The 2025 Luxury Report: Preppy Fashion, a Return to Craftsmanship, and the Fine Jewelry Boom

0:00Kat Collings:Hi, everyone. It's Hillary here to let you know that we are going to be taking a short break for the holidays, but we'll be back with a new episode of the Who, What, Where podcast on January 7th. Okay, enjoy the episode and we'll see you in 2026. Happy holidays.

0:28Kat Collings:Welcome to the Who What Wear podcast, your direct line to the designers, stylists, beauty experts, editors, and tastemakers who are shaping the ever-evolving world of fashion. I'm Who What Wear editor-in-chief Kat Collings, and today I'm joined by associate director of special projects, Kristen Nichols for her annual luxury report. Each year, Kristen writes an incredibly well-researched story about what's driving luxury fashion forward and why. You can read her story at the link in our description. Today, we're getting into 2025's luxury it items, including the Chanel 25 bag, printed silk scarves, and timepieces.

1:07Kat Collings:We discuss the massive impact celebrities like Jacob Elordi had on the space by partnering with brands like Cartier and Bottega. Plus, Kristen shares what she thinks we'll see more of on the runway in 2026 amid changing leadership at major fashion houses like Versace. It's all coming up on Who What Wear.

1:32Kat Collings:Hi, Kristen. Welcome back to the pod. Hi, Kat. So excited to be here with you. Well, you are the resident luxury expert on the Who What Wear team. I'm so glad you're here today to give us a download on the big bird's eye view of what's happening in luxury with your annual luxury report. I think that whether you are an aspiring luxury shopper or an actual one, it's really good to know what's going on in the space because it affects every aspect of the industry. So I want to hear all about what went into researching this story and just a little background on the report. Yeah. So it's really one of my favorite stories of the year because it's a chance to really look back on everything that's happened in fashion.

2:11I take a look at the runway and all of the big shows, all the big moments that our editors are talking about in Slack, and then also meet with a number of experts in the industry who are just the best at what they do in terms of knowing what's happening in luxury fashion. So I spoke with everyone from luxury sourcers like Gab Waller and Erica Wright to April Henning from Moda Operandi. And these are people who just know what's selling and what people are talking about. This year, I took a look at everything from all of the big shakeups at the top with creative directors who are really reshaping where fashion is headed now, but also many years down the line to the big it items and what everyone wants in their closet.

2:56Kat Collings:Yeah. To me, it's fascinating. There's what's presented on the runway and what maybe the fashion industry is told that we should care about. And then there's how it transitions to real life and what people are actually shopping, what people truly want to put their dollars behind for the luxury market. So let's talk about that first big headline of the year, the creative director debuts. It was really a pivotal moment this past season in the fashion space. The most interesting thing about it is it's really this reset in fashion that we haven't seen our whole lifetimes. There have never been so many designers and creative directors starting at one moment in time.

3:31And this year we saw more than 20, which is hard to even wrap your mind around. And it wasn't just small brands. It was big brands like Chanel, Dior, Bottega, brands that really set the tone for what people are talking about in fashion, what people are wearing, even how fashion shows are presented. And there was so much excitement around the shows in a way I think we haven't seen in a while.

3:56Kat Collings:Yeah. It was like so many musical chairs happening. I didn't even digest that there was like a new creative director at this house until another one was announced. It was an exciting season for sure. And one that'll have so many ripple effects. What would you say are like the top houses that had a big shakeup that when the runway debuted had the biggest response and people were most excited about? So one of the first designers to make their debut this year was Michael Ryder at Celine. And he came from Ralph Lauren. And I think that was ahead of a lot of the director debuts. So that was one that kind of set the tone for this sense of newness and created this real excitement around Celine and presented a new take on preppy style that really translated to some of the big trends we saw and like ways people were dressing this year.

4:41Kat Collings:I feel like what is also really nice about co-writers debut there is that the preppy style is a more like accessible genre of style for people to get on board with these classic pieces. And it's just about the styling or maybe the color or whatever. So I like that it's ushering in this new era of preppy, but it's something that everybody could try. Exactly. And I feel like that show, maybe not single-handedly, but in a lot of ways brought back the printed silk scarf and pieces that we haven't really seen in the fashion space in a long time in a way that felt cool or directional. And so it was interesting to see how stapled, preppy, classic pieces like that were reframed in a new way just with this new vision for a brand.

5:26Kat Collings:Yeah, it's not your grandmother's silk pattern scarf anymore. That energy also came through at some of the other creative director debuts, some later in the season, I think at the spring, summer 2026 shows. Jonathan Anderson at Dior was a very exciting moment. He really reshaped the house and presented all these pieces that have already gone viral on Instagram. I think of Carla Welsh posting that belt image, and I know that is already going to be an it item. And it was just interesting to see also how he reframed a lot of the archival references that are so iconic at Dior, but then really brought his new vision to them in a way that I think is connecting with a new audience, but also existing audience at Dior.

6:12Kat Collings:Yeah, I feel like it was a very interesting balance between what he brings to the table and the house traditional codes, as you said. It was definitely a funkier era for Dior, a little bit weird and odd in some pieces. You know, that signature like off but you love it thing that Jonathan Anderson does so well. I feel like he saw it in the shoes a lot too. And I think there's something for everyone in that collection. What about one or two others? Louise Trotter at Bottega was also one of the big moments in Milan. And I think a lot of the people we've also been talking about are men who are taking over at these fashion houses.

6:47So I think there was a lot of excitement and support behind her as a female designer leading a really big brand. And I think that was also one of the more challenging brands to take over because Bottega was already so loved. The bar was already very high and she came in and just did an incredible job.

7:06Kat Collings:It was a very successful run before. And then it's like, where do you go from there? How do you make it your own, but also successful? You're right. That is a tricky task to undertake. And then I think the most anticipated moment throughout the whole year was Mathieu Blasi at Chanel. And there was just so much excitement and he really reset the tone for the brand. It was interesting even that it was an evening show versus a day show. And the set felt so different in this kind of dark environment that was lit up with this truly like new universe of Chanel with all of the planets and everything.

7:45And then on the runway, he reimagined a lot of what is iconic to Chanel in his own way. And I think the moment that stands out the most is the finale look with the rainbow skirt where the model and Mathieu embrace at the end. And it was just this moment of joy and optimism and felt like really just again, like this reset in fashion that was embodied in that moment. But I know you were at the show, so I'd love to hear what it was like to actually be there and see that.

8:15Kat Collings:That was a joy to be there. I think people were dying for a breath of fresh air at Chanel, and he really delivered. I do think you see that where designers are like, okay, what can I do that feels a little different? Just to underscore the fact that it's a new era for the brand. And I like that they didn't do any teasers before. It was really just a dramatic entering into his world. And he got a standing ovation, I will say, which is kind of rare. It happens maybe a handful of times a season. You were at the second show that Mathieu did in New York just recently with the subway theme. How did that feel like a continuation of the debut?

8:49Yeah, I was really interested to see what would happen at the second show because it had you follow up such a grand debut. We didn't get a lot of hints about what was coming. The address wasn't released until I think 36 hours before the show. And so I received the invite in the mail and it was a little subway car necklace. I was wondering, will they do this on the subway? But then as it turns out, it was on a subway car in a decommissioned train station in New York. And you're amongst all the attendees walking down the steps of the subway. And of course, they had outfitted with newspapers and the Chanel Gazette that was the lead up to this.

9:29It was just also like this big moment where it was A$AP Rocky and Sofia Coppola and Ayo and all the new Chanel ambassadors arriving for the show. And as we took our seats, music started playing and a subway car swept in with all the models on it. And it was one of the most exciting shows I've been to. Instead of like a 10 or 12 minute runway show like it usually is it was this cinematic spectacle you almost felt like you were on a movie set and all of the models were dressed in like their commuter attire but from all walks of life different ages different style but still fit in with this narrative of very chic women in new york it was really a special moment and leads into what i think we'll be seeing a little bit more of which is this element of like storytelling and cinema in fashion that is really getting people excited and more invested in brands than just buying a bag.

10:26I've always been a Chanel fan, but that moment made me feel even more connected to the brand. So it was really fun.

10:32Kat Collings:Yeah. I feel like as prices have gone up on luxury goods, brands are looking to communicate their value in different ways. The identity behind it, it's like, oh yeah, I'm a Chanel girl or I'm the Roe girl. Connecting it to your identity is really key there. I completely agree. Are there any other brands that you think are leading the pack shaping luxury fashion? Similarly to the Chanel show, Heider Ackerman at Tom Ford had almost like a movie set-esque quality at his show that I wasn't in attendance, but it just was very apparent that anyone that was there felt so strongly connected to what he was doing.

11:11But then I think a lot of brands are telling the stories behind how pieces are crafted and the artisans behind it. Again, goes back to like communicating that these are pieces worth investing in. So interestingly at Bottega for Lewis Trotter's very first campaign after she joined, they had a craft is our language campaign that literally was photos of the artisan's hands and their like technique of woven leather. At Loewe after the new creative directors took over and redesigned the Amazona bag with the 180 style. There were videos on Instagram about the making of those bags. And then actually, I had a really special opportunity to attend the Mantero Manufactory in Italy with Chanel and was given a glimpse into where they've been making their silk scarves for 50 years.

12:05And so having that experience to see firsthand, I think it's like a fourth generation family that has been making these and just the process and all the details that go into it was really interesting. And yeah, I think Hermes stands out as a brand that's been doing this so well for so many years. You don't even have to think twice about knowing that they're handcrafted and made with so much precision and technique. So I think brands will be leaning into that even more going forward.

12:34Kat Collings:Yeah, absolutely. It's part of the why should I buy this? Another why for people I think is celebrities, right? Like these arbiters of influence and the brand ambassadors that brands choose to work with says so much about the direction of the house and what they're valuing. So I'm curious, are there any celebrity pop culture moments that you can point to that have had a big influence on luxury trends? Yes. You know, just having gone to the Chanel show, A$AP Rocky was there and IO, and I think they have such cool style and just are injecting like this new energy into how to wear a brand like that.

13:10And then I think also Gen Z is really setting the tone for this new wave of people in fashion. So Jacob Elordi works with Cartier and Bottega, and I think he can truly wear anything and make it look cool. He wears Bottega bags almost every time he's photographed and he has a collection of Cartier watches and the love bracelet and was just shot by Sofia Coppola for their recent campaign. And yeah, I think he's just someone who really is influencing style for that generation, men and women alike.

13:46Kat Collings:I feel like he is interesting in that he kind of has millennial meets Gen Z crossover appeal. All the millennial ladies are very into him, but also the youths as well. I think those Cartier images with the new Love Bracelet, the Love Unlimited Bracelet felt very fresh because they completely redesigned the Love Bracelet, which was hard and inflexible. I mean, quite bangle-like and it had to be screwed on and then you couldn't take it off until you unscrewed it with a little screwdriver. And now it's like this fluid chain sort of new era of the Love Bracelet where it's just got a bit more movement to it and it feels totally fresh.

14:23Kat Collings:And him plus that was just like, I want one, stack them on me. Absolutely. And then I think this year in a lot of ways felt like the year of Addison Rae. She rose from a TikToker to a true pop star that's been nominated for Grammys and dressed in Versace straight off the runway, hired Dara as her stylist, has a team of just the most incredible makeup artists, hairstylists. She really transformed her image and kind of made herself a true fashion girl within the music space. So it was interesting to see her transformation and just all the brands that she's been working with. And again, connecting with that new, younger audience.

15:05Kat Collings:I feel like that's a hard transition to make from TikTok dancer to somebody who's accepted into the highest levels of the fashion space. So that's a powerful thing that's going on and that has definitely shaped 2025. And then I think Rami Mars is someone who is just starting to get her foot into the fashion space. She, by having Sophie Kapla as a mom, is naturally a Chanel girl and she's a budding music star. So I'm interested to see what will happen with her looking into the new year. But I feel like there are some people like that that I have my eye on. Totally. I feel like we've been covering her a bit on who we're wear.

15:43Kat Collings:Let's talk also about nostalgic dressing. I feel like we see new iterations of this all the time. And what's the kind of latest in tapping into the past and having that resonate in 2025 and 2026? Yeah, I think looking back and this past meets present attitude really resonated in fashion overall this year. And we saw it in a lot of different ways. So I think the first way we saw this was with all the new creative director debuts, we're looking back into the archives to kind of reimagine the house codes and bring them forward. And as we discussed, preppy fashion was one of the trends that came out of that.

16:19And actually GQ just named preppy fashion as the number one trend of 2025. So this is something we saw across both women's fashion and men's fashion. It was also interesting to see the rise of Ralph Lauren on the list index this year. It's a brand that has defined American aspirational dressing for so many years, but I think it just connected in a bigger way than it has in years past. And it ties into that sense of nostalgia and Americana dressing that I think has always inspired me and kind of taps into how I dressed growing up. And it was fun to bring back some of those pieces again. He's really one of the last great designers that started a brand and is still there.

17:05Another way we saw this, a lot of editorial shoots recently have felt like they've tapped into the aesthetic of 90s or aughts shot on film photography aesthetic, which the one that stands out the most to me is Theo Wenner's Vanity Fair, where there were three covers. And it just brings back a lot of what magazines used to look like growing up for me, but in this kind of cool, new, modern way. and he was also brought on to shoot one of the first Dior campaigns after Jonathan Anderson took over. So it's interesting to see nostalgia play out in that sense as well.

17:41Kat Collings:Would you say Theo Wenner is like the it photographer of this moment in fashion? I think so. Yes. I think we'll see him work with a lot more brands. He's been working for a number of years and it's a lot more like small niche magazines and publications, a lot of international titles. But to see him work with these big moments for Dior and Vanity Fair, I think he's the name to know. The name to know. Okay. You heard it here. Let's talk about it items because I feel especially the experts you consulted for this piece, that's their expertise is what's selling. So to take a trip down memory lane to 2024, Prada Satin Mules, if you'll remember the ones that were like acid green and chocolate brown, barn jackets.

18:26Kat Collings:I just saw a sad TikTok about like, do not wear a barn jacket, but I'm not listening. Like I invested in the barn jacket trend. So for me, that's an ongoing moment. I'm still on board with the barn jacket. It's still a gorgeous looking jacket. And of course the Roe Margot bag had a huge moment in 2024. All those things still feel cool and relevant to me now, but there's always something new and fresh as fashion people are known to always have their eye on the future. So what are the key buys currently and how did they gain traction? You know, it's interesting because I was trying to think back on the it items in the luxury space and asked all of the experts as well.

19:01And what most of them came back with saying is that people are really just shopping more intentionally and buying pieces that they'll wear for a long time. So there were less it items than there normally are because people are investing more in just kind of things they can wear again and again. But there were a few that were interesting. I think the one that collectively was named as an item for the year was the Chanel 25 bag. And that's when we actually predicted early on who won't wear. I think what's interesting about that bag that sets it aside from previous generation items is this is a bag that first appeared on the runway for the spring 2025 collection.

19:43But since it appeared, it has appeared in every collection since. So it's something that the brand is investing in for future collections. So you know, it'll continue to be cool like some of their other iconic bags, which I think is why we see a lot of people investing in it and wanting it.

20:02Kat Collings:Yeah. I almost feel like this fall I've seen more of the bag than even I did when it first dropped, which I think is a good indicator of longevity and the sort of growing movement around this bag. And it's named the Chanel 25 for its debut year, 2025. Is this going to be as iconic as like a boy bag or the other sort of signature Chanel bags, do you think? It's always hard to say, but seeing the last collection, the one in New York, the Metier Dart, there were some really fun ones, like animal print versions and these kind of personality pieces. So time will tell, but I think it's a bag that actually Gab Waller mentioned she's getting even more requests for now than when it debuted.

20:44So I think that's an indicator it's on the rise more than ever.

20:48Kat Collings:I also feel like one thing that's key about it is it's quite a practical bag. Like it's kind of roomy. Obviously, there are different sizes of it. But for like the modern working girl, it's a smart choice. I actually tested it out for a story and it comes in three different sizes. So there's truly a version that fits into kind of any use you might have anywhere from like a small bag to something that fits a laptop for the office. It's all about what fits a laptop. I feel this is like the never-ending fashion question. Okay, so bag and shoes often are standout items because they're very versatile.

21:20Kat Collings:But I feel like we've also seen, interestingly, a boom in fine jewelry becoming like it items, right? Tell me about this a little bit. Yes. Based on the data, it actually outpaced every category in the luxury space. which is interesting because a lot of it is fine jewelry that is still very expensive. But I think as rising prices for bags or shoes or clothes are deterring people from investing in them because they feel so much more expensive than they did a few years ago. Jewelry is still expensive, but shoppers are gravitating towards pieces that, one, retain value, two, have something more meaningful or sentimental attached to them, and also have this element of limitless wear.

22:02So I think that has translated to fashion jewelry, fine jewelry, high jewelry, timepieces, all of these investment-worthy jewelry pieces really taking off this year.

22:13Kat Collings:Yeah. Shoes, good investment. Bag, great investment. Jewelry, outstanding. Exactly. In terms of the wear you'll get out of it, the longevity, the ability to make it an heirloom item that you gift to your child or something like that. I'm very excited about this fine jewelry boom, but are there any sort of newer names in the space that we should know? I think Cartier is the name to know, whether it's the love bracelet, or I think this is a brand that is really standing out in the timepiece category, especially amongst younger shoppers, people buying their first watch, a lot of their most iconic heritage watches, whether it's one of the tank styles or the Panther or the newly relaunched bainoir, that a lot of beautiful versions, those are translating across the fashion space in a large way.

22:59But then I think people are also interested in these rare, one-of-a-kind or hard-to-acquire watches. So Patek Philippe stands out in that realm as well. And I think we've seen timepieces become a category that people are really excited to shop. So maybe they bought their first watch a few years ago, and now they're interested in a collection of timepieces. It's one of those categories that I think once you start investing in, and you want the next one. So it's just building upon that.