Podcast Summary: Fashion People – "Fashion’s Biggest Year Ever"

Host: Lauren Sherman
Guests: Jacob Gallagher, Becky Malinsky
Date: December 29, 2025
Podcast: Fashion People (Audacy | Puck)
Theme: A year-end roundtable reflecting on the seismic shifts, major debuts, industry challenges, trends, and the future of fashion in 2025—with a focus on what really mattered behind the scenes.

Episode Overview

In this reflective year-end episode, Lauren Sherman welcomes fashion journalists Jacob Gallagher and Becky Malinsky for an unscripted, wide-ranging conversation on what made 2025 such an extraordinary—and turbulent—year in fashion. They dive deep into designer debuts, the evolving role of luxury consumers, the explosion of vintage and secondhand, the industry’s pricing crisis, the effects of celebrity culture, and what the future holds for both global mega-brands and independent designers.

Key Discussion Points & Insights

1. Designer Debuts & Industry Volatility

• Historic Number of Debuts: The trio discusses the unprecedented number of high-profile designer changes this year (12–15 new appointments), attributing the shake-up to post-pandemic market realities and consumers’ changing appetites.
• Vanessa Friedman’s Times Feature (07:41): A landmark NYT feature highlighting all the newcomers by focusing on non-fashion questions. The consensus: humanizing designers is more revealing than talking clothes.
• Big Booms and a Reckoning: The panel explores how a COVID-fueled surge in spending created artificial success for luxury houses, only for the industry to contend with a crash in appetite and a sharper, harder-to-please global customer.
  • Quote: “Consumers were not going to just be force fed stuff as if they were foie gras. They wanted nice clothes that they actually wanted to wear.” — Lauren (10:40)

2. Successes & Letdowns of the Year’s Debuts

• Michael Ryder at Celine is universally praised as the most authentic and impactful debut:
  • “He has changed how everybody wants to dress, how they want to style their clothes.” — Becky (11:42)
  • “He changed from what the previous aesthetic was in a very coherent way.” — Jacob (11:56)
  • European market approval and clever pricing are noted, but questions remain if anyone will actually buy at these price points.
• Gucci’s Demna Era: The panel is optimistic, calling the pre-fall “awesome” and noting nostalgia for Tom Ford Gucci but crediting Demna with pushing the conversation forward.
  • “He’s able to evolve, and he…is kind of the designer of this generation.” — Jacob (18:03)
• Dior’s Jonathan Anderson: Praised for marketing genius, but collections are “too cerebral, too archive-heavy, almost for fashion nerds only” (20:58). The celebrity styling feels forced; more “ease” is needed.

3. Pricing Crisis in Luxury Fashion

• Unattainable Pricing: Across the board (from Celine scarves to Japanese upstarts), prices are so high that even die-hard fashion fans feel excluded, leaving only ultra-high-net-worth clients.
  • “There’s no way people can fix it because nothing is priced to allow anyone to participate anymore. So it’s not necessarily this client’s fault. There are so few clients left.” — Becky (14:53)
• Trickle-Down & Middle Market Woes: Contemporary-scale and attainable aspiration is missing; niche Japanese brands are cited, but even they’re out of reach for most.

4. Chanel, Dior, and the Meaning of Spectacle

• Chanel under Matthieu Blazy: Divides opinion—Lauren and Becky praise its joyous, “dopamine hit” energy and wearable ideas; Jacob finds the show “paint by numbers” and lacking deeper cultural resonance.
  • “The reason this made me feel good was because he didn’t have a big agenda, that it was just about clothes.” — Lauren (35:02)
  • “This is the brand. This is what they do. …Matthieu understood the assignment.” — Becky (40:35)
  • Jacob challenges the “hive mind” and questions Chanel’s subway show as “tourism, not real New York.” (39:32)
• Dior’s Contradiction: Jonathan Anderson’s “ambition” is notable, but the balance between commercial and creative is still unresolved.

5. The Vintage & Secondhand Boom

• Vintage as the Year’s Real Star: Both hosts note a surge in buying vintage/designer archive pieces—not only for cost but for emotional connection and uniqueness.
  • “Vintage is what’s cool. Vintage is what feels fresh, is what you feel good in. It’s what makes you feel unique while there’s just so much stuff and…expensive.” — Becky (47:24)
• Industry Lag: Major brands (“they will never own that secondhand market”) continue to grapple with losing influence and dollars to the resale boom.

6. Phoebe Philo & Valentino: The Power of Feeling Modern

• Phoebe’s Return: Widely viewed as “the only brand that looks genuinely new,” capturing the imagination of a new “enthusiast-class” customer.
• Valentino: Initially overlooked, the collection’s focus on sexiness and nostalgia (tailored jeans and jackets) now feels especially relevant as customers seek emotional connection to clothes.

7. Versace & Designer Drama

• Dario Vatille’s Short Reign at Versace: Fired after a promising debut—explored as part of the new “free agent” designer reality.
  • “Now he was at the top of his game, and is a free agent…we have this exciting opportunity where he can go and prove himself.” — Becky (63:21)
• Transparency as Industry Best Practice: The Prada group is lauded for its candid handling of the firing/hiring process, standing in contrast to typical corporate secrecy.

8. Giorgio Armani’s Legacy & The Family Business Decline

• Passing of Armani: Jacob and Becky reflect on Armani’s once-in-a-generation influence, steadfast vision, and the looming question of succession and corporatization.
  • “He probably had the most impact in terms of how men have dressed over his design career.” — Jacob (71:45)
  • Lauren contrasts the management styles—and long-term prospects—of Armani and Ralph Lauren, highlighting the structural challenges of independent, family-led houses.

9. Fashion’s Relationship to Celebrity & Cultural Influence

• Celebrity Fashion as “Imperial” and Disconnected: Star looks are more visible than ever but rarely start real-world trends.
  • “They exist here and it has nothing to do with how you dress down here.” — Jacob on celebrities (82:42)
  • Taylor Swift, Jennifer Lawrence, and others generate massive attention, but not much changes on the streets.
• The Bootcut Moment: Even well-publicized star moments (like Kendrick Lamar in Celine jeans) create conversation but little true trickle-down.

10. The Global & Structural Outlook

• Fashion’s Plateau: The era of exponential growth is over; “mid-priced” categories are vanishing, and the true enthusiast may become the industry’s core customer once again.
  • “Fashion is moving in a direction…the industry peaked…It’s not going to keep growing the way it was and it’s going to become more of an enthusiast thing again.” — Lauren (91:38)
• A Call for the Small & Specialized: Jacob ends with a rallying cry for “smaller brands you can get your arms around,” naming Emily Dawn Long as an example, and an interest in tailors or small side projects as fashion’s next bright spots.

Notable Quotes & Memorable Moments

• On Price Exclusion:
  “The only people who can participate are the 0.00001% client.” — Becky (15:09)

• On Gucci's Demna:
  “He is the designer of this generation. He’s able to evolve.” — Jacob (18:03)

• On Celebrity Impact:
  “Celebrity fashion is in its imperial moment… It has nothing to do with how you all dress down here.” — Jacob (82:42)

• On Vintage Dominance:
  “If you’re into secondhand, it’s a great time to be a fashion enthusiast.” — Lauren (95:19)

• On 2025’s Big Lesson:
  “Fashion became pop and the monoculture died. And it’s over, people. That is the answer.” — Lauren (98:21)

• On What’s Next:
  “Let’s all look forward to the good and the small and the new… Excitement is going to come from something that feels more intimate and harder to touch, in a good way.” — Jacob (101:31)

Timestamps for Key Segments

• [07:13] – Recap of all designer debuts and NYT feature by Vanessa Friedman
• [11:42] – Panel’s picks for most successful new creative directors
• [14:53] – The pricing crisis and the "villainy" of the modern luxury client
• [20:58–24:32] – Deep dive into Dior and Gucci’s new chapters
• [29:09] – Red carpet dressing’s new challenges
• [32:09-41:56] – Chanel: emotional resonance vs. creative depth debate
• [47:24] – Vintage and secondhand as fashion’s star
• [63:21] – Versace, Dario’s ouster, and the role of transparency
• [71:45] – Armani’s passing and the end of the great fashion families
• [82:42] – Do celebrities still make trends?
• [91:38] – The rise of the enthusiast and fashion’s mid-market collapse
• [99:20] – Looking ahead: 2026 and a “slower news” moment

Tone and Style

Conversational, candid, insider-y, sometimes adversarial but always insightful. The episode is full of friendly ribbing, honest disagreements (notably on Chanel), and humor about the stress—and absurdity—of tracking fashion’s ever-faster pace. Throughout, the trio maintains the sharp, intelligent, but accessible tone familiar to readers of Line Sheet and the New York Times’ Off Duty section.

Useful For

• Anyone curious about fashion’s future, the reality behind headline-grabbing designer changes, and the inside baseball of luxury, retail, and trend cycles.
• Fashion professionals looking to understand the “mood” in industry circles and what will matter in 2026.
• Shoppers wondering why prices are punishingly high and why everyone is clamoring for vintage.
• Listeners seeking sharp debate—and real affection—among some of the industry’s most insightful commentators.