Fashion's turbulent 2023: five defining moments

Artribune identifies five key episodes that defined fashion's unstable and unpredictable state in 2023. The year opened with Sabato de Sarno's appointment as Gucci's new creative director, replacing Alessandro Michele and signaling a shift away from celebrity designers toward merit. Emerging designers like Luca Magliano (winner of the Karl Lagerfeld Prize at LVMH Prize) and Veronica Leoni (finalist) gained traction, proving that talent beyond big names matters. Phoebe Philo's return with minimalist, timeless designs confirmed the end of maximalism and the rise of quiet luxury. However, economic headwinds hit luxury groups: Kering's first-half operating profit fell 3% to €2.739 billion, net profit dropped 10% to €1.785 billion, and Gucci's sales declined 1%. LVMH's third-quarter organic revenue growth of 9% missed estimates. At year-end, Kering acquired 30% of Valentino, while Gucci CEO Marco Bizzarri exited, replaced ad interim by Jean-François Palus. Tapestry bought Capri Holdings (Versace, Jimmy Choo, Michael Kors). Francesca Bellettini was named Kering's deputy CEO. These moves reflect a system in turmoil, with results to be assessed in coming quarters.