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Everyone keeps asking me how it’s going with Jonathan Anderson at Dior. And I keep answering that it’s hard to tell thus far. It’s been six months. Very little of the product is in stores, and very early indicators suggest that Q4 luxury retail results will be soft in the U.S., where it seems like everyone is buying Gap pajamas and skincare. Then there are Anderson’s natural growing pains as he ascends from Loewe, which he transformed into a platform for his own unique talent, to a truly historic and code-driven brand—not to mention decidedly commercial—like Dior.

Of course, there will be customer attrition at his Dior, at least at first: On the women’s side, Maria Grazia Chiuri’s devoted clientele will migrate with her to Fendi; and somewhere on the men’s side, too. (There is a group of GLP-1-avoidant menswear customers who really love Kim Jones’s figure-flattering styles.) I’m confident that the Bar jacket in a Donegal tweed, which Anderson showed prominently during men’s pre-fall, can become a coveted, high-ticket item. Overall, though, I’ve heard mixed things from clients: Some are charmed, others feel that everything Anderson is offering—the slim chinos, deliberately tacky belts, worn jeans—can be found elsewhere, and continue to take a more hesitant, wait-and-see approach.

If Anderson is creating the best version of standards, they will sell. (I like the branded sweats a lot.) And that seems to be part of a strategy that is less concerned with the old ways of luxury—buying for the hype and the sake of buying—and more interested in tiny, beautiful things. Anderson’s recent Instagram posts featured pages of jewelry and material details, which may appeal to a different kind of customer. While Anderson’s success is going to rely heavily on support in China, it’s important to remember that there are dozens of different consumer segments within the region. The old customers may leave, but there are, hypothetically, ample new ones to replace them. At least that’s the plan, but it underscores my own hesitancy to render a preemptive verdict. When I know more, you will know.

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Meanwhile, I’m currently more interested in the movement at the LVMH group level, where questions abound about the ever-deliberated standing of some of Bernard Arnault’s longtime, near-retired deputies. What do their current and future deployments indicate about the long-term management of the company? And, of course, what does all this mean for the next generation? After all, LVMH shares are creeping back upward after a severe dip earlier this year, with support from analysts who have, for the most part, rated it outperform.

The installment of Michael Burke in the U.S. over the summer was ostensibly the first step in a bigger plan to move executives around and out. But Burke was already “out of the game,” as his last two years were described to me by senior leadership, so his appointment had few consequences for those working in Europe. At present, the biggest question mark is around the future of Pietro Beccari, the current C.E.O. of Louis Vuitton, who has expressed interest in moving back to Italy. (They always move back, eventually.)

One prominent theory across various parts of the business is that deputy C.E.O. Damien Bertrand, who did well at Loro Piana, will be moved into the lead position sooner rather than later. Bertrand is ambitious and well liked, and it’s unlikely that he would have accepted the deputy job unless he considered the top gig in sight. Of course, 2026 isn’t going to be easy. Louis Vuitton has fared relatively well compared to others in the LVMH portfolio, thanks to perennial product and retail novelties, like the Shanghai store built to look like a ship. But Beccari and Bertrand will also have to enact a plan to replicate the sales of the Murakami collaboration revival, which saved their first half of this year.

Anyway, a popular internal theory posits that Beccari may be headed back to Italy to replace Toni Belloni, who moved there a few years back in a role similar to the one created for Burke in the U.S. While he may have had his sights set on Armani over the summer, Beccari’s primary mission would likely be to train and support the 30-year-old Frédéric Arnault, whose gig as C.E.O. of Loro Piana is growing more expansive by the hour. The cashmere mill, which LVMH acquired more than a decade ago, has become the leading model of the modern LVMH acquisition playbook: It has a specific material expertise, and LVMH shaped it into a modern brand via world-class marketing, image-making, and distribution. Now, it’s one of the most important names in the fashion portfolio, third only to Louis Vuitton and Dior.

Is Frédéric’s appointment at Loro Piana a harbinger that he might replace his father a decade from now? I don’t want to disappoint LVMH kremlinologists, but his fate is a known unknown. Anyone familiar with the family psychology understands that Arnault père may slightly favor some of his kids over the others, but he’s sent each of them on a unique odyssey to test their leadership and strategic capabilities, and the most capable will likely earn the throne with minimal dispute. Some might argue that this explains why Arnault asked the board to remove age limits on the C.E.O. role for the next decade—and that the move might favor his younger children. Moreover, that cohort would surely insist that Frédéric is currently perched in the catbird seat, especially given Beccari’s hypothetical tutelage.

My longstanding theory is that this isn’t going to be a reprise of the messy and personal Murdoch situation. And, anyway, there are too many variables to predict any sure outcome. Alexandre, the middle Arnault child, was given what is arguably the more difficult job—attempting to turn around the dragging wine and spirits division, which the family insists they will never spin off.

In the end, different Arnaults will likely run different parts of the group, especially as Delphine and Antoine, the eldest of the brood, settle into their respective domains. There is speculation within the group that Antoine, who oversees marketing and communications, will be awarded a seat with the executive committee, a highly prestigious position as a close advisor to his father, but also something of a sinecure. Meanwhile, Delphine’s future at Dior will largely depend on the multibillion-euro question of Anderson’s performance, but what she wants to do with the rest of her time at LVMH will also be taken into consideration.

There is, of course, still a question about who will oversee the Fashion Group—including Loro Piana, Celine, and Loewe—given that Sidney Toledano’s position there is relatively temporary. (As one executive said to me recently, not only did the company not communicate clearly about Burke’s exit from the role, but they never said anything about Toledano’s return.) I’m told that there will be more developments on this front in the new year. Now that the designers are all in place, someone else has to try to make it work in the face of a new reality.

Best dressed at Le Bal des Débutantes was definitely Princess Eugenia von Hohenzollern in Natan, but I also enjoyed Carolina Lansing wearing her grandmother Carolina Herrera’s polka dots. Very fun. [Vogue]

Adrian González-Cohen and David Uzquiza, the editors of Buffalo Zine, share what it’s like to attempt to fund and make a magazine in 2025. [1 Granary]

A list of the 50 best clothing stores in the country. I’m sure you’ll have quibbles, but it’s honestly very well done. Many of my personal favorites, from Plain Goods to Noodle Stories, are repped here. [New York Times]

For me, the holidays are Metropolitan and When Harry Met Sally. Becky Malinsky, my good friend who just encouraged me to buy a red jacket with black piping from the ’80s from a vintage shop in San Francisco, appears to agree! (Go to No/Nowhere.) I cannot wait to go to parties this year. [5 Things You Need to Buy]

If you were hoping that the Prada Group would buy your company, it’s unlikely to happen during the next two to three years while they work on fixing Versace, according to baller C.E.O. Andrea Guerra. [Bloomberg]

Everyone I know who skis (and is also chic) is very into the Nike x Jacquemus gear. [Nike]

The owner of Miss Universe has been charged with drugs, arms, and fuel trafficking! [People]

A friend of mine who can be kinda mean (can’t we all?) was saying the other day how much he likes Human Made. Nice to see that the Nigo-founded streetwear label, which went public last week, was up 13 percent on its first day of trading on the Tokyo Stock Exchange. [BoF]

Every day I wake up wishing for the return of the Concorde. [Air Mail]

Do you like shoes shaped like potatoes? Is this Jacob Gallagher’s magnum opus? [New York Times]

Tom Stoppard loved women, and women loved Tom Stoppard. They also love Ethan Hawke reading Tom Stoppard. R.I.P.! [Instagram]

Until tomorrow,

Lauren

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