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French Fashion Faces Shake-Ups
LVMH has reported rare losses across its fashion division, despite Louis Vuitton’s continued cultural dominance. Kering, meanwhile, is in transition: the sudden CEO departure has left Saint Laurent steady but cautious, while Bottega Veneta and Balenciaga face their own identity recalibrations under Louise Trotter (succeeding Matthieu Blazy) and Demna, respectively. Add to that the mounting macroeconomic pressures — slower growth in China, weaker consumer confidence in Europe — and Parisian fashion now finds itself at a commercial crossroads.
At the centre of this upheaval is couture — Paris’ most exclusive, client-facing format. While haute couture has long been positioned as fashion’s most creative playground, it is also one of its most direct-to-consumer models. In a climate where retail is softening and brand loyalty is being redefined under new creative direction, couture’s relevance is arguably rising, not falling. In 2024, the top two percent of luxury fashion clients accounted for over 40 percent of sales at brands like Chanel, Hermès and Louis Vuitton.
With aspirational spending on the decline — especially in the U.S. and China — brands are doubling down on their most elite clientele. Luxury Maisons are increasingly investing in CRM (Consumer Relationship Management) programmes, bringing UHNW (Ultra-High-Net-Worth) clients directly into the fold and treating couture week not as a press event, but as a top-tier selling moment by hosting them at lavish runway-week galas, often at renowned venues like Hôtel Costes, Palais Garnier and even secluded abbeys.
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VICs Are Fashion’s MVP
Unlike ready-to-wear — which is broadly wholesale-driven — couture has always thrived on its exclusivity. However, that intimacy between Maison and client is now being systematised. Houses like Dior and Chanel have long built multi-tiered relationships with clients across Asia, the Middle East and the United States — but with purchasing power, today’s couture clients are no longer content with watching from afar.
Several maisons are now flying clients in, arranging front-row placements and offering post-show fittings. The couture show is no longer a spectacle but rather a conversion tool. In March last year, Miu Miu’s Fall/Winter 2024 runway show, Miu Miu invited one of its highest-spending customers to walk the runway, signalling a new era of consumer integration. It was a brand equity move targeted at its top-tier CRM list.
Maintaining loyalty is now a high-touch hospitality model. Brands deploy sales associates as personal concierges — managing everything from custom fittings to fixing customs mishaps. This concierge model has proven more effective post-pandemic than traditional retail. Events like Dolce & Gabbana’s Alta Moda or Vogue’s Vogue100 offer VICs a hybrid of fashion access and high-society networking. These events — often priced at tens of thousands per experience — offer top-tier clients cultural capital in return for financial loyalty. Spending thresholds to enter “VIC status” are rising steeply — USD 200K a year is now a baseline at houses like Louis Vuitton. This exclusivity — paired with invite-only shows and runway preorder access — allows brands to gatekeep access and maintain allure. Top clients often preorder entire looks directly after shows, securing one-of-a-kind pieces. Signature bags or trending shoes are quietly reserved behind the scenes for these VICs, further distancing them from the mass luxury consumer.
For fashion houses, success is not just about units sold — it is about how much cultural resonance and designers and stylists are increasingly discerning about which clients represent the brand visually, especially on social media or in front rows. Having money is no longer enough — clients are expected to reflect the brand’s image, taste and codes.
As the Fall/Winter 2025–2026 Haute Couture shows approach, France’s fashion industry is entering a period of corporate and creative volatility that could reshape its global standing. From Glenn Martens’s Maison Margiela debut to Demna’s swansong for Balenciaga, the business of couture is becoming more personal, strategic and urgent than ever — particularly in an era where top clients are being courted with the same intensity as celebrities.
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Corporate Turbulence & Creative Risks
2025 Couture Week also comes at a moment of high-stakes reshuffling. Jonathan Anderson’s Dior Couture debut marks a generational pivot for the house. Kering’s internal transition, meanwhile, has made Saint Laurent a quiet outlier in terms of consistency. Under Anthony Vaccarello, the house continues to focus on pared-back glam with steady commercial results, though the brand’s couture ambitions remain muted compared to Chanel or Dior.
Over at LVMH, the losses in fashion are being dealt with seriously. While Vuitton maintains its marketing grip thanks to high-profile campaigns and digital omnipresence, the conglomerate’s other fashion brands are under pressure to deliver more than virality. In this context, the upcoming couture shows will act as soft power barometers — where the lines between creative output and commercial intent are increasingly blurred.
This season’s couture calendar is packed with pivotal moments. At Chanel, the spotlight is on how the house will handle its first couture show since Virginie Viard’s quiet departure. Whether the collection serves as a bridge to a new era or a complete aesthetic reset remains to be seen. Dior also finds itself at a crossroads: while Maria Grazia Chiuri’s tenure saw the brand champion feminism in her womenswear collections, the recent appointment of Jonathan Anderson at Dior hints at broader creative shifts that could eventually ripple through the brand.
Daniel Roseberry’s Schiaparelli
Daniel Roseberry’s Schiaparelli opened the official couture calendar. His designs remain highly sought after by red carpet stars — including Lauren Sánchez, who wore one for her recent wedding in Venice. Under Daniel Roseberry, Schiaparelli has owned the red carpet conversation in recent seasons with its surrealist couture, and now, all eyes are on how the house will pivot its strategy to better serve clients directly. Perhaps a new direction that sees less ostentatious pieces towards wearable works of art?
Meanwhile, at Balenciaga, the question is whether Demna’s final couture collection will mark a turn away from shock value and toward a subtler recalibration of the house’s image, with some arguing that couture, after all, has always been his cleanest canvas. Finally, Fendi Couture may be due for a breakout moment. While some critics have noted that Kim Jones’ couture work has often been overshadowed by his ready-to-wear collections, increasing investment in the segment suggests that this could be a season for the house to reassert its positioning.
The Stakes Are Higher Than Ever
Couture was once considered simply a showroom for brand prestige over profits. But in 2025, couture could become one of the most commercially strategic platforms in fashion, offering high margins, deeper customer experiences and a stage that remains uniquely Parisian. With legacy maisons navigating creative change, corporate turnover and tightening client relations, Paris Couture Week arrives at a pivotal moment for the French fashion economy. In a season defined by leadership transitions, economic headwinds and CRM recalibrations, the real winners may not be those who wow the press — but rather those who close the sale.
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