The Business of Fashion Podcast

Demna's move to Gucci, announced after weeks of feverish speculation, stunned industry observers and sent shockwaves through financial markets, with Kering shares dropping sharply by more than 12%. While some hail this as an opportunity for Demna to reinvent Gucci through his distinctive cultural lens, others question his ability to break free from his Balenciaga legacy.. BoF founder and editor-in-chief Imran Amed posits, “The really big question here is, can Demna do something different?”

Meanwhile, Donatella Versace’s transition from Chief Creative Officer to Chief Brand Ambassador marks the end of a storied era and the beginning of a new chapter under Dario Vitale. Highlighting Donatella’s cultural impact, BoF editor-at-large Tim Blanks notes, “Versace was one of the few names that registered with people who didn't know anything about fashion.” 

Fresh off a stellar tenure at Miu Miu, where he helped to ignite record growth, Vitale faces the ambitious task of balancing Versace's iconic legacy with a renewed contemporary relevance. With whispers of potential acquisition by Prada Group swirling, Versace stands at the precipice of transformation.

Additional Resources:

• Why Gucci Picked Demna | BoF 
• Dario Vitale to Succeed Donatella Versace as Chief Creative Officer of Versace | BoF

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This season, all eyes were on the debuts of Haider Ackermann at Tom Ford and Sarah Burton at Givenchy. Meanwhile, designs at Alaïa and Valentino continued to push boundaries with daring silhouettes that either stood away from the body or felt purposely incomplete. 

Behind the new faces and unconventional shapes was a deeper exploration of eroticism. From Ackermann’s sensual glamour at Tom Ford to what Tim Blanks calls the “quiet eroticism” of Burton’s Givenchy, designers seemed united by a playful fascination with the body — and a desire to subtly challenge its boundaries.

“Fashion is a very fetishistic art form,” says Tim Blanks, BoF’s editor-at-large. “It has its fixations on the body and the way it fetishizes objects, but fashion is about fetishizing beauty and ugliness. A lot of these different things have been coming up over the last few years.”

Following the conclusion of the Autumn/Winter 2025 shows, Blanks sits down with BoF founder and editor-in-chief Imran Amed to discuss the highlights of fashion month.

Key Insights: 

• Across the season, there was plenty of body on display. At Alaïa, Pieter Mulier presented striking new silhouettes that played with unusual proportions, creating shapes that stood away from the body. These exaggerated forms, described vividly by Amed as "body condoms," challenged the relationship between clothes and the body. At Duran Lantink, prosthetic pieces humorously toyed with ideas of eroticism. “What are they trying to say with these clothes?” asks Blanks. “There is a new body consciousness and people want to show off their svelte new forms.”

• Ackermann’s debut successfully merged Tom Ford’s famed sexual glamour with a reflective, intimate approach. “Tom is a sexualist and Haider is a sensualist, but there was a compatibility there in the erotic rigour in both of their work,” says Blanks. “I thought Haider did a wonderful job of doing a Haider Ackermann for Tom Ford collection; honouring the essence of one, but really bringing the dynamism of the new.”

• Also facing a house with a storied heritage, Burton’s debut collection for Givenchy returned to its earliest codes and patterns. “We haven't seen something that's projecting Givenchy into the future but also really grounded in the past. And I think that's what clicked, because the other attempts were either too much in the future and disconnected from the past, or too much in the past and not taking it anywhere new,” says Amed. “She proved what a great designer she is,” adds Blanks.

• Watching from home, Blanks was struck by the step-and-repeat that preceded the Off-White show, where attendees arrived in bold, expressive looks from the brand’s current collection. This real-life display of style, Blanks notes, “softened him up” for the actual runway. “You see the clothes on real people, so it's not like, ‘Who would wear this?’” he says. Amed highlights this as an added opportunity to capture customers watching online: “There's a step-and-repeat for what's available to buy now, and then there's the show for what's available for the future.”

Additional Resources:

• Sarah Burton’s Givenchy Debut: First Principles Take Flight
• Ackermann and Ford: A Deliciously Dangerous Liaison

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Born in Sardinia on a sailing boat to self-described “adventurous” parents, Francesco Risso grew up in an environment that fostered independence, spontaneity and a deep need to create. After formative years at Polimoda, FIT and Central Saint Martins — where he studied under the late Louise Wilson — he joined Prada, learning firsthand how to fuse conceptual exploration with a product that resonates in everyday life.

Now at Marni, Risso continues to embrace a method he likens to an artist’s studio, championing bold experimentation and surrounding himself with collaborators who push each other to new heights of creativity. 

“Creativity is …  in the way we give love to the things that we make and then we give to people. I feel I don’t see so much of that love around,” says Risso. “We have to inject into products a strong and beautiful sense of making. That requires craft, it requires skills, it requires a lot of fatigue, it requires discipline.”

Risso joins BoF founder and CEO Imran Amed to explore how his unconventional childhood shaped his creative approach, why discipline and craft remain vital to fashion, and how meaningful collaboration can expand the boundaries of what’s possible.

Key Insights: 

• Growing up in a busy, non-traditional household, Risso learned to express himself by altering and reconstructing clothing he found in family closets. “I started to develop this need to make with my hands as a means to communicate,” he says. “I would find something in my grandmother’s closet, start to disrupt it and collage it to something from my sister’s wardrobe and we have a new piece.” This early experimentation laid the groundwork for his vision of and approach to design.

• From Louise Wilson at Central Saint Martins to Miuccia Prada, Risso has absorbed the value of rigorous research, conceptual thinking and extended ideation. “You have to rely on your own strengths and your own capability to go and study, to go and research, to go and find your things,” he says. “That is key to me, to become a designer with a voice.”

• Whether partnering with artists through an informal “residency” or collaborating with brands like Hoka, Risso insists that a great tie-up is never about simply sticking art on a T-shirt or rushing a gimmick. “Processes are about learning from each other … and that generates a body of work that then becomes either art or clothes.” His focus on genuine exchange expands the creative horizon for both Marni and its collaborators.

• Risso’s advice to emerging designers is to appreciate the fundamentals of making in favour of more superficial aspirations. “I dare young people to be more focused on engaging with the making, rather than just projecting in the future,” he says. “A strong sense of making requires craft, it requires skills, it requires a lot of fatigue, it requires discipline.” This hands-on grounding, in his view, is essential for developing a lasting, meaningful design practice.

Additional Resources:

• Francesco Risso | BoF 500 | The People Shaping the Global Fashion Industry 
• Exclusive: Inside Hoka’s Fashion Ambitions | BoF
• Backstage Pass | Marni and the Thread of Beauty | BoF 

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Once hailed as a pioneering platform for online luxury, Farfetch is now undergoing a dramatic operational overhaul. The South Korean e-commerce giant Coupang acquired the luxury marketplace in 2023, rescuing it from near-bankruptcy. Since then, Coupang has implemented sweeping cost-cutting measures that have narrowed losses significantly, but are eroding Farfetch’s footing in the luxury e-commerce space and alienating its core customers. 

DTC correspondent Malique Morris joins Executive Editor Brian Baskin and Senior Correspondent Sheena Butler-Young to examine Farfetch’s path to profitability.

Key Insights: 

• Coupang's relentless drive to push Farfetch toward profitability clashes with the premium expectations of luxury shoppers as cost-cutting is prioritised over customer experience. “Coupang is so hyper‐focused on getting Farfetch to profitability ... and when you're dealing with people who are spending $100,000 a year on the marketplace, it doesn't quite work that way,” explains Morris. “They’ve also cut teams dedicated to working with Farfetch’s VIP customers, who can make up as much as 30% of the company’s annual sales.” This tension between operational efficiency and delivering a high-end experience is at the heart of Farfetch's challenges.

• Farfetch’s “sold by Farfetch” programme highlights its growing disconnect with luxury brands. As luxury powerhouses like Celine, Alaia and Kering – which includes Gucci, Saint Laurent and Bottega Veneta — pull their collections from the platform, Farfetch has turned to a grey market tactic to maintain its inventory. “Instead of sending the goods straight from the retailers to the customers, the items are now going to a warehouse in Amsterdam to be repackaged,” says Morris. “It's not only a knock to Farfetch's relationship with top brands, but it also risks deteriorating customer service.” This move, intended to sidestep brand resistance risks undermining transparency and trust among high-end partners.

• Farfetch's biggest superpower is that many independent boutiques still rely on it. “If Farfetch can at least do right by those retail partners, then it probably has a shot of stabilising its footing in online luxury,” says Morris. “Coupang will eventually have to allow Farfetch to reinvest in their relationships with customers and brands. That might cost them a couple million, but hopefully with the renewed focus on just the marketplace, Farfetch won't go back into the red in the process.”

Additional Resources:

• Inside Coupang’s Tug of War With Farfetch | BoF
• Farfetch Owner Coupang: Everything You Need to Know | BoF 

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James Whitner — founder of The Whitaker Group and the visionary behind retailers such as A Ma Maniére and Social Status — reveals how culture, purpose, and empathy drive his approach to business. Whitner witnessed firsthand how marginalised communities often face limited options, shaping his commitment to serving communities typically overlooked by the fashion industry.  

“I think what helped me understand life is difficult, it's just seeing a difficult life, right? Watching people struggle and seeing that there is privilege in pain,” says Whitner, about growing up in Pittsburgh, Pennsylvania. “When I look at what we’re creating now, it has purpose and is about standing up Black culture at the centre,” Whitner adds. “Everything is about real experiences and connections to people.”

This week on the BoF Podcast, founder and CEO Imran Amed sits down with Whitner to explore his journey, learn about the driving force behind The Whitaker Group’s community-centric retail experiences, and understand why authenticity and cultural connection are non-negotiables in today’s fashion landscape.

Key Insights: 

• Intentionality and human connection are integral to James Whitner’s approach to retail spaces. Rather than focusing solely on product or profit, he strives to shape how people feel and engage with his brands. “We want to be really intentional about how we make humans feel, our connection to humanity, and how we can build a community,” he explains, emphasising that empathy and shared purpose can help to forge  vibrant, long-lasting communities.

• Whitner also contends that building  authentic connections starts with recognising the integral role of culture and purpose. “We sit in brand experiences and purpose because you can't leave culture out. I think everything we do is centred in culture,” he says. 

• A key to Whitner’s success is resisting the temptation to be “for everybody.” Instead, he focuses on aligning with partners who share his vision for serving specific audiences with integrity. “If you want to work with brands who want to be for everybody, that means you’re for nobody,” he explains.

• Whitner champions an unwavering optimism that stays intact even amid shifting political headwinds. “We have to wake up and work and we have to be optimistic about the things that we can accomplish. If not, we've already lost because an administration change doesn't mean that my feelings around the work we're doing has changed and it doesn't mean that we can't be as impactful as we've always been.”

Additional Resources:

• Streetwear Maven James Whitner Launches A Ma Maniére’s First In-House Line | BoF
• Where Are Fashion’s Black CEOs? | BoF

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The revelation this year of child labour in India’s cotton fields and modern-day slavery in Taiwanese garment factories is the latest scandal concerning worker treatment in fashion’s supply chain. New abuses keep emerging despite efforts by brands, manufacturers, activists, and governments to set clear labour guidelines. Watchdog groups try new tactics to combat the problem, but they face systemic forces far beyond fashion.

Sustainability editor Sarah Kent joins executive editor Brian Baskin and senior correspondent Sheena Butler-Young to discuss the problematic labour dynamics underpinning the fashion system.

Key Insights: 

• Persistent abuse in fashion’s supply chains is not merely about isolated incidents but reflects deep-rooted socio-economic challenges. In India’s cotton industry, for example, many farmworkers come from extremely marginalised and impoverished communities where exploitation is a norm rather than an exception. Families often work together under hazardous conditions, with little oversight or recourse. “So you're not just dealing with an issue of exploitation that is coming from the [fashion] industry, you're dealing with a culture that is ingrained in the way that community works – and that is a very difficult, complicated thing to try and manage, ” explains Kent. 

• Transparency in supply chains remains critical. Despite decades of advocacy, many brands struggle to verify the origins of their cotton. The global cotton supply chain’s complexity—where materials pass through multiple suppliers and traders—makes tracing raw cotton back to its source extremely difficult. “The traders will have been getting the cotton from ginners who will have got raw cotton from … maybe hundreds of thousands of small family farms aggregated it, ginned it, sold it onto a trader who then sells it up through the supply chain. So by the time it even gets to a spinning factory, tracing it back to the farm where it came from is really, really difficult,” says Kent.

• In Taiwan’s textile industry, systemic issues like excessive recruitment fees burden migrant workers, yet change is stalling. Despite growing awareness and repeated calls for reform, manufacturers have little incentive to alter longstanding practices without coordinated industry action and regulatory intervention. As Kent notes, “Without other brands operating in Taiwan coming together and trying to do the same thing, the industry as a whole isn't going to move.” And without regulatory shifts, manufacturers have little reason to remove recruitment fee burdens from workers.

• Consumer trust in ethical claims is vital for brands that present themselves as responsible. However, when ethical certifications and claims are diluted by inconsistent practices and opaque supply chains, consumers quickly lose faith. This erosion of trust can undermine efforts to promote responsible consumption. “If consumers lose trust in what is meant to be a signifier of doing better, then you risk people not caring at all,” Kent warns. “No one's going to pay more for a product that promises to be more responsible and more ethical when it's when they don't believe that it is.”

Additional Resources:

• ‘Ethical’ Cotton Is Being Picked by Child Labourers in India, Watchdog Finds | BoF
• Why Can’t Fashion Eliminate Labour Exploitation From Its Supply Chains? | BoF 

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Giles Duley began his photography career at an enviable pinnacle, shooting for GQ and Vogue and even touring with Oasis. Despite this early success, he found himself unfulfilled by the culture and sought a greater sense of purpose. Over time, his lens shifted from backstage glamour to the frontlines of conflict, where he began documenting the impact of war on ordinary lives. A life-altering moment came in Afghanistan when an IED explosion claimed three of his limbs, yet Duley returned to conflict zones with a renewed commitment to capturing stories of love and resilience.

“There is a connection from where I started to where I am now which is stories and empathy,” he says. “There’s the story, there’s the storyteller, and then there’s the amplifier. And what brands and individuals can do is be those amplifiers to make sure those stories are heard around the world. … I've realised the way I live my best life is to make sure others are living their best life – and that is my purpose.” 

Through his Legacy of War Foundation, Giles demonstrates how creativity and empathy can break down barriers, urging each of us to use our own platforms and talents to enact meaningful change.

Key Insights: 

• Duley documents conflict zones, but he views his work through a radically different lens: “I’m not a war photographer. I photograph love,” he says, highlighting ordinary moments that reveal our shared humanity: “a grandmother brushing her granddaughter’s hair, a mother feeding her baby, a father on the floor doing lessons with his kids.” 

• Though Duley lost three limbs after stepping on an IED in Afghanistan, he refused to let that trauma define his future. “The next day I woke up and I said, ‘I will never think about the things I can’t do, but I will focus on what I can and I will be the very best at that,’” he recalls, referring to the mantra that has guided him ever since. Duley went on to found an organisation that offers direct support to conflict-affected communities — underscoring his conviction that real change demands both bearing witness and taking action.

• Duley has faced enormous challenges in conflict zones and through personal injury, but he insists that creativity can outlast even the harshest setbacks. “As creative people, even in ultimate lockdown, we cannot be stopped,” he says. “Trust me, there is no barrier that can stop you … because creativity is greater than anything else.” This mindset, forged in dire circumstances, drives his commitment to show that imagination can break through the boundaries of physical limitations and societal constraints alike.

• Duley dedicates himself to telling the stories of conflict-affected communities, yet he believes the real impact comes from those who amplify these narratives. “There’s the story, there’s the storyteller, and then there’s the amplifier. What brands and individuals can do is be those amplifiers to make sure those stories are heard around the world,” he says. As for his own driving force, Duley affirms, “The way I live my best life is to make sure others are living their best life. And that is my purpose.”

Additional Resources:

• BoF VOICES 2024: The Power of Purpose 

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Gucci has long been the shining star of Kering’s luxury portfolio, but the brand's recent struggles have exposed weaknesses in the conglomerate’s position. Gucci’s sales plummeted 24 percent in the fourth quarter of 2024, dragging Kering’s overall performance down by 12 percent. The shock departure of Creative Director Sabato De Sarno after less than two years only deepens the group’s instability.

Luxury editor Robert Williams joins executive editor Brian Baskin and senior correspondent Sheena Butler-Young to discuss how Gucci’s downturn is affecting Kering’s broader portfolio, why its attempt at a creative reset didn’t resonate, and what’s next for the group as it searches for a new vision.

Key Insights: 

• Gucci's downturn has been severe, with sales falling by almost a quarter in 2024. This dramatic slide highlights the challenge of reinvigorating the brand. “[Gucci] has had a few really big booms, but then also some pretty big busts afterward. That creates additional complications for the group and how much they're able to invest in acquiring new brands, in developing the brands they have. And honestly, to also just continue to exist,” says Williams.

• Gucci’s identity has become muddled as it leans too heavily on its heritage, potentially limiting its appeal. “Gucci can stand for a lot of things and I think that's where they got a bit confused. It's the biggest Italian luxury brand and maybe they started to think that it was more of a heritage house than it should be,” Williams explains. 

• Williams outlines a protective strategy where the group is preemptively selling off valuable real estate. He cites the sale of luxury jewellery house Boucheron headquarters and flagship store on Place Vendôme, stating, "choosing to cash in on the fact that this building is worth a lot of money is a bit worrying that they feel the need to get that treasury right now." 

• Gucci’s potential for a rapid rebound hinges on securing the right creative leadership to tell a compelling story of the brand and leveraging its extensive assets. “I think real potential for the rebound is there if they can get the right person in place just to tell a very convincing fashion story. It can go very high, very fast again,” Williams says. “They have a lot of real estate, they have a lot of stores in great locations and they have a whole supply chain behind them that's really like rooting for their comeback because it's the biggest client for so many suppliers in the Italian fashion system.”

Additional Resources:

•  Can Kering Bounce Back From Its ‘Annus Horribilis’? | BoF 
• The Problems with Gucci and Dior | BoF 

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In an intimate conversation at BoF VOICES 2024, artist and stage designer Es Devlin and writer and cultural curator Ekow Eshun discuss the transformative potential of human connection. 

Emerging from a desire to confront her own biases, Devlin’s “Congregation” project invited 50 Londoners from immigrant backgrounds to be drawn and displayed inside St. Mary le Strand church in London. Eshun’s new book, “The Strangers”, likewise interrogates racial identity and belonging through the stories of five Black men spanning centuries and continents.

“I'm not the same person at all,” says Devlin, reflecting on her experience. “I'm a bit more raw as a consequence of writing [The Strangers] because … you have to open yourself up to pain and fraughtness,” adds Eshun. 

Devlin and Eshun investigate how “otherness” shapes our sense of belonging and argue that true understanding requires a radical willingness to open ourselves to one another — and, in the process, rediscover parts of ourselves.

Key Insights: 

• For Devlin, bridging cultural divides begins with a fearless self-examination: “I wanted to encounter my own racism, my own bias, my own separation.” Considering how certain immigrants are welcomed while others are rejected, she admits, “If it's at work in my community, it must be at work in me. It must be work in my very person. Whether I think it is or not, I must encounter it.”

• Creative inquiry can be a path to self-discovery. “Almost any creative exercise in the end becomes about one trying to meet what’s inside you," Eshun explains. "It's easy enough to say, 'We're all one interconnected species.' But to do that, you have to put in some work along the way. That work is self-revelatory, but it's also a work of active imagination and broad empathy."

• For Eshun, genuine unity demands more than rhetoric—it requires a purposeful willingness to understand and embrace our differences. “It's easy enough to say, we're all one people, … but to do that, you have to do some work along the way. That work is a self revelatory work, but it's also a work of active imagination. It's also a work of broad empathy. It's also a presumption of intimacy or connection, which I think is sometimes hard to get to.”

Additional Resources:

• BoF VOICES 2024: Global Culture and Creativity 
• The BoF Podcast | Es Devlin on Collaboration, Creativity and Stage Craft 

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