
Designers have focused their attention on the neck and shoulders, taking the opportunity to make extensive use of knitwear, with snug volumes and inventive constructions. For example, with broad scarves and stoles that morphed into pullovers and knitted dresses, enveloping the body. Removable knitted collars cropped up everywhere, extending into plastrons, neck warmers or pelerines to complete a look. Some wool scarves even went as far as turning into hoods and head coverings.
From bodysuits to baby dolls, lingerie cropped up everywhere, confirming a general trend that has been well-established for several seasons. This time however, the emphasis was on a romantic aesthetic rather than on sensuality. Sensible underwear was often glimpsed beneath sheer tunics. Nighties turned into sexy evening dresses. In some cases, they showed up folded with their straps on the front of a skirt, as a simple reference to femininity. Lace details abounded, notably on black or red tights, a real must for next winter.
Animal-themed patterns were widely featured in many collections, with leopard, tiger, zebra, and cowhide prints and furs, but snakeskin effects in particular were a hit. They appeared in many leather garments treated like crocodile skin, as well as in knitwear and printed items decorated with this highly recognizable pattern. Snakeskin prints notably featured at Gabriela Hearst, and in some couture finishes at Tom Ford and Rick Owens.
Multiple garments, sometimes in double and triple layers, were used to create statement silhouettes with an original twist. The layering effect was even more marked with knitted items and an abundance of sleeves, wrapped several times around the neck or waist. At Alainpaul, a sweater’s sleeve slipped into that of a coat, while the other was worn around the neck. Elsewhere, sleeves vanished from the shoulders to crop up in unexpected constructions around the body. Or they were tied on the front in a pussy bow.
Designers have accented waistlines in every possible way. In jackets and dresses with tight hourglass silhouettes to emphasise the curves, an effect often accentuated by adding volume on the sides. Waistlines were often encased by maxi belts, worn over both outerwear and dresses, and even over other belts, in a multiple layering. Schiaparelli’s triple belt, for example, would add an avant-garde twist to any look.
The latest trick designers like to amuse themselves with is taking a detail and enlarging it to an extreme, turning it into an unusual item or element that will surely grab the attention. Vaquera came up with a gigantic version of its iconic bra, worn as a dress, a top, as a train or skirt. The US label hammered the point home by creating maxi buckles for its belts, as did Chloé. And it puffed up pearls into giant beads for XXL necklaces. Same concept at Chanel, where white pearls turned into mini bead handbags and heels, while at Véronique Leroy a round bracelet morphed into a big metal ball worn on the wrist.
Arena is making waves in the executive world. The Italian swimwear giant, renowned for its high-performance swimwear, goggles, and accessories, has announced a major leadership change. Deputy CEO Giuseppe Musciacchio is stepping down, marking a new chapter for the brand. As of March 11, he has officially left all positions within Arena’s Board of Directors and its affiliated companies.
Giuseppe Musciacchio is now the former Deputy CEO of Arena – Arena
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Musciacchio has been with the Tolentino-based brand for the past 18 years, gradually expanding his responsibilities since mid-2016 as Co-CEO and from mid-2021 as Deputy CEO. “Musciacchio has played a significant role in the development of Arena’s brand and business on a global scale, positioning the three-diamond brand as a key reference in the international swimming and aquatic sports community,” the company stated.
As of March 10, 2025, the group’s Executive Leadership team consists of Peter Graschi (CEO), Damiano Cafiero (CFO), Giorgio Farinelli (COO), Luca Belogi (CSO), Mark Pinger (General Manager North America), and Florian Übleis (CDSO).
“The Board of Directors is actively working to identify a successor and will announce further plans soon. In the meantime, Peter Graschi will take over Giuseppe Musciacchio’s responsibilities,” concluded the company, founded in 1973 by Horst Dassler, the German entrepreneur and son of Adolf (Adi) Dassler, the creator of Adidas. Dassler revived the Arena name—originally used a year prior for canvas shoes—capitalizing on the success of Mark Spitz at the 1972 Munich Olympics, where he won seven gold medals and set seven world records.
He secured Spitz under contract and acquired the Arena brand name from a company in Nîmes, near the city’s Roman amphitheater, registering it internationally. Arena made its official debut at the 1974 European Swimming Championships in Vienna. The Swiss investment firm Capvis acquired Arena in 2014.
Luxury fashion powerhouse Prada is making bold moves. CEO Andrea Guerra has reportedly flown to New York, a source told Reuters, as the group engages in talks to acquire Versace from Capri Holdings—a deal that could bring together two of Italy’s most iconic fashion names.
A source revealed that on his visit to the U.S. financial hub, Prada CEO Andrea Guerra is joined by Lorenzo Bertelli, the son of the group’s key shareholders, Miuccia Prada and Patrizio Bertelli, who also serves as chief marketing officer.
Meanwhile, Capri Holdings, based in New York, announced on Thursday that Donatella Versace is stepping down as the brand’s main designer after nearly three decades.
Starting April 1, Dario Vitale, a designer from Miu Miu, a smaller brand within the Prada Group, will step into Donatella Versace’s role as chief creative officer of the Medusa-head brand. According to Morningstar analysts, this strategic move could pave the way for a potential Prada-Versace acquisition.
Prada declined to comment, and Reuters could not confirm whether Guerra’s trip was directly linked to discussions with Capri Holdings regarding a possible Versace deal.
Earlier this month, reports surfaced that Prada was nearing a €1.5 billion ($1.64 billion) agreement to acquire Versace. On February 20, a source told Reuters that Prada had been granted four weeks to review the financials of its smaller rival.
Beyond Versace, Prada is also rumored to be eyeing Jimmy Choo, another Capri Holdings brand, further signaling its ambitious expansion plans.