The new Gucci arrives with high revival hopes from fashionistas

It’s the moment fashionistas everywhere have been waiting for: Demna’s debut collection for Gucci, the glamorous but struggling label known for its double G monogram and its green and red stripes. The big reveal took place on Friday in central Milan, in Palazzo delle Scintille, a late art nouveau glass space created in 1923, in front of almost 1,000 guests. Paris Hilton and her sister, Nicky Rothschild, were among the VIPs present as well as K-pop star Lee Know. Donatella Versace sat in the front row. Alessandro Michele, the former star Gucci designer, also came to show support for the brand’s new era. The catwalk was set in a replica of an Italian museum filled with Roman statues, a nod to Gucci’s roots. Inside the Fall/Winter 2026 show: What was on the runway The collection, which included 83 looks, had something for women and men. On the runway, ladies wore stilettos, low-waist leggings, miniskirts, stockings adorned with the double G monogram, and faux-fur coats or bomber jackets. The men flaunted six-packs covered by tight tops, biker jackets and some oversize red or white leather shoes. Some of them carried the popular Gucci cross-body bum bags. Kate Moss closed the show in a glittering black evening dress with an open back that revealed the tip of her thong featuring a golden double G. “Demna’s debut at Gucci is the most scrutinized show of this season” said Gaya Guiragossian, style and artistic director at Vestiaire Collective, the resale platform for high-end products. “His collection was a nod to the glamorous Tom Ford era with looks from the 1990s, whether that’s smoky eyes, silk shirts or shiny materials.” The numbers behind Gucci’s decline This Fall/Winter 2026/2027 collection comes after a year of designer musical chairs at the top fashion houses. The luxury industry is looking for a revival after a demand slump that Bain estimates led to the loss of some 50 million customers following the post-pandemic boom. Overpriced goods were partly behind shoppers’ dissatisfaction with high-end brands, as was a lack of desirability for their products. A fashion provocateur, Demna — who no longer uses his last name, Gvasalia— was seen as a risky choice for Gucci, a storied Italian brand founded in Florence in 1921, which belongs to the French luxury group Kering. His time at Balenciaga, another Kering brand, where he held the role of artistic director for a decade until last July, wasn’t without controversy. An ad campaign that was accused of sexualizing children in 2022 generated a furious backlash, prompting apologies from Balenciaga and the Georgia-born designer himself. Under Demna, Balenciaga put out viral creations — such as the Triple S sneakers — whose design was also overseen by David Tourniaire-Beauciel. Their products appealed to those in younger generations who began to associate the original couture house with streetwear and helped the label find commercial success along the way. Although Kering doesn’t disclose revenue for Balenciaga, sales likely peaked at 2.3 billion euros ($2.7 billion) in 2022, according to estimates from Bernstein analyst Luca Solca. But Demna also revived Balenciaga’s haute couture offering, a category mostly targeting those seeking gowns for charity dinners and red carpets, showing his talent as a couturier. He still managed to squeeze in quirky couture takes such as an armor dress in chromed resin, garnering Instagram chatter among his fans. What the resale market reveals A healthy Gucci matters to the wider fashion ecosystem. It’s the most-sold brand on Vestiaire Collective. The platform experienced a boom in searches for the Jackie handbag after Demna released a limited teaser Gucci collection called “La Famiglia” that had 37 looks in September, Guiragossian says. The bag, introduced in 1961, was a favorite of Jackie Onassis. “La Famiglia” felt like a more traditional Gucci with floral print references, and Friday’s collection embraced an edgier style — a stronger Demna effect, perhaps. “It’ll be interesting in the coming months to see if we have an increase in searches for Demna’s new pieces on our platform or if this nostalgia triggers a renewed enthusiasm for the Tom Ford-era Gucci,” Guiragossian adds. Gucci has been known for generating buzz over the years. Ford’s sexy Gucci became the talk of the fashion square in the mid-1990s. More recently, it was with Michele, who ignited a period of flamboyant bohemian chic aesthetic from 2015 until 2022. Michele’s bold style, best exemplified by the furry Princetown mules, helped Gucci’s annual sales cross the symbolic 10 billion euros (11.8 billion) milestone in his final year as creative director. But sales have since tumbled by more than 40%. “The success of Gucci under Michele was staggering, but the downturn was even more brutal, which reflects the enormous volatility of fashion consumers,” says Serge Carreira, an affiliated professor of fashion and luxury at Sciences Po in Paris. “Hence why there are high hopes of a comeback into grace, since it’s the flagship brand of one of the biggest luxury groups,” Carreira adds. Kering also owns Yves Saint Laurent and Bottega Veneta. Can accessories save Gucci? Does Gucci have what it takes to rebound? “Its Italian family roots, its know-how on leather goods and shoes, and its history that dates back more than a century are all assets that can be leveraged,’’ says Alix Morabito, global buying director at Galeries Lafayette, the French department store group. Kering Chief Executive Officer Luca de Meo refrained from commenting about the creative references following the show, but he praised the collection’s various product offerings. “We’re starting a path right now and it feels like it’s going in the right direction,” the executive said. The key will be for Gucci to put out accessories that catch the eye of younger customers, says Yann Kretz, senior partner at consulting firm Kéa. “Accessories represent a significant chunk of the business,” he says, citing belts and shoes on top of “it” bags. The famous mules featured heavily in Friday’s collection, worn by the male models. Typically, the fashion cycle needs about a half-year for products unveiled in a show to be available for purchase. But as of Friday, shoppers could already buy some of the latest collection’s accessories either online or at selected boutiques. From K-pop to Kate Moss: Who was in the audience The day before Gucci’s show, its flagship store on via Monte Napoleone, the swank fashion destination in central Milan, was heaving with VICs (very important customers) picking their looks for the event, as is often the case before an unveiling. But there was also a crowd of teenage girls, some Italian, some international, lingering outside the boutique. They’d read on social media that Lee Know, an ambassador for the brand, was about to arrive. Giulia Amerio, 17, had been waiting for the star for more than 30 minutes. She was aware that Demna had a debut show and was curious about it, she said, adding that she only owned a fragrance from Gucci. “I love the brand, but the K-pop star’s presence is a plus,” she said. By Angelina Rascouet

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The new Gucci arrives with high revival hopes from fashionistas