I’m writing this from a café on the shore of the Bosphorus. It took me many visits to really love and appreciate Istanbul—mostly after spending more time on the Asian side, where tourists are rare and you rely on every tool—verbal, non-verbal, and tech—to get what you need. (If you ever want recommendations you won’t find in a tourist guide, let me know.) Fashion here has a very different meaning. Clothes are everywhere—you can pick up surprisingly good quality, stylish pieces for €2–10, then walk into a café and casually spend €30 on a dessert, a cocktail, or a museum ticket. It’s a reminder you see more clearly here than in Europe: value is context-driven, not absolute.

Caught my eye

ARMANI / Archivio is the project dedicated to building and reactivating the archive of Giorgio Armani on the occasion of the brand’s fiftieth anniversary.

Trends — what’s bubbling underneath the headlines

• The RealReal report is out. Always one of my favorite fashion publications, and this season’s theme is individuality and self-expression. That shows up in the comeback of niche designer names—Isabel Marant, Proenza Schouler, Ann Demeulemeester, Pucci—while jewelry and watches stay dominated by the usual suspects (Cartier, Van Cleef, Rolex). And if you’re superstitious: high heels are back, long rumored as a signal that the end of an economic down cycle is near.

• Luxury’s identity crisis. The FT piece shows why aspirational shoppers are leaving luxury: +52% price hikes since 2019 (HSBC), not-so great experience, and “greedflation.” Even the top 1% are fatigued, while social media creates cultural oversupply—Birkins everywhere no longer feel scarce. On top of that counterfeit culture, supply chain scandals, and weak innovation. Responses vary: Louis Vuitton doubles down ($160 lipstick), Kering reshuffles leadership, Burberry reduces prices. The old playbook of visual status demonstration doesn’t work anymore; the next growth driver is status behaviors—privacy, leisure, and authenticity.

• Giorgio Armani dies at 91. Probably THE news of the week. A genius in both fashion and business, Armani built an empire that spanned not just clothes but furniture, buildings, yachts, even nightclubs. I’ve always admired the boldness of how his company navigated the recent crisis—while others cut back, Armani doubled down on capex and investment in experience. Now, beyond the sadness and appreciation for Armani’s legacy, attention quickly shifts to two questions: who succeeds him at the top of the brand, and where to find good vintage Armani pieces.

Business moves, big numbers & “wait, what?”

• Urban Revivo steps out of China. Another Chinese fast-fashion player—called “China’s Zara”—is accelerating its global push with new stores in fashion capitals. It follows a pattern: other Chinese brands (like Lefties) have also announced brick-and-mortar expansions. While Western giants streamline physical retail, Chinese challengers are doubling down—a new trend that the battleground for volume fashion is shifting back into offline space?

• Burberry back in the FTSE 100. Burberry has rejoined London’s blue-chip index after its share price more than doubled under CEO Josh Schulman. His formula—cost cuts and a renewed focus on outerwear—restored investor confidence after years of underperformance. I was skeptical at first, preferring Burberry’s hi-fashion side (my favorite will always be the 2012 corsets and capes), but today the market clearly values focus over creativity.

• New Guards Group got under Italy’s pre-bankruptcy “CNC” protection. The whole point of New Guards Group was to give designers money and infrastructure to scale. But as the hype cooled and NGG entered restructuring, the situation flipped: cultural capital sat with the founders, not the platform. That’s why we’ve recently seen Heron Preston, Ambush and others reclaim their brands—sometimes even buying them back cheaper than what NGG once paid. It looks like creativity-led businesses don’t always follow classic PE logic; exits can boomerang back to founders.

Wish I were there - pop-ups,  collabs, etc.

Pencil in, book the ticket, or just follow on social media — choose your option and let’s discuss afterwards!

• 10.09.25 | New York - Valentino Beauty event at Studio 54

• Starting 13.09.25 | London - David Bowie at V&A east Storehouse

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