The Glossy Podcast: Milan & Paris Fashion Weeks, LVMH vs. Hermès

Date: October 3, 2025
Host: Dani Parisi (A), Senior Fashion Reporter
Guests:

• Zofia Zvyglinska (B), International Reporter
• Jill Manoff (C), Editor-in-Chief
• Luca Solca, Senior Analyst at Bernstein (audio quote)

Episode Overview

This week’s episode is split in two:
Part 1: Dani and Zofia recap Milan Fashion Week, including tributes to Giorgio Armani, the debut of Daria Vitali at Versace, Prada's acquisition of Versace, and controversy around Brunello Cucinelli's Russia dealings.
Part 2: Jill Manoff joins to analyze Paris Fashion Week and the ongoing rivalry between luxury giants LVMH and Hermès, exploring their business models, consumer strategies, and the impact of market changes.

1. Milan Fashion Week Recap

[00:51–22:10]

Public Mourning & Retrospective for Giorgio Armani

• Dani: Notes the nationwide tribute to Giorgio Armani following his recent death, visible even outside Milan.
• Zofia: “It looked obviously a little bit kind of slower and more somber than maybe a traditional Armani show… a lot of the gowns and jackets felt very kind of like 80s Armani… one of them had this, I guess, like, relief of Armani's face… a very nice homage to the designer.” [03:34]
• Armani’s show doubled as a pre-planned retrospective, drawing celebrity attendees like Richard Gere, Cate Blanchett, and Spike Lee.

Armani’s Will & Future Ownership

• Dani: Reveals surprise in Armani’s will, directing heirs to sell stakes in the company, naming preferred buyers such as LVMH, L'Oréal, and EssilorLuxottica.
  • "It's funny that that stipulation of. Or another company of equivalent standing, it's like. Well, that's like five other companies." [07:40]
• Zofia: Breaks down the will:
  • 15% stake to be sold within 18 months;
  • Foundation must keep at least 30% to safeguard legacy;
  • Buyers limited to top-tier luxury groups—Kering, Richemont, etc. [05:50]
  • “Makes for a good purchase... will be watched over the next couple of months, at least.” [05:50]

Versace’s Debut Under Daria Vitali & Prada Acquisition

• Dani: Praises Vitali’s debut at Versace—edgy yet true to the brand, drawing analogies to Alessandro Michele’s early Gucci.
  • Notable as the first non-family designer for Versace. [09:05]
• Zofia: “It’s kind of very 80s Versace inspired... bright tones, bigger jackets... Dario’s first show is a big indicator where that kind of line is going.” [10:02]
  • Notes Vitali’s prior success at Miu Miu and the strategy to introduce a more youthful direction.
• Prada’s Acquisition Cleared:
  • Good timing for Prada: EU regulators approved the Versace takeover; expectation is for youthful, high-growth synergy, echoing Miu Miu’s trajectory. [12:02]

Prada Group’s Portfolio & Luxury Brand Strategy

• Portfolio remains small—Prada, Miu Miu, Church’s, now Versace.
• Question about whether Prada can keep up growth by appealing mainly to younger, more fickle consumers. Possible need for a high-end collection akin to Ralph Lauren/Michael Kors. [13:36–15:04]

Brunello Cucinelli’s Russia Allegations

• Dani: Highlights accusations by Morpheus Research of violating EU sanctions in Russia; Cucinelli states compliance and ongoing audits. Revealed that nearly 10% of sales come from Russia—surprisingly high. [15:04]
• Zofia:
  • Details legal requirements: No luxury goods >€300/item to Russia; doubts about how Cucinelli can comply given high price points.
  • “Chances are that any of those items being under that €300 mark is small…” [17:08]
  • Brunello Cucinelli reported €1B revenues YTD, downplays Russian business as "a melting candle." [17:08]
  • Focus on craftsmanship and company culture—Cucinelli “always been described as a kind of more benevolent boss.” [17:08]

2. Paris Fashion Week & LVMH vs. Hermès

[22:17–41:34]

Market Leader Rivalry: Financials & Brand Focus

• Dani: LVMH retakes top spot as world’s most valuable luxury company (~$300B market cap); leadership flips with Hermès. Main difference: Hermès is tightly focused with a narrow luxury audience, LVMH is diversified. [22:17]
• Jill:
  • Hermès “focus on heritage and craftsmanship. They haven’t wavered… consistency, I would say, is a luxury.” [24:01]
  • Notes timelessness: “Maybe this is an heirloom… Whereas… I bought a pair of Gucci heels and I’m like, are these cringe now?” [24:01]
  • Contrasts LVMH’s aspirational, wide-reaching appeal; their purses have become ubiquitous, losing exclusivity. [24:01]
• Zofia: Emphasizes heritage and independence: “Hermès has a total kind of run of the mill independence. It gives it a bit more purity in terms of brand strategy.” [27:19]
  • Critical of LVMH’s broad, sometimes incoherent approach—reliance on accessories, ever-changing creative collabs, shifting focus.

Business Structure, Branding, and Marketing

• Dani/Jill:
  • LVMH has more "balls in the air," including wine/spirits, Sephora, jewelry, etc.
  • LVMH’s marketing: “celebrity, celebrity, celebrity.” [30:22]
  • LVMH previously tried to copy Hermès’ scarcity model (waitlists), but "that's no longer on a waitlist." [30:22]
  • Bernard Arnault tried to acquire Hermès, which was rebuffed: “the wolf in cashmere coming for us.” [30:22]

Tariffs and Consumer Strategy

• Dani:
  • Hermès passes 100% tariff costs to customers.
  • LVMH can raise prices 2–3% but can’t for cognac/beauty.
  • “Hermès focus is they’re like, our customer can handle it and we’re just 100% not taking any of this responsibility.” [32:00]
• Zofia: Points out Hermès’s reliance on beauty/silk as aspirational entry categories now slowing; LVMH’s Sephora carries a more accessible range. [33:21–34:23]
• Jill: "There is like more of an aspirational customer within LVMH's umbrella." [34:23]

Threat from Niche Brands (Luca Solca’s Expert Insight)

• Luca Solca (Audio):
  • "In a market where you have fewer new consumers, mega brands in general struggle a bit more... In this environment with China on the back foot... finds it more difficult to power through." [34:46–36:54]
  • Fewer “new luxury consumers” means seasoned shoppers are more likely to branch out from the mega brands to niche or ultra-high-end houses.
• Zofia:
  • Agrees that mega-brand sprawl and lack of clear identity can be a liability as the market matures and fragments.
  • “Is that brand identity... unified?... compared to again like a brand like Hermès, which I think is more… understandable for a consumer.” [36:54]

Acquisitions, Supply Chain, and Risk Profiles

• Dani/Zofia: LVMH’s willingness to acquire (e.g. possible Armani bid) diversifies revenue but exposes it to more risk; Hermès remains focused, vertically integrated, and potentially more vulnerable to supply chain shocks. [38:37–39:11]
• Jill: Large portfolios can insulate but also expose companies to scandal (e.g. Loro Piana controversy under LVMH). [40:22]
• Final thought (Dani):
  • “LVMH's diversity compared to Hermès’ focus is sometimes a weakness and sometimes a strength. I think it just depends on the market conditions. So as, as you said, they too have kind of flip flop back and forth in terms of who's on top.” [41:34]

Notable Quotes

• Zofia (on Armani's retrospective):
  “It looked...slower and more somber than maybe a traditional Armani show.” [03:34]
• Dani (on Versace):
  “It was cool. It was edgy, but without being... obnoxious, while still feeling very relevant.” [09:05]
• Jill (on Hermès):
  “Consistency, I would say, is a luxury. If somebody's investing that kind of money and they can count on the fact that maybe this is an heirloom that they can pass on to, like, their children.” [24:01]
• Jill (on LVMH marketing):
  “If you look at, you know, LVMH, it's like celebrity, celebrity, celebrity. It's like night and day.” [30:22]
• Luca Solca (expert):
  "Mega brands in general struggle a bit more... because it’s the new consumers who go to the mega brands first..." [34:46]

Key Timestamps

• 00:51 – Milan Fashion Week recap begins
• 03:34 – Reflection and analysis of the somber Armani show
• 05:50 – Deep dive into Armani's will and ownership structure
• 10:02 – Reviews Versace’s new creative direction and youthful focus
• 13:36 – Prada’s acquisition of Versace and strategic implications
• 15:04 – Discussion of Brunello Cucinelli’s Russia controversy
• 22:17 – Paris Fashion Week and LVMH/Hermès rivalry introduction
• 24:01 – Jill on the luxury, consistency, and accessible/inaccessible branding
• 30:22 – LVMH’s structure, marketing, and copycat tactics
• 32:00 – Tariffs: Passing on costs vs. absorbing them
• 34:46 – Luca Solca's expert comment on mega-brands vs. niche
• 36:54 – Niche brands and market threats to conglomerates
• 38:37 – LVMH's acquisition strategy versus Hermès' focused model
• 40:22 – Portfolio risks, PR, and high-fashion volatility
• 41:34 – Wrap-up and concluding thoughts

Tone Highlights

• Conversational, informed, and analytical: Mix of business insight and affectionate chatter about luxury houses, creative directors, and the meanings behind fashion moves.
• Candid about industry realities: Willingness to poke fun at the ubiquity of some high-end products (“nobodies in tracksuits carrying... bag”) and acknowledge strategic missteps (LVMH’s short-lived waitlist experiment).
• Grounded in real reporting: Frequent attribution to industry sources, expert interviews, and direct company statements.

For listeners interested in fashion business strategy, executive moves, and the evolving image of luxury, this episode delivers an energetic, inside-baseball breakdown of how Europe’s top houses are navigating post-pandemic turbulence and generational change.