Demna at Gucci: Luxury’s attention rat race won't end well

As Jing Daily’s reporters return from London, Paris, and Milan, there is only one clear consensus: big luxury is failing to keep our attention. Several brands floundered without creative directors (Fendi, Margiela), some took their shot with highly scrutinized debuts (Givenchy, Tom Ford), and others presented identity crises and major shake-ups (Versace, Gucci). The longevity of London and New York fashion weeks has been brought into question. Jing Daily has also received reports of slashed KOL and celebrity budgets. Aside from Haider Ackerman’s praised debut at Tom Ford and Prada’s ongoing commercial dominance, there were few clear winners this season. The fashion industry and wider luxury ecosystem alone are not to blame. Over the past decade, attention has become the world’s most valuable commodity. American commentator Chris Hayes outlines this in his January 2025 book, The Sirens’ Call: How Attention Became the World’s Most Endangered Resource. As with any resource, consumer attention has become scarce, and luxury is coming out losing. Re-shuffled wealth, power, and luxury’s fall The richest people in the world no longer build their wealth from oil or steel. Instead, they are the founders and majority stakeholders of tech firms who trade on maintaining, packaging, and selling our daily attention. Look no further than Elon Musk, Mark Zuckerberg, and Jeff Bezos posing smugly beside U.S. President Trump at his second inauguration ceremony. In a staged show of force, the world’s three richest men signaled the new world order: tech control above all. Standing just a few steps away was Bernard Arnault, CEO of LVMH and luxury’s wealthiest patriarch, with his heirs. As it happens, Arnault ranks just below the tech trio as the world’s fifth richest person. But an important distinction exists between these two groups of billionaires, which likely contributed to Arnault’s fall from the top spot in May last year. The powers behind Meta, X, Amazon, and TikTok own our attention. Fashion, meanwhile, is one of tech’s many inputs, essentially renting attention from its tech landlords. Tech needs fashion, no doubt, as a cultural force, content pool, and art to fill feeds. This influence is a long cry from the days when the fashion industry was funneled through a handful of magazines, a select few billboards, and the irreplaceable experience of seeing a brand at a physical store. This formula was simple enough: talented designers created captivating fashion and through the help of a bustling but tight industry, those garments demanded enough attention to convert to sales. Fashion once had power, but for a while now, this power has been slipping. Attention is addicted — this is not good for fashion There is an even bigger problem. Our attention, which tech companies in many senses own, is not just split, but addicted. One spectacle is no longer enough: we simultaneously check best-dressed lists on Instagram while watching The Oscars, flip rapidly between apps, and watch runways through our phones while sat on the front row. This is a global issue present in all hyper consumer markets. In 2022, nearly half of U.S. internet users considered themselves addicted or somewhat addicted to digital devices. In China, studies report the prevalence of phone addiction among Chinese college students at 46.3%. This should be great for mass fashion and luxury — after all, conglomerates like LVMH and Kering didn’t become some of the most profitable companies in the world just by selling creative clothes. They did it by building a well-oiled machine that feeds on consumerism. The problem for these brands is that the cost of attention has become too high. For many, their return is undependable. Consumers, meanwhile, in this fracturing of attention, are losing the ability to identify and support fashion they actually connect with. According to research by Gloria Mark at the University of California, the average attention span — defined as the duration an individual can focus on a task before becoming distracted — shrank from 2.5 minutes in 2004 to just 47 seconds in 2017. Other research places it as low as 8 seconds. Where does that leave luxury? In freefall, struggling to sell non-essential products to consumers who can barely focus on a social media post long enough to decide what they want. As Bain reported, luxury lost an estimated 50 million consumers between 2022 and 2024. China, a major growth market, is seeing a shift from luxury products toward travel and experiences. Then there’s this fashion season, where the blowback of divided attention stared editors, clients, and onlookers in the face. Like Gucci, many brands foolishly feed the beast Rounding out fashion month, Kering announced its fix for Gucci’s slump: hiring Demna, the hype-generating creative director of the century that boosted Balenciaga into its hypebeast era. In Gucci’s defense, it tried an understated approach under Sabato De Sarno and it didn’t land — sales fell 24% year-on-year in 2024. With Kering’s overall profit down 62% YoY in 2024, the conglomerate had little choice but to feed the beast. Response to the appointment, though, has been less than favorable. Kering’s stock plunged 12.4% following the announcement, while the reception in China was mixed. Demna, evidently, is up against a different field than during the peak-Internet era he mastered at Balenciaga. The genius is capable of adapting, no doubt. But once Gucci has drained Demna, where will it have left to turn? Gucci, like many of its peers, is falling into a trap, where the quest for profit has turned fashion into an almost satirical game of musical chairs. There are exceptions to this downward spiral. Some consumers purchase mindfully and against the mainstream, preferring smaller brands and connecting with individual designers, their garments, and their stories. Emerging markets present an interesting opportunity here. In China, we’ve seen players like Shushu/Tong and Uma Wang build strong followings and gain market traction. In Japan, brands like Auralee and a.PRESSE succeed with a dedication to craft and tailoring, creeping into the global conversation. As Jing Daily expands its coverage from China to other key markets in APAC, we aim to serve as a guide for brands looking to learn from these winning local strategies. These brands, though, are not building multi-million (or billion) dollar businesses. In the behemoth category, there are also players — Moncler, Miu Miu, The Row, Hermès — that are successfully staying afloat. Moncler, with a utilitarian hero product, is being carried by its dominance in China, and The Row’s decidedly offline presence has proven to be the perfect antidote to digital noise. Miu Miu, meanwhile, has avoided the revolving door of creative directors that troubles most brands, thanks to Miuccia Prada’s decades-long leadership. It stands as one of the few major houses remaining true to its founder’s vision — an effective shield against the algorithm attention trap. (Whether a Versace acquisition will shift the tide remains to be seen.) We will unpack winning case studies in follow-up coverage — join our Pro* community for first access. However, a handful of exceptions does not a thriving industry make. Fashion once again faces a new reality. Executives must invest more than ever for a fleeting moment of exposure in an increasingly crowded field, reaching an audience less willing — or able — to connect. It seems some adjusting of expectations might be in order.

Luxury’s attention rat race won’t end well

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Luxury’s attention rat race won’t end well