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Re-Reading the Kering Narrative

Milan Fashion Week felt long and laborious this year, filled with heavy questions about some of the industry’s most beloved brands. The discourse around Demna’s first runway show for Gucci, for example, may have led to some bigger questions about the future of its parentco.

Demna Gvasalia milan gucci 2026
One insider noted that giving Demna nearly a year to produce a proper runway show was perhaps the wrong decision; far worse designers have handled more pressure just fine. Photo: Jacopo Raule/Getty Images for Gucci
Lauren Sherman
March 2, 2026

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The end of Milan Fashion Week was odd, not least because alerts about the war in Iran started popping up on everyone’s phone during the debut of Maximilian Davis’s latest collection for Salvatore Ferragamo, held in a darkened corridor at the Triennale di Milano. The structure of the city’s Fashion Week, which feels downright short compared to the 10-day slog in Paris, often gives a solid sense of the state of the industry. This season, the diagnosis wasn’t great: Everything felt starved and reduced, with only a few green shoots emerging from the frozen early spring tundra. (At least the weather was nice.)