The Top 10 Stories that Shaped Fashion in 2024

Fashion looks a lot different now than it did in January.

Change has come for every corner of the industry. In the middle of a segment-wide slowdown, fashion’s leading luxury brands have overhauled their strategies and leadership ranks in a way that will have a lasting impact on the next phase of growth and creativity, with new creative directors in place at Chanel, Bottega Veneta, Givenchy, Celine and more. Luxury e-commerce, too, had a major year of upheaval, as several of the one-time retailers of tomorrow found new owners, including Farfetch and Net-a-Porter, or shuttered altogether, as was the fate for Matchesfashion.

The mass market, too, dealt with its own challenges. Department stores joined forces and faced existential threats in an increasingly challenged environment. Nike slowed down, suffering from a lack of innovation in product and marketing, culminating in the departure of CEO John Donahoe in September. At the lowest end of the pricing spectrum, competition has ramped up with the advances of Temu and TikTok Shop, while Shein continues to fight for its initial public offering in London.

Plus, in the US, Trump’s second-coming and TikTok’s potential sale or banning are fast-approaching, leaving plenty of questions for what the industry will face in the new year.

The Business of Fashion revisits the stories that changed fashion in 2024.

1. Chanel Picks Its Next Designer

Virginie Viard’s exit from Chanel in June set off months of rampant speculation, with everyone from Simon Porte Jacquemus to Marc Jacobs at various points floated as possible successors to one of fashion’s top jobs. In December, the industry got its answer: Matthieu Blazy, the designer who set off a hot streak for Kering-owned Bottega Veneta with his focus on craftsmanship and arty cultural references. He will start at Chanel in April and show his first collection in September.

The appointment closes out a year of designer musical chairs. Carven’s Louise Trotter will take the top spot at Bottega, while Pierpaolo Piccioli left Valentino to be replaced by Alessandro Michele. Hedi Slimane exited Celine; Michael Rider will take his place. Meanwhile, Sarah Burton joined Givenchy, Peter Copping went to Lanvin, Haider Ackermann joined Tom Ford and Julian Klausner is set to take over at Dries Van Noten. Kim Jones left Fendi, Peter Do departed Helmut Lang and John Galliano said goodbye to Maison Margiela. All three, plus Slimane and Piccioli, have yet to announce what’s next.

2. An Election Year Ends With Big Questions for Fashion

Vice President Kamala Harris’ entry into the presidential race over the summer sparked discussion about her own fashion choices— from the Chloé suits to the Converse. But for the most part, the industry was more subdued this election season.

In the lead-up to Nov. 5, fashion largely favoured neutral “get out the vote” style messaging. (Though Condé Nast’s Anna Wintour hosted private fundraisers for Biden, then Harris, in Paris, then the Hamptons, the latter co-hosted with Tory Burch.) After a Trump victory was declared, many of the brands, designers, models, CEOs and others who were outspoken in 2016, stayed tight-lipped — whether still processing, for fear of alienating consumers or because of concerns about retribution.

Regardless, a second Trump term will have sweeping implications for the fashion industry. Trump has promised widespread tariffs, mass deportation and tax cuts. There are worries his administration could hamper progress on diversity and inclusion, women’s, LGBTQ and immigrant rights, and efforts to curb the impacts of climate change.

3. Monumental Mergers and Misses

Big deals were made in 2024 — but the biggest of them all fell apart.

Coach-owner Tapestry and Michael Kors-parent Capri’s $8.5 billion dream of making an American luxury conglomerate capable of sitting with (or nearer) the European giants was crushed by The US Federal Trade Commission, which argued it would unfairly eliminate competition in the market for affordable handbags. Capri will have to get flagship label Michael Kors back on track alone.

Meanwhile, mall anchors Saks Fifth Avenue and Neiman Marcus’s $2.65 billion merger, announced in July, is set to reshape the American department store landscape — once it goes through. Saks owner Hudson’s Bay Company just tapped the junk bond market to help finance the deal.

Elsewhere, The Row, one of fashion’s most hush-hush brands, made noise with its $1 billion valuation after receiving backing from high-profile investors including funds controlled by Chanel owners the Wertheimer brothers and L’Oréal’s Françoise Bettencourt Meyers.

Supreme and the late Virgil Abloh’s Off-White were acquired by eyewear-maker EssilorLuxottica and Bluestar Alliance, respectively. The transactions raised concerns about what might become of the pioneering streetwear brands, which have reported uneven sales in recent years.

4. Nike Lost its Cool and Got a New CEO

In the middle of its worst drop in a decade — in both sales and “cool” factor — sportswear giant Nike got a much-needed executive shake-up. John Donahoe, chief executive since 2020, stepped down in September after calls for his ousting grew louder. Nike then tapped Elliott Hill, who retired from the company in 2020 after a 32-year career starting as an intern, to lead the brand.

Hill faces an uphill battle: Nike has fallen behind on innovation (all-important in the sneaker space) and will have to mend broken relationships with the retailers who it abandoned in an ill-fated pivot to DTC and customers whose attention has turned elsewhere. On Thursday, the company reported an 8 percent drop in second-quarter sales, with Hill saying the brand would quickly execute a pivot away from retro styles and back to its historic focus on sports.

5. Shein’s IPO Saga; Temu Takes Off

Shein’s move to list on the New York Stock Exchange received a poor reaction from US lawmakers over concerns about its business model, forcing the fast fashion giant to try its luck in London — historic $64 billion valuation in tow. (That’s bigger than the market capitalisations of Kering and Adidas, and would be the largest listing in London in over a decade.)

Despite initiatives meant to rally goodwill, like its incubator for young designers and pledges to put millions toward British designers and circularity efforts, the UK’s financial regulator is sitting on a number of objections to Shein’s plans, citing poor labour and environmental practices. Still, the UK, looking to revive London’s struggling city, could welcome the monster listing.

At the same time, this year Shein has faced growing competition from other ascendent ultra-cheap product purveyors — most notably, Temu. Temu’s rise, accented by its “shop like a billionaire” themed-Super Bowl ads in February, has been pervasive, though not without its own problems.

6. The Great Luxury E-Commerce Re-Commerce

In 2024, luxury e-commerce’s shakedown thrust the model’s challenges — low margins, high operating costs, endemic discounting, undifferentiated product mixes — into the open. Matchesfashion shuttered; Farfetch was sold in a fire sale to Coupang; and finally, loss-making Yoox Net-a-Porter was scooped up by Mytheresa. The upheaval had a huge impact on independent brands in particular, and it remains to be seen about what a new, more consolidated market will mean for them.

7. Fashion Vies for a Podium Spot at the Olympics

Leave it to Paris to make the Olympics a fashion fête. This year’s games attracted unprecedented interest from the industry, beyond the mainstay sportswear giants like Nike and Adidas.

LVMH’s premium partnership made the most headlines — and the cut for the opening ceremony. Christian Dior provided the costumes for Lady Gaga, Aya Nakamura and Celine Dion’s live, televised performances along the Seine and under the Eiffel Tower; while Louis Vuitton trunks were the centrepiece of a dance across the Pont Neuf. Independent brands like Sporty & Rich and scrub-maker Figs got in on the action, too. A number of countries opted to let up-and-coming designers or niche fashion brands create looks for their athletes. Even away from Paris, brands like Pandora and J.Crew turned the sporting fervor into marketing moments.

8. In the Midst of a Luxury Slump, a Few Houses Defy the Downturn

After slowly creeping away from the post-pandemic party, luxury has officially slipped into the depths of its hangover. Consumer fatigue is on the rise, sales, particularly among “aspirational” clients, have fallen —and prices keep going up. LVMH saw sales down 5 percent in the third quarter, while Gucci owner Kering reported a 16 percent drop as Gucci designer Sabato De Sarno’s designs have still failed to meaningfully take off. In a recent interview with BoF, Kering deputy CEO Francesca Bellettini called the industry’s situation a “crisis.”

However, there were still some bright spots. Birkin bag maker Hermés and Brunello Cucinelli are still charting growth. Prada Group, led by rocket growth at little sister brand Miu Miu, reported nine-month revenues up 18 percent year-on-year in October. Still, investors are keeping an eye on deceleration at the main, more profitable Prada line.

9. Activist Investors Circle Macy’s

This year, Macy’s Inc. struggled to shrug off pressure from activist investors eyeing the company' real estate holdings.

The department store chain, led by new CEO Tony Spring, spent much of the first half of the year fending off a buyout bid from real-estate-focused investing firm Arkhouse Management and Brigade Capital Management. Those talks ended in July, with Macy’s board unanimously voting to terminate discussions with the two parties. But it was only a few months before hedge fund Barington Capital and real estate private equity Thor Equities emerged in December, calling for the retailer to cut costs and create an entity to monetise its real estate assets. Whether they’ll succeed where others haven’t is still to be determined.

10. The Clock Is Ticking for TikTok

In April, President Joe Biden signed a law that put TikTok’s future in the US in jeopardy, forcing owner ByteDance to either sell to an American company by Jan. 19 or face a ban in the country due to national security concerns. ByteDance has put up a legal challenge, but after losing an appeal earlier this month, its fate is looking increasingly tenuous. The app’s fate isn’t sealed yet, though. The US Supreme Court has agreed to hear a bid by TikTok and ByteDance to block the law forcing the sale ahead of its deadline, and President-elect Donald Trump has also signaled that he could reverse course, saying he has a “a warm spot in my heart for TikTok.”

If implemented, a TikTok ban will have far-reaching consequences for the many fashion brands who rely on the TikTok to do marketing — and, since the roll-out of its now-popular TikTok Shop — even generate sales.

THE NEWS IN BRIEF

FASHION, BUSINESS AND THE ECONOMY

Nike reported an 8% drop in second-quarter sales. New CEO Elliot Hill said the brand was making progress repositioning itself; shares jumped on the news.

Nike Told to Compensate Workers in High-Profile Labour Controversy. An independent investigation commissioned by The Fair Labour Association — a human rights monitoring organisation that counts Nike as a member — identified several “significant issues” in a long-standing case of alleged wage theft.

Birkenstock results beat on resilient demand, forecasts margin recovery. The company reported fourth-quarter revenue of €455.8 million ($478.27 million), compared with the average analyst estimate of €439.2 million.

As Bitcoin soars, luxury brands consider accepting crypto payments. High-end retailers including Printemps are expressing interest in crypto payments as they search for new pockets of wealth to combat a sector slowdown.

Kering seen closing property deal in early 2025 to cut debt load. The closing of its deal to create a new entity to house $4 billion worth of properties could come in early 2025.

Models push New York governor to sign labour rights bill as deadline looms. More than 200 models and industry leaders have written an open letter to New York governor Kathy Hochul urging her to sign a bill designed to protect models from exploitation.

US retail sales beat expectations in November. Retail sales jumped 0.7 percent last month after an upwardly revised 0.5 percent gain in October, the Commerce Department’s Census Bureau said on Tuesday.

Prada Group and EssilorLuxottica renew 10-year eyewear license. The Ray Ban and Lenscrafters owner will continue to develop, produce and distribute eyewear for Prada, Prada Linea Rossa and Miu Miu.

LVMH bought a €50 million villa in Cannes for brand events. The conglomerate will use the 12-bedroom property to host exclusive shows and events for its companies, sources told Bloomberg.

Vera Wang brand acquired by fashion holding company WHP Global. The designer will continue to serve as founder and chief creative officer.

Extensive collection of Martin Margiela pieces set to go to auction in January. Kerry Taylor and Paris-based Maurice Auction will host a sale of over 300 pieces of clothing and other items from the period between 1988 to 1994, when the designer was first breaking out in fashion.

THE BUSINESS OF BEAUTY

Puig to assume full ownership of Charlotte Tilbury in 2031. The Spanish company extended its partnership with the eponymous founder of Charlotte Tilbury, who will retain a minority stake in the brand until 2031.

Lilly’s US weight-loss drug shortage ends, curtailing copycats. Sales of cheaper compounded versions must stop within 90 days. Novo’s rival shots, Ozempic and Wegovy, remain in short supply.

The Body Shop is profitable again, says CEO. The body care maker reportedly made a $2.5 million profit on $34.5 million in sales in the first three months under its new owners, Aurea Group, which acquired it out of administration in September.

Sofie Pavitt Face gets picked up by Sephora. The “acne whisperer” for A-list Gen-Z celebrities inks her biggest retail partnership yet.

PEOPLE

Isak Andic, founder of Spain’s Mango, dies in accident at 71. Along with his brother Nahman, Istanbul-born entrepreneur Isak Andic founded fast fashion brand Mango in 1984 and turned it into a global force.

Highsnobiety names Noah Johnson editor-in-chief. Johnson previously served as GQ’s global style director.

MEDIA AND TECHNOLOGY

US Supreme Court to consider TikTok bid to halt ban. The court agreed to hear oral arguments on Jan. 10, giving TikTok another opportunity to plead its case.

Instagram-like Xiaohongshu makes inroads with e-commerce sales. The platform has long been one of China’s most important marketing tools, but until now has struggled to become a sales engine for brands.

Compiled by Joan Kennedy.